Document:

EX-10.2

 EXHIBIT 10.2 

REVOLVING CREDIT NOTE 
  

			
		  	Rochester, New York
	December 2, 2015	  	$25,000,000.00

 FOR VALUE RECEIVED, the undersigned (the “Borrower”), HEREBY
PROMISES TO PAY to the order of JPMORGAN CHASE BANK, N.A. (“Lender”), at the Administrative Agent’s address at One Chase Square, 11th Floor, Rochester, NY 14643, or at such
other place as Administrative Agent may designate from time to time in writing, in lawful money of the United States of America and in immediately available funds, the amount of TWENTY FIVE MILLION AND 00/100 DOLLARS ($25,000,000.00) or, if less,
the aggregate unpaid amount of all Revolving Loans advanced to the Borrower by the Lender under the Credit Agreement (as hereinafter defined). Borrower further promises to pay interest on the outstanding unpaid principal amount hereof from the date
hereof until payment in full at the rate or rates from time to time applicable to the Revolving Loans as determined in accordance with the Credit Agreement. All capitalized terms used but not otherwise defined herein have the meanings given to them
in the Credit Agreement. 
 This Revolving Credit Note (this “Note”) is issued pursuant to that certain
Credit Agreement dated as of December 2, 2015 by and among Graham Corporation, a Delaware corporation, JPMorgan Chase Bank, N.A., as Administrative Agent and as a Lender, and the other Lenders party thereto (including all annexes, exhibits and
schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the “Credit Agreement”), and the holder hereof is entitled to the benefit and security of the Credit Agreement and all of the other
Loan Documents referred to therein. Reference is hereby made to the Credit Agreement for a statement of all of the terms and conditions under which the Revolving Loans evidenced hereby are made and are to be repaid. 

The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the
Credit Agreement, the terms of which are hereby incorporated herein by reference. Interest thereon shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are
specified in the Credit Agreement. If any payment on this Note becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal,
interest thereon shall be payable at the then applicable rate during such extension. 
 Upon and during the continuance of
any Event of Default, the entire principal amount of this Note, together with all accrued interest thereon, may, as provided in the Credit Agreement, and without demand, notice or legal process of any kind, be declared, and immediately shall become,
due and payable. 

  
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 Time is of the essence of this Note. Except for such notices as may be required
under the terms of the Credit Agreement, the Borrower waives, to the extent permitted by applicable law, presentment, demand, notice, protest and all other demands, or notices, in connection with the delivery, acceptance, performance, default, or
enforcement of this Note, and assents to any extension or postponement of the time of payment or any other indulgence. Borrower further agrees, subject only to any limitation imposed by applicable law, to pay all expenses, including attorneys’
fees and legal expenses, incurred by Lender in endeavoring to collect any amounts payable hereunder which are not paid when due, whether by acceleration or otherwise. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. Whenever
possible each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provisions of this Note shall be prohibited by or invalid under applicable law, such provisions shall be
ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note. Whenever in this Note reference is made to Administrative Agent, Lender or Borrower, such
reference shall be deemed to include, as applicable, a reference to their respective permitted successors and assigns and in the case of Lender, any financial institution to which it has sold or assigned all or any part of its interest in the
Revolving Loans or in its commitment to make the Revolving Loans as permitted by the Credit Agreement. The provisions of this Note shall be binding upon and inure to the benefit of such successors and assigns, except that Borrower may not assign its
rights or obligations. Borrower’s successors and assigns shall include, without limitation, a receiver, trustee or debtor in possession of or for Borrower. 

[signature page attached] 

  
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 This Revolving Credit Note has been executed by the undersigned as of the date
first referenced above. 
  
  

			
	GRAHAM CORPORATION
	
	By: /s/ Jeffrey Glajch
	Name:	 	Jeffrey Glajch
	Title:	 	Chief Financial Officer

  
 3EX-10.3

 EXHIBIT 10.3 

PLEDGE AND SECURITY AGREEMENT 

THIS PLEDGE AND SECURITY AGREEMENT (as it may be amended, restated, supplemented or otherwise modified from time to time, this
“Security Agreement”) is entered into as of December 2, 2015 by and among Graham Corporation, a Delaware corporation (the “Borrower”), Energy Steel & Supply Co., a Michigan corporation
(“ESSC”), and any additional entities which become parties to this Security Agreement by executing a Security Agreement Supplement in substantially the form of Annex I hereto (such additional entities, together with the Borrower and
ESSC, each a “Grantor”, and collectively, the “Grantors”), and JPMorgan Chase Bank, N.A., in its capacity as administrative agent (the “Administrative Agent”) for itself and for the Lenders party to
the Credit Agreement referred to below, (each a “Secured Party”, and collectively, the “Secured Parties”). 

PRELIMINARY STATEMENT 

The Borrower, each Grantor as a Loan Guarantor, the Administrative Agent, the other Loan Parties, and the Lenders are entering
into a Credit Agreement dated as of December 2, 2015 (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Each Grantor is entering into this Security Agreement in order
to induce the Lenders to enter into and extend credit to the Borrower under the Credit Agreement and to secure the Secured Obligations that it has agreed to guarantee pursuant to Article X of the Credit Agreement. 

ACCORDINGLY, the Grantors and the Administrative Agent on behalf of the Secured Parties, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.1.      Terms Defined in Credit Agreement.    All
capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement. 

1.2.      Terms Defined in UCC.   Terms defined in the UCC which are not
otherwise defined in this Security Agreement are used herein as defined in the UCC. 

1.3.      Definitions of Certain Terms Used Herein.   As used in this
Security Agreement, in addition to the terms defined in the first paragraph hereof and in the Preliminary Statement, the following terms shall have the following meanings: 

“Accounts” shall have the meaning set forth in Article 9 of the UCC. 

“Article” means a numbered article of this Security Agreement, unless another document is specifically
referenced. 
 “Chattel Paper” shall have the meaning set forth in Article 9 of the UCC. 

“Closing Date” means the date of the Credit Agreement. 

“Collateral” shall have the meaning set forth in Article II. 

“Collateral Access Agreement” means any landlord waiver or other agreement, in form and substance
satisfactory to the Administrative Agent, between the Administrative Agent and any third party (including any 

  
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bailee, consignee, customs broker, or other similar Person) in possession of any Collateral or any landlord of any real property where any Collateral is located, as such landlord waiver or other
agreement may be amended, restated, supplemented or otherwise modified from time to time. 
 “Collateral
Report” means any certificate, report or other document delivered by any Grantor to the Administrative Agent or any Lender with respect to the Collateral pursuant to any Loan Document. 

“Commercial Tort Claims” means the commercial tort claims as defined in Article 9 of the UCC, including each
commercial tort claim specifically described on Exhibit H. 
 “Control” shall have the meaning set forth in
Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC. 

“Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and
to the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties,
damages, and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and
future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of
time or both would, unless cured or waived, become an Event of Default. 
 “Deposit Account Control
Agreement” means an agreement, in form and substance satisfactory to the Administrative Agent, among any Loan Party, a banking institution holding such Loan Party’s funds, and the Administrative Agent with respect to collection and
control of all deposits and balances held in a deposit account maintained by such Loan Party with such banking institution. 

“Deposit Accounts” shall have the meaning set forth in Article 9 of the UCC. 

“Documents” shall have the meaning set forth in Article 9 of the UCC. 

“Equipment” shall have the meaning set forth in Article 9 of the UCC. 

“Event of Default” means an event described in Section 5.1. 

“Exhibit” refers to a specific exhibit to this Security Agreement, unless another document is specifically
referenced. 
 “Fixtures” shall have the meaning set forth in Article 9 of the UCC. 

“General Intangibles” shall have the meaning set forth in Article 9 of the UCC. 

“Goods” shall have the meaning set forth in Article 9 of the UCC. 

“Instruments” shall have the meaning set forth in Article 9 of the UCC. 

“Inventory” shall have the meaning set forth in Article 9 of the UCC. 

“Investment Property” shall have the meaning set forth in Article 9 of the UCC. 

“Lenders” means the lenders party to the Credit Agreement and their successors and assigns. 

  
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 “Letter-of-Credit Rights” shall have the meaning set forth in
Article 9 of the UCC. 
 “Licenses” means, with respect to any Person, all of such Person’s right,
title, and interest in and to (a) any and all licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and
with respect thereto, including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 

“Loan Parties” means the Borrower and each Grantor who guarantees the Borrower’s obligations under the Credit
Agreement. 
 “Patents” means, with respect to any Person, all of such Person’s right, title, and
interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and continuations-in-part
thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights
to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world. 

“Pledged Collateral” means all Instruments, Securities and other Investment Property of the Grantors, whether
or not physically delivered to the Administrative Agent pursuant to this Security Agreement; provided, however, unless otherwise required by the Administrative Agent during existence of an Event of Default, the portion of Pledged Collateral
constituting any Equity Interests of a Foreign Subsidiary shall be limited to sixty-six percent (66%) of the issued and outstanding Equity Interests of such Foreign Subsidiary. 

“Receivables” means the Accounts, Chattel Paper, Documents, Investment Property, Instruments and any other
rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral. 

“Section” means a numbered section of this Security Agreement, unless another document is specifically
referenced. 
 “Secured Parties” shall have the meaning set forth in the Credit Agreement. 

“Security” shall have the meaning set forth in Article 8 of the UCC. 

“Security Agreement Supplement” shall mean any Security Agreement Supplement to this Security Agreement in
substantially the form of Annex I hereto executed by an entity that becomes a Grantor under this Security Agreement after the date hereof. 

“Stock Rights” means all dividends, instruments or other distributions and any other right or property which
the Grantors shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interest constituting Collateral, any right to receive an Equity Interest and any right to
receive earnings, in which the Grantors now have or hereafter acquire any right, issued by an issuer of such Equity Interest. 

“Supporting Obligations” shall have the meaning set forth in Article 9 of the UCC. 

“Trademarks” means, with respect to any Person, all of such Person’s right, title, and interest in and
to the following: (a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing;
(b) all licenses of the foregoing, whether as licensee or licensor; (c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including,

  
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without limitation, damages, claims, and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements of the foregoing, including the
right to settle suits involving claims and demands for royalties owing; and (f) all rights corresponding to any of the foregoing throughout the world. 

“UCC” means the Uniform Commercial Code, as in effect from time to time, of the State of New York or of any
other state the laws of which are required as a result thereof to be applied in connection with the attachment, perfection or priority of, or remedies with respect to, Administrative Agent’s or any other Secured Party’s Lien on any
Collateral. 
 The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined
terms. 
 ARTICLE II 

GRANT OF SECURITY INTEREST 

Each Grantor hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable benefit of the
Secured Parties, a security interest in all of its right, title and interest in, to and under all personal property and other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of such Grantor (including under any
trade name or derivations thereof), and whether owned or consigned by or to, or leased from or to, such Grantor, and regardless of where located (all of which will be collectively referred to as the “Collateral”), including: 

 

	 	(i)	 all Accounts; 

  

	 	(ii)	 all Chattel Paper; 

  

	 	(iii)	 all Copyrights, Patents and Trademarks; 

  

	 	(iv)	 all Documents; 

  

	 	(v)	 all Equipment; 

  

	 	(vi)	 all Fixtures; 

  

	 	(vii)	 all General Intangibles; 

  

	 	(viii)	 all Goods; 

  

	 	(ix)	 all Instruments; 

  

	 	(x)	 all Inventory; 

  

	 	(xi)	 all Investment Property; 

  

	 	(xii)	 all cash or cash equivalents; 

  

	 	(xiii)	 all letters of credit, Letter-of-Credit Rights and Supporting Obligations; 

 

	 	(xiv)	 all Deposit Accounts with any bank or other financial institution; 

 

	 	(xv)	 all Commercial Tort Claims; and 

  

	 	(xvi)	 all accessions to, substitutions for and replacements, proceeds (including Stock Rights), insurance proceeds and products of the foregoing,
together with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto and any General Intangibles at any time evidencing or relating to any of the foregoing;

 to secure the prompt and complete payment and performance of the Secured Obligations. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Each Grantor represents and warrants, and each Grantor that becomes a party to this Security Agreement pursuant to the
execution of a Security Agreement Supplement represents and warrants (after giving effect to supplements, if any, to each of the Exhibits hereto with respect to such Grantor as attached to such Security Agreement Supplement), to the Administrative
Agent and the Secured Parties that: 
 3.1       Title, Authorization, Validity,
Enforceability, Perfection and Priority.   Such Grantor has good and valid rights in or the power to transfer the Collateral and title to the Collateral with respect to which it has purported to grant a security interest
hereunder, free and clear of all Liens except for Liens permitted under Section 4.1(e), and has full power and authority to grant to the Administrative Agent the security interest in the Collateral pursuant hereto. The execution and delivery by
such Grantor of this Security Agreement has been duly authorized by proper corporate proceedings of such Grantor, and this Security Agreement constitutes a legal valid and binding obligation of such Grantor and creates a security interest which is
enforceable against such Grantor in all Collateral it now owns or hereafter acquires, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles
of equity, regardless of whether considered in a proceeding in equity or at law. When financing statements have been filed in the appropriate offices against such Grantor in the locations listed on Exhibit G, the Administrative Agent will
have a fully perfected first priority security interest in that Collateral of such Grantor in which a security interest may be perfected by filing, subject only to Liens permitted under Section 4.1(e). 

3.2      Type and Jurisdiction of Organization, Organizational and Identification
Numbers.   The type of entity of such Grantor, its state of organization, the organizational number issued to it by its state of organization and its federal employer identification number are set forth on Exhibit A. 

3.3      Principal Location.  Such Grantor’s mailing address and the
location of its place of business and of its chief executive office are disclosed in Exhibit A; such Grantor has no other places of business except those set forth in Exhibit A. 

3.4      Collateral Locations.   All of such Grantor’s locations
where Collateral is located are listed on Exhibit A. All of said locations are owned by such Grantor except for locations (i) which are leased by the Grantor as lessee and designated in Part VII(b) of Exhibit A and
(ii) at which Inventory is held in a public warehouse or is otherwise held by a bailee or on consignment as designated in Part VII(c) of Exhibit A. 

3.5      Deposit Accounts.  All of such Grantor’s Deposit Accounts are
listed on Exhibit B. 
 3.6      Exact Names.   Such
Grantor’s name in which it has executed this Security Agreement is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization. Such Grantor has not,
during the past five years, been known by or used any other corporate or fictitious name, or been a party to any merger or consolidation, or been a party to any acquisition. 

3.7      Letter-of-Credit Rights and Chattel Paper.    Exhibit
C lists all Letter-of-Credit Rights and Chattel Paper of such Grantor. All action by such Grantor necessary or desirable to protect and perfect the Administrative Agent’s Lien on each item listed on Exhibit C (including the delivery
of all originals and the placement of a legend on all Chattel Paper as required hereunder) has been duly taken. The Administrative Agent will have a fully perfected first priority security interest in the Collateral listed on Exhibit C,
subject only to Liens permitted under Section 4.1(e). 

  
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 3.8        Accounts and Chattel
Paper. 
 (a)        The names of the obligors, amounts owing, due dates and
other information with respect to its Accounts and Chattel Paper are and will be correctly stated in all records of such Grantor relating thereto and in all invoices and Collateral Reports with respect thereto furnished to the Administrative Agent
by such Grantor from time to time. As of the time when each Account or each item of Chattel Paper arises, such Grantor shall be deemed to have represented and warranted that such Account or Chattel Paper, as the case may be, and all records relating
thereto, are genuine and in all respects what they purport to be. 

(b)        With respect to its Accounts, except as disclosed on the most recent
Collateral Report, (i) all Accounts represent bona fide sales of Inventory or rendering of services to Account Debtors in the ordinary course of such Grantor’s business and are not evidenced by a judgment, Instrument or Chattel Paper; and
(ii) there are no setoffs, claims or disputes existing or asserted with respect thereto and such Grantor has not made any agreement with any Account Debtor for any extension of time for the payment thereof, any compromise or settlement for less
than the full amount thereof, any release of any Account Debtor from liability therefor, or any deduction therefrom except a discount or allowance allowed by such Grantor in the ordinary course of its business for prompt payment and disclosed to the
Administrative Agent. 
 (c)        In addition, with respect to all of its
Accounts, (i) the amounts shown on all Collateral Reports invoices and statements with respect thereto are actually and absolutely owing to such Grantor as indicated thereon and are not in any way contingent, and (ii) to such
Grantor’s knowledge, all Account Debtors have the capacity to contract. 

3.9        Inventory.  With respect to any of its Inventory scheduled
or listed on the most recent Collateral Report, (a) such Inventory (other than Inventory in transit) is located at one of such Grantor’s locations set forth on Exhibit A, (b) no Inventory (other than Inventory in transit) is
now, or shall at any time or times hereafter be stored at any other location except as permitted by Section 4.1(g), (c) such Grantor has good, indefeasible and merchantable title to such Inventory and such Inventory is not subject to any
Lien or security interest or document whatsoever except for the security interest granted to the Administrative Agent hereunder, for the benefit of the Administrative Agent and Secured Parties, and Permitted Encumbrances, (d) except as may be
disclosed in the most recent Collateral Report, such Inventory is of good and merchantable quality, free from any defects, (e) such Inventory is not subject to any licensing, patent, royalty, trademark, trade name or copyright agreements with
any third parties which would require any consent of any third party upon sale or disposition of that Inventory or the payment of any monies to any third party upon such sale or other disposition, and (f) such Inventory has been produced in
accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder. 

3.10       Intellectual Property.    Such Grantor does not have
any interest in, or title to, any Patent, registered Trademark or registered Copyright except as set forth in Exhibit D. This Security Agreement is effective to create a valid and continuing Lien and, upon filing of appropriate financing
statements in the offices listed on Exhibit G and this Security Agreement, or any other similar security agreement relating to the Intellectual Property of any Grantor, with the United States Copyright Office and the United States Patent and
Trademark Office, as applicable, fully perfected first priority security interests in favor of the Administrative Agent on such Grantor’s Patents, Trademarks and Copyrights, such perfected security interests are enforceable as such as against
any and all creditors of and purchasers from such Grantor; and all action necessary or desirable to protect and perfect the Administrative Agent’s Lien on such Grantor’s Patents, Trademarks or Copyrights shall have been duly taken. 

3.11       Filing Requirements.  None of its Equipment is covered by any
certificate of title, except for the vehicles described in Part I of Exhibit E. None of the Collateral owned by it is of a type for which security interests or liens may be perfected by filing under any federal statute except for (a) the
vehicles described in Part II of Exhibit E and (b) Patents, Trademarks and Copyrights held by such Grantor and described in Exhibit D. 

3.12       No Financing Statements, Security Agreements.  No financing
statement or security agreement describing all or any portion of the Collateral which has not lapsed or been terminated (by a filing authorized by 

  
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the secured party in respect thereof) naming such Grantor as debtor has been filed or is of record in any jurisdiction except for financing statements or security agreements (a) naming the
Administrative Agent on behalf of the Secured Parties as the secured party and (b) in respect to other Liens permitted under Section 6.02 of the Credit Agreement. 

3.13      Pledged Collateral. 

(a)        Exhibit F sets forth a complete and accurate list of all of the
Pledged Collateral owned by such Grantor. Such Grantor is the direct, sole beneficial owner and sole holder of record of the Pledged Collateral listed on Exhibit F as being owned by it, free and clear of any Liens, except for the security
interest granted to the Administrative Agent for the benefit of the Secured Parties hereunder and Permitted Encumbrances. Such Grantor further represents and warrants that (i) all Pledged Collateral owned by it constituting an Equity Interest
has been (to the extent such concepts are relevant with respect to such Pledged Collateral) duly authorized, validly issued, are fully paid and non-assessable, (ii) with respect to any certificates
delivered to the Administrative Agent representing an Equity Interest, either such certificates are Securities as defined in Article 8 of the UCC as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, such
Grantor has so informed the Administrative Agent so that the Administrative Agent may take steps to perfect its security interest therein as a General Intangible, (iii) all such Pledged Collateral held by a securities intermediary is covered by
a control agreement among such Grantor, the securities intermediary and the Administrative Agent pursuant to which the Administrative Agent has Control, except as otherwise permitted under the Credit Agreement, and (iv) all Pledged Collateral
which represents Indebtedness owed to such Grantor has been duly authorized, authenticated or issued and delivered by the issuer of such Indebtedness, is the legal, valid and binding obligation of such issuer and such issuer is not in default
thereunder. 
 (b)        In addition, (i) none of the Pledged Collateral
owned by it has been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject, (ii) no options, warrants, calls or commitments
of any character whatsoever (A) exist relating to such Pledged Collateral or (B) obligate the issuer of any Equity Interest included in the Pledged Collateral to issue additional Equity Interests, and (iii) no consent, approval,
authorization, or other action by, and no giving of notice, filing with, any governmental authority or any other Person is required for the pledge by such Grantor of such Pledged Collateral pursuant to this Security Agreement or for the execution,
delivery and performance of this Security Agreement by such Grantor, or for the exercise by the Administrative Agent of the voting or other rights provided for in this Security Agreement or for the remedies in respect of the Pledged Collateral
pursuant to this Security Agreement, except as may be required in connection with such disposition by laws affecting the offering and sale of securities generally. 

(c)        Except as set forth in Exhibit F, such Grantor owns 100% of the
issued and outstanding Equity Interests which constitute Pledged Collateral owned by it and none of the Pledged Collateral which represents Indebtedness owed to such Grantor is subordinated in right of payment to other Indebtedness or subject to the
terms of an indenture. 
 ARTICLE IV 

COVENANTS 

From the date of this Security Agreement and thereafter until this Security Agreement is terminated pursuant to the terms
hereof, each Grantor party hereto as of the date hereof agrees, and from and after the effective date of any Security Agreement Supplement applicable to any Grantor (and after giving effect to supplements, if any, to each of the Exhibits hereto with
respect to such subsequent Grantor as attached to such Security Agreement Supplement) and thereafter until this Security Agreement is terminated pursuant to the terms hereof, each such additional Grantor agrees that: 

  
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 4.1.       General. 

(a)        Collateral Records.    Such Grantor will
maintain complete and accurate books and records with respect to the Collateral owned by it, and furnish to the Administrative Agent with sufficient copies for each of the Lenders, such reports relating to such Collateral as the Administrative Agent
shall from time to time request. 
 (b)        Authorization to File Financing
Statements; Ratification.    Such Grantor hereby authorizes the Administrative Agent to file, and if requested will deliver to the Administrative Agent, all financing statements and other documents and take such other actions
as may from time to time be requested by the Administrative Agent in order to maintain a first perfected security interest in and, if applicable, Control of, the Collateral owned by such Grantor. Any financing statement filed by the Administrative
Agent may be filed in any filing office in any UCC jurisdiction and may (i) indicate such Grantor’s Collateral (1) as all assets of the Grantor or words of similar effect, regardless of whether any particular asset comprised in the
Collateral falls within the scope of Article 9 of the UCC of such jurisdiction, or (2) by any other description which reasonably approximates the description contained in this Security Agreement, and (ii) contain any other information
required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including (A) whether such Grantor is an organization, the type of organization and any organization
identification number issued to such Grantor, and (B) in the case of a financing statement filed as a fixture filing or indicating such Grantor’s Collateral as as-extracted collateral or timber to be cut, a sufficient description of real
property to which the Collateral relates. Such Grantor also agrees to furnish any such information described in the foregoing sentence to the Administrative Agent promptly upon request. Such Grantor also ratifies its authorization for the
Administrative Agent to have filed in any UCC jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof. 

(c)        Further Assurances.   Such Grantor will, if so
requested by the Administrative Agent, furnish to the Administrative Agent, as often as the Administrative Agent requests, statements and schedules further identifying and describing the Collateral owned by it and such other reports and information
in connection with its Collateral as the Administrative Agent may reasonably request, all in such detail as the Administrative Agent may specify. Such Grantor also agrees to take any and all actions necessary to defend title to the Collateral
against all persons and to defend the security interest of the Administrative Agent in its Collateral and the priority thereof against any Lien not expressly permitted hereunder. 

(d)        Disposition of Collateral.  Such Grantor will not sell,
lease or otherwise dispose of the Collateral except for dispositions specifically permitted pursuant to Section 6.05 of the Credit Agreement. 

(e)        Liens.  Such Grantor will not create, incur, or suffer to
exist any Lien on the Collateral except (i) the security interest created by this Security Agreement, and (ii) other Liens permitted under Section 6.02 of the Credit Agreement. 

(f)        Other Financing Statements.  Such Grantor will not
authorize the filing of any financing statement naming it as debtor covering all or any portion of the Collateral owned by it, except for financing statements (i) naming the Administrative Agent on behalf of the Secured Parties as the secured
party, and (ii) in respect to other Liens permitted under Section 6.02 of the Credit Agreement. Such Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any
financing statement naming any of the Secured Parties as secured party without the prior written consent of the Administrative Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC. 

(g)        Locations.  Such Grantor will not (i) maintain any
Collateral owned by it at any location other than those locations listed on Exhibit A or disclosed to Administrative Agent pursuant to clause (ii) of this Section, (ii) otherwise change, or add to, such locations without the
Administrative Agent’s prior written consent as required by the Credit Agreement, such consent not to be unreasonably withheld or delayed (and if the Administrative Agent gives such consent, such Grantor will concurrently therewith obtain a
Collateral Access Agreement for each such location to the extent required by the Credit Agreement), or (iii) change its principal place of business or chief executive office from the location identified on Exhibit A, other than as
permitted by the Credit Agreement. 

  
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 (h)        Compliance with
Terms.  Such Grantor will perform and comply with all obligations in respect of the Collateral owned by it and all agreements to which it is a party or by which it is bound relating to such Collateral. 

4.2.       Receivables. 

(a)        Certain Agreements on Receivables.  Such Grantor will not
make or agree to make any discount, credit, rebate or other reduction in the original amount owing on a Receivable or accept in satisfaction of a Receivable less than the original amount thereof, except that, prior to the occurrence of an Event of
Default, such Grantor may reduce the amount of Accounts arising from the sale of Inventory in accordance with its present policies and in the ordinary course of business. 

(b)        Collection of Receivables.   Except as otherwise
provided in this Security Agreement, such Grantor will collect and enforce, at such Grantor’s sole expense, all amounts due or hereafter due to such Grantor under the Receivables owned by it. 

(c)        Delivery of Invoices.     Such Grantor
will deliver to the Administrative Agent immediately upon its request after the occurrence and during the continuation of an Event of Default duplicate invoices with respect to each Account owned by it bearing such language of assignment as the
Administrative Agent shall specify. 
 (d)        Disclosure of Counterclaims on
Receivables.   If (i) any material discount, credit or agreement to make a rebate or to otherwise reduce the amount owing on any material Receivable owned by such Grantor exists or (ii) if, to the knowledge of such
Grantor, any material dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to any such material Receivable, such Grantor will promptly disclose such fact to the Administrative Agent in writing. Such
Grantor shall report each credit memorandum and each of the facts required to be disclosed to the Administrative Agent in accordance with this Section 4.2(d) on a Collateral Report submitted by it to the Administrative Agent concurrently
with the certificate to be delivered to the Administrative Agent pursuant to Section 5.01(d) of the Credit Agreement. 

(e)        Electronic Chattel Paper.   Such Grantor shall take
all steps necessary to grant the Administrative Agent Control of all electronic chattel paper in accordance with the UCC and all “transferable records” as defined in each of the Uniform Electronic Transactions Act and the Electronic
Signatures in Global and National Commerce Act. 
 4.3.       Inventory and
Equipment. 
 (a)        Maintenance of Goods.  Such Grantor
will do all things necessary to maintain, preserve, protect and keep its Inventory and the Equipment in good repair and working and saleable condition, except for damaged or defective goods arising in the ordinary course of such Grantor’s
business and except for ordinary wear and tear in respect of the Equipment. 

(b)        Returned Inventory.  In the event any Account Debtor
returns Inventory to such Grantor when an Event of Default exists, such Grantor, upon the request of the Administrative Agent, shall: (i) hold the returned Inventory in trust for the Administrative Agent; (ii) segregate all returned
Inventory from all of its other property; (iii) dispose of the returned Inventory solely according to the Administrative Agent’s written instructions; and (iv) not issue any credits or allowances with respect thereto without the
Administrative Agent’s prior written consent. All returned Inventory shall be subject to the Administrative Agent’s Liens thereon. 

  
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 (c)        Inventory Count; Perpetual
Inventory System.   Such Grantor will conduct a physical count of its Inventory at least once per fiscal year, and after and during the continuation of an Event of Default, at such other times as the Administrative Agent requests. Such
Grantor, at its own expense, shall deliver to the Administrative Agent the results of each physical verification, which such Grantor has made, or has caused any other Person to make on its behalf, of all or any portion of its Inventory. Such Grantor
will maintain a perpetual inventory reporting system at all times. 

(d)        Equipment.   Such Grantor shall not permit any Equipment
to become a fixture with respect to real property or to become an accession with respect to other personal property with respect to which real or personal property the Administrative Agent does not have a Lien. Such Grantor will not, without the
Administrative Agent’s prior written consent, alter or remove any identifying symbol or number on any of such Grantor’s Equipment constituting Collateral. 

(e)        Titled Vehicles.    Such Grantor will give the
Administrative Agent notice of its acquisition of any vehicle covered by a certificate of title and deliver to the Administrative Agent, upon request, the original of any vehicle title certificate and provide and/or file all other documents or
instruments necessary to have the Lien of the Administrative Agent noted on any such certificate or with the appropriate state office. 

4.4.       Delivery of Instruments, Securities, Chattel Paper and
Documents.    Such Grantor will (a) deliver to the Administrative Agent immediately upon execution of this Security Agreement the originals of all Chattel Paper, Securities and Instruments constituting Collateral owned by it
(if any then exist), (b) hold in trust for the Administrative Agent upon receipt and immediately thereafter deliver to the Administrative Agent any Chattel Paper, Securities and Instruments constituting Collateral, (c) upon the
Administrative Agent’s request, deliver to the Administrative Agent (and thereafter hold in trust for the Administrative Agent upon receipt and immediately deliver to the Administrative Agent) any Document evidencing or constituting Collateral.

 4.5.       Uncertificated Pledged Collateral.   Such Grantor will
permit the Administrative Agent from time to time to cause the appropriate issuers (and, if held with a securities intermediary, such securities intermediary) of uncertificated securities or other types of Pledged Collateral owned by it not
represented by certificates to mark their books and records with the numbers and face amounts of all such uncertificated securities or other types of Pledged Collateral not represented by certificates and all rollovers and replacements therefor to
reflect the Lien of the Administrative Agent granted pursuant to this Security Agreement. With respect to any Pledged Collateral owned by it, such Grantor will take any actions necessary to cause (a) the issuers of uncertificated securities
which are Pledged Collateral and (b) any securities intermediary which is the holder of any such Pledged Collateral, to cause the Administrative Agent to have and retain Control over such Pledged Collateral. Without limiting the foregoing, such
Grantor will, with respect to any such Pledged Collateral held with a securities intermediary, cause such securities intermediary to enter into a control agreement with the Administrative Agent, in form and substance satisfactory to the
Administrative Agent, giving the Administrative Agent Control. 
 4.6.       Pledged
Collateral. 
 (a)        Changes in Capital Structure of Issuers. 
Such Grantor will not (i) permit or suffer any issuer of an Equity Interest constituting Pledged Collateral owned by it to dissolve, merge, liquidate, retire any of its Equity Interests or other Instruments or Securities evidencing ownership,
reduce its capital, sell or encumber all or substantially all of its assets (except for Permitted Encumbrances and sales of assets permitted pursuant to Section 4.1(d)) or merge or consolidate with any other entity (except as permitted
under the Credit Agreement), or (ii) vote any such Pledged Collateral in favor of any of the foregoing. 

(b)        Issuance of Additional Securities.  Such Grantor will not
permit or suffer the issuer of an Equity Interest constituting Pledged Collateral owned by it to issue additional Equity Interests, any right to receive the same or any right to receive earnings, except to such Grantor. 

  
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 (c)        Registration of Pledged
Collateral.  Such Grantor will permit any registerable Pledged Collateral to be registered in the name of the Administrative Agent or its nominee at any time at the option of the Required Lenders. 

(d)        Exercise of Rights in Pledged Collateral. 

(i)       Without in any way limiting the foregoing and subject to clause
(ii) below, such Grantor shall have the right to exercise all voting rights or other rights relating to the Pledged Collateral owned by it for all purposes not inconsistent with this Security Agreement, the Credit Agreement or any other Loan
Document; provided however, that no vote or other right shall be exercised or action taken which would have the effect of impairing the rights of the Administrative Agent in respect of such Pledged Collateral. 

(ii)      Such Grantor will permit the Administrative Agent or its nominee at
any time after the occurrence of an Event of Default, without notice, to exercise all voting rights or other rights relating to the Pledged Collateral owned by it, including, without limitation, exchange, subscription or any other rights,
privileges, or options pertaining to any Equity Interest or Investment Property constituting Pledged Collateral as if it were the absolute owner thereof. 

(iii)     Such Grantor shall be entitled to collect and receive for its own use all
cash dividends and interest paid in respect of the Pledged Collateral owned by it to the extent not in violation of the Credit Agreement other than any of the following distributions and payments (collectively referred to as the
“Excluded Payments”): (A) dividends and interest paid or payable other than in cash in respect of such Pledged Collateral, and instruments and other property received, receivable or otherwise distributed in respect of, or in
exchange for, any Pledged Collateral; (B) dividends and other distributions paid or payable in cash in respect of such Pledged Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of
capital, capital surplus or paid-in capital of an issuer; and (C) cash paid, payable or otherwise distributed, in respect of principal of, or in redemption of, or in exchange for, such Pledged Collateral; provided however, that until
actually paid, all rights to such distributions shall remain subject to the Lien created by this Security Agreement; and 

(iv)     All Excluded Payments and all other distributions in respect of any of the
Pledged Collateral owned by such Grantor, whenever paid or made, shall be delivered to the Administrative Agent to hold as Pledged Collateral and shall, if received by such Grantor, be received in trust for the benefit of the Administrative Agent,
be segregated from the other property or funds of such Grantor, and be forthwith delivered to the Administrative Agent as Pledged Collateral in the same form as so received (with any necessary endorsement). 

4.7.       Intellectual Property. 

(a)        Such Grantor will use its best efforts to secure all consents and
approvals necessary or appropriate for the assignment to or benefit of the Administrative Agent of any License held by such Grantor and to enforce the security interests granted hereunder. 

(b)        Such Grantor shall notify the Administrative Agent immediately if it knows
or has reason to know that any application or registration relating to any Patent, Trademark or Copyright (now or hereafter existing) may become abandoned or dedicated, or of any adverse determination or development (including the institution of, or
any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court) regarding such Grantor’s ownership of any Patent, Trademark or Copyright, its right to
register the same, or to keep and maintain the same. 

  
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 (c)        In the event that any
Grantor, either directly or through any agent, employee, licensee or designee, shall file an application for the registration of any Patent, Trademark or Copyright with the United States Patent and Trademark Office, the United States Copyright
Office or any similar office or agency, such Grantor shall (i) provide prompt written notice to the Administrative Agent regarding such filing and (ii) execute and deliver any and all security agreements as the Administrative Agent may
request to evidence the Administrative Agent’s first priority security interest on such Patent, Trademark or Copyright, and the General Intangibles of such Grantor relating thereto or represented thereby. 

(d)        Such Grantor shall take all actions necessary or requested by the
Administrative Agent to maintain and pursue each application, to obtain the relevant registration and to maintain the registration of each of its Patents, Trademarks and Copyrights (now or hereafter existing), including the filing of applications
for renewal, affidavits of use, affidavits of noncontestability and opposition and interference and cancellation proceedings, unless such Grantor shall determine that such Patent, Trademark or Copyright is not material to the conduct of such
Grantor’s business. 
 (e)        Such Grantor shall, unless it shall
reasonably determine that such Patent, Trademark or Copyright is in no way material to the conduct of its business or operations, promptly sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement,
misappropriation or dilution, and shall take such other actions as the Administrative Agent shall deem appropriate under the circumstances to protect such Patent, Trademark or Copyright. In the event that such Grantor institutes suit because any of
its Patents, Trademarks or Copyrights constituting Collateral is infringed upon, or misappropriated or diluted by a third party, such Grantor shall comply with Section 4.8. 

4.8        Commercial Tort
Claims.  Such Grantor shall promptly, and in any event within two Business Days after the same is acquired by it, notify the Administrative Agent of any commercial tort claim (as defined in the UCC) acquired by it and, unless the
Administrative Agent otherwise consents, such Grantor shall enter into an amendment to this Security Agreement, in the form of Exhibit I hereto, granting to Administrative Agent a first priority security interest in such commercial tort
claim. 
 4.9.       Letter-of-Credit Rights.  If such Grantor is or
becomes the beneficiary of a letter of credit, it shall promptly, and in any event within two (2) Business Days after becoming a beneficiary, notify the Administrative Agent thereof and cause the issuer and/or confirmation bank to
(i) consent to the assignment of any Letter-of-Credit Rights to the Administrative Agent and (ii) agree to direct all payments thereunder to a Deposit Account at the Administrative Agent or subject to a Deposit Account Control Agreement
for application to the Secured Obligations, in accordance with Section 2.18 of the Credit Agreement, all in form and substance reasonably satisfactory to the Administrative Agent. 

4.10.     Federal, State or Municipal Claims.   Such Grantor will promptly
notify the Administrative Agent of any Collateral which constitutes a claim against the United States government or any state or local government or any instrumentality or agency thereof, the assignment of which claim is restricted by federal, state
or municipal law. 
 4.11.     No Interference.  Such Grantor agrees that it will
not interfere with any right, power and remedy of the Administrative Agent provided for in this Security Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the
Administrative Agent of any one or more of such rights, powers or remedies. 

4.12.     Insurance.  (a)    All insurance policies required
hereunder and under Section 5.10 of the Credit Agreement shall name the Administrative Agent (for the benefit of the Administrative Agent and the Secured Parties) as an additional insured or as lender’s loss payee, as applicable, and shall
contain lender loss payable clauses or mortgagee clauses, through endorsements in form and substance satisfactory to the Administrative Agent, which provide that: (i) all proceeds thereunder with respect to any Collateral shall be payable to
the Administrative Agent; (ii) no such insurance shall be affected by any act or neglect of the insured or owner of 

  
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the property described in such policy; and (iii) such policy and lender loss payable or mortgagee clauses may be canceled, amended, or terminated only upon at least thirty (30) days
prior written notice given to the Administrative Agent. 
 (b)        All premiums
on any such insurance shall be paid when due by such Grantor, and copies of the policies delivered to the Administrative Agent. If such Grantor fails to obtain or maintain any insurance as required by this Section, the Administrative Agent may
obtain such insurance at the Borrower’s expense. By purchasing such insurance, the Administrative Agent shall not be deemed to have waived any Default arising from the Grantor’s failure to maintain such insurance or pay any premiums
therefor. 
 4.13.     Collateral Access Agreements.    Such Grantor
shall use commercially reasonable efforts to obtain a Collateral Access Agreement from the lessor of each leased property, mortgagee of owned property or bailee or consignee with respect to any warehouse, processor or converter facility or other
location where Collateral is stored or located, which agreement or letter shall provide access rights, contain a waiver or subordination of all Liens or claims that the landlord, mortgagee, bailee or consignee may assert against the Collateral at
that location, and shall otherwise be reasonably satisfactory in form and substance to the Administrative Agent. 

4.14.     Deposit Account Control Agreements.  Such Grantor will provide to the
Administrative Agent upon the Administrative Agent’s request, a Deposit Account Control Agreement duly executed on behalf of each financial institution holding a deposit account of such Grantor as set forth in this Security Agreement. 

4.15.     Change of Name or Location; Change of Fiscal Year.  Such Grantor shall not
(a) change its name as it appears in official filings in the state of its incorporation or organization, (b) change its chief executive office, principal place of business, mailing address, corporate offices or warehouses or locations at
which Collateral is held or stored, or the location of its records concerning the Collateral as set forth in this Security Agreement, (c) change the type of entity that it is, (d) change its organization identification number, if any,
issued by its state of incorporation or other organization, or (e) change its state of incorporation or organization, in each case, unless the Administrative Agent shall have received at least thirty (30) days prior written notice of such
change and the Administrative Agent shall have acknowledged in writing that either (1) such change will not adversely affect the validity, perfection or priority of the Administrative Agent’s security interest in the Collateral, or
(2) any reasonable action requested by the Administrative Agent in connection therewith has been completed or taken (including any action to continue the perfection of any Liens in favor of the Administrative Agent, on behalf of the Secured
Parties, in any Collateral), provided that, any new location shall be in the continental U.S. Such Grantor shall not change its fiscal year which currently ends on March 31. 

ARTICLE V 
 EVENTS OF
DEFAULT AND REMEDIES 
 5.1.       Events of Default.  The
occurrence of any one or more of the following events shall constitute an Event of Default hereunder: 

(a)        The occurrence of any “Event of Default” as defined in the
Credit Agreement. 
 (b)        Any Equity Interest which is included within the
Collateral shall at any time constitute a Security or the issuer of any such Equity Interest shall take any action to have such interests treated as a Security unless (i) all certificates or other documents constituting such Security have been
delivered to the Administrative Agent and such Security is properly defined as such under Article 8 of the UCC of the applicable jurisdiction, whether as a result of actions by the issuer thereof or otherwise, or (ii) the Administrative Agent
has entered into a control agreement with the issuer of such Security or with a securities intermediary relating to such Security and such Security is defined as such under Article 8 of the UCC of the applicable jurisdiction, whether as a result of
actions by the issuer thereof or otherwise. 

  
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 5.2.  Remedies. 

(a)        Upon the occurrence of an Event of Default, the Administrative Agent may,
with the concurrence or at the direction of the Required Lenders, exercise any or all of the following rights and remedies: 

(i)        those rights and remedies provided in this Security
Agreement, the Credit Agreement, or any other Loan Document; provided that, this Section 5.2(a) shall not be understood to limit any rights or remedies available to the Administrative Agent and the other Secured Parties prior to an Event
of Default; 
 (ii)       those rights and remedies available to a
secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ lien) when a
debtor is in default under a security agreement; 
 (iii)      give notice of
sole control or any other instruction under any Deposit Account Control Agreement or and other control agreement with any securities intermediary and take any action therein with respect to such Collateral; 

(iv)      without notice (except as specifically provided in Section 8.1
or elsewhere herein), demand or advertisement of any kind to any Grantor or any other Person, enter the premises of any Grantor where any Collateral is located (through self-help and without judicial process) to collect, receive, assemble, process,
appropriate, sell, lease, assign, grant an option or options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or
continued from time to time with or without notice and may take place at any Grantor’s premises or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as the Administrative
Agent may deem commercially reasonable; and 
 (v)       concurrently
with written notice to the applicable Grantor, transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, exchange certificates or instruments representing or evidencing Pledged Collateral for
certificates or instruments of smaller or larger denominations, exercise the voting and all other rights as a holder with respect thereto, to collect and receive all cash dividends, interest, principal and other distributions made thereon and to
otherwise act with respect to the Pledged Collateral as though the Administrative Agent was the outright owner thereof. 

(b)        The Administrative Agent, on behalf of the Secured Parties, may comply
with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 

(c)        The Administrative Agent shall have the right upon any such public sale or
sales and, to the extent permitted by law, upon any such private sale or sales, to purchase for the benefit of the Administrative Agent and the other Secured Parties, the whole or any part of the Collateral so sold, free of any right of equity
redemption, which equity redemption the Grantor hereby expressly releases. 

(d)        Until the Administrative Agent is able to effect a sale, lease, or other
disposition of Collateral, the Administrative Agent shall have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed
appropriate by the Administrative Agent. The Administrative Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Administrative Agent’s remedies (for the benefit of
the Administrative Agent and the other Secured Parties), with respect to such appointment without prior notice or hearing as to such appointment. 

  
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 (e)        If, after the Credit
Agreement has terminated by its terms and all of the Obligations have been paid in full, there remain Swap Agreement Obligations outstanding, the Required Lenders may exercise the remedies provided in this Section 5.2 upon the occurrence of any
event which would allow or require the termination or acceleration of any Swap Agreement Obligations pursuant to the terms of the Swap Agreement. 

(f)        Notwithstanding the foregoing, neither the Administrative Agent nor any
other Secured Party shall be required to (i) make any demand upon, or pursue or exhaust any of its rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured
Obligations or to pursue or exhaust any of its rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the
Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Collateral. 

(g)        Each Grantor recognizes that the Administrative Agent may be unable to
effect a public sale of any or all the Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with clause (a) above. Each Grantor also acknowledges that any private sale may result in
prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by
virtue of such sale being private. The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register such
securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable Grantor and the issuer would agree to do so. 

5.3.       Grantor’s Obligations Upon Default. Upon the request of the
Administrative Agent after the occurrence of a Default, each Grantor will: 

(a)        assemble and make available to the Administrative Agent the Collateral and
all books and records relating thereto at any place or places specified by the Administrative Agent, whether at a Grantor’s premises or elsewhere; 

(b)        permit the Administrative Agent, by the Administrative Agent’s
representatives and agents, to enter, occupy and use any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and
records relating thereto, or both, to remove all or any part of the Collateral or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay the Grantor for such use and occupancy; 

(c)        prepare and file, or cause an issuer of Pledged Collateral to prepare and
file, with the Securities and Exchange Commission or any other applicable government agency, registration statements, a prospectus and such other documentation in connection with the Pledged Collateral as the Administrative Agent may request, all in
form and substance satisfactory to the Administrative Agent, and furnish to the Administrative Agent, or cause an issuer of Pledged Collateral to furnish to the Administrative Agent, any information regarding the Pledged Collateral in such detail as
the Administrative Agent may specify; 
 (d)        take, or cause an issuer of
Pledged Collateral to take, any and all actions necessary to register or qualify the Pledged Collateral to enable the Administrative Agent to consummate a public sale or other disposition of the Pledged Collateral; and 

(e)        at its own expense, cause the independent certified public accountants
then engaged by each Grantor to prepare and deliver to the Administrative Agent and each Lender, at any time, and from time to 

  
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time, promptly upon the Administrative Agent’s request, the following reports with respect to the applicable Grantor: (i) a reconciliation of all Accounts; (ii) an aging of all
Accounts; (iii) trial balances; and (iv) a test verification of such Accounts. 

5.4.       Grant of Intellectual Property License.  For the purpose of
enabling the Administrative Agent to exercise the rights and remedies under this Article V at such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby (a) grants to the
Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to any Grantor) to use, license or sublicense any
intellectual property rights now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer
software and programs used for the compilation or printout thereof and (b) irrevocably agrees that the Administrative Agent may sell any of such Grantor’s Inventory directly to any person, including without limitation persons who have
previously purchased the Grantor’s Inventory from such Grantor and in connection with any such sale or other enforcement of the Administrative Agent’s rights under this Security Agreement, may sell Inventory which bears any Trademark owned
by or licensed to such Grantor and any Inventory that is covered by any Copyright owned by or licensed to such Grantor and the Administrative Agent may finish any work in process and affix any Trademark owned by or licensed to such Grantor and sell
such Inventory as provided herein. 
 ARTICLE VI 

ACCOUNT VERIFICATION; ATTORNEY IN FACT; PROXY 

6.1.       Account Verification.    The Administrative Agent may
at any time after the occurrence of an Event of Default, in the Administrative Agent’s own name, in the name of a nominee of the Administrative Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with
the Account Debtors of any such Grantor, parties to contracts with any such Grantor and obligors in respect of Instruments of any such Grantor to verify with such Persons, to the Administrative Agent’s satisfaction, the existence, amount, terms
of, and any other matter relating to, Accounts, Instruments, Chattel Paper, payment intangibles and/or other Receivables. 

6.2.       Authorization for Administrative Agent to Take Certain Action. 

(a)        Each Grantor irrevocably authorizes the Administrative Agent at any time
and from time to time in the sole discretion of the Administrative Agent and appoints the Administrative Agent as its attorney-in-fact (A)(i) to endorse and collect any cash proceeds of the Collateral, (ii) to file any financing statement with
respect to the Collateral and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices as the Administrative Agent in its sole discretion deems necessary or
desirable to perfect and to maintain the perfection and priority of the Administrative Agent’s security interest in the Collateral, (iii) to contact and enter into one or more agreements with the issuers of uncertificated securities which
are Pledged Collateral or with securities intermediaries holding Pledged Collateral as may be necessary or advisable to give the Administrative Agent Control over such Pledged Collateral, (iv) to discharge past due taxes, assessments, charges,
fees or Liens on the Collateral (except for such Liens that are permitted under Section 6.02 of the Credit Agreement), and (v) to do all other acts and things necessary to carry out this Security Agreement; and (B) after the
occurrence and during the continuance of an Event of Default, (i) to contact Account Debtors for any reason, (ii) to demand payment or enforce payment of the Receivables in the name of the Administrative Agent or such Grantor and to
endorse any and all checks, drafts, and other instruments for the payment of money relating to the Receivables, (iii) to sign such Grantor’s name on any invoice or bill of lading relating to the Receivables, drafts against any Account
Debtor of the Grantor, assignments and verifications of Receivables, (iv) to exercise all of such Grantor’s rights and remedies with respect to the collection of the Receivables and any other Collateral, (v) to settle, adjust,
compromise, extend or renew the Receivables, (vi) to settle, adjust or compromise any legal proceedings brought to collect Receivables, (vii) to prepare, file and sign such Grantor’s name on a proof of claim in

  
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bankruptcy or similar document against any Account Debtor of such Grantor, (viii) to prepare, file and sign such Grantor’s name on any notice of Lien, assignment or satisfaction of Lien
or similar document in connection with the Receivables, and (ix) to change the address for delivery of mail addressed to such Grantor to such address as the Administrative Agent may designate and to receive, open and dispose of all mail
addressed to such Grantor; and such Grantor agrees to reimburse the Administrative Agent on demand for any payment made or any expense incurred by the Administrative Agent in connection with any of the foregoing; provided that, this
authorization shall not relieve such Grantor of any of its obligations under this Security Agreement or under the Credit Agreement. 

(b)        All acts of said attorney or designee are hereby ratified and approved.
The powers conferred on the Administrative Agent, for the benefit of the Administrative Agent and Secured Parties, under this Section 6.2 are solely to protect the Administrative Agent’s interests in the Collateral and shall not impose any
duty upon the Administrative Agent or any other Secured Party to exercise any such powers. The Administrative Agent agrees that, except for the powers granted in Section 6.2(a)(i)-(iv) and Section 6.2(a)(xiv), it shall not exercise
any power or authority granted to it unless an Event of Default has occurred and is continuing. 

6.3.       Proxy.   EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND
APPOINTS THE ADMINISTRATIVE AGENT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 6.2 ABOVE) OF THE GRANTOR WITH RESPECT TO ITS PLEDGED COLLATERAL, INCLUDING
THE RIGHT TO VOTE SUCH PLEDGED COLLATERAL, WITH FULL POWER OF SUBSTITUTION TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH PLEDGED COLLATERAL, THE APPOINTMENT OF THE ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO
EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF SUCH PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH
MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF SUCH PLEDGED
COLLATERAL OR ANY OFFICER OR AGENT THEREOF), UPON THE OCCURRENCE OF A DEFAULT. 

6.4.       Nature of Appointment; Limitation of Duty.    THE
APPOINTMENT OF THE ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE VI IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS SECURITY AGREEMENT IS TERMINATED IN ACCORDANCE WITH SECTION 7.14.
NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NONE OF THE ADMINISTRATIVE AGENT, ANY LENDER, ANY OTHER SECURED PARTY, ANY OF THEIR RESPECTIVE AFFILIATES, OR ANY OF THEIR OR THEIR AFFILIATES’ RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR
REPRESENTATIVES SHALL HAVE ANY DUTY TO EXERCISE ANY RIGHT OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY
TO SUCH PARTY’S OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION; PROVIDED THAT, IN NO EVENT SHALL THEY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES. 

ARTICLE VII 
 GENERAL
PROVISIONS 
 7.1       Waivers.  Each Grantor hereby waives notice
of the time and place of any public sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made. To the 

  
 17 

 
extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to Grantors, addressed as set forth in Article IX, at least ten days prior to
(i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against the
Administrative Agent or any Secured Party arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence or willful misconduct of the Administrative Agent or such Secured Party as
finally determined by a court of competent jurisdiction. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Administrative Agent
or any other Secured Party, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to
the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor hereby waives
presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security Agreement or any Collateral. 

7.2.      Limitation on Administrative Agent’s and Secured Parties’ Duty with
Respect to the Collateral. The Administrative Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. The Administrative Agent and each other Secured Party shall use reasonable care with respect to the Collateral
in its possession or under its control. Neither the Administrative Agent nor any other Secured Party shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the
Administrative Agent or such other Secured Party, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the extent that applicable law imposes duties on the Administrative Agent to
exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is commercially reasonable for the Administrative Agent (i) to fail to incur expenses deemed significant by the Administrative Agent to prepare
Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to
obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Account
Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use
of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other
Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether
or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or
that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit
enhancements to insure the Administrative Agent against risks of loss, collection or disposition of Collateral or to provide to the Administrative Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the
extent deemed appropriate by the Administrative Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Administrative Agent in the collection or disposition of any of the Collateral. The
Grantor acknowledges that the purpose of this Section 7.2 is to provide non-exhaustive indications of what actions or omissions by the Administrative Agent would be commercially reasonable in the Administrative Agent’s exercise of remedies
against the Collateral and that other actions or omissions by the Administrative Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 7.2. Without limitation upon the foregoing, nothing
contained in this Section 7.2 shall be construed to grant any rights to the Grantor or to impose any duties on the Administrative Agent that would not have been granted or imposed by this Security Agreement or by applicable law in the absence
of this Section 7.2. 

  
 18 

 7.3.      Compromises and Collection of
Collateral.    The Grantors and the Administrative Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables
may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the
foregoing, each Grantor agrees that the Administrative Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such
amount as the Administrative Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts in good faith based on
information known to it at the time it takes any such action. 
 7.4.      Secured Party
Performance of Debtor Obligations.  Without having any obligation to do so, the Administrative Agent may perform or pay any obligation which any Grantor has agreed to perform or pay in this Security Agreement and the Grantors shall
reimburse the Administrative Agent for any amounts paid by the Administrative Agent pursuant to this Section 7.4. The Grantors’ obligation to reimburse the Administrative Agent pursuant to the preceding sentence shall be a Secured
Obligation payable on demand. 
 7.5       Specific Performance of Certain
Covenants.  Each Grantor acknowledges and agrees that a breach of any of the covenants contained in Sections 4.1(d), 4.1(e), 4.4, 4.5, 4.6, 4.7, 4.8, 4.9, 4.10, 4.12, 4.13, 4.14, 4.15, 5.3, or 7.7 will cause irreparable injury to the
Administrative Agent and the other Secured Parties, that the Administrative Agent and the other Secured Parties have no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the Administrative Agent
or the other Secured Parties to seek and obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the covenants of the Grantors contained in the Sections referred to in this Section 7.5 shall
be specifically enforceable against the Grantors. 
 7.6.      Dispositions Not
Authorized.  No Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in Section 4.1(d) and notwithstanding any course of dealing between any Grantor and the Administrative Agent or other conduct
of the Administrative Agent, no authorization to sell or otherwise dispose of the Collateral (except as set forth in Section 4.1(d)) shall be binding upon the Administrative Agent or the other Secured Parties unless such authorization is in
writing signed by the Administrative Agent with the consent or at the direction of the Required Lenders. 

7.7.      No Waiver; Amendments; Cumulative Remedies.  No failure or delay by
the Administrative Agent or any other Secured Party in exercising any right or power under this Security Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the other Secured Parties hereunder are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Security Agreement or consent to any departure by the Grantor therefrom shall in any event be effective unless in writing
signed by the Administrative Agent with the concurrence or at the direction of the Lenders required under Section 9.02 of the Credit Agreement and then only to the extent in such writing specifically set forth. 

7.8.      Limitation by Law; Severability of Provisions.  All rights, remedies
and powers provided in this Security Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Security Agreement are intended to be subject to all
applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary so that they shall not render this Security Agreement invalid, unenforceable or not entitled to be recorded or registered, in whole or in part.
Any provision in this Security Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity,
legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction, and to this end the provisions of this Security
Agreement are declared to be severable. 

  
 19 

7.9       Reinstatement. 
 This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for
the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and
performance of the Secured Obligations, or any part thereof (including a payment effected through exercise of a right of setoff), is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any
obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise (including pursuant to any settlement entered into by a Secured Party in its discretion), all as though such payment or
performance had not been made. In the event that any payment, or any part thereof (including a payment effected through exercise of a right of setoff), is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and
deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

7.10.    Benefit of Agreement.  The terms and provisions of this Security Agreement shall
be binding upon and inure to the benefit of the Grantors, the Administrative Agent and the other Secured Parties and their respective successors and assigns (including all persons who become bound as a debtor to this Security Agreement), except that
no Grantor shall have the right to assign its rights or delegate its obligations under this Security Agreement or any interest herein, without the prior written consent of the Administrative Agent. No sales of participations, assignments, transfers,
or other dispositions of any agreement governing the Secured Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to the Administrative Agent, for the benefit of the Administrative Agent and the other
Secured Parties, hereunder. 
 7.11.    Survival of Representations.  All
representations and warranties of the Grantors contained in this Security Agreement shall survive the execution and delivery of this Security Agreement. 

7.12.    Taxes and Expenses.  Any taxes (including income taxes) payable or ruled payable
by Federal or State authority in respect of this Security Agreement shall be paid by the Grantors, together with interest and penalties, if any. The Grantors shall reimburse the Administrative Agent for any and all out-of-pocket expenses and internal charges (including reasonable attorneys’, auditors’ and accountants’ fees and reasonable time charges of attorneys, paralegals, auditors and accountants who
may be employees of the Administrative Agent) paid or incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, collection and enforcement of this Security Agreement and, to the extent provided in
the Credit Agreement in the audit, analysis, administration, collection, preservation or sale of the Collateral (including the expenses and charges associated with any periodic or special audit of the Collateral). Any and all costs and expenses
incurred by the Grantors in the performance of actions required pursuant to the terms hereof shall be borne solely by the Grantors. 

7.13.    Headings.  The title of and section headings in this Security Agreement are for
convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement. 

7.14.    Termination.  This Security Agreement shall continue in effect (notwithstanding
the fact that from time to time there may be no Secured Obligations outstanding) until (i) the Credit Agreement has terminated pursuant to its express terms and (ii) all of the Secured Obligations have been paid and performed in full (or
with respect to any outstanding Letters of Credit, a cash deposit has been delivered to the Administrative Agent as required by the Credit Agreement) and no commitments of the Administrative Agent or the Lenders which would give rise to any Secured
Obligations are outstanding. 
 7.15.    Entire Agreement.  This Security Agreement and
the other Loan Documents embody the entire agreement and understanding between the Grantors and the Administrative Agent relating to the Collateral and supersedes all prior agreements and understandings between the Grantors and the Administrative
Agent relating to the Collateral. 

  
 20 

 7.16.    CHOICE OF
LAW.    THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL
BANKS. 
 7.17.    CONSENT TO JURISDICTION.      EACH
GRANTOR HEREBY IRREVOCABLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH
COURT AND IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH
COURT IS AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.
NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY GRANTOR AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER
OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN
NEW YORK, NEW YORK. 
 7.18.    WAIVER OF JURY TRIAL.  EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OR OTHER AGENT (INCLUDING ANY ATTORNEY) OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

7.19.    Indemnity.  Each Grantor hereby agrees to indemnify the Administrative Agent and
the other Secured Parties, and their respective successors, assigns, agents and employees, from and against any and all liabilities, damages, penalties, suits, fees, costs, and expenses of any kind and nature (including, without limitation, all
expenses of litigation or preparation therefor whether or not the Administrative Agent or any Secured Party is a party thereto) imposed on, incurred by or asserted against the Administrative Agent or the other Secured Parties, or their respective
successors, assigns, agents and employees, in any way relating to or arising out of this Security Agreement, or the manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return or
other disposition of any Collateral (including, without limitation, latent and other defects, whether or not discoverable by the Administrative Agent or the other Secured Parties or any Grantor, and any claim for Patent, Trademark or Copyright
infringement). 

  
 21 

 7.20.     Counterparts.  This Security
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Security Agreement by signing any such counterpart. Delivery of an executed
counterpart of a signature page of this Security Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Security Agreement. 

 

			
	             7.21	 	         Lien Absolute.  All rights of the Administrative Agent hereunder, and all obligations of the
Grantors hereunder, shall be absolute and unconditional irrespective of:

 (a)        any lack of validity or enforceability of
the Credit Agreement, any other Loan Document or any other agreement or instrument governing or evidencing any Secured Obligations; 

(b)        any change in the time, manner or place of payment of, or in any other
term of, all or any part of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument governing or evidencing any Secured
Obligations; 
 (c)        any exchange, release or non-perfection of any
Collateral, or any release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Secured Obligations; 

(d)        the insolvency of any Person; or 

(e)        any other circumstance which might otherwise constitute a defense
available to, or a discharge of, any Grantor. 
  

			
	             7.22	 	        Release.  Each Grantor consents and agrees that the Administrative Agent may at any time, or from
time to time, in its discretion:

 (a)        renew, extend or change the time of
payment, and/or the manner, place or terms of payment of all or any part of the Secured Obligations; and 

(b)        exchange, release and/or surrender all or any of the Collateral (including
the Pledged Collateral), or any part thereof, by whomsoever deposited, which is now or may hereafter be held by the Administrative Agent in connection with all or any of the Secured Obligations; all in such manner and upon such terms as the
Administrative Agent may deem proper, and without notice to or further assent from any Grantor, it being hereby agreed that each Grantor shall be and remain bound upon this Security Agreement, irrespective of the value or condition of any of the
Collateral, and notwithstanding any such change, exchange, settlement, compromise, surrender, release, renewal or extension, and notwithstanding also that the Secured Obligations may, at any time, exceed the aggregate principal amount thereof set
forth in the Credit Agreement, or any other agreement governing any Secured Obligations. 
 ARTICLE VIII 

NOTICES 

8.1.       Sending Notices.  Any notice required or permitted to be given
under this Security Agreement shall be sent in accordance with Section 9.01 of the Credit Agreement. 

8.2.       Change in Address for Notices.    Each of the
Grantors, the Administrative Agent and the Lenders may change the address for service of notice upon it by a notice in writing to the other parties. 

  
 22 

 ARTICLE IX 

THE ADMINISTRATIVE AGENT 

JPMorgan Chase Bank, N.A. has been appointed Administrative Agent for the Lenders hereunder pursuant to Article VIII of the
Credit Agreement. It is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the Administrative Agent hereunder is subject to the terms of the delegation of authority made by the Lenders to the
Administrative Agent pursuant to Article VIII of the Credit Agreement, and that the Administrative Agent has agreed to act (and any successor Administrative Agent shall act) as such hereunder only on the express conditions contained in such Article
VIII. Any successor Administrative Agent appointed pursuant to Article VIII of the Credit Agreement shall be entitled to all the rights, interests and benefits of the Administrative Agent hereunder. 

[Signature Page Follows] 

  
 23 

 IN WITNESS WHEREOF, the Grantors and the Administrative Agent have executed this
Security Agreement as of the date first above written. 
  

			
		  	 GRANTORS:

		
		  	 GRAHAM CORPORATION

		
		  	 By: /s/  Jeffrey Glajch

		  	 Name: Jeffrey Glajch

		  	 Title: Chief Financial Officer

		
		  	 ENERGY STEEL & SUPPLY CO.

		
		  	 By: /s/  Jeffrey Glajch

		  	 Name: Jeffrey Glajch

		  	 Title: Chief Financial Officer

		
		  	 ADMINISTRATIVE AGENT:

		
		  	 JPMORGAN CHASE BANK, N.A.,

		
		  	 By: /s/  Philip M. Hendrix

		  	 Name: Philip M. Hendrix

		  	 Title: Vice-President & Authorized Officer

  
 24 

 EXHIBIT A 

(See Sections 3.2, 3.3, 3.4, 3.9 and 8.1 of Security Agreement) 
  

			
		  	  NOTICE ADDRESS FOR ALL GRANTORS

		
		  	 GRAHAM CORPORATION.

		  	 20 Florence Avenue

		  	 Batavia, New York 14020

		  	 Attention: Jeffrey Glajch

		  	 Fax No: (585) 815-2003

 INFORMATION AND COLLATERAL LOCATIONS OF GRAHAM CORPORATION 

 

	I.	 Name of Grantor: Graham Corporation 

  

	II.	 State of Incorporation or Organization: Delaware 

 

	III.	 Type of Entity: Corporation 

  

	IV.	 Organizational Number assigned by State of Incorporation or Organization: 2004194 

 

	V.	 Federal Identification Number: 16-1194720 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

 

			
		  	 GRAHAM CORPORATION.

		  	 20 Florence Avenue

		  	 Batavia, New York 14020

		  	 Attention: Jeffrey Glajch

		  	 Fax No: (585) 815-2003

  

	VII.	 Locations of Collateral: 

  

	 	(a)	 Properties Owned by the Grantor: 

ALL ADDRESSES IN BATAVIA, NEW YORK 14020: 

16-24 Florence Avenue (manufacturing facility and office property) 

6 Cedar Street (manufacturing facility) 

4-12 Howard Street (manufacturing facility) 

9-31 Howard Street (manufacturing facility) 

33-37 Howard Street (manufacturing facility) 

16 Howard Street (land) 

2 Howard Street (land) 

3 Howard Street (land) 

19 Florence Avenue (land) 

6 Florence Avenue (land) 

623 E. Main Street (land) 

 60 Evans Street (land) 

33 Harvester Avenue (land) 

113 Harvester Avenue (land) 

111 Harvester Avenue (land) 

119 Harvester Avenue (land) 

121 Harvester Avenue (land) 

114-A Harvester Avenue (land) 

114-B Harvester Avenue (land) 

114-C Harvester Avenue (land) 
  

	 	(b)	 Properties Leased by the Grantor (Include Landlord’s Name): 

None. 
  

	 	(c)	 Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements 

(include name of Warehouse Operator or other Bailee or Consignee): 

The Borrower has a consignment arrangement with the following company, located in the UK: 

Kinder & Janes Ltd. 
 151 Marsland Road 

Sale, Cheshire, UK M33 3WE 

 INFORMATION AND COLLATERAL LOCATIONS OF ENERGY STEEL & SUPPLY CO. 

 

	I.	Name of Grantor: Energy Steel & Supply Co. 

  

	II.	State of Incorporation or Organization: Michigan 

  

	III.	Type of Entity: Corporation 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 256690 

  

	V.	Federal Identification Number: 38-2451402 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

3123 John Conley Drive 

Lapeer, MI 48446 
 Attention:
Frank J. Helin, President 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 3123 John Conley
Drive 
 Lapeer, Michigan 48446 
  

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements 

(include name of Warehouse Operator or other Bailee or Consignee): 

None. 
 [NOTE: ADD ADDITIONAL INFORMATION PAGE
FOR EACH GRANTOR] 

 EXHIBIT B 

(See Section 3.5 of Security Agreement) 

DEPOSIT ACCOUNTS 
 (see attached)

 EXHIBIT C 

(See Section 3.7 of Security Agreement) 

LETTER-OF-CREDIT RIGHTS 
 None. 

CHATTEL PAPER 
 None. 

 EXHIBIT D 

(See Section 3.10 and 3.11 of Security Agreement) 

INTELLECTUAL PROPERTY RIGHTS 

PATENTS 
  

							
	Name of Grantor	 	Patent Description	 	Patent Number	 	Issue Date
	Graham Corporation	 	Instantaneous Water Heater	 	7140378	 	11-28-2006
	Graham Corporation	 	Apparatus For Removing Ammonia And Carbon Dioxide Gases From A Steam	 	5772709	 	06-30-1998

 PATENT APPLICATIONS 

None. 
 TRADEMARKS 

 

									
	Name of Grantor  	  	Trademark	 	
Registration
 Date
	 	 Registration Number 	 	Country
	Graham Corporation  	  	GRAHAM	 	11/18/1997	 	2,113,725	 	US
	Graham Corporation  	  	

	 	12/23/1997	 	2,123,101	 	US
	Graham Corporation  	  	

	 	11/20/2007	 	3,339,668	 	US
	Graham Corporation  	  	GRAHAM PRECISION PUMPS	 	7/7/1998	 	2,171,065	 	US
	Graham Corporation  	  	
GRAHAM VACUUM AND 

HEAT TRANSFER
	 	7/7/1998	 	2,171,070	 	US
	Graham Corporation  	  	HELIFLOW	 	4/8/2003	 	2,704,853	 	US
	Graham Corporation  	  	MICROMAX	 	6/17/2008	 	3,450,764	 	US
	Graham Corporation  	  	MICROMIX	 	11/18/1958	 	669,905	 	US
	Graham Corporation  	  	SEALCOOL	 	8/8/2000	 	2,375,893	 	US
	Graham Corporation  	  	ULTRAHEAT	 	10/23/2007	 	3,319,469	 	US
	Graham Corporation  	  	VACADEMICS	 	9/24/2002	 	2,626,331	 	US
	Graham Corporation  	  	VACWORKS	 	11/30/1999	 	2,296,884	 	US
	Graham Corporation  	  	G Logo	 	10/06/2006	 	004596011	 	CTM
	Graham Corporation  	  	GRAHAM	 	000486845	 	01/16/200	 	CTM
	Graham Corporation  	  	GRAHAM	 	004586467	 	11/27/2006	 	CTM
	Graham Corporation  	  	GRAHAM & DESIGN	 	000486852	 	3/3/1997	 	CTM
	Graham Corporation  	  	GRAHAM ENGINEERING  ANSWERS & DESIGN (Class 07)	 	5288202	 	4/14/2006	 	CN
	Graham Corporation  	  	GRAHAM ENGINEERING  ANSWERS & DESIGN (Class 37)	 	5288203	 	4/14/2006	 	CN
	Graham Corporation  	  	GRAHAM ENGINEERING  ANSWERS & DESIGN (Class 40)	 	5288204	 	4/14/2006	 	CN

									
	Graham Corporation  	  	GRAHAM ENGINEERING  ANSWERS & DESIGN (Class 42)	 	5288205	 	4/14/2006	 	CN
	Graham Corporation  	  	GRAHAM ENGINEERING  & DESIGN	 	005290275	 	8/23/2007	 	CTM
	Graham Corporation  	  	GRAHAM ENGINEERING  ANSWERS & DESIGN	 	1502414	 	11/08/2006	 	IN
	Graham Corporation  	  	GRAHAM ENGINEERING  ANSWERS & DESIGN (Class 07)	 	992949	 	07/23/2007	 	MX
	Graham Corporation  	  	GRAHAM ENGINEERING  ANSWERS & DESIGN (Class 37)	 	971079	 	01/30/2007	 	MX
	Graham Corporation  	  	GRAHAM ENGINEERING  ANSWERS & DESIGN (Class 40)	 	971080	 	01/30/2007	 	MX
	Graham Corporation  	  	GRAHAM ENGINEERING  ANSWERS & DESIGN (Class 42)	 	971081	 	01/30/2007	 	MX
	Graham Corporation  	  	GRAHAM ENGINEERING  ANSWERS & DESIGN (Class 11)	 	848887	 	04/17/2007	 	MX
	Graham Corporation  	  	GRAHAM VACUUM AND  HEAT TRANSFER & DESIGN (Class 07)	 	5288206	 	04/14/2006	 	CN
	Graham Corporation  	  	GRAHAM VACUUM AND  HEAT TRANSFER & DESIGN (Class 37)	 	5288207	 	04/14/2006	 	CN
	Graham Corporation  	  	GRAHAM VACUUM AND  HEAT TRANSFER & DESIGN (Class 40)	 	5288208	 	04/14/2006	 	CN
	Graham Corporation  	  	GRAHAM VACUUM AND  HEAT TRANSFER & DESIGN (Class 42)	 	5288209	 	04/14/2006	 	CN
	Graham Corporation  	  	GVHT (Class 07)	 	5288210	 	04/14/2006	 	CN
	Graham Corporation  	  	GVHT (Class 37)	 	5288211	 	04/14/2006	 	CN
	Graham Corporation  	  	GVHT (Class 40)	 	5288186	 	04/14/2006	 	CN
	Graham Corporation  	  	GVHT (Class 42)	 	5288187	 	04/14/2006	 	CN
	Graham Corporation  	  	GVHT (Class 11)	 	5882574	 	02/01/2007	 	CN
	Graham Corporation  	  	HELIFLOW	 	736590	 	12/01/2003	 	BX
	Graham Corporation  	  	HELIFLOW	 	TMA169350	 	05/22/1970	 	CA
	Graham Corporation  	  	HELIFLOW	 	977506	 	07/27/1987	 	DE
	Graham Corporation  	  	HELIFLOW	 	226805	 	01/08/2003	 	IE
	Graham Corporation  	  	HELIFLOW	 	2320120	 	01/08/2003	 	UK
	Graham Corporation  	  	MICROMAX	 	TMA631,364	 	01/27/2005	 	CA
	Graham Corporation  	  	MICROMIX	 	TMA169351	 	05/22/1970	 	CA

 TRADEMARK APPLICATIONS 

None. 

 COPYRIGHTS 
  

							
	Name of Grantor	  	Copyright	 	Registration Date	 	Registration Number
	Energy Steel & Supply Co.	  	The Duke of Nuke	 	1-9-1989	 	VA0000363219
	 	  	 	 	 	 	 

 COPYRIGHT APPLICATIONS 

None. 
 INTELLECTUAL PROPERTY LICENSES 

None. 

 EXHIBIT E 

(See Section 3.11 of Security Agreement) 

TITLE DOCUMENTS 
 I. Vehicles subject to
certificates of title: 
  

							
	Name of Grantor	 	Description	 	Title Number	 	State Where Issued
	Graham Corporation	 	Chevrolet 2500	 	1GCHC24K68E123351	 	New York
	Graham Corporation	 	Chevrolet Silverado	 	1GCNCPEX1CZ209484	 	New York
	Energy Steel & Supply Co.	 	Chevrolet Silverado	 	1GCHK24U86E126950	 	Michigan
	Energy Steel & Supply Co.	 	Ford F700	 	1FDNF70J6SVA82906	 	Michigan
	Energy Steel & Supply Co.	 	Ford Super Duty	 	1FDXE45S01HA47853	 	Michigan
	Energy Steel & Supply Co.	 	Dodge Pickup	 	1B7HF16Z7TS584662	 	Michigan

 II. Aircraft/engines/parts, ships, railcars and other vehicles governed by federal statute: 

None. 

 EXHIBIT F 

(See Section 3.13 of Security Agreement and Definition of “Pledged Collateral”) 

LIST OF PLEDGED COLLATERAL, SECURITIES AND OTHER INVESTMENT PROPERTY 

STOCKS 
  

											
	Name of Grantor	  	Issuer	  	    Certificate    
Number(s)	  	      Number of      
Shares	  	Class of Stock  	  	   Percentage of   
Outstanding
Shares
	Graham Corporation	  	Energy Steel & Supply Co.	  	9	  	9,000	  	Common	  	100%
	Graham Corporation	  	Graham Vacuum and Heat Transfer and Technology (Suzhou) Co., Ltd.	  	 	  	 	  	 	  	66 2/3

 BONDS 
 None.

 GOVERNMENT SECURITIES 
 None. 

OTHER SECURITIES OR OTHER INVESTMENT PROPERTY 

(CERTIFICATED AND UNCERTIFICATED) 
 None. 

[Add description of custody accounts or arrangements with securities intermediary, if applicable] 

 EXHIBIT G 

(See Section 3.1 of Security Agreement) 

OFFICES IN WHICH FINANCING STATEMENTS HAVE BEEN FILED 

Graham Corporation: Secretary of State of Delaware 
 Energy
Steel & Supply Co.: Secretary of State of Michigan 

 EXHIBIT H 

(See Definition of “Commercial Tort Claim”) 

COMMERCIAL TORT CLAIMS 
 {NOTE:
SPECIFICALLY DESCRIBE THE CLAIM (I.E. PARTIES, DESCRIPTION OF THE DISPUTE, CASE NUMBER – IF AVAILABLE) - SEE OFFICIAL COMMENT 5 TO SECTION 9-108 OF THE UCC}. 

None. 

 EXHIBIT I 

(See Section 4.8 of Security Agreement) 

AMENDMENT 
  

This Amendment, dated
                                ,        is
delivered pursuant to Section 4.8 of the Security Agreement referred to below. All defined terms herein shall have the meanings ascribed thereto or incorporated by reference in the Security Agreement. The undersigned hereby certifies that the
representations and warranties in Article III of the Security Agreement are and continue to be true and correct. The undersigned further agrees that this Amendment may be attached to that certain Pledge and Security Agreement, dated December 2,
2015, by and among the undersigned, as the Grantors, and JPMorgan Chase Bank, N.A., as the Administrative Agent, (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Security
Agreement”) and that the Collateral listed on Schedule I to this Amendment shall be and become a part of the Collateral referred to in said Security Agreement and shall secure all Secured Obligations referred to in the Security
Agreement. 
  

							
		 	  
	  	
				
		 	By:	  		  	
		 	Name:	  	  
	  	
		 	Title:	  	  
	  	

 Schedule I to Amendment to Security Agreement 

COMMERCIAL TORT CLAIMS 
 {NOTE:
SPECIFICALLY DESCRIBE THE CLAIM (I.E. PARTIES, DESCRIPTION OF THE DISPUTE, CASE NUMBER – IF AVAILABLE) - SEE OFFICIAL COMMENT 5 TO SECTION 9-108 OF THE UCC}. 
  

							
	Name of Grantor	  	Description of Claim	  	            Parties      
      	  	Case Number; Name of Court
where Case was Filed
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 

 ANNEX I TO PLEDGE AND SECURITY AGREEMENT 

Reference is hereby made to the Pledge and Security Agreement (as amended, restated, supplemented or otherwise modified from
time to time, the “Security Agreement”), dated as of December 2, 2015 by and among Graham Corporation, a Delaware corporation (the “Borrower”), Energy Steel & Supply Co., a Michigan corporation
(“ESSC”), and certain other entities which become parties to the Security Agreement from time to time, including, without limitation, those that become party thereto by executing a Security Agreement Supplement in substantially the
form hereof (such parties, including the undersigned, together with the Borrower and ESCC, the “Grantors”), in favor of JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), for the
benefit of the Secured Parties under the Credit Agreement. Each capitalized term used herein and not defined herein shall have the meaning given to it in the Security Agreement. 

By its execution below, the undersigned, [NAME OF NEW GRANTOR], a
[                                         
           ] [corporation] [partnership] [limited liability company] (the “New Grantor”) agrees to become, and does hereby become, a Grantor under the Security Agreement and
agrees to be bound by such Security Agreement as if originally a party thereto. The New Grantor hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable benefit of the Secured Parties, a security interest in
all of the New Grantor’s right, title and interest in and to the Collateral, whether now owned or hereafter acquired, to secure the prompt and complete payment and performance of the Secured Obligations. 

By its execution below, the New Grantor represents and warrants as to itself that all of the representations and warranties
contained in the Security Agreement are true and correct in all respects as of the date hereof. The New Grantor represents and warrants that the supplements to the Exhibits to the Security Agreement attached hereto are true and correct in all
respects and such supplements set forth all information required to be scheduled under the Security Agreement. The New Grantor shall take all steps necessary to perfect, in favor of the Administrative Agent, a first-priority security interest in and
lien against the New Grantor’s Collateral, including, without limitation, delivering all certificated Pledged Collateral to the Administrative Agent (and other Collateral required to be delivered under the Security Agreement), and taking all
steps necessary to properly perfect the Administrative Agent’s interest in any uncertificated Pledged Collateral. 

IN WITNESS WHEREOF, [NAME OF NEW GRANTOR], a
[                                    ] [corporation]
[partnership] [limited liability company] has executed and delivered this Annex I counterpart to the Security Agreement as of this
                       day of
                        ,         . 

 

							
		 	[NAME OF NEW GRANTOR]	 	
		 	By:	 		 	
		 	Name:	 	  
	 	
		 	Title:

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