Document:

EX-10.24

 Exhibit 10.24 

FORM OF REGISTRATION RIGHTS AGREEMENT 

dated as of January [●], 2018 

between 
 PRIME SECURITY SERVICES
TOPCO PARENT, L.P. 
 AND 
 ADT
INC. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I DEFINITIONS	  	 	1	 
			
	 Section 1.1
	  	 Definitions
	  	 	1	 
			
	 Section 1.2
	  	 Interpretation
	  	 	4	 
		
	ARTICLE II REGISTRATION RIGHTS	  	 	5	 
			
	 Section 2.1
	  	 Demand Registration
	  	 	5	 
			
	 Section 2.2
	  	 Piggyback Registration
	  	 	9	 
			
	 Section 2.3
	  	 Shelf Registration
	  	 	11	 
			
	 Section 2.4
	  	 Withdrawal Rights
	  	 	12	 
			
	 Section 2.5
	  	 Holdback Agreements
	  	 	12	 
			
	 Section 2.6
	  	 Registration Procedures
	  	 	13	 
			
	 Section 2.7
	  	 Registration Expenses
	  	 	18	 
			
	 Section 2.8
	  	 Registration Indemnification
	  	 	19	 
			
	 Section 2.9
	  	 Request for Information; Certain Rights
	  	 	21	 
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES	  	 	22	 
			
	 Section 3.1
	  	 Representations and Warranties of Prime Parent
	  	 	22	 
			
	 Section 3.2
	  	 Representations and Warranties of the Company
	  	 	22	 
		
	ARTICLE IV MISCELLANEOUS	  	 	23	 
			
	 Section 4.1
	  	 Notices
	  	 	23	 
			
	 Section 4.2
	  	 Severability
	  	 	23	 
			
	 Section 4.3
	  	 Counterparts
	  	 	23	 
			
	 Section 4.4
	  	 Entire Agreement; No Third Party Beneficiaries
	  	 	24	 
			
	 Section 4.5
	  	 Further Assurances
	  	 	24	 
			
	 Section 4.6
	  	 Governing Law; Equitable Remedies
	  	 	24	 
			
	 Section 4.7
	  	 Consent To Jurisdiction
	  	 	24	 
			
	 Section 4.8
	  	 Amendments; Waivers
	  	 	25	 
			
	 Section 4.9
	  	 Assignment
	  	 	25	 
			
	 Section 4.10
	  	 Effectiveness
	  	 	25	 
			
	 Section 4.11
	  	 Term
	  	 	25	 

  
 i 

 REGISTRATION RIGHTS AGREEMENT (the “Agreement”), dated as of January
[●], 2018, among Prime Security Services TopCo Parent, L.P. (“Prime Parent”) and ADT Inc. (the “Company”). 

WHEREAS, Prime Parent is currently the direct beneficial owner of all shares of common stock, par value $0.01, of the Company (the
“Common Stock”); 
 WHEREAS, the Company is currently contemplating an underwritten initial public offering
(“IPO”) of shares of its Common Stock; and 
 WHEREAS, in connection with, and effective upon, the date of
completion of the IPO (the “Closing Date”), the Company and Prime Parent wish to set forth certain understandings between such parties. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, the following terms have the following meanings: 

“Affiliate” of any Person means any other Person that, directly or indirectly, through one or more intermediaries, controls,
or is controlled by, or is under common control with, such first Person. As used in this definition, the term “control,” including the correlative terms “controlling,” “controlled by” and “under common control
with,” means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a
Person. 
 “Agreement” has the meaning set forth in the recitals to this Agreement. 

“Beneficial Owner” means, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise has or shares: (A) voting power, which includes the power to vote, or to direct the voting of, such security and/or (B) investment power, which includes the power to dispose, or to direct the disposition of, such security. The
terms “Beneficially Own” and “Beneficial Ownership” have correlative meanings. 
 “Board” means the
board of directors of the Company or any duly authorized committee thereof. 
 “Bylaws” means the Amended and Restated
Bylaws of the Company, as they may be amended, supplemented, restated or otherwise modified from time to time. 
 “Company”
shall have the meaning set forth in the recitals to this Agreement. 

 “Charter” means the Amended and Restated Certificate of Incorporation of the
Company, as it may be amended, supplemented, restated or otherwise modified from time to time. 
 “Demand” has the meaning
set forth in Section 2.1(a). 
 “Demand Registration” has the meaning set forth in Section 2.1(a).

 “Disclosure Package” means, with respect to any offering of securities, (i) the preliminary prospectus,
(ii) each Free Writing Prospectus and (iii) all other information, in each case, that is deemed, under Rule 159 promulgated under the Securities Act, to have been conveyed to purchasers of securities at the time of sale of such securities
(including a contract of sale). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, supplemented or
restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 
 “Form
S-3” has the meaning set forth in Section 2.3. 
 “Free Writing Prospectus” has the meaning set forth
in Section 2.6(a)(iii). 
 “Governmental Entity” means any Federal, state, county, city, local or foreign
governmental, administrative or regulatory authority, commission, committee, agency or body (including any court, tribunal or arbitral body). 

“Inspectors” has the meaning set forth in Section 2.6(a)(viii). 

“Long-Form Registration” has the meaning set forth in Section 2.1(c). 

“Losses” has the meaning set forth in Section 2.8(a). 

“Marketed Underwritten Offering” has the meaning set forth in Section 2.1(f). 

“Non-Marketed Underwritten Offering” has the meaning set forth in Section 2.1(f). 

“Non-Underwritten Shelf Takedown” has the meaning set forth in Section 2.1(f). 

“Other Demanding Sellers” has the meaning set forth in Section 2.2(b). 

“Person” shall be construed broadly and includes any individual, corporation, firm, partnership, limited liability company,
joint venture, estate, business, association, trust, Governmental Entity or other entity. 
 “Piggyback Notice” has the
meaning set forth in Section 2.2(a). 
 “Piggyback Registration” has the meaning set forth in
Section 2.2(a). 

  
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 “Piggyback Seller” has the meaning set forth in Section 2.2(a). 

“Proceeding” has the meaning set forth in Section 4.7. 

“Records” has the meaning set forth in Section 2.6(a)(viii). 

“Registrable Amount” means a number of Registrable Securities representing at least the lesser of (i) 1.0% of the total
Shares then outstanding (taking into account for this purpose all vested and unvested Shares, if any) and (ii) $25 million (such value shall be determined based on the value of such Registrable Securities on the date immediately preceding
the date upon which the Demand or Shelf Notice, as applicable, has been received by the Company). 
 “Registrable
Securities” means any Shares currently owned or hereafter acquired by any Stockholder (whether acquired upon conversion, exchange or exercise of any securities, through open market purchases, or otherwise). As to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when (i) such securities have been sold or otherwise transferred by the holder thereof pursuant to an effective registration statement or (ii) such securities are sold in
accordance with Rule 144 (or any successor provision) promulgated under the Securities Act. 
 “Registration Expenses” has
the meaning set forth in Section 2.7. 
 “Requesting Stockholder” means one or more Stockholders (and its
affiliates) who collectively beneficially own, outstanding shares of Common Stock. 
 “SEC” means the United States
Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the Securities Act. 
 “Securities
Act” means the Securities Act of 1933, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 

“Selected Courts” has the meaning set forth in Section 4.7. 

“Selling Stockholders” means the Persons named as selling stockholders in any registration statement under Article II
hereof and who is the Beneficial Owner of Registrable Securities being offered thereunder. 
 “Stockholder” shall mean
Prime Parent and its successors, permitted transferees and permitted assigns. 
 “Shares” means the shares of Common Stock
of the Company and any equity securities issued or issuable in exchange for or with respect to such shares of Common Stock (i) by way of a dividend, split or combination of shares or (ii) in connection with a reclassification,
recapitalization, merger, consolidation or other reorganization. 
 “Shelf Notice” has the meaning set forth in
Section 2.3. 

  
 3 

 “Shelf Registration Statement” has the meaning set forth in
Section 2.3. 
 “Short-Form Registration” has the meaning set forth in Section 2.1(c). 

“Suspension Period” has the meaning set forth in Section 2.3(d). 

“Underwritten Offering” means a sale of securities of the Company to an underwriter or underwriters for reoffering to the
public. 
 “Underwritten Offering Notice” has the meaning set forth in Section 2.1(f). 

“Well-Known Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under the
Securities Act and which (i) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or (ii) is a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and is also
eligible to register a primary offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3 under the Securities Act. 

Section 1.2 Interpretation. In this Agreement, unless the context otherwise requires: 

(a) words importing the singular include the plural and vice versa; 

(b) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; 

(c) a reference to a clause, party, annex, exhibit or schedule is a reference to a clause of, and a party, annex, exhibit and schedule to this
Agreement, and a reference to this Agreement includes any annex, exhibit and schedule hereto; 
 (d) a reference to a statute, regulation,
proclamation, ordinance or by-law includes all statues, regulations, proclamations, ordinances or by-laws amending, consolidating or replacing it, whether passed by the same or another Governmental Entity with legal power to do so, and a reference
to a statute includes all regulations, proclamations, ordinances and by-laws issued under the statute; 
 (e) a reference to a document
includes all amendments or supplements to, or replacements or novations of that document; 
 (f) a reference to a party to a document
includes that party’s successors, permitted transferees and permitted assigns; 
 (g) the use of the term “including” means
“including, without limitation”; 
 (h) the words “herein”, “hereof”, “hereunder” and other words of
similar import refer to this Agreement as a whole, including the annexes, schedules and exhibits, as the same may from time to time be amended, modified, supplemented or restated, and not to any particular section, subsection, paragraph,
subparagraph or clause contained in this Agreement; 

  
 4 

 (i) the title of and the section and paragraph headings used in this Agreement are for
convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions in this Agreement; 
 (j)
where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates; 

(k) the language used in this Agreement has been chosen by the parties to express their mutual intent, and no rule of strict construction
shall be applied against any party; and 
 (l) unless expressly provided otherwise, the measure of a period of one (1) month or year
for purposes of this Agreement shall be that date of the following month or year corresponding to the starting date, provided that if no corresponding date exists, the measure shall be that date of the following month or year corresponding to the
next day following the starting date (for example, one (1) month following February 18 is March 18, and one (1) month following March 31 is May 1 (or in the case of January 29, 30 or 31, the following month shall
be March 1)). 
 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.1 Demand Registration. 

(a) One or more Requesting Stockholders shall be entitled to make a written request of the Company (a “Demand”) for
registration under the Securities Act of an amount of Registrable Securities that, in the aggregate taking into account all of the Requesting Stockholders, equals or is greater than the Registrable Amount (based on the number of Registrable
Securities outstanding on the date such Demand is made) (a “Demand Registration”) and thereupon the Company will, subject to the terms of this Agreement, use its commercially reasonable efforts to effect the registration as promptly
as practicable under the Securities Act of: 
 (i) the offer and sale of the Registrable Securities which the Company has been so requested
to register by the Requesting Stockholders for disposition in accordance with the intended method of disposition stated in such Demand; 

(ii) all other Registrable Securities which the Company has been requested to register pursuant to Section 2.1(b); and 

(iii) all equity securities of the Company which the Company may elect to register in connection with any offering of Registrable Securities
pursuant to this Section 2.1; 

  
 5 

 all to the extent necessary to permit the disposition (in accordance with the intended methods thereof) of the
Registrable Securities and the additional Shares, if any, to be so registered. 
 (b) Each Demand shall specify: (i) the aggregate
number of Registrable Securities requested to be registered in such Demand Registration, (ii) the intended method of disposition in connection with such Demand Registration, if then known and (iii) the identity of the Requesting
Stockholder (or Requesting Stockholders). Within five (5) business days after receipt of a Demand, the Company shall give written notice of such Demand to all other Stockholders, if any. Subject to Section 2.1(h), the Company shall include
in the Demand Registration covered by such Demand all Registrable Securities with respect to which the Company has received a written request for inclusion therein within ten (10) days after the Company’s notice required by this paragraph
has been mailed. Such written request shall comply with the requirements of a Demand as set forth in this Section 2.1(b). 
 (c)
Demand Registrations shall be on (i) Form S-1 or any similar long-form registration (“Long-Form Registration”), (ii) Form S-3 or any similar short form registration, if such short form registration is then available to the
Company, or (iii) Form S-3ASR if the Company is, at the time a Demand is made, a Well-Known Seasoned Issuer (a Demand Registration under each of clauses (ii) and (iii), a “Short-Form Registration”), in each case,
reasonably acceptable to the Requesting Stockholders holding a majority of the Registrable Securities included in the applicable Demand Registration. The Company shall not be required to effect more than three Long-Form Registrations per fiscal
year. 
 (d) Effective Demand Registration. A Demand Registration shall not be deemed to have been effected: 

(i) unless a registration statement with respect thereto has been declared effective by the SEC and remains effective in compliance with the
provisions of the Securities Act and the laws of any U.S. state or other jurisdiction applicable to the disposition of Registrable Securities covered by such registration statement until such time as all of such Registrable Securities shall have
been disposed of in accordance with such registration statement or there shall cease to be any Registrable Securities; 
 (ii) if, after it
has become effective, such registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other Governmental Entities or court for any reason other than a violation of applicable law solely by any Selling
Stockholder and has not thereafter become effective; or 
 (iii) if, in the case of an Underwritten Offering, the conditions to closing
specified in an underwriting agreement applicable to the Company are not satisfied or waived other than by reason of any breach or failure by any Selling Stockholder. 

(iv) if the filing or effectiveness of the Registration Statement would cause the disclosure of material, non-public information that the
Company has a bona fide business purpose for preserving as confidential, provided, however, that any Suspension Period shall terminate at such time as the public disclosure of such information is made. Notwithstanding the foregoing, the
Company shall not be obligated to (i) maintain the 

  
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effectiveness of a Long-Form Registration, filed pursuant to a Demand Registration, for a period longer than 90 days or (ii) effect any Demand Registration (A) within six
(6) months of the effective date of a registration statement with respect to a “firm commitment” Underwritten Offering in which all Piggyback Sellers were given “piggyback” rights pursuant to Section 2.2 (and at
least 50% of the number of Registrable Securities requested by such Piggyback Sellers to be included in such Demand Registration were included, (B) within three (3) months of the effective date of a registration statement with respect to
any other Demand Registration, (C) within 90 days from the date on which a Marketed Underwritten Offering was priced, (D) if, in the reasonable judgment of the Board, it is not feasible for the Company to proceed with the Demand
Registration because of the unavailability of audited or other required financial statements, provided that the Company shall use commercially reasonable efforts to obtain such financial statements as promptly as practicable. In addition, the
Company shall be entitled to postpone (upon written notice to all Stockholders) the filing or the effectiveness of a registration statement for any Demand Registration (but no more than twice in any period of twelve (12) consecutive months and
in no event for more than an aggregate of one-hundred twenty (120) days in any three-hundred sixty-five (365) consecutive day period) if the Board determines in its reasonable judgment that the filing or effectiveness of the registration
statement relating to such Demand Registration would cause the disclosure of material, non-public information that the Company has a bona fide business purpose for preserving as confidential. 

(e) Offering Requests. 
 (i)
Requests for Marketed Underwritten Offerings. A Requesting Stockholder may from time to time request to sell Registrable Securities in an underwritten offering that is registered pursuant to the Shelf Registration Statement or under a Demand
Registration that includes roadshow presentations or investor calls by management of the Company or other marketing efforts by the Company (a “Marketed Underwritten Offering”); provided that in the case of each such Marketed
Underwritten Offering the Registrable Securities proposed to be sold shall have an aggregate offering price of at least $25 million; and provided, further, that the Company shall not be required to effect (A) a Marketed Underwritten Offering if
another Marketed Underwritten Offering has been effected and priced within 90 days or (B) more than four Marketed Underwritten Offerings within any 12-month period. Notwithstanding anything contrary in this Section 2.1, unless otherwise
agreed to by the Requesting Stockholders, no other stockholder shall have the right to participate in a Marketed Underwritten Offering. 

(ii) Requests for Non-Marketed Underwritten Offerings. Requesting Stockholders may from time to time request to sell Registrable Securities
in an underwritten offering that is registered under the Shelf Registration Statement or under a Demand Registration that does not include any marketing efforts by the Company or its management, including a “block trade” (a
“Non-Marketed Underwritten Offering”); provided that in the case of each such Non-Marketed Underwritten Offering the Registrable Securities proposed to be sold shall have an aggregate offering price of at least $5 million.
Notwithstanding anything contrary in this Section 2.1, unless otherwise agreed to by the Requesting Stockholders, no other Stockholder shall have the right to participate in a Non-Marketed Underwritten Offering. 

  
 7 

 (iii) Requests for Non-Underwritten Offerings. At any time that a Shelf Registration Statement
or any shelf registration statement filed in connection with a Demand Registration shall be effective with respect to Registrable Securities of a Requesting Stockholder and such Requesting Stockholder desires to initiate an offering or sale of all
or part of such Requesting Stockholder’s Registrable Securities that does not constitute an Underwritten Offering (a “Non-Underwritten Shelf Takedown”), such Requesting Stockholder shall so indicate in a written request
delivered to the Company no later than three Business Days prior to the expected date of such Non-Underwritten Shelf Takedown, which request shall include (i) the type and total number of Registrable Securities expected to be offered and sold
in such Non-Underwritten Shelf Takedown and (ii) the expected plan of distribution of such Non-Underwritten Shelf Takedown. Notwithstanding anything contrary in this Section 2.1, unless otherwise agreed to by the Requesting
Stockholder, no other Stockholder shall have the right to participate in a Non-Underwritten Shelf Takedown. 
 (iv) Underwritten Offering
Notices. All requests for Underwritten Offerings shall be made by giving written notice to the Company (an “Underwritten Offering Notice”). Each Underwritten Offering Notice shall specify (i) the approximate number of
Registrable Securities to be sold in the Underwritten Offering, (ii) whether such offering will be a Marketed Underwritten Offering or a Non-Marketed Underwritten Offering, (iii) the intended marketing efforts, if any and (iv) the
name(s) of the underwriter(s), if then known. Within five Business Days after receipt of any Offering Notice, if agreed to by the Requesting Stockholders in accordance with the provisions set forth above, the Company shall send written notice of
such requested Offering to all other Stockholders, if any, and shall include in such Offering all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) days after mailing
such notice. 
 (f) Any time that a Demand Registration involves an Underwritten Offering, (i) the Stockholders holding a majority of
the Registrable Securities requested to be included in the Demand Registration shall select the investment banker or investment bankers and managers that will serve as lead and co-managing underwriters with respect to the offering of such
Registrable Securities, and (ii) the Company shall enter into an underwriting agreement that is reasonably acceptable to the Stockholders holding a majority of the Registrable Securities requested to be included in the Demand Registration and
the Company, which agreement shall contain representations, warranties, indemnities and agreements customarily included (but not inconsistent with the covenants and agreements of the Company contained herein) by an issuer of common stock in
underwriting agreements with respect to offerings of common stock for the account of, or on behalf of, such issuers. 
 (g) The Company
shall not include any securities other than Registrable Securities in a Demand Registration, except with the written consent of the Requesting Stockholders participating in such Demand Registration holding a majority of the Registrable Securities
included in such Demand Registration. If, in connection with a Demand Registration, the lead bookrunning underwriters (or, if such Demand Registration is not an Underwritten Offering, a nationally recognized independent investment bank selected by
the Company and reasonably acceptable to Stockholders holding a majority of the Registrable Securities included in such Demand Registration, and whose fees and expenses shall be borne solely by the Company) advise the Company, in writing, that, in
their reasonable opinion, the 

  
 8 

 
inclusion of all of the securities, including securities of the Company that are not Registrable Securities, sought to be registered in connection with such Demand Registration would adversely
affect the marketability of the Registrable Securities sought to be sold pursuant thereto, then the Company shall include in such registration statement only such securities as the Company is reasonably advised by such underwriters or investment
bank can be sold without such adverse effect as follows and in the following order of priority: (i) first, up to the number of Shares requested to be included in such Demand Registration by any Stockholders, which, in the opinion of the
underwriter or investment bank can be sold without adversely affecting the marketability of the offering, pro rata among such Stockholders based upon the number of Shares deemed to be owned by such Persons; (ii) second, securities the Company
proposes to sell for its own account; and (iii) third, all other equity securities of the Company duly requested to be included in such registration statement by any other stockholders holding pari passu registration rights, pro rata on
the basis of the amount of such other securities requested to be included or such other method determined by the Company. 
 Section 2.2
Piggyback Registration. 
 (a) Subject to the terms and conditions hereof, whenever the Company proposes to register the offer and
sale of any of its equity securities under the Securities Act (other than a registration by the Company on a registration statement on Form S-4 or a registration statement on Form S-8 or any successor forms thereto) (a “Piggyback
Registration”), whether for its own account or for the account of others, the Company shall give each Stockholder prompt written notice thereof (but not less than ten (10) business days prior to the public filing by the Company with
the SEC of any registration statement with respect thereto, provided that the Company shall not be required to deliver such notice prior to the a confidential submission or non-public filing of any registration statement with the SEC). Such notice
(a “Piggyback Notice”) shall specify, at a minimum, the number of equity securities proposed to be registered, the proposed date of filing of such registration statement with the SEC, the proposed means of distribution, the proposed
managing underwriter or underwriters (if any and if known) and a reasonable estimate by the Company of the proposed minimum offering price of such equity securities. Upon the written request of any Person that on the date of the Piggyback Notice is
a Stockholder (a “Piggyback Seller”) (which written request shall specify the number of Registrable Securities then presently intended to be disposed of by such Piggyback Seller) given within ten (10) days after such Piggyback
Notice is received by such Piggyback Seller, the Company, subject to the terms and conditions of this Agreement, shall use its commercially reasonable efforts to cause all such Registrable Securities held by Piggyback Sellers with respect to which
the Company has received such written requests for inclusion to be included in such Piggyback Registration on the same terms and conditions as the Company’s equity securities being sold in such Piggyback Registration (whether for the account of
the Company or for the account of others). 
 (b) If, in connection with a Piggyback Registration, any managing underwriter (or, if such
Piggyback Registration is not an Underwritten Offering, a nationally recognized independent investment bank selected by the Company and reasonably acceptable to the Stockholders holding a majority of the Registrable Securities included in such
Piggyback Registration, and whose fees and expenses shall be borne solely by the Company) advises the Company in writing that, in its opinion, the inclusion of all the equity securities sought to be 

  
 9 

 
included in such Piggyback Registration by (i) the Company, (ii) others who acquire Shares after the date hereof and whom the Company gives registration rights and have sought to have
all or part of such Shares registered in such Piggyback Registration pursuant to such registration rights, (iii) others with the written consent of Stockholders participating in such Demand Registration holding a majority of the Registrable
Securities included in such Demand Registration (such Persons referenced in clauses (ii) and (iii) of this Section 2.2(b) being “Other Demanding Sellers”), and (iv) the Piggyback Sellers, as the case may
be, would adversely affect the marketability of the equity securities sought to be sold pursuant thereto, then the Company shall include in the registration statement applicable to such Piggyback Registration only such equity securities as the
Company is so advised by such underwriter can be sold without such an effect, as follows and in the following order of priority: 
 (i) if
the Piggyback Registration relates to an offering for the Company’s own account, then (A) first, such number of equity securities to be sold by the Company for its own account, and (B) second, Shares requested to be included in such
Piggyback Registration by any Other Demanding Sellers and any Piggyback Sellers, pro rata among such Other Demanding Sellers, and Piggyback Sellers based upon the number of Shares deemed to be beneficially owned by such Persons; or 

(ii) if the Piggyback Registration relates to an offering other than for the Company’s own account, then (A) first, Shares
requested to be included in such Piggyback Registration by any Other Demanding Sellers and any Piggyback Sellers, pro rata among such Other Demanding Sellers and Piggyback Sellers based upon the number of Shares deemed to be owned by such Persons,
and (B) second, the other equity securities of the Company proposed to be sold by the Company as determined by the Company. 
 (c) In
connection with any Underwritten Offering under this Section 2.2, the Company shall not be required to include the Registrable Securities of a stockholder in the Underwritten Offering unless such stockholder accepts the terms of the
underwriting as agreed upon between the Company and the underwriters, or, if applicable, the underwriters selected by the Stockholders holding a majority of the Registrable Securities requested to be included in the Demand Registration in accordance
with the terms of hereof. 
 (d) If, at any time after giving written notice of its intention to register the offer and sale of any of its
equity securities as set forth in this Section 2.2 and prior to the time the registration statement filed in connection with such Piggyback Registration is declared effective, the Company shall determine, at its election, for any reason
not to register the offer and sale of such equity securities, the Company shall give written notice of such determination to each Stockholder within five (5) days thereof and thereupon shall be relieved of its obligation to register the offer
and sale of any Registrable Securities in connection with such particular withdrawn or abandoned Piggyback Registration (but not from its obligation to pay the Registration Expenses in connection therewith as provided herein); provided, that
Stockholders may continue the registration as a Demand Registration pursuant to the terms of Section 2.1. 

  
 10 

 Section 2.3 Shelf Registration. 

(a) Subject to Section 2.3(d), and further subject to the availability of a registration statement on Form S-3 or on any other
form which permits incorporation of information by reference to other documents filed by the issuer with the SEC (“Form S-3”) to the Company, any of the Stockholders may by written notice delivered to the Company (the “Shelf
Notice”) require the Company to file as soon as practicable (but no later than sixty (60) days after the date the Shelf Notice is delivered), and to use commercially reasonable efforts to cause to be declared effective by the SEC as
promptly as practicable and within ninety (90) days after such filing date, a Form S-3 providing for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act relating to the offer and sale, from time to time,
of a number of Registrable Securities that is equal to or greater than the Registrable Amount (based on the number of Registrable Securities outstanding on the date such notice is delivered) owned by such Stockholders and any other Stockholders who
elect to participate therein as provided in Section 2.3(b) in accordance with the plan and method of distribution set forth in the prospectus included in such Form S-3 (the “Shelf Registration Statement”). 

(b) Within five (5) business days after receipt of a Shelf Notice pursuant to Section 2.3, the Company will deliver written
notice thereof to each Stockholder. Each Piggyback Seller may elect to participate in the Shelf Registration Statement by delivering to the Company a written request to so participate within ten (10) days after the Shelf Notice is received by
any such Piggyback Seller. 
 (c) Subject to Section 2.3(d), the Company will use commercially reasonable efforts to keep the
Shelf Registration Statement continuously effective until the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance with the plan and method of distribution disclosed in the
prospectus included in the Shelf Registration Statement, or otherwise. 
 (d) Notwithstanding anything to the contrary contained in this
Agreement, the Company shall be entitled to suspend the use of the prospectus included in the Shelf Registration Statement, filed in accordance with Section 2.3, for a reasonable period of time not to exceed ninety (90) days in
succession or one-hundred eighty (180) days in the aggregate in any twelve (12) month period (a “Suspension Period”) if the Board shall determine in its reasonable judgment that (A) it is not feasible for the
Stockholder to use the prospectus for the sale of Registrable Securities because of the unavailability of audited or other required financial statements, provided that the Company shall use its reasonable efforts to obtain such financial
statements as promptly as practicable, or (B) the filing or effectiveness of the prospectus relating to the Shelf Registration Statement would cause the disclosure of material, non-public information that the Company has a bona fide business
purpose for preserving as confidential; provided, however, that any Suspension Period shall terminate at such time as the public disclosure of such information is made. After the expiration of any Suspension Period and without any
further request from a Stockholder, the Company shall as promptly as reasonably practicable prepare a post-effective amendment or supplement to the Shelf Registration Statement or the prospectus, or any document incorporated therein by reference, or
file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading. 

  
 11 

 (e) The Stockholders shall be entitled to demand such number of shelf registrations as shall be
necessary to sell all of its Registrable Securities pursuant to this Section 2.3. 
 Section 2.4 Withdrawal Rights.

 Any Stockholder having notified or directed the Company to include any or all of its Registrable Securities in a registration statement
under the Securities Act shall have the right to withdraw any such notice or direction with respect to any or all of the Registrable Securities designated by it for registration by giving written notice to such effect to the Company prior to the
effective date of such registration statement. In the event of any such withdrawal, the Company shall not include such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable Securities
for all purposes of this Agreement. No such withdrawal shall affect the obligations of the Company with respect to the Registrable Securities not so withdrawn; provided, however, that in the case of a Demand Registration, if such
withdrawal shall reduce the number of Registrable Securities sought to be included in such registration below the Registrable Amount, then the Company shall as promptly as practicable give each Stockholder seeking to register Registrable Securities
notice to such effect and, within ten (10) days following the mailing of such notice, such Stockholders still seeking registration shall, by written notice to the Company, elect to register additional Registrable Securities to satisfy the
Registrable Amount or elect that such registration statement not be filed or, if theretofore filed, be withdrawn. During such 10-day period, the Company shall not file such registration statement if not theretofore filed or, if such registration
statement has been theretofore filed, the Company shall not seek, and shall use commercially reasonable efforts to prevent, the effectiveness thereof. If a Stockholder withdraws its notification or direction to the Company to include Registrable
Securities in a registration statement in accordance with this Section 2.4 with respect to a sufficient number of shares so as to reduce the number of Registrable Securities requested to be included in such registration statement below
the Registrable Amount, such Stockholder shall be required to promptly reimburse the Company for all expenses incurred by the Company in connection with preparing for the registration of such Registrable Securities. 

Section 2.5 Holdback Agreements. 

(a) In the case of any Underwritten Offering in connection with a Demand or Shelf Registration pursuant to this Agreement, each Stockholder,
and in the case of any Piggyback Registration pursuant to this Agreement, each participating Stockholder, agrees not to effect any public sale or distribution (including sales pursuant to Rule 144) of equity securities of the Company, or any
securities convertible into or exchangeable or exercisable for such equity securities, during any time period reasonably requested by the managing underwriter(s) of such Underwritten Offering (which shall not exceed sixty (60) days) with
respect to any Demand, Shelf or Piggyback Registration (in each case, except as part of such registration subject to customary exceptions to be agreed). Each Stockholder subject to the restrictions of the first sentence of Section 2.5 shall
receive the benefit of any shorter “lock-up” period or permitted 

  
 12 

 
exceptions agreed to by the managing underwriter(s) for any Underwritten Offering pursuant to this Agreement irrespective of whether such Stockholder participated in the Underwritten Offering and
the terms of such lock-up agreements shall govern such Stockholders in lieu of the first sentence of Section 2.5. 
 (b) In the case of
any Underwritten Offering pursuant to this Agreement, the Company shall use commercially reasonable efforts to cause other stockholders (other than the Stockholders) and its directors and officers to execute any lock-up agreements in form and
substance as agreed by the Stockholders and as reasonably requested by the managing underwriters. 
 (c) In the case of any Underwritten
Offering, the Company agrees not to effect any Public Offering or distribution of any equity securities of the Company, or securities convertible into or exchangeable or exercisable for equity securities of the Company for a period
(a) commencing upon the earlier of (x) the commencement of the roadshow in respect of such offering and (y) seven days prior to the pricing of such offering and (b) ending 90 days after the pricing of such offering, except, in
each case, as part of such Underwritten Offering. 
 Section 2.6 Registration Procedures. 

(a) If and whenever the Company is required to use commercially reasonable efforts to effect the registration of any Registrable Securities
under the Securities Act as provided in Section 2.1, Section 2.2, and Section 2.3 the Company shall as expeditiously as reasonably possible: 

(i) prepare and file with the SEC (subject to the provisions of Section 2.3 with respect to Shelf Registrations, promptly and, in any
event on or before the date that is (i) 90 days, in the case of any Long-Form Registration, after the receipt by the Company a Demand from a Requesting Stockholder or (ii) 45 days, in the case of any Short-Form Registration, after the
receipt by the Company of a Demand from a Requesting Stockholder) the requisite registration statement to effect any such registration and thereafter use its commercially reasonable efforts to cause such registration statement to be declared
effective by the SEC and remain effective pursuant to the terms of this Agreement and cause such registration statement to contain a “Plan of Distribution” that permits the distribution of securities pursuant to all legal means;
provided, however, that the Company may discontinue any registration of its securities which are not Registrable Securities at any time prior to the effective date of the registration statement relating thereto; provided,
further that before filing such registration statement, prospectus or any amendments thereto, the Company will furnish to the counsel selected by the Stockholders which are including Registrable Securities in such registration copies of all
such documents proposed to be filed, which documents will be subject to the review of such counsel, and such review to be conducted with reasonable promptness; 

(ii) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement until the earlier of such
time as all of such securities have been disposed of 

  
 13 

 
in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement or (i) in the case of a Demand Registration pursuant to
Section 2.1, the expiration of ninety (90) days after such registration statement becomes effective or (ii) in the case of a Piggyback Registration pursuant to Section 2.2, the expiration of ninety (90) days
after such registration statement becomes effective; 
 (iii) furnish to each Selling Stockholder and each underwriter, if any, of the
securities being sold by such Selling Stockholder such number of conformed copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus contained in
such registration statement (including each preliminary prospectus and any summary prospectus) and each free writing prospectus (as defined in Rule 405 of the Securities Act) (a “Free Writing Prospectus”) utilized in connection
therewith and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents as such Selling Stockholder and underwriter, if any, may reasonably request in
order to facilitate the public sale or other disposition of the Registrable Securities owned by such Selling Stockholder; 
 (iv) use
commercially reasonable efforts to register or qualify such Registrable Securities covered by such registration statement under such other securities laws or blue sky laws of such jurisdictions as any Selling Stockholder and any underwriter of the
securities being sold by such Selling Stockholder shall reasonably request, and take any other action which may be reasonably necessary or advisable to enable such Selling Stockholder and underwriter to consummate the disposition in such
jurisdictions of the Registrable Securities owned by such Selling Stockholder, except that the Company shall not for any such purpose be required to (A) qualify generally to do business as a foreign corporation in any jurisdiction wherein it
would not but for the requirements of this clause (iv) be obligated to be so qualified, (B) subject itself to taxation in any such jurisdiction or (C) file a general consent to service of process in any such jurisdiction; 

(v) use commercially reasonable efforts to cause such Registrable Securities to be listed on each securities exchange on which similar
securities issued by the Company are then listed and, if no such securities are so listed, use commercially reasonable efforts to cause such Registrable Securities to be listed on the New York Stock Exchange or the NASDAQ Stock Market; 

(vi) use commercially reasonable efforts to cause such Registrable Securities covered by such registration statement to be registered with or
approved by such other Governmental Entities as may be necessary to enable each Selling Stockholder thereof to consummate the disposition of such Registrable Securities; 

(vii) in connection with an Underwritten Offering, obtain for each Selling Stockholder and underwriter: 

(A) an opinion of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten
offerings and such other matters as may be reasonably requested by such Selling Stockholder and underwriters, and 

  
 14 

 (B) a “comfort” letter (or, in the case of any such Person which does
not satisfy the conditions for receipt of a “comfort” letter specified in Statement on Auditing Standards No. 72, an “agreed upon procedures” letter) signed by the independent public accountants who have certified the
Company’s financial statements included in such registration statement; 
 (viii) promptly make available for inspection by a
representative of the Selling Stockholders, any underwriter participating in any disposition pursuant to any registration statement, and any attorney, accountant or other agent or representative retained by the Selling Stockholders (collectively and
not individually) or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably
necessary to enable them to exercise their due diligence responsibility in connection with such registration statement, and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in
connection with such registration statement; provided, however, that, unless the disclosure of such Records is necessary to avoid or correct a misstatement or omission in the registration statement or the release of such Records is
ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to provide any information under this subparagraph (viii) if (i) the Company believes, after consultation with counsel
for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information or (ii) if either (A) the Company has requested and been granted from the SEC confidential treatment of
such information contained in any filing with the SEC or documents provided supplementally or otherwise or (B) the Company reasonably determines that such Records are confidential and so notifies the Inspectors in writing unless prior to
furnishing any such information with respect to (i) or (ii) such Selling Stockholder requesting such information agrees, and causes each of its Inspectors, to enter into a confidentiality agreement on terms reasonably acceptable to the
Company; and provided, further, that each Selling Stockholder agrees that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its
expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential; 
 (ix) promptly notify in writing
each Selling Stockholder and the underwriters, if any, of the following events: 
 (A) the filing (or confidential
submission, as applicable) of the registration statement, the prospectus or any prospectus supplement related thereto or post-effective amendment to the registration statement or any Free Writing Prospectus utilized in connection therewith, and,
with respect to the registration statement or any post-effective amendment thereto, when the same has become effective; 

(B) any request by the SEC or any other Governmental Entity for amendments or supplements to the registration statement or the
prospectus or for additional information; 

  
 15 

 (C) the issuance by the SEC or any other Governmental Entity of any stop order
suspending the effectiveness of the registration statement or the initiation of any proceedings by any Person for that purpose; and 

(D) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable
Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose; 

(x) notify each Selling Stockholder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act,
upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to
be stated therein or necessary to make the statements therein not misleading, and promptly prepare and furnish to such Selling Stockholder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so
that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; 
 (xi) use commercially reasonable efforts to prevent the issuance of and, if issued, obtain the
withdrawal of any order suspending the effectiveness of such registration statement or any suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction; 

(xii) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC, and make available to
each Selling Stockholder, as soon as reasonably practicable, an earning statement of the Company covering the period of at least twelve (12) months, but not more than eighteen (18) months, beginning with the first day of the Company’s
first full quarter after the effective date of such registration statement, which earning statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(xiii) cooperate with the Selling Stockholders and the managing underwriter to facilitate the timely preparation and delivery of certificates
(which shall not bear any restrictive legends unless required under applicable law) representing securities sold under any registration statement, and enable such securities to be in such denominations and registered in such names as the managing
underwriter or such Selling Stockholders may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such registration statement a supply of such certificates, or, if requested by a Selling
Stockholder or an underwriter, to facilitate the delivery of such securities in book-entry form; 
 (xiv) have appropriate officers of the
Company prepare and make presentations at any “road shows” and before analysts and rating agencies, as the case may be, and other information meetings organized by the underwriters, take other actions to obtain ratings for any Registrable
Securities (if they are eligible to be rated) and otherwise use its commercially reasonable efforts to cooperate as reasonably requested by the Selling Stockholders and the underwriters in the offering, marketing or selling of the Registrable
Securities; 

  
 16 

 (xv) with respect to each Free Writing Prospectus or other materials to be included in the
Disclosure Package, ensure that no Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such Free Writing Prospectus or other materials without the prior written consent of the
Stockholders holding the Registrable Securities covered by such registration statement, which Free Writing Prospectuses or other materials shall be subject to the prior reasonable review of the Selling Stockholders and their counsel; 

(xvi)(A) as expeditiously as possible and within the deadlines specified by the Securities Act, make all required filings of all
prospectuses and Free Writing Prospectuses with the SEC and (B) within the deadlines specified by the Exchange Act, make all filings of periodic and current reports and other materials required by the Exchange Act; 

(xvii) as expeditiously as possible and within the deadlines specified by the Securities Act, make all required filing fee payments in
respect of any registration statement or prospectus used under this Agreement (and any offering covered thereby); 
 (xviii) as
expeditiously as practicable, keep the Selling Stockholders and their counsel advised as to the initiation and progress of any registration hereunder; 

(xix) cooperate with each Selling Stockholder and each underwriter participating in the disposition of such Registrable Securities and their
respective counsel in connection with any filings required to be made with the FINRA; 
 (xx) furnish the Selling Stockholders, their
counsel and the underwriters, as expeditiously as possible, copies of all correspondence with or from the SEC, the FINRA, any stock exchange or other self-regulatory organization relating to the registration statement or the transactions
contemplated thereby and, a reasonable time prior to furnishing or filing any such correspondence to the SEC, the FINRA, stock exchange or self-regulatory organization, furnish drafts of such correspondence to the Selling Stockholders, their
counsel, and the underwriters for review and comment, such review and comment to be conducted with reasonable promptness; and 
 (xxi) to
take all other reasonable steps necessary to effect the registration and disposition of the Registrable Securities contemplated hereby. 

(b) The Company may require each Selling Stockholder and each underwriter, if any, to furnish the Company in writing such information
regarding each Selling Stockholder or underwriter and the distribution of such Registrable Securities as the Company may from time to time reasonably request to complete or amend the information required by such registration statement. 

  
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 (c) Without limiting the terms of Section 2.1(a), in the event that the offering of
Registrable Securities is to be made by or through an underwriter, the Company, if requested by the underwriter, shall enter into an underwriting agreement with a managing underwriter or underwriters in connection with such offering containing
representations, warranties, indemnities and agreements customarily included (but not inconsistent with the covenants and agreements of the Company contained herein) by an issuer of common stock in underwriting agreements with respect to offerings
of common stock for the account of, or on behalf of, such issuers. 
 (d) Each Selling Stockholder agrees that upon receipt of any notice
from the Company of the happening of any event of the kind described in Sections 2.6(a)(ix)(C), 2.6(a)(ix)(D), or 2.6(a)(x), such Selling Stockholder shall forthwith discontinue (in the case of Section 2.6(a)(ix)(D),
only in the relevant jurisdiction set forth in such notice) such Selling Stockholder’s disposition of Registrable Securities pursuant to the applicable registration statement and prospectus relating thereto until such Selling Stockholder’s
receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.6(a)(x) and, if so directed by the Company, deliver to the Company, at the Company’s expense, all copies, other than permanent file copies,
then in such Selling Stockholder’s possession of the prospectus current at the time of receipt of such notice relating to such Registrable Securities. In the event the Company shall give such notice, any applicable period during which such
registration statement must remain effective pursuant to this Agreement shall be extended by the number of days during the period from the date of giving of a notice regarding the happening of an event of the kind described in
Section 2.6(a)(ix), Section 2.6(a)(ix)(D) or Section2.6(a)(x) to the date when all such Selling Stockholders shall receive such a supplemented or amended prospectus and such prospectus shall have been filed with the
SEC. 
 Section 2.7 Registration Expenses. All expenses incident to the Company’s performance of, or compliance with, its
obligations under Article II of this Agreement including, without limitation, all registration and filing fees, all fees and expenses of compliance with securities and “blue sky” laws, all fees and expenses associated with filings
required to be made with the FINRA (including, if applicable, reasonable and customary fees and expenses of any “qualified independent underwriter” as such term is defined by the FINRA), all fees and expenses of compliance with securities
and “blue sky” laws, all printing (including, without limitation, expenses of printing certificates for the Registrable Securities in a form eligible for deposit with the Depository Trust Company and of printing prospectuses if the
printing of prospectuses is requested by a holder of Registrable Securities) and copying expenses, all messenger and delivery expenses, all fees and expenses of the Company’s independent certified public accountants and counsel (including with
respect to “comfort” letters and opinions) and reasonable and customary fees and expenses of one firm of counsel to the Selling Stockholders (which firm shall be selected by the Selling Stockholders holding a majority of the Registrable
Securities included in such registration) (collectively, the “Registration Expenses”) shall be borne by the Company, regardless of whether a registration is effected. The Company will pay its internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting duties, the expense of any annual audit and the expense of any liability insurance) and the expenses and fees for listing the securities to be
registered on each securities exchange and included in each established over-the-counter market on which similar securities issued by the Company are then listed or traded. Each Selling Stockholder shall pay its portion of all underwriting discounts
and commissions and transfer taxes, if any, relating to the sale of such Selling Stockholder’s Registrable Securities pursuant to any registration. 

  
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 Section 2.8 Registration Indemnification. 

(a) By the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Selling Stockholder
and each of their respective Affiliates and their respective officers, directors, employees, managers, partners and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act) such Selling Stockholder or such other Person indemnified under this Section 2.8(a) from and against all losses, claims, damages, liabilities and expenses, whether joint or several (including reasonable expenses of investigation and
reasonable attorneys’ fees and expenses) (collectively, the “Losses”), to which they are or any of them may become subject under the Securities Act, the Exchange Act or other U.S. federal or state statutory law (including any
applicable “blue sky” laws), rule or regulation, at common law or otherwise, insofar as such Losses arise out of, are based upon, are caused by or relate to any untrue statement (or alleged untrue statement) of a material fact contained in
any registration statement, prospectus or preliminary prospectus, offering circular, offering memorandum or Disclosure Package (including the Free Writing Prospectus) or any amendment or supplement thereto or any filing or document incidental to
such registration or qualification of the securities as required by this Agreement, or any omission (or alleged omission) of a material fact required to be stated therein or necessary to make the statements therein not misleading, except that no
Person indemnified shall be indemnified hereunder insofar as the same are made in conformity with and in reliance on information furnished in writing to the Company by such Person concerning such Person expressly for use therein. Such
indemnification obligation shall be in addition to any liability that the Company may otherwise have to any such indemnified person. In connection with an Underwritten Offering and without limiting any of the Company’s other obligations under
this Agreement, the Company shall also indemnify such underwriters, their officers, directors, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act)
such underwriters or such other Person indemnified under this Section 2.8(a) to the same extent as provided above with respect to the indemnification (and exceptions thereto) of Selling Stockholders. Reimbursements payable pursuant to
the indemnification contemplated by this Section 2.8(a) will be made by periodic payments during the course of any investigation or defense, as and when bills are received or expenses incurred. 

(b) By the Selling Stockholders. In connection with any registration statement in which a Stockholder is participating, each such
Selling Stockholder will furnish to the Company in writing information regarding such Person’s ownership of Registrable Securities and its intended method of distribution thereof and, to the extent permitted by law, shall, severally and not
jointly, indemnify the Company, its Affiliates and their respective directors, officers, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) the
Company or such other Person indemnified under this Section 2.8(b) against all Losses caused by any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or Free Writing
Prospectus or any amendment or supplement thereto or any omission of a material fact 

  
 19 

 
required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is made in conformity with and in reliance
on information furnished in writing by such Person concerning such Person expressly for use therein; provided, however, that each Selling Stockholder’s obligation to indemnify the Company hereunder shall, to the extent more than
one Person is subject to the same indemnification obligation, be apportioned between each Person based upon the net amount received by each Person from the sale of Registrable Securities, as compared to the total net amount received by all of the
indemnifying Persons pursuant to such registration statement. Notwithstanding the foregoing, no Person shall be liable to the Company and the underwriters for aggregate amounts in excess of the lesser of (i) such apportionment and (ii) the
net amount received by such holder in the offering giving rise to such liability. 
 (c) Notice. Any Person entitled to
indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification; provided, however, the failure to give such notice shall not release the indemnifying
party from its obligation, except to the extent that the indemnifying party has been materially prejudiced by such failure to provide such notice on a timely basis. 

(d) Defense of Actions. In any case in which any such action is brought against any indemnified party, and it notifies an indemnifying
party of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel
reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not (so long as it shall continue to have the
right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or other expense subsequently incurred by such indemnified party in connection with
the defense thereof other than reasonable costs of investigation, supervision and monitoring (unless (i) such indemnified party reasonably objects to such assumption on the grounds that there may be defenses available to it which are different
from or in addition to the defenses available to such indemnifying party, (ii) counsel to the indemnifying party has informed the indemnifying party that the joint representation of the indemnifying party and one or more indemnified parties
could be inappropriate under applicable standards of professional conduct, or (iii) the indemnifying party shall have failed within a reasonable period of time to assume such defense and the indemnified party is or is reasonably likely to be
prejudiced by such delay, in any such event the indemnified party shall be promptly reimbursed by the indemnifying party for the expenses incurred in connection with retaining separate legal counsel). An indemnifying party shall not be liable for
any settlement of an action or claim effected without its consent (such consent not to be unreasonably withheld). The indemnifying party shall lose its right to defend, contest, litigate and settle a matter if it shall fail to diligently contest
such matter (except to the extent settled in accordance with the next following sentence). No matter shall be settled by an indemnifying party without the consent of the indemnified party (which consent shall not be unreasonably withheld, it being
understood that the indemnified party shall not be deemed to be unreasonable in withholding its consent if the proposed settlement imposes any obligation on the indemnified party). 

  
 20 

 (e) Survival. The indemnification provided for under this Agreement shall remain in full
force and effect regardless of any investigation made by or on behalf of the indemnified Person and will survive the transfer of the Registrable Securities and the termination of this Agreement. 

(f) Contribution. If recovery is not available or is insufficient under the foregoing indemnification provisions for any reason or
reasons other than as specified therein, in each case as determined by a court of competent jurisdiction, any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with respect
to any Losses with respect to which such Person would be entitled to such indemnification but for such reason or reasons. In determining the amount of contribution to which the respective Persons are entitled, there shall be considered the
Persons’ relative knowledge and access to information concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other equitable considerations appropriate under the
circumstances. It is hereby agreed that it would not necessarily be equitable if the amount of such contribution were determined by pro rata or per capita allocation or by any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding sentence of this Section 2.8(f). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who was not found guilty of such fraudulent misrepresentation. Notwithstanding the foregoing, no Selling Stockholder or transferee thereof shall be required to make a contribution in excess of the net amount received by such holder
from its sale of Registrable Securities in connection with the offering that gave rise to the contribution obligation. 
 Section 2.9
Request for Information; Certain Rights. 
 (a) Request for Information. Not less than five (5) business days before the
expected filing (or confidential submission, if applicable) date of each registration statement pursuant to this Agreement, the Company shall notify each Stockholder who has timely provided the requisite notice hereunder entitling the Stockholder to
include for registration Registrable Securities in such registration statement of the information, documents and instruments from such Stockholder that the Company or any underwriter reasonably requests in connection with such registration
statement, including, but not limited to a questionnaire, custody agreement, power of attorney, form of lock-up letter and form of underwriting agreement (the “Requested Information”). Such Stockholder shall promptly return the
Requested Information to the Company. If the Company has not received the Requested Information (or a written assurance from such Stockholder that the Requested Information that cannot practicably be provided prior to filing of the registration
statement will be provided in a timely fashion) from such Stockholder within a reasonable period of time (as determined by the Company) prior to the filing (or confidential submission, if applicable) of the applicable registration statement, the
Company may file such registration statement without including Registrable Securities of such Stockholder, provided that the Company shall include such Registrable Securities upon receipt of such Requested Information. The failure to so include in
any registration statement the Registrable Securities of a Stockholder (with regard to that registration statement) shall not in and of itself result in any liability on the part of the Company to such Stockholder. 

  
 21 

 (b) No Grant of Future Registration Rights. The Company shall not grant any shelf, demand,
piggyback or incidental registration rights that are senior to or otherwise conflict with the rights granted to the Stockholders hereunder to any other Person without the prior written consent of Stockholders holding a majority of the Registrable
Securities held by all Stockholders. 
 (c) Alternative Markets. In the event that a trading market for the Company’s Shares
develops that does not require that the Shares be registered under Section 12 of the Exchange Act (e.g. outside the United States or through a Rule 144A trading market), the Company agrees to provide alternative liquidity provisions to the
Stockholders that would be the functional equivalent of this Article II, including the provision of offering documents, the entering into of placement and/or listing agreements and the functional equivalent of the other terms of this
Article II and with the functional equivalent of the division of liabilities and expenses as provided in this Article II. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.1 Representations and Warranties of Prime Parent. Prime Parent represents and warrants to the Company that (a) this
Agreement has been duly authorized, executed and delivered by such Stockholder, and is a valid and binding agreement of Prime Parent, enforceable against it in accordance with its terms, except that the enforcement thereof may be subject to
bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and to general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law) and (b) the execution, delivery and performance by Prime Parent, of this Agreement does not violate or conflict with or result in a breach of or constitute (or with notice or lapse of time or both
constitute) a default under any agreement to which such Stockholder, is a party or, the organizational documents of Prime Parent. 
 Section
3.2 Representations and Warranties of the Company. The Company represents and warrants to Prime Parent that (a) this Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding agreement of the
Company, enforceable against the Company in accordance with its terms, except that the enforcement thereof may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect
relating to creditors’ rights generally and to general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); and (b) the execution, delivery and performance by the Company of this
Agreement does not violate or conflict with or result in a breach by the Company of or constitute (or with notice or lapse of time or both constitute) a default by the Company under its Charter or Operating Agreement, any existing applicable law,
rule, regulation, judgment, order, or decree of any Governmental Entity exercising any statutory or regulatory authority of any of the foregoing, domestic or foreign, having jurisdiction over the Company or any of its respective properties or
assets, or any agreement or instrument to which the Company is a party or by which the Company or any of its respective properties or assets may be bound. 

  
 22 

 ARTICLE IV 

MISCELLANEOUS 
 Section
4.1 Notices. All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile (provided a copy is thereafter
promptly delivered as provided in this Section 4.1) or nationally recognized overnight courier, addressed to such party at the address or facsimile number set forth below or such other address or facsimile number as may hereafter be
designated in writing by such party to the other parties: 
 (a) if to the Company, to: 

 ADT Inc. 
  1501
Yamato Road 
  Boca Raton, Florida 33431 

 Attention: Chief Legal Officer 

(b) if to Prime Parent, to: 

 c/o Apollo Global Management 

 9 West 57th Street, 43rd Floor

  New York, NY 10019 

 Attention: Marc Becker and General Counsel 

 Fax: (646) 417-6429 

 with a copy to: 

 Paul, Weiss, Rifkind, Wharton & Garrison LLP 

 1285 Avenue of the Americas 

 New York, NY 10019 

 Attention: Tracey A. Zaccone, Esq. 

 Fax: (212) 492-0085 

Section 4.2 Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any
provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or entity or any circumstance, is found to be invalid or unenforceable in any
jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of
this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such
provision, or the application thereof, in any other jurisdiction. 
 Section 4.3 Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall be deemed an original and all of which shall, taken together, be considered one and the same agreement, it being understood that both parties need not sign the same counterpart. Facsimile counterpart
signatures to this Agreement shall be binding and enforceable. 

  
 23 

 Section 4.4 Entire Agreement; No Third Party Beneficiaries. This Agreement
(a) constitutes the entire agreement and supersedes all other prior agreements, both written and oral, among the parties with respect to the subject matter hereof and is not intended to confer upon any Person, other than the parties hereto, any
rights or remedies hereunder. 
 Section 4.5 Further Assurances. Each party hereto shall do and perform or cause to be done and
performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the provisions of this Agreement and
the consummation of the transactions contemplated hereby. 
 Section 4.6 Governing Law; Equitable Remedies. THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF). The parties hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to
prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the Selected Courts (as defined below), this being in addition to any other remedy to which they are entitled at law or in equity. Any requirements for
the securing or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto. Each party further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or
enforcement of specific performance, it will not assert the defense that a remedy at law would be adequate. 
 Section 4.7 Consent To
Jurisdiction. With respect to any suit, action or proceeding (“Proceeding”) arising out of or relating to this Agreement or any transaction contemplated hereby each of the parties hereto hereby irrevocably (a) submits to
the exclusive jurisdiction of (A) the United States District Court for the Southern District of New York or (B) in the event that such court lacks jurisdiction to hear the claim, the state courts of New York located in the borough of
Manhattan, New York City (the “Selected Courts”) and waives any objection to venue being laid in the Selected Courts whether based on the grounds of forum non conveniens or otherwise and hereby agrees not to commence any such
Proceeding other than before one of the Selected Courts; provided, however, that a party may commence any Proceeding in a court other than a Selected Court solely for the purpose of enforcing an order or judgment issued by one of the
Selected Courts; (b) consents to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery service, to the Company or to
the applicable party hereto at their respective addresses referred to in Section 4.1; provided, however, that nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by law;
and (c) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) 

  
 24 

 
ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO
WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 

Section 4.8 Amendments; Waivers. 

(a) No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed, in the case of an
amendment, by the Company and Stockholders holding a majority of the Registrable Securities, or in the case of a waiver, by the party against whom the waiver is to be effective; provided, that such amendment or waiver which adversely affects
any party to this Agreement and is prejudicial to such party relative to all other parties (other than the Company) cannot be effected without the consent of such party. 

(b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law. 
 Section 4.9 Assignment. Neither this Agreement nor any of the rights or obligations hereunder shall be assigned
by any of the parties hereto without the prior written consent of the other parties; provided that any Stockholder may assign its rights hereunder in connection with a transfer of its Shares if such transferee (i) shall own at least 10%
of the Company’s outstanding Common Stock (on an as-converted basis, if applicable and after giving effect to all vested and unvested Shares, if applicable) after giving effect to such transfer and (ii) shall execute a joinder to this
Agreement. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns. 

Section 4.10 Effectiveness. This Agreement shall become effective upon the Closing Date. 

Section 4.11 Term. This Agreement shall automatically terminate with respect to any Stockholder upon the date on which the such
Stockholder no longer Beneficially Own Shares representing at least 1% of the Shares then outstanding (after giving effect to all vested and unvested Shares, if applicable). 

  
 25 

 [Remainder of page intentionally left blank] 

  
 26 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

			
	 PRIME SECURITY SERVICES TOPCO PARENT, L.P.

		
	By:	 	 Prime Security Services TopCo Parent GP, LLC,

its general partner

		
	By:	 	________________________________
		 	Name:
		 	Title:
	
	 ADT INC.

		
	By:	 	________________________________
		 	Name:
		 	Title:

  
  

[ADT – Registration Rights Agreement]EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

			
	 BARCLAYS

745 Seventh Avenue
 New York, New
York 10019
	  	 JPMORGAN CHASE BANK, N.A.

383 Madison Avenue
 New York, New
York 10179

 PERSONAL AND CONFIDENTIAL 

January 15, 2018 
 Energizer Holdings, Inc. 

533 Maryville University Drive 
 Saint Louis, Missouri 63141 

Attention: Timothy Gorman, Executive Vice President and Chief Financial Officer 

Project Gamma 

Commitment Letter 
 Ladies and Gentlemen:

 We are pleased to confirm the arrangements under which each of Barclays Bank PLC (“Barclays”) and JPMorgan Chase Bank, N.A.
(“JPMCB”) (each, a “Commitment Party” and together, the “Commitment Parties,” “we” or “us”) is (i) exclusively (subject to Section 1 below) authorized by
Energizer Holdings, Inc., a Missouri corporation (the “Company” or “you”), to act in the roles and capacities described herein and (ii) providing commitments in connection with the financing for certain
transactions described herein, in each case on the terms and subject to the conditions set forth in this commitment letter and the attached Annexes A, B, C and D hereto (collectively, this “Commitment Letter”). Capitalized terms
used but not defined herein have the respective meanings given in the Annexes hereto. 
 You have informed the Commitment Parties that the Company intends
to consummate the acquisition (the “Acquisition”) pursuant to that certain Acquisition Agreement, dated as of January 15, 2018, between the Company and an entity previously identified to us as “Sigma” (the
“Seller”) (together with the schedules and exhibits thereto, the “Acquisition Agreement”) of (i) certain direct and indirect subsidiaries of the Seller and (ii) certain of the assets of the Seller, in each
case identified in the Acquisition Agreement (collectively, the “Acquired Business”). You have informed us that (a) the Acquisition, (b) the payment of fees and expenses in connection with the Acquisition, (c) the
repayment of all indebtedness under your Existing Credit Agreement (as defined in Annex B) and (d) a portion of your ongoing working capital needs and other general corporate purposes will be financed from the following sources: 

 

	 	•	 	senior secured credit facilities consisting of (a) a senior secured term loan B facility (the “Term Loan Facility”) in an aggregate principal amount equal to (1) the lesser of
(x) $1,640 million and (y) such amount as would not cause the “Consolidated Secured Leverage Ratio” (as defined in the Indenture dated as of June 1, 2015 governing the 5.500% Senior Notes due 2025 issued by the Company
(as successor to Energizer Spinco, Inc.) (the “Existing Notes”)) of the Company to exceed 2.75:1.00 (the “Existing Notes Ratio Test”) minus (2) if Notes are issued and such amount is incurred as part of
the Minimum U.S. Notes Tranche, the Dollar Notes Shortfall (as defined below) and (b) a senior secured revolving credit facility in an aggregate principal amount of $400 million (the “Revolving Credit Facility” and,
together with the Term Loan Facility, the “Senior Secured Credit Facilities”), having the terms set forth on Annex B; 

	 	•	 	(a) the issuance by the Company of debt securities pursuant to a Rule 144A or other private placement (the “Notes”) in an aggregate principal amount of up to the sum of $720 million plus any
amounts by which the Term Loan Facility is reduced in order to comply with the Existing Notes Ratio Test (such sum, the “Bridge Portion”); provided that at the option of the Company exercised prior to the date that is 10
business days prior to the earlier of the launch of the general syndication of the Senior Secured Credit Facilities and the launch of marketing of the Notes, up to $500 million of such Notes may be redenominated into a Euro tranche of debt
securities (the “Euro Notes Tranche”) (it being understood and agreed that (i) in connection with the Company’s election to issue the Euro Notes Tranche, the Company shall be required to issue Notes denominated in U.S.
dollars in a minimum amount of $350 million (the “Minimum U.S. Notes Tranche”) and Notes denominated in Euros in a minimum amount of the equivalent in Euros of $300 million (the aggregate amount by which the Notes must be
increased above $720 million in order to achieve the Minimum U.S. Notes Tranche being referred to herein as the “Dollar Notes Shortfall”) and (ii) the exchange rate with respect to such Euro Notes Tranche shall be
determined on a date to be mutually agreed such that the Company will have sufficient net cash proceeds to fund the transactions contemplated herein) or (b) if and to the extent that gross proceeds aggregating less than the Bridge Portion are
received by the Company from the offering of the Notes or Takeout Notes (as defined in the Facilities Fee Letter referred to below) after the date hereof and on or prior to the time the Acquisition is consummated, borrowings by the Company of
unsecured senior increasing rate bridge loans (the “Bridge Loans”) under a senior unsecured bridge facility (the “Bridge Facility”; together with the Senior Secured Credit Facilities, the
“Facilities”) having the terms set forth on Annex C; and 

  

	 	•	 	approximately $250 million of the Company’s cash on hand. 

  

	1.	Commitments; Titles and Roles. 

 Each of Barclays and JPMCB is pleased to confirm its commitment to act,
and you hereby appoint each of Barclays and JPMCB to act, as joint lead arrangers and joint bookrunners for the Senior Secured Credit Facilities (collectively, and together with any Additional Agent (as defined below) you appoint to act as a joint
lead arranger for the Senior Secured Credit Facilities in accordance with your Designation Right (as defined below), the “Bank Lead Arrangers”), and each of Barclays and JPMCB is pleased to confirm its commitment to act, and you
hereby appoint each of Barclays and JPMCB to act, as joint lead arrangers and joint bookrunners for the Bridge Facility (collectively, and together with any Additional Agent you appoint to act as a joint lead arranger for the Bridge Facility in
accordance with your Designation Right, the “Bridge Lead Arrangers” and, together with the Bank Lead Arrangers, the “Lead Arrangers”). In addition, each of Barclays and JPMCB is pleased to advise you of its several,
but not joint, commitment to provide 50% and 50%, respectively, of the aggregate principal amount of each of the Facilities, in each case on the terms contained in this Commitment Letter and the availability and funding of which is subject only to
the conditions set forth in the first paragraph of Section 2 below and in Annex D hereto. In addition, you hereby appoint JPMCB to act as administrative agent for the Senior Secured Credit Facilities (in such capacity, the “Bank
Administrative Agent”) and Barclays to act as administrative agent for the Bridge Facility (in such capacity, the “Bridge Administrative Agent”). You acknowledge and agree that JPMCB may perform its responsibilities
hereunder through its affiliate, J.P. Morgan Securities LLC. You further agree that (i) JPMCB will have “left” placement in any and all marketing materials or other documentation used in connection with the Senior Secured Credit
Facilities or other 

  
 2 

 
documentation used in connection with the Senior Secured Credit Facilities and that Barclays will have placement immediately to the right of JPMCB and, in each case, will perform the duties and
exercise the authority customarily performed and exercised by it in such role and (ii) Barclays will have “left” placement in any and all marketing materials or other documentation used in connection with the Bridge Facility or other
documentation used in connection with the Bridge Facility and that JPMCB will have placement immediately to the right of Barclays and, in each case, will perform the duties and exercise the authority customarily performed and exercised by it in such
role. You further agree that no other titles will be awarded and no compensation (other than that expressly contemplated by this Commitment Letter and the Fee Letters referred to below) will be paid in connection with the Facilities unless you and
we shall so agree. 
 Notwithstanding the foregoing, you will have the right (the “Designation Right”), exercisable within 15 business days
following the date hereof, to appoint additional arrangers, bookrunners, co-agents or co-managers in respect of the Facilities (each such arranger, bookrunner, co-agent or co-manager, an “Additional Agent”) in a manner and with economics determined by you in consultation with the applicable Additional Agent and
reasonably acceptable to you and such Additional Agents; provided that (a) you may not appoint more than three (3) additional arrangers and bookrunners in respect of the Facilities, (b) you may not allocate more than 50% of the
total economics with respect to the Facilities to all Additional Agents (or their affiliates) in the aggregate, which shall be on a pro rata basis across the Facilities and shall be proportionate to the commitments assumed by such Additional Agents
and (c) subject to the foregoing and the below, to the extent you appoint Additional Agents, the aggregate economics allocated to, and the aggregate commitment amounts of, each of Barclays and JPMCB will be reduced on a pro rata basis by the
amount of the economics allocated to, and the commitment amount of, each such Additional Agent (or its affiliate) (it being understood that (x) the economics allocated to each of Barclays and JPMCB will receive no less than 25% of the total
economics in respect of the Facilities and (y) in no event shall the percentage of the total economics allocated to any Additional Agent in respect of the Facilities exceed the percentage of such economics allocated to Barclays or JPMCB). Upon
your exercise, if any, of the Designation Right and the execution and delivery by the Additional Agent(s) of customary joinder documentation reasonably acceptable to you and us, each such Additional Agent shall constitute a “Commitment
Party” for all purposes under this Commitment Letter and the Facilities Fee Letter. 
 Our fees for our commitment and for services related to the
Facilities are set forth in the fee letter entered into by the Company and the Commitment Parties on the date hereof (the “Facilities Fee Letter”) and the agent fee letter entered into by the Company, Barclays and JPMCB on the date
hereof (the “Agent Fee Letter”, and together with the Facilities Fee Letter, the “Fee Letters”). 
  

	2.	Conditions Precedent. 

 The availability and funding of each Commitment Party’s commitments
hereunder are subject solely to the conditions set forth in Annex D hereto and the following additional conditions: since September 30, 2017, there has not been any event, change or circumstance that, individually or in the aggregate, has had
or would reasonably be expected to have a Material Adverse Effect (as defined in the Acquisition Agreement as in effect on the date hereof) on the Business (as defined in the Acquisition Agreement) and (ii) (A) in the case of the Senior Secured
Credit Facilities, the execution and delivery by all parties thereto of the Senior Secured Credit Facilities Documentation (as defined in Annex B hereto) and (B) in the case of the Bridge Facility, the execution and delivery by all parties
thereto of the Bridge Facility Documentation (in each case, as defined in Annex C hereto) (collectively, the “Facilities Documentation”), to be negotiated and prepared in a manner consistent with this Commitment Letter. 

  
 3 

 Notwithstanding anything in this Commitment Letter, the Fee Letters, the Facilities Documentation or any other
agreement or other undertaking concerning the financing of the Acquisition to the contrary, the Facilities Documentation shall not contain any conditions precedent to the availability of the Facilities on the Closing Date other than the conditions
precedent expressly set forth in the first paragraph of this Section 2 and in Annex D hereto, and the terms of the Facilities Documentation will be such that they do not impair the availability of the Facilities on the Closing Date if such
conditions are satisfied or waived by the Commitment Parties (it being understood that, to the extent that any security interest in the Collateral (other than, to the extent required by this Commitment Letter (including the Annexes thereto), any
Collateral the security interest in which may be perfected by the filing of a UCC financing statement or the delivery of certificated equity interests of any wholly-owned material U.S. restricted subsidiaries of the Company (to the extent required
by this Commitment Letter (including the Annexes thereto); provided that, to the extent that you have used commercially reasonable efforts to procure the delivery thereof prior to or on the Closing Date, certificated equity interests of
subsidiaries of the Acquired Business will only be required to be delivered on the Closing Date pursuant to the terms set forth above if such certificates are actually received from the Acquired Business) is not perfected on the Closing Date after
your use of commercially reasonable efforts to do so (without undue burden or cost), the perfection of such security interest will not constitute a condition precedent to the availability of the Senior Secured Credit Facilities on the Closing Date
but such security interest will be required to be perfected within 90 days after the Closing Date (or such longer period as agreed to by the Bank Administrative Agent), subject to arrangements mutually agreed by the Bank Administrative Agent and the
Company and subject to extensions thereof in the discretion of the Bank Administrative Agent). 
 Notwithstanding anything in this Commitment Letter, the
Fee Letters, the Facilities Documentation or any other agreement or other undertaking concerning the financing of the Acquisition to the contrary, the only representations and warranties the accuracy of which will be a condition to the availability
of the Facilities on the Closing Date will be (i) the representations and warranties made by or with respect to the Acquired Business in the Acquisition Agreement that are material to the interests of the Lead Arrangers or Lenders, in their
capacities as such, but only to the extent that you (or your affiliates) have the right to terminate your (or their) obligations under the Acquisition Agreement or to decline to consummate the Acquisition (in each case, in accordance with the terms
of the Acquisition Agreement) as a result of a breach of such representation or warranty (the “Specified Acquisition Agreement Representations”) and (ii) the Specified Representations (as defined below). As used herein, the
term “Specified Representations” means representations made by the Company and each Guarantor relating to existence; organizational power and authority to enter into the Facilities Documentation; due authorization, execution,
delivery and enforceability (as they relate to the Loan Parties (as defined in Annex B)) of the Facilities Documentation; solvency of the Company and its subsidiaries on a consolidated basis on the Closing Date after giving effect to the
transactions contemplated herein (with solvency to be defined in a manner consistent with Annex I to Annex D); no conflicts of the Facilities Documentation with charter documents of the Loan Parties or agreements governing debt for borrowed money in
an aggregate principal or committed amount in excess of $100,000,000; Federal Reserve margin regulations; the Investment Company Act; the use of loan proceeds not violating FCPA and other anti-corruption laws, OFAC and other applicable sanctions
laws; the Patriot Act; status of the Facilities as senior debt; and in the case of the Senior Secured Credit Facilities, the creation, perfection and priority (subject to the preceding paragraph and to agreed-upon permitted liens consistent with the
Documentation Principles (as defined in Annex C)) of the security interests granted in the Collateral (but excluding any Collateral acquired in the Acquisition). This paragraph, and the provisions herein, shall be referred to as the “Limited
Conditionality Provisions”. 

  
 4 

	3.	Syndication. 

 The Lead Arrangers intend, and reserve the right, to syndicate the Facilities to the Bank
Lenders (as defined in Annex B) and the Bridge Lenders (as defined in Annex C) (collectively, the “Lenders”) promptly following the date hereof, and you acknowledge and agree that the commencement of syndication will occur in the
discretion of the Lead Arrangers. The Lead Arrangers will select the Lenders under the Facilities in consultation and coordination with you; provided that the Lead Arrangers will not syndicate to those banks, financial institutions and other
institutional lenders separately identified in writing by you to us prior to the date hereof or any competitors of the Company or the Acquired Business that are operating companies and are separately identified in writing by you to us from time to
time (it being understood that, notwithstanding anything herein to the contrary, in no event shall a designation after the date hereof apply retroactively to disqualify any parties that have previously acquired an assignment or participation
interest hereunder or under the Facilities that is otherwise permitted hereunder, but upon the effectiveness of such designation, any such party may not acquire any additional commitments, loans or participations) and, in the case of such
competitors, their “Known Affiliates” (as defined in the Existing Credit Agreement) (collectively, “Disqualified Lenders”). The Lead Arrangers will lead the syndication in consultation and coordination with you, including
determining the timing of all offers to potential Lenders, any title of agent or similar designations or roles awarded to any Lender, the acceptance of commitments, the amounts offered and the compensation provided to each Lender from the amounts to
be paid to the Lead Arrangers pursuant to the terms of this Commitment Letter and the Facilities Fee Letter. The Lead Arrangers will, in consultation and coordination with you, determine the final commitment allocations and will notify the Company
of such determinations. You agree to use commercially reasonable efforts to ensure that the Lead Arrangers’ syndication efforts benefit from the existing lending relationships of the Company and its subsidiaries. To facilitate an orderly and
successful syndication of the Facilities, you agree that, until the earliest of (x) the termination of the syndication as determined by the Lead Arrangers and (y) 60 days after the Closing Date, the Company will not, and will use commercially
reasonable efforts to ensure that the Acquired Business will not (subject to, and to the extent not in contravention of, the Acquisition Agreement), syndicate or issue, attempt to syndicate or issue, or announce or authorize the announcement of the
syndication or issuance of or engage in any material discussions concerning the syndication or issuance of, any debt facility or debt, equity or equity-linked security (including, without limitation, any debt or preferred equity security convertible
into common stock) of the Company or Acquired Business or any of their respective subsidiaries, including any refinancings, replacements or renewals of any debt facility or any debt, equity or equity-linked security of the Company or Acquired
Business or any of their respective subsidiaries if such activity would reasonably be expected to have a detrimental effect on the syndication of the Facilities, other than (a) the Facilities, (b) the Notes (c) any debt incurred in
connection with sale-leasebacks by the Company, the Acquired Business or their respective subsidiaries, (d) ordinary course lease, purchase money debt and equipment financings and similar obligations, (e) debt of the Acquired Business and
its subsidiaries permitted under the Acquisition Agreement that is Permitted Surviving Debt (as defined in Annex D), (f) ordinary course letter of credit facilities, overdraft protection and short term working capital facilities, factoring
arrangements, hedging and cash management arrangements, (g) intercompany debt among the Company and its subsidiaries or among the Seller and the Acquired Business and their respective subsidiaries and (h) any other financing agreed by the
Lead Arrangers, such agreement not to be unreasonably withheld, delayed or conditioned. 
 Until the earliest of (x) the termination of the syndication
as determined by the Lead Arrangers and (y) 60 days after the Closing Date, you agree to, and, to the extent necessary and practical and subject to and not in contravention of, the terms of the Acquisition Agreement, you agree to use commercially
reasonable efforts to cause the Acquired Business to, cooperate with the Lead Arrangers in all syndication efforts, including in connection with (i) the preparation of one or more information packages for the Facilities regarding the business,
operations and financial projections of the Company and the Acquired Business 

  
 5 

 
(collectively, the “Confidential Information Memorandum”) including, without limitation, all customary information relating to the transactions contemplated hereunder prepared by
or on behalf of the Company deemed reasonably necessary by the Lead Arrangers to complete the syndication of the Facilities, and (ii) the preparation of one or more customary information packages for the Facilities reasonably acceptable in
format and content to the Lead Arrangers (collectively, the “Lender Presentation”) and the presentation of such Lender Presentation to, and participation in meetings and other communications with, prospective Lenders or agents in
connection with the syndication of the Facilities (including, to the extent necessary and practical, a reasonable number of meetings between senior management and representatives, with appropriate seniority and expertise, of the Company with
prospective Lenders and participation of such persons in meetings upon reasonable advance notice and at mutually agreed times). In addition, you agree to use commercially reasonable efforts to obtain, prior to the launch of syndication, (a) a
public corporate family rating from Moody’s Investors Service, Inc. (“Moody’s”) for the Company after giving effect to the Acquisition and the other transactions contemplated hereunder and any other material recent or
pending transaction or financing, (b) a public corporate credit rating from Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. (“S&P”), for the Company after giving effect to the
Acquisition and the other transactions contemplated hereunder and any other material recent or pending transaction or financing and (c) a public credit rating for each of the Term Loan Facility, the Bridge Facility and the Notes from each of
Moody’s and S&P. It is agreed that, nothing contained in this Commitment Letter shall require you to provide any information to the extent that the provision thereof would violate any attorney-client privilege, law, rule or regulation, or
any obligation of confidentiality binding on you, the Acquired Business or your or its respective affiliates; provided that (x) in the case of any confidentiality obligation, you shall have used commercially reasonable efforts to obtain consent
to provide such information and (y) you shall notify us if any such information is being withheld as a result of any such obligation of confidentiality (but solely if providing such notice would not violate such confidentiality obligation) and
you shall use your commercially reasonable efforts to communicate the applicable information in a way that would not violate the applicable obligation or risk waiver of such privilege. You will be solely responsible for the contents of any such
Confidential Information Memorandum, Lender Presentation and related materials (other than, in each case, any information contained therein that has been provided for inclusion therein by the Commitment Parties solely to the extent such information
relates to the Commitment Parties) and all other information, documentation or materials delivered to the Lead Arrangers in connection therewith (collectively, the “Information”) and you acknowledge that the Commitment Parties will
be using and relying upon the Information without independent verification thereof. You agree that Information regarding the Facilities and Information provided by the Company and Acquired Business or their respective representatives to the Lead
Arrangers in connection with the Facilities (including, without limitation, draft and execution versions of the Facilities Documentation, the Confidential Information Memorandum, the Lender Presentation, publicly filed financial statements, and
draft or final offering materials relating to contemporaneous securities issuances by the Company) may be disseminated to potential Lenders and other persons through one or more internet sites (including an IntraLinks, SyndTrak or other electronic
workspace (the “Platform”)) created for purposes of syndicating the Facilities or otherwise, in accordance with the Lead Arrangers’ standard syndication practices, and you acknowledge that each Lead Arranger and its affiliates
will not be responsible or liable to you or any other person or entity for damages arising from the use by others of any Information or other materials obtained on the Platform, except, in the case of damages to you but not to any other person, to
the extent such damages are found by a final, non-appealable judgment of a court of competent jurisdiction to arise from the gross negligence, bad faith or willful misconduct of such Lead Arranger or
(A) any of its controlled affiliates, (B) any of the respective directors or employees of such Lead Arranger or its controlled affiliates or (C) the respective advisors or agents of such Lead Arranger or its controlled affiliates, in
the case of this clause (C), acting at the instructions of such Lead Arranger or its controlled affiliates. Notwithstanding the Lead Arrangers’ right to syndicate the Facilities and receive commitments with respect thereto, or anything
otherwise contained in this Commitment Letter it is agreed that (x) the syndication of, or receipt 

  
 6 

 
of commitments or participations in respect of, all or any portion of the Commitment Parties’ commitments hereunder prior to the Closing Date, (y) the obtaining of the ratings
referenced above and (z) the compliance with any of the other provisions set forth in clauses (i) and (ii) of this paragraph above, shall not be a condition to the Commitment Parties’ commitments hereunder and, unless you
otherwise agree in writing, each Commitment Party shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the Facilities, including all rights with respect to consents, modifications, supplements,
waivers and amendments, until the Closing Date has occurred. Without limiting your obligations to assist as set forth herein, it is understood that the commitments hereunder are not conditioned upon the syndication of, or receipt of commitments or
participations in respect of, the Facilities and in no event shall the commencement or successful completion of syndication or the obtaining of ratings constitute a condition to the availability of the Facilities on the Closing Date. 

You acknowledge that certain of the Lenders may be “public side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Company, the Seller (including the Acquired Business) or their respective affiliates or any of its or their respective securities) (each, a “Public
Lender”). At the request of the Lead Arrangers, you agree to assist, and, with respect to the Acquired Business, to the extent necessary and practical and subject to and not in contravention of the terms of the Acquisition Agreement, use
commercially reasonable efforts to cause the Acquired Business to assist, in the preparation of an additional version of the Confidential Information Memorandum and the Lender Presentation to be used by Public Lenders that does not contain material non-public information concerning the Company, the Seller (including the Acquired Business) or their respective affiliates or securities. It is understood that in connection with your assistance described above, at
the request of the Lead Arrangers, you will provide, and cause all other applicable persons to provide (including subject to and not in contravention of the terms of the Acquisition Agreement using commercially reasonable efforts to cause the
Acquired Business to provide) authorization letters to the Lead Arrangers authorizing the distribution of the Information to prospective Lenders, and containing a representation to the Lead Arrangers that the public-side version does not include
material non-public information about the Company, the Seller (including the Acquired Business) or their respective affiliates or its or their respective securities. In addition, you will clearly designate as
such all Information provided to the Lead Arrangers by or on behalf of the Company or the Acquired Business which is suitable to make available to Public Lenders. You acknowledge and agree that the following documents may be distributed to Public
Lenders, unless you advise the Lead Arrangers in writing (including by email) within a reasonable time prior to their intended distributions that such documents should only be distributed to prospective Lenders that are not Public Lenders:
(a) drafts and final versions of the Facilities Documentation; (b) administrative materials prepared by the Lead Arrangers for prospective Lenders (such as a lender meeting invitation, allocations and funding and closing memoranda); and
(c) term sheets and notification of changes in the terms of the Facilities. 
  

	4.	Information. 

 You represent and covenant that (i) to your knowledge in the case of Information
relating to the Acquired Business, all written Information (other than financial projections and other forward-looking information and information of a general economic or industry specific nature) provided directly or indirectly by the Company to
the Lead Arrangers or the Lenders in connection with the transactions contemplated hereunder is and will be, when furnished and when taken as a whole and giving effect to all supplements thereto (taken in combination with the information contained
in your filings with the U.S. Securities and Exchange Commission), complete and correct in all material respects and does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements contained therein, in light of the circumstances under which they were made, not materially misleading and (ii) the financial projections and other forward-looking information that have been or will be made available to the Lead
Arrangers or the Lenders in connection with the transactions contemplated 

  
 7 

 
hereunder by or on behalf of the Company have been and will be prepared in good faith based upon assumptions that are believed by the preparer thereof to be reasonable at the time such financial
projections and other forward-looking information are furnished to the Lead Arrangers or the Lenders, it being understood and agreed that financial projections are not a guarantee of financial performance and are subject to significant uncertainties
and contingencies, no assurance can be given that any party’s projections may be realized, and actual results may differ from financial projections and such differences may be material. You agree that if, at any time prior to the later of
(x) the Closing Date and (y) the Successful Syndication (as defined in the Facilities Fee Letter) of the Facilities, any of the representations in the preceding sentence would be incorrect in any material respect if the Information and
financial projections were being furnished, and such representations were being made, at such time (prior to the Closing Date, to your knowledge with respect to information, projections and other forward looking information relating to the Acquired
Business), then you will (or, prior to the Closing Date, with respect to information relating to the Acquired Business, use commercially reasonable efforts, to the extent practical and appropriate and subject to and not in contravention of the
Acquisition Agreement, cause the Acquired Business to) promptly supplement, or cause to be supplemented, the Information and financial projections so that such representations (prior to the Closing Date, to your knowledge with respect to the
Acquired Business) will be correct in all material respects under those circumstances. Notwithstanding anything set forth above, the accuracy of the foregoing representations and warranties, whether or not cured or supplemented, and any obligation
to supplement the information and projections shall not be a condition to the obligations of the Commitment Parties and the Lead Arrangers hereunder. 
  

	5.	Indemnification and Related Matters. 

 In connection with arrangements such as this, it is the Commitment
Parties’ policy to receive indemnification. You agree to the provisions with respect to our indemnity and other matters set forth in Annex A, which is incorporated by reference into this Commitment Letter. 

 

	6.	Assignments; Amendments. 

 This Commitment Letter may not be assigned by you without the prior written
consent of the Commitment Parties (and any purported assignment without such consent will be null and void), is intended to be solely for the benefit of the Commitment Parties and the other parties hereto and, except as set forth in Annex A
hereto, is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto. Each of the Commitment Parties, after consultation and in coordination with you, may assign its commitments and
agreements hereunder, in whole or in part, to any of its affiliates (provided that such affiliates agree to abide by the confidentiality provisions of Section 7 of this Commitment Letter) and, as provided above, to any Lender prior to
the Closing Date; provided that, except for any assignment to an Additional Agent pursuant to Section 1 of this Commitment Letter, any assignment by a Commitment Party to any potential Lender made prior to the Closing Date shall not
relieve such Commitment Party of its obligations set forth herein to fund on the Closing Date that portion of the commitments so assigned. Neither this Commitment Letter nor any Fee Letter may be amended or any term or provision hereof or thereof
waived or otherwise modified except by an instrument in writing signed by each of the parties hereto or thereto, as applicable, and any term or provision hereof or thereof may be amended or waived only by a written agreement executed and delivered
by all parties hereto or thereto, as applicable. 
  

	7.	Confidentiality. 

 Please note that this Commitment Letter, the Fee Letters and any written
communications provided by, or oral discussions with, the Commitment Parties in connection with this arrangement may not be disclosed to any third party or circulated or referred to publicly without the prior written consent of the

  
 8 

 
Commitment Parties party thereto; provided that we hereby consent to your disclosure of (i) this Commitment Letter, the Fee Letters and such communications and discussions to the
Company’s and (on a redacted basis reasonably satisfactory to the Lead Arrangers with respect to the Facilities Fee Letter and the Bank Administrative Agent and the Bridge Administrative Agent with respect to the Agent Fee Letter) the
Seller’s and the Acquired Business’s directors, employees, agents, accountants, attorneys, independent auditors and other advisors who are directly involved in the consideration of the Facilities and who have been informed by you of the
confidential nature of such advice and this Commitment Letter and the Fee Letters and are instructed to keep such information confidential in accordance with the provisions of this paragraph, (ii) pursuant to the subpoena or order of any court
or judicial, administrative or legislative body, committee or agency in any pending legal or administrative proceeding, or otherwise as required by applicable law, stock exchange requirement or compulsory legal process (in which case you agree to
inform us promptly thereof prior to such disclosure to the extent practicable and not prohibited by law, rule or regulation) or required or requested by governmental and/or regulatory authorities (in which case you agree to inform us promptly
thereof prior to such disclosure to the extent practicable and not prohibited by law), (iii) this Commitment Letter (but not the Fee Letters other than the existence thereof) may be disclosed in any prospectus, offering memorandum or any other
syndication or marketing materials relating to the offering of the securities or in such filings as you may determine is advisable to comply with the requirements of the U.S. Securities and Exchange Commission and the other applicable regulatory
authorities, (iv) the aggregate amount of fees payable under the Fee Letters may be disclosed as part of pro forma information, projections or generic disclosure regarding sources and uses for closing of the Acquisition (but without disclosing
any specific fees, market flex or other economic terms set forth therein or to whom such fees or other amounts are owed), (v) to a court, tribunal or any other applicable administrative agency or judicial authority in connection with the enforcement
of your rights hereunder (vi) the existence of the Commitment Letter and the information contained in Annex B to Moody’s and S&P or any other rating agency, and (vii) with our prior written consent (not to be unreasonably
withheld, delayed or conditioned). The terms of this paragraph shall cease to apply (except in respect of the Fee Letter) after this Commitment Letter has been accepted by you to the extent it has become publicly available as a result of disclosure
in accordance with clause (iii) of this paragraph. Otherwise, the terms of this paragraph as they relate to this Commitment Letter (but not the Fee Letters) shall terminate two years from the date of this Commitment Letter. 

Each Commitment Party agrees that it will treat as confidential all information provided to it hereunder by or on behalf of you or any of your respective
subsidiaries or affiliates; provided that nothing herein will prevent any Commitment Party from disclosing any such information (a) pursuant to the order of any court or administrative agency or in any pending legal or administrative
proceeding, or otherwise as required by applicable law or compulsory legal process (in which case such person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental bank
regulatory authority exercising examination or regulatory authority) to inform you prior to such disclosure to the extent practicable and not prohibited by law, rule or regulation), (b) upon the request or demand of any regulatory authority having
jurisdiction over such person or any of its affiliates (in which case such person agrees to (except with respect to any audit or examination conducted by bank accountants or any governmental regulatory authority exercising examination or regulatory
authority) inform you promptly thereof prior to such disclosure to the extent practicable and not prohibited by law, rule or regulation), (c) to the extent that such information is publicly available or becomes publicly available other than by
reason of improper disclosure by such person, (d) to the extent that such information was already in such Commitment Party’s possession and is not, to such Commitment Party’s knowledge, subject to any existing confidentiality
obligations that would prohibit such disclosure or was independently developed by such Commitment Party, (e) to such person’s affiliates and such person’s and its affiliates’ respective officers, directors, partners, members,
employees, legal counsel, independent auditors and other experts or agents who need to know such information and on a confidential basis and are instructed to keep such information confidential in accordance with the

  
 9 

 
provisions of this paragraph, (f) to potential and prospective Lenders, participants and any direct or indirect contractual counterparties to any swap or derivative transaction relating to
the Company and its obligations under the Facilities, in each case, who agree to be bound by similar confidentiality provisions (including, for the avoidance of doubt, by means of a click-through or otherwise), (g) to Moody’s and S&P;
provided that such information is limited to Annexes B and C and is supplied only on a confidential basis after consultation with you or (h) for purposes of establishing a “due diligence” defense. Each Commitment Party’s
obligation under this paragraph shall remain in effect until the earlier of (i) two years from the date hereof and (ii) the date any definitive Facilities Documentation is entered into by the Commitment Parties, at which time any
confidentiality undertaking in the definitive Facilities Documentation shall supersede this provision. Notwithstanding any of the foregoing, each Commitment Party may disclose the existence of the Facilities and customary information about the
Facilities to market data collectors, similar services providers to the lending industry, and service providers to the Commitment Parties in connection with the administration and management of the Facilities and the other loan documents. 

 

	8.	Absence of Fiduciary Relationship; Affiliates; Etc. 

 As you know, each Commitment Party, together with
its respective affiliates (each, collectively, a “Commitment Party Group”), is a full service financial services firm engaged, either directly or through affiliates, in various activities, including securities trading, investment
banking and financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course
of these activities, each Commitment Party Group may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for their own account
and for the accounts of their customers and may at any time hold long and short positions in such securities and/or instruments. In addition, each Commitment Party Group may at any time communicate independent recommendations and/or publish or
express independent research views in respect of such debt and equity securities or other financial instruments. Such investment and other activities may involve securities and instruments of you, the Seller or the Acquired Business or its
affiliates, as well as of other entities and persons and their affiliates which may (i) be involved in transactions arising from or relating to the engagement contemplated by this Commitment Letter, (ii) be customers or competitors of you,
the Seller or the Acquired Business or its affiliates, or (iii) have other relationships with you, the Seller or the Acquired Business or its affiliates. In addition, each Commitment Party Group may provide investment banking, underwriting and
financial advisory services to such other entities and persons. Each Commitment Party Group may also co-invest with, make direct investments in, and invest or co-invest
client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in your securities or those of such other entities. The transactions contemplated by this
Commitment Letter may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph. Although each Commitment Party Group in the course of such other activities and relationships may acquire information
about the transaction contemplated by this Commitment Letter or other entities and persons which may be the subject of the transactions contemplated by this Commitment Letter, no Commitment Party Group shall have any obligation to disclose such
information, or the fact that such Commitment Party Group is in possession of such information, to you or to use such information on the Company’s behalf. 

Consistent with their respective policies to hold in confidence the affairs of its customers, no Commitment Party Group will furnish confidential information
obtained from you by virtue of the transactions contemplated by this Commitment Letter to any other companies, or use such information in connection with the performance by such Commitment Party Group of services for any other companies.
Furthermore, you acknowledge that no Commitment Party Group and none of their respective affiliates has an obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information
obtained or that may be obtained by them from any other person. 
  

  
 10 

 Each Commitment Party Group may have economic interests that conflict with yours, or those of your equity holders
and/or affiliates. You agree that each Commitment Party Group will act under this Commitment Letter as an independent contractor and that nothing in this Commitment Letter or the Fee Letters or otherwise will be deemed to create an advisory,
fiduciary or agency relationship or fiduciary or other implied duty between any Commitment Party Group and you or your equity holders or affiliates. You acknowledge and agree that the transactions contemplated by this Commitment Letter and the Fee
Letters (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Commitment Party Groups, on the one hand, and you on the other, and in
connection therewith and with the process leading thereto, (i) no Commitment Party Group has assumed an advisory or fiduciary responsibility in favor of you or your equity holders or affiliates with respect to the financing transactions
contemplated hereby, or in each case, the exercise of rights or remedies with respect thereto or the process leading thereto (irrespective of whether such Commitment Party has advised, is currently advising or will advise you, your equity holders or
your affiliates on other matters) or any other obligation to you except the obligations expressly set forth in this Commitment Letter and the Fee Letters and (ii) each Commitment Party Group is acting solely as a principal and not as the agent
or fiduciary of you, your management, equity holders, affiliates, creditors or any other person. You acknowledge and agree that you have consulted your own legal and financial advisors to the extent you deemed appropriate and that you are
responsible for making your own independent judgment with respect to such transactions and the process leading thereto. You agree that you will not claim that any Commitment Party Group has rendered advisory services of any nature or respect, or
owes you a fiduciary or similar duty, in connection with the transactions contemplated by this Commitment Letter or the process leading thereto. 
 As you
know, you have retained Barclays Capital Inc. as financial advisor (in such capacity, the “Financial Advisor”) in connection with the Acquisition. You agree to (and each Additional Agent acknowledges) such retention and you further
agree not to assert any claim you might allege based on any actual or potential conflicts of interest that might be asserted to arise or result from, on the one hand, the engagement of the Financial Advisor and, on the other hand, our and our
affiliates’ relationships with you as described and referred to herein. Nothing in this Commitment Letter imposes any obligation on you to pay any fee in connection with such retention. 

In addition, each Commitment Party may employ the services of its affiliates in providing services and/or performing their obligations hereunder and may
exchange with such affiliates information concerning you and other companies that may be the subject of this arrangement, and such affiliates will be entitled to the benefits afforded to the Commitment Parties hereunder. 

In addition, please note that the Commitment Parties do not provide accounting, tax or legal advice. Notwithstanding anything herein to the contrary, you and
we (and each of your employees, representatives and other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Facilities and all materials of any kind (including opinions or other
tax analyses) that are provided to you or us relating to such tax treatment and tax structure. However, any information relating to the tax treatment or tax structure will remain subject to the confidentiality provisions hereof (and the foregoing
sentence will not apply) to the extent reasonably necessary to enable the parties hereto, their respective affiliates, and their respective affiliates’ directors and employees to comply with applicable securities laws. For this purpose,
“tax treatment” means the income tax treatment, and “tax structure” is limited to any facts relevant to the income tax treatment of the transactions contemplated by this Commitment Letter but does not include information relating
to the identity of the parties hereto or any of their respective affiliates. 

  
 11 

	9.	Miscellaneous. 

 Each Commitment Party’s commitments and agreements hereunder will terminate upon
the first to occur of (i) the consummation of the Acquisition, (ii) your written notice to the Lead Arrangers of, or your public announcement of, the abandonment of the Acquisition, (iii) the termination of the Acquisition Agreement
in accordance with its terms, and (iv) 5:00 p.m. New York City time on October 15 2018 (the “Outside Date”); provided, however, that the Outside Date shall be extended (x) to January 15, 2019 if all
conditions to Closing (as defined in the Acquisition Agreement as in effect on the date hereof) set forth in Article IX of the Acquisition Agreement as in effect on the date hereof shall have been satisfied (or, with respect to conditions to be
satisfied at such Closing, are then capable of being satisfied) as of October 15, 2018, other than the conditions set forth in Sections 9.01(c), 9.01(d), 9.02(c) and 9.02(d) of the Acquisition Agreement as in effect on the date hereof (the
“Regulatory Conditions”), (y) to April 15, 2019 if after an extension pursuant to clause (x), all conditions to Closing (as defined in the Acquisition Agreement as in effect on the date hereof) set forth in Article IX of the
Acquisition Agreement as in effect on the date hereof shall have been satisfied (or, with respect to conditions to be satisfied at such Closing, are then capable of being satisfied) as of January 15, 2019, other than the Regulatory Conditions
and (z) to July 15, 2019 if after an extension pursuant to clause (y), all conditions to Closing (as defined in the Acquisition Agreement as in effect on the date hereof) set forth in Article IX of the Acquisition Agreement as in effect on
the date hereof shall have been satisfied (or, with respect to conditions to be satisfied at such Closing, are then capable of being satisfied) as of April 15, 2019, other than the Regulatory Conditions. Subject to the provisions of the next
paragraph and the terms of the Fee Letters, you may terminate this Commitment Letter and/or each Commitment Party’s commitments hereunder. In addition, each Commitment Party’s commitments hereunder to provide and arrange the Bridge
Facility will be reduced to the extent described herein by any issuance of the Notes or Takeout Notes (in escrow or otherwise) and other events as described in Annex C. 

The provisions set forth in the Fee Letters and under Sections 3, 4, 5 (including Annex A), 6, 7 and 8, and this Section 9 will remain in full force
and effect regardless of whether the definitive Facilities Documentation is executed and delivered. The provisions set forth under Sections 5 (including Annex A), 6, 7 and 8, and this Section 9 and the fee and expense reimbursement
provisions of the Fee Letters will remain in full force and effect notwithstanding the expiration or termination of this Commitment Letter or the Commitment Parties’ commitments and agreements hereunder; provided that such provisions
relating to confidentiality, indemnification and reimbursement shall terminate and be superseded by the terms of the Facilities Documentation to the extent covered thereby and to the extent such Facilities Documentation becomes effective. 

Notwithstanding anything in Section 7 to the contrary, the Lead Arrangers may place advertisements in financial and other newspapers and periodicals or
on a home page or similar place for dissemination of information on the Internet or World Wide Web as they may choose, and circulate similar promotional materials, after the closing of the Acquisition in the form of a “tombstone” or
otherwise describing the names of you and your affiliates, and the amount, type and closing date of the Acquisition, all at expense of the Lead Arrangers. 

Each party hereto agrees for itself and its affiliates that any suit or proceeding arising with respect to this Commitment Letter or the Commitment
Parties’ commitments or agreements hereunder or the Fee Letters will be heard exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state or federal
court located in the Borough of Manhattan in the City of New York, and each party hereto agrees to submit to the exclusive jurisdiction 

  
 12 

 
of, and to venue in, such court. Any right to trial by jury with respect to any action or proceeding arising in connection with or as a result of the Commitment Parties’ commitments or
agreements or any matter referred to in this Commitment Letter or the Fee Letters is hereby waived by the parties hereto and thereto. This Commitment Letter and the Fee Letters will be governed by and construed in accordance with the laws of the
State of New York without regard to principles of conflicts of laws that would otherwise direct the application of the laws of any other jurisdiction; provided, however, that (i) the interpretation of the definition of Material
Adverse Effect (as defined in the Acquisition Agreement) and whether or not a Material Adverse Effect has occurred, (ii) the determination of the accuracy of any Specified Acquisition Agreement Representations and whether as a result of any
inaccuracy thereof you (or your affiliates) have the right to terminate your (or their) obligations under the Acquisition Agreement or to decline to consummate the Acquisition (in each case in accordance with the terms of the Acquisition Agreement)
as a result of a breach of such representation or warranty and (iii) the determination of whether the transactions contemplated by the Acquisition Agreement have been consummated in accordance with the terms of the Acquisition Agreement, in
each case, shall be governed by, and construed and interpreted solely in accordance with, the laws of the State of Delaware. 
 Each of the parties hereto
agrees that (i) this Commitment Letter is a binding and enforceable agreement with respect to the subject matter contained herein, including an agreement of each party to negotiate in good faith the Facilities Documentation by the parties
hereto in a manner consistent with this Commitment Letter, it being acknowledged and agreed that the availability and funding of the commitments provided hereunder are subject only to conditions precedent as expressly provided in the first paragraph
of Section 2 above and in Annex D hereto, and (ii) each Fee Letter is a legally valid and binding agreement of the parties thereto with respect to the subject matter set forth therein. 

The Commitment Parties hereby notify you that pursuant to the requirements of the USA PATRIOT Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) the Commitment Parties and each Lender may be required to obtain, verify and record information that
identifies the Company and each of the other Guarantors, which information includes the name and address of the Company and each of the other Guarantors and other information that will allow the Commitment Parties and each Lender to identify the
Company and each of the other Guarantors in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for the Commitment Parties and each Lender. You hereby acknowledge and agree
that the Lead Arrangers shall be permitted to share any or all such information with the Lenders. 
 This Commitment Letter may be executed in any number of
counterparts, each of which when executed will be an original, and all of which, when taken together, will constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission or other
electronic transmission (e.g., in pdf or tif format) will be effective as delivery of a manually executed counterpart hereof. This Commitment Letter, the Facilities Fee Letter, the Agent Fee Letter, and any other agreement entered into by the
parties hereto on the date hereof are the only agreements that have been entered into among the parties hereto with respect to the commitments and services to be provided in respect of the Facilities and set forth the entire understanding of the
parties with respect thereto and supersede any prior written or oral agreements among the parties hereto with respect to any of the matters referred to in this Commitment Letter. 

Please confirm that the foregoing is in accordance with your understanding by signing and returning to the Commitment Parties the enclosed copy of this
Commitment Letter, together, if not previously executed and delivered, with the Facilities Fee Letter and the Agent Fee Letter, on or before 11:59 p.m. New York City time on January 15, 2018, whereupon this Commitment Letter and the Fee Letters
will become binding agreements between you and the Commitment Parties party hereto and thereto. If the Commitment Letter, the Facilities Fee Letter and the Agent Fee Letter have not been signed and returned as described in the preceding sentence by
such date, this offer will terminate on such date. We look forward to working with you on this transaction. 
 [Remainder of page
intentionally left blank] 

  
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	Very truly yours,
	
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Regina Tarone

		 	Name: Regina Tarone
		 	Title: Managing Director

 [Signature Page to Commitment Letter] 

 
			
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Erik Barragan

		 	Name: Erik Barragan
		 	Title: Authorized Officer

 [Signature Page to Commitment Letter] 

			
	 Accepted and agreed to as of the

date first above written:

	
	ENERGIZER HOLDINGS, INC.
		
	By:	 	 /s/ Timothy Gorman

		 	Name: Timothy Gorman
		 	 Title:  Executive Vice President and

    Chief Financial Officer

 [Signature Page to Commitment Letter] 

 

 Annex A 

In the event that any Commitment Party becomes involved in any capacity in any action, proceeding or investigation brought by or against any person,
including shareholders, partners, members or other equity holders of the Company, the Seller or the Acquired Business, in connection with or as a result of either this arrangement or any matter referred to in this Commitment Letter or the Fee
Letters (collectively, the “Letters”), the Company agrees to periodically reimburse each Commitment Party for its reasonable legal and other expenses (including the cost of any investigation and preparation) incurred
in connection therewith. The Company also agrees to indemnify and hold each Commitment Party harmless against any and all losses, claims, damages or liabilities to any such person in connection with or as a result of either this arrangement or any
matter referred to in the Letters (whether or not such investigation, litigation, claim or proceeding is brought by you, your equity holders or creditors or an indemnified party and whether or not any such indemnified party is otherwise a party
thereto), except to the extent that such loss, claim, damage or liability (x) has been found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from (i) the
gross negligence, bad faith or willful misconduct of such Commitment Party in performing the services that are the subject of the Letters or (ii) a material breach of the obligations of such Commitment Party under the Letters or (y) has
resulted from a dispute solely among the Commitment Parties that does not involve an act or omission by the Company or any of its affiliates and is not brought against such Commitment Party in its capacity as an agent or arranger or similar role
under any Facility. If for any reason the foregoing indemnification is unavailable to any Commitment Party or insufficient to hold it harmless, then the Company will contribute to the amount paid or payable by the Commitment Party as a result of
such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative economic interests of (i) the Company and its affiliates, shareholders, partners, members or other equity holders on the one hand and
(ii) such Commitment Party on the other hand in the matters contemplated by the Letters as well as the relative fault of (i) the Company and its affiliates, shareholders, partners, members or other equity holders and (ii) such
Commitment Party with respect to such loss, claim, damage or liability and any other relevant equitable considerations. The reimbursement, indemnity and contribution obligations of the Company under this paragraph will be in addition to any
liability which the Company may otherwise have, will extend upon the same terms and conditions to any affiliate of a Commitment Party and the partners, members, directors, agents, officers, employees, advisors and other representatives and
controlling persons (if any), as the case may be, of such Commitment Party and any such affiliate (collectively with the Commitment Party, an “indemnified party”), and will be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Company, each Commitment Party, any such indemnified party. The Company also agrees that neither any indemnified party nor any of such affiliates, partners, members, directors, agents, employees or
controlling persons will have any liability based on its or their exclusive or contributory negligence or otherwise to the Company or any person asserting claims on behalf of or in right of the Company or any other person in connection with or as a
result of either this arrangement or any matter referred to in the Letters, except to the extent that any losses, claims, damages, liabilities or expenses incurred by the Company or their respective affiliates, shareholders, partners or other equity
holders have been found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of such indemnified party in
performing the services that are the subject of the Letters; provided, however, that in no event will such indemnified party or such other parties have any liability for any indirect, consequential, special or punitive damages in
connection with or as a result of such indemnified party’s or such other parties’ activities related to the Letters. 
 The Company will
not be required to indemnify an indemnified party for any amount paid or payable by such an indemnified party in the settlement of any action, proceeding or investigation without the Company’s consent, which consent will not be unreasonably
withheld, conditioned or delayed, but if settled with your consent, or if there is a final judgment in any such action, proceeding or investigation, 

  
 Annex A-1 

 
you agree to indemnify and hold harmless each indemnified party to the extent and in the manner set forth above. You shall not, without the prior written consent of an indemnified party, which
consent will not be unreasonably withheld, conditioned or delayed, effect any settlement of any pending or threatened claim, litigation, investigation or proceedings relating to the foregoing (the “Proceedings”) in respect of which
indemnity could have been sought hereunder by such indemnified party unless (a) such settlement includes an unconditional release of such indemnified party in form and substance reasonably satisfactory to such indemnified party from all
liability or claims that are the subject matter of such Proceedings and (b) such settlement does not include any statement as to, or any admission of, fault or wrongdoing, by or on behalf of such indemnified party. The provisions of
this Annex A will survive any termination of the commitments or completion of the arrangement provided by the Letters. 

  
 Annex A-2 

 Annex B 

Summary of the Senior Secured Credit Facilities 

This Summary outlines certain terms of the Senior Secured Credit Facilities referred to in the Commitment Letter, of which this Annex B is a part. Certain
capitalized terms used herein are defined in the Commitment Letter. 
  

			
	Borrower:	  	Energizer Holdings, Inc., a Missouri corporation (the “Company”).
		
	Guarantors:	  	All obligations under the Senior Secured Credit Facilities and certain obligations under cash management arrangements and interest rate protection or other hedging arrangements (“Hedging Arrangements”) entered into
with an Agent, a Bank Lead Arranger or a Bank Lender (each, as defined below) or any other person that was an affiliate of any such entity at the time any such arrangements were put into place (each, a “Lender Counterparty”), other
than any obligation of any Guarantor to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act (a “Swap”), if, and to
the extent that, all or a portion of the guarantee by such Guarantor of such Swap (or any guarantee thereof) (determined after giving effect to any applicable keepwell, support, or other agreement for the benefit of such Guarantor and any and all
applicable guarantees of such Guarantor’s Swap obligations by other Loan Parties) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or
official interpretation of any thereof) (collectively, “Excluded Swap Obligations”), will be unconditionally guaranteed (the “Guarantees”) by each of the Company’s existing and subsequently acquired or
organized wholly owned domestic “material” (to be defined as set forth in the Existing Credit Agreement) restricted subsidiaries, including any such subsidiaries acquired in the Acquisition, in each case subject to exceptions consistent
with the Documentation Principles and including all subsidiaries that provide guarantees in respect of the Existing Notes (collectively, the “Guarantors” and, together with the Company, the “Loan
Parties”).
		
	Joint Lead Arrangers and Joint Lead Bookrunners:	  	  
 JPMorgan Chase Bank, N.A. (“JPMCB”) and Barclays
Bank PLC (“Barclays”) will act as joint lead arrangers and lead bookrunners (in such capacities, collectively with any Additional Agents, the “Bank Lead Arrangers”) for the Senior Secured Credit Facilities and will
perform the duties customarily associated with such roles.

		
	Bank Administrative Agent:	  	JPMCB will act as sole and exclusive administrative agent (in such capacity, the “Bank Administrative Agent”) for the Bank Lenders and will perform the duties customarily associated with such
role.

  
 Annex B-1 

			
		
	Collateral Agent:	  	JPMCB will act as sole and exclusive collateral agent (in such capacity, the “Collateral Agent”) for the Bank Lenders and Lender Counterparties and will perform the duties customarily associated with such
role.
		
	Documentation Agent(s):	  	One or more financial institutions selected by the Bank Lead Arrangers in consultation and coordination with the Company.
		
	Syndication Agent:	  	Barclays, in its capacity as Syndication Agent.
		
	Bank Lenders:	  	Various banks, financial institutions and institutional lenders selected by the Bank Lead Arrangers in consultation and coordination with the Company, excluding any Disqualified Lender (each, a “Bank Lender”
and, collectively, the “Bank Lenders”).
		
	Amount of Senior Secured Credit Facilities:	  	  
 An aggregate of up to $2,040 million of senior secured first
lien credit facilities (the “Senior Secured Credit Facilities”) consisting of:

		
		  	(a) a $1,640 million senior secured first lien term loan facility (the “Term Loan Facility”); provided that the Term Loan Facility shall be reduced (i) to the extent necessary to
comply with the Existing Notes Ratio Test and (ii) in an amount equal to the Dollar Notes Shortfall; and
		
		  	(b) a $400 million senior secured first lien revolving credit facility (the “Revolving Credit Facility”).
		
	Swing Line Loans:	  	At the Company’s option, a portion of the Revolving Credit Facility to be mutually agreed upon may be made available as swing line loans (“Swing Line Loans”) by JPMCB or another Bank Lender acceptable to the
Company and the Bank Administrative Agent (the “Swing Line Lender”) on same-day notice. Any Swing Line Loans will reduce availability under the Revolving Credit Facility on a dollar-for-dollar basis and will bear interest at a rate per annum equal to the interest rate applicable to loans under the Revolving Credit Facility bearing interest based
upon the Base Rate. Each Bank Lender under the Revolving Credit Facility will acquire an irrevocable and unconditional pro rata participation in each Swing Line Loan.
		
		  	The Senior Secured Credit Facilities Documentation will contain mutually agreeable provisions to protect the Swing Line Lender in the event any Bank Lender under the Revolving Credit Facility is a Defaulting Lender (to be defined in
a mutually acceptable manner and consistent with the Senior Secured Credit Facilities Documentation Principles).

  
 Annex B-2 

			
		
	Letters of Credit:	  	At the Company’s option, a portion of the Revolving Credit Facility to be mutually agreed upon may be made available for the issuance of standby letters of credit (“Letters of Credit”) by JPMCB, Barclays and
the Additional Agents who become Bank Lenders under the Revolving Credit Facility (each, an “Issuing Bank”), with commitments on a pro rata basis proportionate to their commitments under the Revolving Credit Facility. The face
amount of any outstanding Letters of Credit will reduce availability under the Revolving Credit Facility on a dollar-for-dollar basis. The provisions governing the
issuance and reimbursement of Letters of Credit will be consistent with the Senior Secured Credit Facilities Documentation Principles; provided that Barclays shall only be required to issue standby Letters of Credit.
		
		  	The Senior Secured Credit Facilities Documentation will contain mutually agreeable provisions substantially similar to those provisions contained in the Existing Credit Agreement to protect the Issuing Banks in the event any Bank
Lender under the Revolving Credit Facility is a Defaulting Lender.
		
	Incremental Facility:	  	The Company will have the right to increase the commitments under the Revolving Credit Facility or incur incremental term loan facilities (each such increase to the Revolving Credit Facility, an “Incremental Revolving
Facility” and each such incremental term loan facility, an “Incremental Term Loan Facility” and, collectively, the “Incremental Facilities”) in an aggregate amount not to exceed the sum of (a) the
greater of (x) $600 million and (y) 100% of the Company’s Consolidated EBITDA (to be defined in a manner consistent with the Senior Secured Credit Facilities Documentation Principles) for the period of four fiscal quarters most recently
ended for which financial statements have been delivered to the Bank Lenders plus (b) the aggregate principal amount of any voluntary prepayments of Term Loans and Incremental Term Loans incurred under clause (a) above plus (c) an
additional amount, so long as after giving effect to the incurrence of such additional amount, the First Lien Net Leverage Ratio (to be defined in a mutually acceptable manner and net of unrestricted cash and cash equivalents, with a cap on cash
netting to be agreed) would not exceed 2.75:1.00 (or, if such Incremental Facility is incurred to finance a Permitted Acquisition, would not exceed the First Lien Net Leverage Ratio immediately prior to such incurrence) on a pro forma basis on the
date of incurrence and for the most recent determination period, after giving effect to such Incremental Facility and the use of proceeds thereof (assuming that all commitments under any Incremental Revolving Facility were fully drawn and without
netting the proceeds of any Incremental Facility then being incurred), in each case on terms and subject to conditions to be agreed; provided that the maximum amount of all Incremental Revolving Facilities shall not exceed $200,000,000 in
aggregate; provided, further that the terms and conditions applicable to Incremental Facilities shall be otherwise consistent with the Existing Credit Agreement; provided that MFN protection consistent with that contained in
Section 2.05(b)(iii)(A) of the Existing Credit Agreement will be applicable to the Term Loans but shall (1) be applicable only for the first twelve months following the Closing Date (the “Sunset

  
 Annex B-3 

			
		
		  	Provision”) and (2) include exceptions for Incremental Term Facilities incurred in connection with a Change of Control or a transformative acquisition not otherwise permitted under the Senior Secured Credit
Facilities Documentation (the “MFN Exceptions”).
		
	Purpose/Use of Proceeds:	  	On the Closing Date, (a) the proceeds of the Term Loan Facility will be used to finance in part the Acquisition (including the repayment of all existing indebtedness under the Existing Credit Agreement) and the payment of fees
and expenses in connection with the Acquisition and (b) a portion of the Revolving Credit Facility will be used (i) in an amount equal to the outstanding letters of credit issued under the Existing Credit Agreement to be deemed issued
under the Revolving Credit Facility on the Closing Date and (ii) in an amount to be mutually agreed upon to finance in part the Acquisition and the payment of fees and expenses in connection with the Acquisition. After the Closing Date, the
Revolving Credit Facility will be available to provide for the ongoing working capital requirements of the Company and its subsidiaries and for general corporate purposes.
		
	Availability:	  	The Term Loan Facility will be available in one drawing on the Closing Date. Amounts borrowed under the Term Loan Facility that are repaid or prepaid may not be reborrowed.
		
		  	Amounts borrowed under the Revolving Credit Facility may be borrowed, repaid and reborrowed on and after the Closing Date until the Revolving Maturity Date.
		
	Closing Date:	  	The date on which the loans under any of the Facilities are funded and the Acquisition is consummated (the “Closing Date”).
		
	Maturity:	  	The maturity dates of each of the Senior Secured Credit Facilities will be as follows:
		
		  	(a) Term Loan Facility: The 7th anniversary of the Closing Date (the “Term Maturity Date”); and
		
		  	(b) Revolving Credit Facility: The 5th anniversary of the Closing Date (the “Revolving Maturity Date”).
		
	Amortization:	  	Term Loan Facility: The outstanding principal amount of the Term Loan Facility will be payable in equal quarterly amounts of 1.00% per annum prior to the Term Maturity Date, with the remaining balance, together with all other
amounts owed with respect thereto, payable on the Term Maturity Date.
		
		  	Revolving Credit Facility: No amortization will be required with respect to the Revolving Credit Facility.

  
 Annex B-4 

			
		
	Interest Rate:	  	 All amounts outstanding under the Facilities will bear interest, at the Company’s option, at a rate per annum equal to:

 
 (a) in the case of the Term Loan Facility, (I) the Base Rate
(defined as the highest of (x) the prime rate of interest publicly announced from time to time by JPMCB, (y) the Federal Funds Rate plus 0.50% and (z) the Eurodollar Rate plus 1.00%) plus 1.75% per annum; or (II) the
Eurodollar Rate (as defined in the Existing Credit Agreement and with changes to be agreed to address LIBOR discontinuation) plus 2.75% per annum; and

		
		  	 (b) in the case of the Revolving Credit Facility, (I) the Base Rate plus 1.75% per annum; or (II) the
Eurodollar Rate plus 2.75% per annum; provided that beginning on the date of the first interest period occurring after the date on which the Company delivers to the Bank Lenders financial statements for the first full fiscal quarter
after the Closing Date, the applicable margin for the Revolving Credit Facility will be subject to step-downs to be agreed based upon the Total Net Leverage Ratio (to be defined in a mutually acceptable manner and consistent with the Senior Secured
Credit Facilities Documentation Principles and net of unrestricted cash and cash equivalents, with a cap on cash netting to be agreed) as of the four-fiscal-quarter period ended as of the date of the applicable financial statements.

		
		  	At no time will the Eurodollar Rate with respect to the Senior Secured Credit Facilities be deemed to be less than 0.00% per annum.
		
	Default Interest:	  	Upon the occurrence and during the continuance of a payment, bankruptcy or insolvency default or event of default, interest on all overdue amounts will accrue at a rate of 2.0% per annum plus the rate otherwise applicable to such
amounts and will be payable on demand (the “Default Interest Rate”).
		
	Interest Payments:	  	Monthly for loans bearing interest based upon the Base Rate; on the last day of the applicable interest periods (which will be one, three and six months or, if agreed by all Bank Lenders, 12 months) for loans bearing interest based
upon the reserve adjusted Eurodollar Rate (and at the end of every three months, in the case of interest periods longer than three months); and upon each voluntary and mandatory repayment on the principal amount repaid, in each case payable in
arrears and computed on the basis of a 360-day year or, with respect to loans bearing interest based upon clause (x) of the definition of Base Rate, a 365/366-day
year.
		
	Commitment Fees:	  	Commitment fees will initially be equal to 0.50% per annum times the daily average undrawn portion of the Revolving Credit Facility (with the face amount of all Letters of Credit issued and outstanding constituting drawings for such
purposes). Swing Line Loans will, for purposes of the commitment fee calculation only, not be deemed to be a utilization of the Revolving Credit Facility. Beginning on the date of the first interest period occurring after the date on which the
Company delivers to the Bank Lenders financial statements for the first full fiscal quarter after the Closing Date, the commitment fee will be determined in accordance with a pricing grid based on First Lien Net Leverage Ratios to be
agreed.

  
 Annex B-5 

			
		
	Funding Protection and Taxes:	  	  
 Consistent with the Senior Secured Credit Facility Documentation
Principles.

		
	Voluntary Payments:	  	The Senior Secured Credit Facilities may be repaid in whole or in part, without premium or penalty, upon one business day’s (or, in the case of a prepayment of loans bearing interest based upon the reserve adjusted Eurodollar
Rate, three business days’) prior written notice, subject to (i) reimbursement of the Bank Lenders’ breakage costs in the case of a prepayment of loans bearing interest based upon the reserve adjusted Eurodollar Rate prior to the last
day of the applicable interest period and (ii) payments of an amount provided below under the caption “Soft Call on Term Loans”.
		
	Soft Call on Term Loans:	  	The Company will pay a “prepayment premium” in connection with any Repricing Event (as defined in the Existing Credit Agreement) with respect to all or any portion of the loans under the Term Loan Facility that occurs on
or before the 6-month anniversary of the Closing Date, in an amount not to exceed 1.0% of the principal amount of the loans under the Term Loan Facility subject to such Repricing Event.
		
	Mandatory Payments:	  	The Company will be required to make the following mandatory prepayments:
		
		  	1. Asset Sale Proceeds: Prepayments in an amount equal to 100.0% (stepping down to 50% and 0% based upon the achievement of First Lien Net Leverage Ratios to be agreed, which shall be calculated without netting the proceeds
of any asset sale for which the ratio is then being tested (the “Asset Sale Stepdowns”)) of the net cash proceeds of the sale or other disposition of any property or assets of the Company or any of its subsidiaries (including the
sale by the Company of any equity interests in any of its subsidiaries and the issuance by any such subsidiary of any equity interests but excluding certain asset sales to be agreed), other than net cash proceeds of sales or other dispositions of
inventory in the ordinary course of business, and other exceptions to be agreed consistent with the Senior Secured Credit Facilities Documentation Principles and net cash proceeds that are reinvested (or committed to be reinvested) in other
long-term assets useful in the business of the Company or any of its subsidiaries within 365 days of such sale or disposition or, if so committed to be reinvested within such period, reinvested within 180 days thereafter.
		
		  	2. Casualty and Condemnation Proceeds: Prepayments in an amount equal to 100.0% (subject to the Asset Sale Stepdown) of the net cash proceeds of insurance or condemnation proceeds paid on account of any loss of any property
or assets of the Company or any of its subsidiaries to the extent such proceeds exceed an amount to be agreed in any fiscal year, other than net cash proceeds that are

  
 Annex B-6 

			
		
		  	reinvested (or committed to be reinvested) in other long-term assets useful in the business of the Company or any of its subsidiaries (or used to replace damaged or destroyed assets) within 365 days of receipt of such net cash
proceeds or, if so committed to be reinvested within such period, reinvested within 180 days thereafter.
		
		  	3. Indebtedness Proceeds: Prepayments in an amount equal to 100.0% of the net cash proceeds received from the incurrence of indebtedness by the Company or any of its subsidiaries (other than indebtedness otherwise permitted
under the Loan Documents (unless permitted to be incurred solely if used to prepay loans under the Term Loan Facility)) payable no later than the business day following the date of receipt.
		
		  	4. Excess Cash Flow: Prepayments in an amount equal to 50.0% of “Excess Cash Flow” (to be defined as set forth in the Existing Credit Agreement) of the Company and its subsidiaries, beginning with the fiscal year
ending September 30, 2019, stepping down to 25.0% and 0% if the First Lien Net Leverage Ratio for the fiscal year for which Excess Cash Flow is being calculated is below levels to be agreed.
		
		  	All of the foregoing mandatory prepayments will be applied in a manner consistent with the Senior Secured Credit Facilities Documentation Principles.
		
		  	In addition, the Company will make mandatory payments in respect of the Revolving Credit Facility and/or cash collateralize Letters of Credit at any time that the aggregate amount of all extensions of credit outstanding under the
Revolving Credit Facility at such time exceeds the aggregate amount of commitments thereunder at such time. Letters of Credit will be cash collateralized or replaced to the extent that the aggregate amount thereof exceeds the Letter of Credit
sublimit.
		
	Senior Secured Credit Facilities Documentation:	  	  
 The definitive documentation relating to the Senior Secured Credit
Facilities (the “Senior Secured Credit Facilities Documentation”) will be negotiated in good faith, will be based on and substantially similar to that certain Credit Agreement, dated as of June 30, 2015 (as amended pursuant to
Incremental Term Loan Amendment No. 1 dated as of May 24, 2016, Amendment No. 2 dated as of July 8, 2016 and Refinancing Amendment No. 1 dated as of March 16, 2017, the “Existing Credit Agreement”),
among Energizer Holdings, Inc., as borrower, the various lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent thereunder, with (a) changes to conform to matters specified in this Annex B, (b) such
other changes to the terms set forth therein as may be mutually agreed upon, taking into account the operational and strategic requirements of the Company and its subsidiaries (after giving effect to the Acquisition and the other transactions
contemplated by the Commitment Letter) in light of their capitalization, size, business,

  
 Annex B-7 

			
		
		  	industry, matters disclosed in the Acquisition Agreement and the Company’s proposed business plan, and (c) JPMCB’s customary requirements for transactions where it acts as agent, including, without limitation,
customary European Union Bail-In provisions (collectively, the “Senior Secured Credit Facilities Documentation Principles”). In addition, Consolidated EBITDA will be defined in a manner
consistent with the Senior Secured Credit Facilities Documentation Principles and, in any event, will allow uncapped addbacks for (1) cost savings, operating expense reductions and synergies arising from actions taken in the relevant
measurement period and reasonably expected to be realized within 24 months after taking the action giving rise thereto, (2) restructuring and business optimization expenses and (3) one-time costs, in
each case as set forth in clauses (ix) through (xi) in the definition of Consolidated EBITDA in the Existing Credit Agreement (the “EBITDA Addbacks”).
		
	Collateral:	  	The obligations of the Company and the Guarantors under the Senior Secured Credit Facilities, each Guarantee, any cash management arrangements with a Lender Counterparty and any Hedging Arrangements with a Lender Counterparty (other
than Excluded Swap Obligations) will be secured by perfected first priority security interests in substantially all tangible and intangible assets, including without limitation substantially all personal, real and mixed property of the Company and
the Guarantors (including the assets of the Acquired Business), subject to customary limitations on equity of foreign subsidiaries and other limitations and exceptions to be mutually agreed upon and consistent with the Senior Secured Credit
Facilities Documentation Principles (collectively, the “Collateral”).
		
	Representations and Warranties:	  	  
 Substantially similar to the Existing Credit Agreement, as modified
pursuant to the Senior Secured Credit Facilities Documentation Principles, consisting of: organization, requisite power and authority, qualification; due authorization; no conflicts and governmental consents; financial statements; no material
adverse change; taxes; litigation, contingencies and violations; subsidiaries, equity interests and ownership; ERISA; accuracy of information; margin stock; compliance with laws; no default; assets and properties; Investment Company Act and
statutory indebtedness restrictions; insurance; labor matters; environmental matters; solvency; Patriot Act; sanctions; anti-corruption; security documents and collateral matters; no brokers.

		
	Affirmative Covenants:	  	Substantially similar to the Existing Credit Agreement, as modified pursuant to the Senior Secured Credit Facilities Documentation Principles, consisting of: delivery of annual and quarterly financial statements; compliance
certificates; notices of default and other adverse developments, ERISA notices and other reports, and information reasonably requested; preservation of existence and conduct of business; compliance with laws; payment of obligations; insurance;
inspection rights; books and records; ERISA compliance; maintenance of property; environmental compliance; use of proceeds; further assurances and information with respect to collateral and additional guarantees and collateral; maintenance of
ratings; and designation of subsidiaries.

  
 Annex B-8 

			
		
	Negative Covenants:	  	Substantially similar to the Existing Credit Agreement, as modified pursuant to the Senior Secured Credit Facilities Documentation Principles (including with respect to basket sizes, which are to be agreed), consisting of
limitations on: indebtedness; liens; fundamental changes and business activities; investments, loans, advances, guarantees and acquisitions; asset sales; restricted payments; certain payments of indebtedness; transactions with affiliates;
restrictive agreements; amendments to organizational documents and certain debt documents; changes in fiscal periods; swap agreements; and margin activities and use of proceeds. Without limiting the foregoing, the negative covenants in the Senior
Secured Credit Facilities Documentation will provide for the following exceptions:
		
		  	(a) the incurrence of Permitted Debt (as defined in the Existing Credit Agreement, subject to the terms and conditions set forth therein and with a weighted average life to maturity no shorter than the Term Loans, and a sublimit to
be agreed for non-Loan Parties) will be permitted subject to the following ratio tests (in each case, on a pro forma basis as of the most recently ended fiscal quarter for which financial statements have been
delivered): (i) in the case of indebtedness that is secured on a pari passu basis with the Senior Secured Credit Facilities, compliance with a First Lien Net Leverage Ratio of 2.75:1.00 (or, if such indebtedness is incurred in connection with a
Permitted Acquisition, no higher than the First Lien Net Leverage Ratio immediate prior to giving effect to such incurrence and Permitted Acquisition), provided that any such indebtedness in the form of term loans shall be subject to the
“MFN” protection that applies to Incremental Term Facilities, (ii) in the case of indebtedness that is secured on a junior basis to the Senior Secured Credit Facilities, compliance with a Senior Secured Net Leverage Ratio (to be
defined in a mutually acceptable manner and consistent with the Senior Secured Credit Facilities Documentation Principles and net of unrestricted cash and cash equivalents, with a cap on cash netting to be agreed) of 2.75:1.00 (or, if such
indebtedness is incurred in connection with a Permitted Acquisition, no higher than the Senior Secured Net Leverage Ratio immediate prior to giving effect to such incurrence and Permitted Acquisition) and (iii) in the case of unsecured
indebtedness, compliance with a Total Net Leverage Ratio of the Total Net Leverage Ratio on the Closing Date (or, if such indebtedness is incurred in connection with a Permitted Acquisition, no higher than the Total Net Leverage Ratio immediate
prior to giving effect to such incurrence and Permitted Acquisition);
		
		  	(b) (i) investments will be permitted on an unlimited basis (subject to no default) so long as the pro forma Total Net Leverage Ratio is less than or equal to 4.75:1.00 and (ii) Permitted Acquisitions shall be unlimited
subject to the absence of any event of default and a cap to be agreed on acquisitions of non-Loan Parties;

  
 Annex B-9 

			
		
		  	(c) restricted payments will be permitted (i) up to $100 million per fiscal year for dividends on common stock, subject to the absence of any event of default and (ii) on an unlimited basis (subject to no default) so
long as the pro forma Total Net Leverage Ratio is less than or equal to 4.00:1.00;
		
		  	(d) prepayments of junior debt will be permitted on an unlimited basis (subject to no default) so long as the pro forma Total Net Leverage Ratio is less than or equal to 4.75:1.00; and
		
		  	(e) an “Available Amount” basket on substantially the same terms as the Existing Credit Agreement (with the consolidated net income-based “builder” portion commencing on the first fiscal quarter ending after the
Closing Date) provided that the “starter” basket thereof shall be set at the greater of (x) an amount to be agreed and (y) the corresponding percentage of Consolidated EBITDA for the most-recently ended period of four fiscal
quarters as of the Closing Date.
		
	Financial Covenant:	  	Term Loan Facility: None.
		
		  	Revolving Credit Facility: A maximum Total Net Leverage Ratio set to 6.25:1.00, subject to two step downs at Total Net Leverage Ratios to be agreed (the “Financial Covenant”). The financial covenant will be
tested as of the last day of any fiscal quarter (for the period of four quarters then ended).
		
	Events of Default:	  	Substantially similar to the Existing Credit Agreement, as modified pursuant to the Senior Secured Credit Facilities Documentation Principles, consisting of: non-payment; breach of covenant;
breach of representation or warranty; cross-default and cross-acceleration; bankruptcy and insolvency events; judgments; invalidity of loan document or lien on Collateral; ERISA events and Change of Control.
		
	Conditions to Extensions of Credit on Closing Date:	  	  
 The several obligations of each Bank Lender to make the initial
loans and extensions of credit under the Senior Secured Credit Facilities on the Closing Date will be subject only to the conditions precedent referred to in the first paragraph of Section 2 of the Commitment Letter and those listed on Annex D
attached to the Commitment Letter.

		
	Conditions to Extensions of Credit after Closing Date:	  	  
 The several obligation of each Bank Lender to make loans and other
extensions of credit under the Revolving Credit Facility after the Closing Date will be subject to the following conditions: (i) prior written notice of borrowing, (ii) the accuracy of representations and warranties in all material
respects (or, in each case, if such representation or warranty is qualified by or subject to materiality or a “material adverse change”, “material adverse effect” or similar term or qualification, in all respects) and
(iii) the absence of any default or event of default.

  
 Annex B-10 

			
		
	Assignments and Participations:	  	  
 Substantially similar to the Existing Credit Agreement, as modified
pursuant to the Senior Secured Credit Facilities Documentation Principles, including that each Bank Lender will be permitted to make assignments in minimum amounts set forth in the Existing Credit Agreement to other entities (but not Disqualified
Lenders) approved by (x) the Bank Administrative Agent, (y) with respect to any assignments of Revolving Loans, the Issuing Banks and (z) so long as no payment or bankruptcy default has occurred and is continuing, the Company, each
such approval not to be unreasonably withheld or delayed; provided, however, that (i) no approval of the Company shall be required in connection with assignments in connection with the primary syndication of the Facilities to Bank
Lenders selected by the Lead Arrangers in consultation with the Company or assignments to other Bank Lenders or any of their affiliates or approved funds, (ii) the Company shall be deemed to have given consent to an assignment if it shall have
failed to respond to a written notice thereof within 10 business days and (iii) no approval of the Bank Administrative Agent shall be required in connection with assignments to other Bank Lenders or any of their affiliates or approved funds.
Each Lender will also have the right, without consent of the Company or the Bank Administrative Agent, to assign as security all or part of its rights under the Senior Secured Credit Facilities Documentation to any Federal Reserve Bank. Bank Lenders
will be permitted to sell participations with voting rights limited to customary significant matters. An assignment fee in the amount of $3,500 will be charged with respect to each assignment unless waived by the Bank Administrative Agent in its
sole discretion.

		
		  	Notwithstanding the foregoing, in no event will the Bank Administrative Agent be obligated to ascertain, monitor or inquire as to whether any Bank Lender or participant is a Disqualified Lender or have any liability in connection
therewith. The Bank Administrative Agent shall post or otherwise make available to Lenders a list of all Disqualified Lenders.
		
		  	Assignments of loans under the Term Loan Facility to the Company or any of its subsidiaries shall be permitted subject to satisfaction of conditions consistent with the Existing Credit Agreement, including that (i) no default
or event of default shall exist or result therefrom, (ii) the Company or such subsidiary shall make an offer to all Bank Lenders in accordance with “Dutch auction” procedures consistent with those set forth in the Existing Credit
Agreement, (iii) the Company must provide a customary representation and warranty as to disclosure of information, (iv) upon the effectiveness of any such assignment, such loans shall be automatically retired and (v) no borrowings
under the Revolving Credit Facility shall be used to fund any such assignment.

  
 Annex B-11 

			
		
	Amendments and Required Lenders:	  	  
 Substantially similar to the Existing Credit Agreement, as modified
pursuant to the Senior Secured Credit Facilities Documentation Principles, including that amendments and waivers of the provisions of the Senior Secured Credit Facilities Documentation will require the approval of Bank Lenders holding more than 50%
of the aggregate Senior Secured Credit Facilities (the “Required Lenders”), except that (a) the consent of each Bank Lender directly and adversely affected thereby will also be required with respect to (i) increases in
commitment amount of such Bank Lender, (ii) reductions of principal, interest (other than default interest), or fees payable to such Bank Lender, (iii) extensions of scheduled maturities or times for payment of amounts payable to such Bank
Lender and (iv) changes in certain pro rata provisions and (b) the consent of each Bank Lender shall be required with respect to (i) releases of all or substantially all of the Collateral or the release of all or substantially all of
the value of any guaranties (other than with respect to a sale permitted under the Senior Secured Credit Facilities Documentation) and (ii) the definition of Required Lenders or other voting provisions. Notwithstanding the foregoing,
(i) only Bank Lenders holding at least a majority of the Revolving Credit Facility (the “Required Revolving Lenders”) will have the ability to amend the Financial Covenant, waive a breach of the Financial Covenant or accelerate
the Revolving Credit Facility upon a breach of the Financial Covenant and (ii) a breach of the Financial Covenant will not constitute an Event of Default with respect to the Term Loan Facility or trigger a cross-default under the Term Loan
Facility until the date on which the Revolving Credit Facility has been accelerated and terminated by the Required Revolving Lenders in accordance with the terms of the Revolving Credit Facility.

		
	Indemnity and Expenses:	  	Substantially similar to the Existing Credit Agreement, as modified pursuant to the Senior Secured Credit Facilities Documentation Principles, including that the Bank Administrative Agent, the Bank Lead Arrangers and the Bank
Lenders (and their affiliates and their respective officers, directors, employees, advisors and agents) will have no liability to the Company, and will be indemnified and held harmless against, any loss, liability, cost or expense incurred in
respect of the Senior Secured Credit Facilities or the use or the proposed use of proceeds thereof (except to the extent resulting from the gross negligence, bad faith or willful misconduct of the indemnified party).
		
	Governing Law and Jurisdiction:	  	New York.
		
	Counsel to the Bank Lead Arrangers and the Bank Administrative Agent:	  	Davis Polk & Wardwell LLP.

  
 Annex B-12 

 ANNEX C 

Summary of the Bridge Facility 
 This
Summary outlines certain terms of the Bridge Facility referred to in the Commitment Letter, of which this Annex C is a part. Certain capitalized terms used herein are defined in the Commitment Letter. 

 

			
		
	Company:	  	Energizer Holdings, Inc. (the “Company”).
		
	Guarantors:	  	Each subsidiary of the Company that is or is required to be a guarantor under the Senior Secured Credit Facilities (as defined in Annex B to the Commitment Letter) (the “Guarantors”) will guarantee (the
“Guarantee”) all obligations of the Company under the Bridge Facility.
		
	Joint Lead Arrangers and Joint Bookrunners:	  	  
 Barclays Bank PLC (“Barclays”) and JPMorgan Chase
Bank, N.A. (“JPMCB”) will act as lead arranger and lead bookrunner (in such capacities, collectively with any Additional Agents, the “Bridge Lead Arrangers”) for the Bridge Facility and will perform the duties
customarily associated with such roles.

		
	Bridge Administrative Agent:	  	Barclays, in its capacity as Administrative Agent (the “Bridge Administrative Agent” and, together with the Bank Administrative Agent and the Collateral Agent, the “Agents”).
		
	Bridge Lenders:	  	A syndicate of financial institutions selected by the Bridge Lead Arrangers in consultation and coordination with the Company (including Barclays, JPMCB and the lending affiliates of each Additional Agent (collectively, the
“Initial Bridge Lenders”)), excluding any Disqualified Lenders (each, a “Bridge Lender” and, collectively, the “Bridge Lenders”).
		
	Amount of Bridge Loans:	  	Up to $720 million plus any amounts by which the Term Loan Facility is reduced in order to comply with the Existing Notes Ratio Test in aggregate principal amount of senior unsecured increasing rate loans (the
“Bridge Loans”) will be available in a single draw on the Closing Date.
		
		  	The aggregate principal amount of the Bridge Loans available to be borrowed on the Closing Date will be automatically reduced by (i) the gross proceeds received by the Company or any of its subsidiaries from any non-ordinary course asset sale after the date hereof and on or prior to the Closing Date to the extent not required to prepay the loans under the Existing Credit Agreement and (ii) the gross proceeds received
by the Company or any of its subsidiaries (including any such proceeds funded into escrow) from any sale or placement of Notes or other Takeout Notes or equity securities (other than pursuant to employee or director compensation plans or
arrangements) after the date hereof and on or prior to the Closing Date.

  
 Annex C-1 

			
		
	Closing Date:	  	The date on which Bridge Loans are made and the Acquisition is consummated (the “Bridge Closing Date”).
		
	Ranking:	  	The Bridge Loans, the Guarantees and all obligations with respect thereto will be senior unsecured obligations and rank pari passu in right of payment with all of the Company’s and the Guarantors’ existing and
future senior obligations (including all obligations under the Senior Secured Credit Facilities).
		
	Security:	  	None.
		
	Maturity:	  	The Bridge Loans will mature on the first anniversary of the Bridge Closing Date (the “Conversion Date”); provided that on the Conversion Date, so long as there is no payment or bankruptcy default and the
Conversion Fee (as defined in the Facilities Fee Letter) has been paid, the Bridge Loans will automatically convert into senior unsecured term loans maturing on the eighth anniversary of the Closing Date (the “Rollover Loans”). At
any time and from time to time, on or after the Conversion Date, upon reasonable prior written notice and in a minimum principal amount of at least $150.0 million, the Rollover Loans may be exchanged (each such exchange, an
“Exchange”), in whole or in part, at the option of the applicable Bridge Lender or Bridge Lenders, for senior unsecured exchange notes (the “Exchange Notes”), in a principal amount equal to the principal amount of
the Rollover Loans so exchanged and having the same maturity date as the Rollover Loans so exchanged.
		
		  	The Exchange Notes will be issued pursuant to an indenture (the “Indenture”) that will have the terms set forth on Exhibit 1 to this Annex C.
		
	Demand Failure Event:	  	Any failure to comply with the terms of a Bridge Takeout Notice (as defined in the Facilities Fee Letter) for any reason will be deemed to be a “Demand Failure Event” (as defined in the Facilities Fee Letter) under
the Bridge Facility Documentation. A Demand Failure Event will not constitute a default or event of default under the Bridge Facility.
		
	Interest Rate:	  	Until the earlier of (i) the Conversion Date or (ii) the occurrence of a Demand Failure Event, the Bridge Loans will bear interest at a floating rate, reset quarterly, as follows: (x) for the first three-month period
commencing on the Bridge Closing Date, the Bridge Loans will bear interest at a rate per annum equal to the reserve adjusted Eurodollar Rate (subject to a reserve adjusted Eurodollar Rate Floor of 1.00% per annum), plus 500 basis points
(collectively, the “Bridge LIBOR Rate”) and (y) thereafter, interest on the Bridge Loans will be payable at a floating per annum rate equal to the interest rate applicable during the prior three-month period, in each
case plus the Bridge Spread, reset at the beginning of each subsequent three-month

  
 Annex C-2 

			
		
		  	period. The “Bridge Spread” will initially be 50 basis points (commencing three months after the Bridge Closing Date) and will increase by an additional 50 basis points every three months thereafter. Notwithstanding
the foregoing, at no time will the per annum interest rate on the Bridge Loans exceed the Total Cap (as defined in the Facilities Fee Letter) then in effect (plus default interest, if any).
		
		  	From and after the earlier of the Conversion Date or the occurrence of a Demand Failure Event, the Bridge Loans will bear interest at a fixed rate equal to the Total Cap (plus default interest, if any).
		
		  	Prior to the earlier of the Conversion Date or the occurrence of a Demand Failure Event, interest will be payable at the end of each interest period. Accrued interest will also be payable in arrears on the Conversion Date and on the
date of any prepayment of the Bridge Loans or Rollover Loans. From and after the Conversion Date or occurrence of a Demand Failure Event, interest will be payable quarterly in arrears and on the date of any prepayment of the Bridge Loans or Rollover
Loans.
		
		  	As used herein, the term “reserve adjusted Eurodollar Rate” will have the meaning customary and appropriate for financings of this type, and the basis for calculating accrued interest and the interest periods for
loans bearing interest at the reserve adjusted Eurodollar Rate will be customary and appropriate for financings of this type.
		
		  	Upon the occurrence and during the continuance of a payment, bankruptcy or insolvency default or event of default or any other event of default, interest on all amounts then outstanding will accrue at a rate of 2.0% per annum plus
the rate otherwise applicable to such amounts and will be payable on demand (the “Default Interest Rate”); provided that unless such event is a payment, bankruptcy or insolvency default or event of default, such Default
Interest Rate will only apply at the request of the Required Lenders.
		
	Funding Protection:	  	The Bridge Facility Documentation will include funding protection provisions substantially similar to those provisions contained in the Senior Secured Credit Facilities.
		
	Mandatory Prepayment:	  	Prior to the Conversion Date and to the extent permitted by the Senior Secured Credit Facilities, 100% of the net proceeds to the Company, or any of its subsidiaries (including the Acquired Business and its subsidiaries) from
(a) any direct or indirect public offering or private placement of any debt or equity or equity-linked securities (other than issuances pursuant to employee or director compensation plans or arrangements), (b) any future bank borrowings
(except borrowings under the

  
 Annex C-3 

			
		
		  	Senior Secured Credit Facilities or other debt to fund working capital in the ordinary course) and (c) subject to certain ordinary course exceptions and reinvestment rights, any future asset sales or receipt of insurance
proceeds, will be used to repay the Bridge Loans, in each case at 100% of the principal amount of the Bridge Loans prepaid plus accrued interest to the date of prepayment. Mandatory prepayments of the Bridge Loans will be applied ratably among the
outstanding Bridge Loans. Any proceeds from the sale or other placement of Notes or other Takeout Notes funded or purchased by a Bridge Lender or one or more of its affiliates will be applied, first, to refinance the Bridge Loans held at that time
by such Bridge Lender, and second, in accordance with the pro rata provisions otherwise applicable to prepayments.
		
		  	From and after the Conversion Date, the mandatory prepayment provisions in the Bridge Facility Documentation will provide that the Company will prepay the outstanding Rollover Loans, on a pro rata basis, subject to exceptions and
reinvestment rights consistent with those applicable to the Exchange Notes, with 100% of the net proceeds of any future non ordinary course asset sales, at 100% of the principal amount of the Rollover Loans prepaid plus accrued interest to the date
of prepayment; provided that each holder of Rollover Loans may elect to accept or waive a prepayment such holder is otherwise entitled to receive pursuant to this paragraph.
		
		  	Nothing in these mandatory prepayment provisions will restrict or prevent any holder of Rollover Loans from exchanging Rollover Loans for Exchange Notes on or after the first anniversary of the Bridge Closing Date.
		
	Change of Control:	  	Upon the occurrence of a Change of Control (as defined in the Existing Indenture), the Company will be required to prepay in full all outstanding Bridge Loans at par plus accrued interest to the date of prepayment. Prior to making
any such prepayment, the Company will, within 30 days following the Change of Control, repay all obligations under the Senior Secured Credit Facilities or obtain any required consent of the lenders under the Senior Secured Credit Facilities to make
such prepayment of the Bridge Loans. From and after the Conversion Date or any Demand Failure Event, each holder of Bridge Loans or Rollover Loans may elect to accept or waive a prepayment such holder is otherwise entitled to receive pursuant to
this paragraph. From and after the occurrence of a Demand Failure Event, any such offer to prepay shall be at 101% of the principal amount of the outstanding Bridge Loans or Rollover
Loans.

  
 Annex C-4 

			
		
	Voluntary Prepayment:	  	Prior to the Conversion Date, Bridge Loans may be prepaid, in whole or in part, at the option of the Company, at any time (except as provided below) without premium or penalty, upon five business days’ written notice, such
prepayment to be made at par plus accrued interest.
		
		  	From and after the Conversion Date and prior to the maturity thereof, Rollover Loans may be prepaid on terms applicable to Bridge Loans. If a Demand Failure Event occurs, the Bridge Loans and Rollover Loans may only be prepaid, in
whole or in part, at the option of the Company, at any time upon three days’ prior written notice at par plus accrued interest to the date of repayment plus the Applicable Premium that would apply to a voluntary redemption of Exchange
Notes.
		
	Bridge Facility Documentation:	  	  
 The definitive documentation for the Bridge Facility (the
“Bridge Facility Documentation”) will be negotiated in good faith, will contain the terms and conditions set forth in this Annex C and, to the extent not provided for herein, will be based on (i) the terms of the Senior Secured
Credit Facilities, with customary changes to reflect the interim nature of the Bridge Facility and the fact that the Bridge Facility is unsecured and (ii) as and to the extent explicitly indicated below, the Indenture governing the Existing
Notes (the “Existing Indenture”), and will take into account the operational and strategic requirements of the Company and its subsidiaries (after giving effect to the Acquisition and the other transactions contemplated by the
Commitment Letter) in light of their capitalization, size, business, industry, matters disclosed in the Acquisition Agreement and the Company’s proposed business plan (collectively, the “Bridge Documentation Principles” and,
together with the Senior Secured Credit Facilities Documentation Principles, the “Documentation Principles”).

		
	Representations and Warranties:	  	  
 The Bridge Facility Documentation will contain representations and
warranties consistent with the Senior Secured Credit Facilities with changes as are usual and customary for financings of this kind, consistent with the Bridge Documentation Principles.

		
	Covenants:	  	The Bridge Facility Documentation will contain the following covenants: (a) affirmative covenants consistent with the Senior Secured Credit Facilities with changes as are usual and customary for financings of this kind,
consistent with the Bridge Documentation Principles; (b) incurrence-based negative covenants that are usual and customary for publicly traded high-yield debt securities, consistent with the Existing Indenture; provided that prior to the
first anniversary of the Bridge Closing Date, the restricted payments, liens and debt incurrence covenants in the Bridge Facility Documentation will be more restrictive than the Existing Indenture in a manner to be agreed. There will not be any
financial maintenance covenants in the Bridge Facility Documentation.

  
 Annex C-5 

			
		
	Events of Default:	  	The Bridge Facility Documentation will contain such events of default as are consistent with the Senior Secured Credit Facilities (other than with respect to change of control), consistent with the Bridge Documentation
Principles.
		
	Conditions Precedent to Borrowing:	  	  
 The several obligations of the Bridge Lenders to make, or cause one
of their respective affiliates to make, the Bridge Loans will be subject only to the conditions precedent referred to in the first paragraph of Section 2 of the Commitment Letter and those listed on Annex D attached to the Commitment
Letter.

		
	Assignments and Participations:	  	  
 Subject to the prior notification of the Bridge Administrative Agent,
each of the Bridge Lenders may assign all or (subject to minimum assignment amount requirements) any part of its Bridge Loans to its affiliates (other than natural persons) or one or more banks, financial institutions or other entities that are
“Eligible Assignees,” as defined in the Bridge Facility Documentation, other than Disqualified Lenders (the list of which will be made available to all Bridge Lenders); provided that prior to the Conversion Date, unless a Demand
Failure Event has occurred, the consent of the Company shall be required for any assignment by an Initial Bridge Lender that would cause the aggregate principal amount of Bridge Loans held by it to be less than 50.1% of the aggregate principal
amount of Bridge Loans held by it on the Closing Date (as reduced by prepayments).

		
		  	Upon such assignment, such Eligible Assignee will become a Bridge Lender for all purposes under the Bridge Facility Documentation; provided that assignments made to affiliates and other Bridge Lenders will not be subject to
any minimum assignment amount requirements. A $3,500 processing fee will be required in connection with any such assignment. The Bridge Lenders will also have the right to sell participations, subject to customary limitations on voting rights, in
their respective Bridge Loans other than Disqualified Lenders (the list of which will be made available to all Bridge Lenders).
		
	Requisite Lenders:	  	Bridge Lenders holding at least a majority of total Bridge Loans, with certain amendments requiring the consent of Bridge Lenders holding a greater percentage (or all) of the total Bridge Loans.
		
	Indemnity and Expenses:	  	The Bridge Facility Documentation will provide customary and appropriate provisions relating to expense reimbursement, indemnity and related matters as are consistent with the Senior Secured Credit Facilities and the Bridge
Documentation Principles.
		
	Governing Law and Jurisdiction:	  	New York.
		
	Counsel to the Bridge Lead Arrangers and the Bridge Administrative Agent:	  	Davis Polk & Wardwell LLP.

  
 Annex C-6 

 Exhibit 1 to Annex C 

Summary of Exchange Notes 
 This
Summary of Exchange Notes outlines certain terms of the Exchange Notes referred to in Annex C to the Commitment Letter, of which this Exhibit 1 is a part. Capitalized terms used herein have the meanings assigned to them in Annex C to the
Commitment Letter. 
 Exchange Notes 

At any time on or after the Conversion Date, upon not less than five business days’ prior notice, Bridge Loans may, at the option of a Bridge Lender, be
exchanged for a principal amount of Exchange Notes equal to 100% of the aggregate principal amount of the Bridge Loans so exchanged. At a Bridge Lender’s option, Exchange Notes will be issued directly to its broker-dealer affiliate or other
third party designated by it, upon surrender by such Bridge Lender to the Company of an equal principal amount of Bridge Loans. No Exchange Notes will be issued until the Company receives requests to issue at least $150.0 million in aggregate
principal amount of Exchange Notes. The Company will issue Exchange Notes under an indenture (the “Indenture”) that complies with the Trust Indenture Act of 1939, as amended. The Company will appoint a trustee reasonably acceptable
to the Bridge Lenders. 
  

			
		
	Final Maturity:	  	Same as the Bridge Loans.
		
	Interest Rate:	  	Each Exchange Note will bear interest at a fixed rate equal to the Total Cap then in effect (plus default interest, if any). Interest will be payable semiannually in arrears.
		
		  	After the occurrence and during the continuance of an Event of Default, interest on all amounts outstanding will accrue at the applicable rate plus two percentage points (2.00%) per annum.
		
	Optional Redemption:	  	The Exchange Notes may be redeemed, in whole or in part, at the option of the Company, at any time upon not less than 30 nor more than 60 days’ prior written notice at par plus accrued interest to the date of repayment plus the
Applicable Premium. The “Applicable Premium” will be (i) a make-whole premium based on the applicable treasury rate plus 50 basis points prior to the third anniversary of the Bridge Closing Date and (ii) 50% of the Total
Cap from and including the third anniversary of the Bridge Closing Date to but excluding the fourth anniversary of the Bridge Closing Date, and then declining to 25% of the Total Cap on the fourth anniversary of the Bridge Closing Date and to zero
on the fifth anniversary of the Bridge Closing Date.
		
		  	In addition, prior to the third anniversary of the Bridge Closing Date, up to 40% of the original principal amount of the Exchange Notes may be redeemed with an amount equal to the proceeds of a qualifying equity offering by the
Company at a redemption price equal to par plus the Total Cap and accrued interest.

  
 Annex C-1-1 

			
		
	Defeasance Provisions of Exchange Notes:	  	Substantially similar to the Existing Notes.
		
	Modification:	  	Substantially similar to the Existing Notes.
		
	Change of Control:	  	Substantially similar to the Existing Notes, at 101%.
		
	Covenants:	  	The Indenture will include covenants customary for publicly traded high yield debt securities, consistent with the Existing Indenture with adjustments to take into account the size of the Company and its subsidiaries (after giving
effect to the Acquisition and the other transactions contemplated by the Commitment Letter) and the Company’s proposed business plan. There will not be any financial maintenance covenants in the Indenture.
		
	Events of Default:	  	The Indenture will provide for Events of Default customary for publicly traded high yield debt securities, consistent with the Existing Indenture.
		
	Registration Rights:	  	None; 144A for Life.

  
 Annex C-1-2 

 Annex D 

Additional Conditions Precedent to the Facilities 

These Additional Conditions Precedent, together with those set forth in the first paragraph of Section 2 of the Commitment Letter, set forth the only
conditions precedent to the effectiveness of, and the initial funding under, the Facilities referred to in the Commitment Letter, of which this Annex D is a part. Certain capitalized terms used herein are defined in the Commitment Letter. 

The only conditions to the effectiveness of, and the initial funding under, the Facilities shall consist of the following (together with the other conditions
to funding expressly set forth in the first paragraph of Section 2 of the Commitment Letter): 
  

	1.	The Acquisition shall have been consummated or will be consummated concurrently with the initial funding under the Facilities in all material respects in accordance with the Acquisition Agreement. No conditions
precedent to the consummation of the Acquisition or other provision of the Acquisition Agreement shall have been waived, modified, supplemented or amended (and no consent granted), in a manner materially adverse to the Lead Arrangers or the Lenders
in their capacities as Lenders, in each case, without the consent of the Lead Arrangers, not to be unreasonably withheld or delayed; provided that, without limitation, (i) any changes to the definition of “Material Adverse
Effect” shall be deemed materially adverse and (ii) any increase or decrease in the acquisition consideration shall not be deemed to be materially adverse to the Lead Arrangers or the Lenders so long as (1) any increase is funded by
cash on hand or proceeds of an offering of the Company’s equity (the form of which, to the extent not in the form of common equity, will be reasonably satisfactory to the Lead Arrangers) and (2) any decrease is allocated to reduce the
Facilities on a pro rata basis; provided that Funded Indebtedness (as defined in the Acquisition Agreement as in effect on the date hereof) of the Acquired Business included in Closing Net Indebtedness (as defined in the Acquisition
Agreement) shall be applied to reduce the Facilities only to the extent such debt (A) consists of (x) Funded Indebtedness of the type described in clause (d) of the definition thereof in an aggregate principal amount that exceeds
(when taken together with amounts included in the threshold of $20,000,000 set forth in the definition of Closing Net Indebtedness) $49,000,000 or (y) Funded Indebtedness that is not in the form of working capital indebtedness, local currency
lines, equipment leases and similar items incurred in the ordinary course of business (“Permitted Surviving Debt”) or consists of Permitted Surviving Debt but exceeds $20,000,000 in aggregate principal amount for all such Permitted
Surviving Debt and (B) is not repaid, redeemed, defeased or otherwise discharged, and any liens securing such Funded Indebtedness released, substantially simultaneously with the funding of the Facilities on the Closing Date.

  

	2.	 The Lead Arrangers shall have received (i) (A) audited consolidated balance sheets of the Company as at the
end of each of the two fiscal years immediately preceding, and ended more than 90 days prior to, the Closing Date, and related statements of earnings and comprehensive income (loss), shareholders’ equity and cash flows of the Company and
accompanying notes to such financial statements for each of the three fiscal years immediately preceding, and ended more than 90 days prior to, the Closing Date and (B) audited combined carve-out balance
sheets of the Acquired Business as at the end of each of the two fiscal years immediately preceding, and ended more than 90 days prior to, the Closing Date, and related statements of income, comprehensive income, shareholders’ equity and cash
flows of the Acquired Business and accompanying notes to such financial statements for each of the three fiscal years immediately preceding, and ended more than 90 days prior to, the Closing Date; (ii) (A) an unaudited consolidated balance
sheet of the Company as at the end of, and related statements of earnings 

  
 Annex D-1 

	 	
and comprehensive income (loss), and cash flows of the Company and accompanying notes to such financial statements for, each fiscal quarter (and the corresponding quarter in the prior fiscal
year), other than the fourth quarter of the Company’s fiscal year, subsequent to the date of the most recent audited financial statements of the Company and ended more than 40 days prior to the Closing Date which financial statements under this
clause (ii)(A) shall have been prepared in accordance with U.S. GAAP and Regulation S-X, that have been reviewed by the Company’s independent accountants as provided in the procedures specified by the
Public Company Accounting Oversight Board (“PCAOB”) in AU 722 and (B) an unaudited combined carve-out balance sheet of the Acquired Business as at the end of, and related statements of
income and comprehensive income, and cash flows of the Acquired Business and accompanying notes to such financial statements for, each fiscal quarter (and the corresponding quarter in the prior fiscal year), other than the fourth quarter of the
Acquired Business’ fiscal year, subsequent to the date of the most recent audited financial statements of the Acquired Business and ended more than 40 days prior to the Closing Date which financial statements in the case of this clause (ii)(B)
shall have been prepared in accordance with U.S. GAAP and Regulation S-X, that have been reviewed by the Acquired Business’ independent accountants as provided in the procedures specified by the PCAOB in
AU 722; and (iii) a customary unaudited pro forma balance sheet and customary unaudited pro forma statements of income of the Company as of and for the twelve-month period ending on the last day of the most recently completed twelve month
period referred to in clauses (i) and (ii) above, which pro forma financial statements prepared after giving effect to the transactions contemplated herein (including the incurrence of this financing) as if such transactions had occurred as of
such date (in the case of each balance sheet) or at the beginning of such period (in the case of each of the other financial statements) in each case compliant in all material respects with the requirements of Regulation S-K and Regulation S-X under the Securities Act for offerings of debt securities on a registration statement on Form S-1 for a non-reporting company (an “S-1 Registration Statement”) and of the type and form customarily included in offering documents used in private placements under
Rule 144A of the Securities Act. 

  

	3.	All reasonable and documented costs and expenses (including, without limitation, reasonable and invoiced out-of-pocket legal fees and
expenses, title premiums, survey charges and recording taxes and fees) and the fees and other compensation contemplated by the Commitment Letter and the Fee Letters payable to the Commitment Parties, the Lead Arrangers, the Agents or the Lenders on
the Closing Date and, with respect to expenses, invoiced at least two business days prior to such date shall, upon the initial borrowing under the Facilities, have been, or will be substantially simultaneously, paid (which amounts may be offset
against the proceeds of the Facilities). 

  

	4.	All third-party indebtedness of the Company under the Existing Credit Agreement shall, upon the borrowing under the Facilities, have been, or will be substantially simultaneously, repaid, redeemed, defeased or otherwise
discharged, and any liens securing such indebtedness released (other than certain existing letters of credit outstanding under the Existing Credit Agreement that, on the Closing Date, will be grandfathered into, or backstopped by letters of credit
issued under, the revolving credit facility under the Existing Credit Agreement or cash collateralized in a manner satisfactory to the issuing banks thereof). 

  

	5.	 The Company shall have delivered to the Lead Arrangers the following documentation relating to the Company and
all of the Guarantors consistent with the Senior Secured Credit Facilities Documentation Principles and the Bridge Documentation Principles: (i) customary legal opinions, corporate records and documents from public officials, lien searches and
officer’s certificates as to the Company and each of the Guarantors; (ii) customary evidence of authority; (iii) customary prior written notice of borrowing; and (iv) a solvency certificate from the chief financial officer

  
 Annex D-2 

	 	
of the Company substantially in the form of Annex I hereto, certifying that the Company and its subsidiaries are, on a consolidated basis after giving effect to the transactions contemplated
hereby, solvent. Solely with respect to the Senior Secured Credit Facilities and subject to the Limited Conditionality Provisions, all documents and instruments required to create and perfect the Collateral Agent’s security interests in the
Collateral shall have been executed and delivered and, if applicable, be in proper form for filing. The Specified Acquisition Agreement Representations will be true and correct to the extent provided in the first paragraph of Section 2 of the
Commitment Letter. The Specified Representations will be true and correct in all material respects (except that any such representation qualified by materiality or material adverse effect will be true and correct in all respects). 

 

	6.	The Lead Arrangers shall have received at least three business days prior to the Closing Date all documentation and other information required by bank regulatory authorities under applicable
“know-your-customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested at least ten days prior to the Closing Date. 

 

	7.	With respect to the Senior Secured Credit Facilities and the Bridge Facility, the Lead Arrangers shall have received customary Confidential Information Memoranda (which shall include the financial statements described
in paragraph (2) above for use in the syndication of the Senior Secured Credit Facilities by a date sufficient to afford the Lead Arrangers a period of at least 15 consecutive business days to syndicate the Senior Secured Credit Facilities
prior to the Closing Date; provided that (i) if such period has not ended on or prior to August 17, 2018, such period shall be deemed not to have commenced until September 4, 2018, (ii) the days from November 22, 2018 through
November 25, 2018 shall not be included when counting the 15 business days, (iii) if such period has not ended on or before December 21, 2018, it shall not commence until January 2, 2019 and (iv) if such period has not ended
on or before November 12, 2018, it will not commence until the audited financial statements of each of the Company and the Acquired Business meeting the requirements of clauses (i)(A) and (ii)(A) of paragraph (2) above have been received
by the Lead Arrangers. 

  

	8.	 With respect to the Bridge Facility, (a) the Company shall have entered into an engagement letter with one
or more investment banks (the “Investment Banks”) reasonably acceptable to the Lead Arrangers, pursuant to which the Company will engage the Investment Banks in connection with a potential issuance of Notes (with the Commitment
Parties acknowledging that the condition specified in this clause (a) has been satisfied) and (b) prior to the Closing Date there shall have elapsed at least 15 consecutive business days after the date on which the Company shall have
provided to the Lead Arrangers (1) a customary preliminary offering memorandum suitable for use during such period in a customary “high yield road show” relating to the offering of the Notes pursuant to Rule 144A under the Securities
Act (except that the “description of notes” and “plan of distribution” sections may be excluded, provided that the Company will cooperate with the Investment Banks to assist with preparation of the “description of
notes” section), including audited annual financial statements of the Company and the Acquired Business contemplated by paragraph 2 above and PCAOB AU 722 reviewed interim financial statements of the Company and the Acquired Business for the
interim periods contemplated by paragraph 2 above and any other business the financials of which would be required to be included pursuant to Rule 3-05 of Regulation S-X
if the offering was done on a registered basis (but excluding, in any event, with respect to the Acquired Business, information required by Section 3-09,
Section 3-10, or Section 3-16 of Regulation S-X or “segment reporting”, Compensation Discussion and Analysis
required by Item 402 of Regulation S-K and other information customarily excluded from an offering memorandum involving an offering of high-yield debt securities pursuant to Rule 144A), pro forma financial
statements giving effect to the Acquisition and other recent or probable material 

  
 Annex D-3 

	 	
acquisitions (to the extent required in an S-1 Registration Statement) and other financial data of the type and form customarily included in offering
memoranda, prospectuses and similar documents for use during such period in a customary “high yield road show” relating to the offering of the Notes pursuant to Rule 144A, prepared, in the case of the historical and pro forma financial
statements, in accordance with U.S. GAAP and Regulation S-X under the Securities Act (and with respect to pro forma financial statements for the most recent fiscal year, the interim periods contemplated
pursuant to paragraph 2(i)(A) above and paragraph 2(ii)(A) above and the twelve-month period ending on the last day of each of the most recently completed four-fiscal quarter period contemplated pursuant to paragraph 2(i)(B) above, as if Regulation S-X was applicable to such financial statements, and of the type and form customarily included in an offering of high-yield debt securities pursuant to Rule 144A) which will be in a form that will enable the
independent auditors of the Company and the Acquired Business to render a customary “comfort letter” (including customary “negative assurances”) in connection with an offering of the Notes and (2) drafts of such comfort
letters referred to in clause (1) which such independent auditors are prepared to deliver (the “Draft Comfort Letters”); provided that for purposes of this paragraph (i) if such period has not ended on or prior to
August 17, 2018, such period shall be deemed not to have commenced until September 4, 2018, (ii) the days from November 22, 2018 through November 25, 2018 shall not be included when counting the 15 business days, (iii) if
such period has not ended on or before December 21, 2018, it shall not commence until January 2, 2019 and (iv) if such period has not ended on or before November 12, 2018, it will not commence until the audited financial
statements of each of the Company and the Acquired Business for the year ended September 30, 2018 meeting the requirements of clauses (i)(A) and (ii)(A) of paragraph (2) above have been received by the Lead Arrangers. A preliminary
offering memorandum that complies with the requirements set forth in the immediately preceding sentence and is accompanied by the Draft Comfort Letters is referred to herein as the “Required Offering Document.” 

If the Company in good faith reasonably believes it has delivered the Required Offering Document, it may deliver to the Lead Arrangers a
written notice to that effect (stating when it believes it completed such delivery), in which case the 15 consecutive business day period referred to above shall be deemed to have commenced on the date specified in that notice unless the Lead
Arrangers in good faith reasonably believe the Company has not completed delivery of the Required Offering Document and, within three business days after the delivery of such notice by the Company, delivers a written notice to the Company to that
effect (stating with reasonable specificity which information required to be included in the Required Offering Document the Lead Arrangers reasonably believe the Company has not delivered). 

  
 Annex D-4 

 Annex I to Annex D 

Form of Solvency Certificate 

[Date] 
 This Solvency
Certificate (this “Certificate”) is delivered by ENERGIZER HOLDINGS, INC., a Missouri corporation (the “Borrower”), in connection with that certain Credit Agreement dated as of [Date] (the “Credit
Agreement”), among the Borrower, the Lenders from time to time party thereto and [            ], as Administrative Agent. Each capitalized term used but not defined herein shall
have the meaning assigned to it in the Credit Agreement. 
 Pursuant to Section
[            ] of the Credit Agreement, the Borrower hereby certifies that, after giving effect to the Transactions, on the date hereof: 

(a) The fair value of the property of the Borrower and its Subsidiaries, on a consolidated basis, is greater than the total amount of the
liabilities, including contingent liabilities, of the Borrower and its Subsidiaries on a consolidated basis. In computing the amount of any contingent liabilities on the date hereof, such liabilities shall have been computed at the amount that, in
light of all of the facts and circumstances existing on the date hereof, represents the amount that can be reasonably expected to become an actual or matured liability. 

(b) The present fair saleable value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, is not less than the amount
that will be required to pay the probable liability of the Borrower and its Subsidiaries, on a consolidated basis, on their debts as they become absolute and matured. 

(c) The Borrower and its Subsidiaries, on a consolidated basis, do not intend to incur debts or liabilities beyond their ability to pay such
debts and liabilities as they mature in the ordinary course of business. 
 (d) The Borrower and its Subsidiaries, on a consolidated basis,
are not engaged in business or a transaction for which their property would constitute an unreasonably small capital. 
 (e) The Borrower and
its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. In computing the amount of any contingent liabilities on the date
hereof, such liabilities shall have been computed at the amount that, in light of all of the facts and circumstances existing on the date hereof, represents the amount that can be reasonably expected to become an actual or matured liability. 

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed as of the date first above written. 

 

			
	ENERGIZER HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	Chief Financial Officer

  
 Annex I-1

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