Document:

Exhibit

EXHIBIT 10.3

EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (the “Agreement”) is made as of January 4, 2017 (the “Effective Date”), between Art Golden, an individual (“Employee”), and Fenix Parts, Inc., a Delaware corporation (the “Company” or “Employer”). This Agreement hereby supersedes any other employment agreements or understandings, written or oral, between Employer and Employee.
1.Term.  Employer hereby agrees to continue the employment of Employee, and Employee hereby accepts continued employment with the Company under the terms and conditions set forth in this Agreement. This Agreement shall commence on the Effective Date hereof and, subject to the various termination provisions contained herein, shall extend through December 31, 2018 (the “Original Term”). Thereafter, on January 1 of each succeeding year, commencing with January 1, 2019, this Agreement shall automatically renew for successive one-year periods (each a “Renewal Term” and together with the Original Term, the “Term”), unless terminated according to one of the termination provisions contained herein.

2.Employment. 
a.     Position.  The Company agrees to employ Employee as its Chief Operating Officer during the Term. Employee shall report to the Chief Executive Officer and to the Board of Directors of the Company (the “Board”).
b.     Duties.  Employee shall promote the interests of the Company and shall diligently, and to the best of his ability, perform all duties as are customarily performed by persons acting in such Chief Operating Officer capacity and all such other duties as may be assigned by the Chief Executive Officer or the Board from time to time to time, all in accordance with the bylaws and corporate policies of the Company in effect from time to time. 
c.     Time to be- Devoted to Employment.  Employee shall devote his full time and energy to the business of the Company. Employee shall not be engaged in any other enterprise or business activity, whether for-profit or not-for-profit in nature, which would require significant time and attention or otherwise interfere with Employee’s duties and responsibilities hereunder, without the express written consent of the Board. However, the foregoing limitations shall not be construed as prohibiting Employee from making personal investments in such form or manner as will neither require his services in the operations or affairs of the companies or enterprises in which such investments are made nor violate the terms of Paragraph 8 below.
d.     At-Will Employment.  Employee shall be employed on an at-will basis and may terminate his employment and may be terminated from his employment at any time by the Board with or without cause, subject to the severance payment and other provisions set forth in Paragraph 9 below.

3.Compensation and Benefits. 
a.Base Salary.  Employee shall receive an annual base salary of $250,000 per year (the “Base Salary”) payable in accordance with the Company's regular payroll practices, as established from time to time. Employee’s Base Salary and any cash bonus or other compensation shall be subject to withholding and other applicable taxes. Base Salary may be increased from time to time, but not decreased without the written consent of Employee, by the Compensation Committee of the Board (the “Committee”) taking into consideration such factors as inflation, geographic market and competitive trends, corporate performance and circumstances, individual job performance and other factors that the Committee, in its sole discretion, deems pertinent. 
b.Annual Incentive Cash Bonus.  Employee will be eligible to receive an annual incentive cash bonus for each full fiscal year that Employee is employed under this Agreement. For 2016, the amount of such cash bonus, if any, will be based 100% on the discretion of the Committee based on the Committee’s assessment of the corporate and individual performance for that fiscal year. For 2017 and future years, the Committee will establish a written plan (the “Annual Cash Bonus Plan”) with (i) pre-determined quantifiable objective performance goals and metrics as determinants for a portion of the eligible bonus, and/or (ii) pre-determined qualitative subjective goals as determinants for a portion of the eligible bonus. The annual cash bonus determined to be due, if any, will be paid within 120 calendar days after the close of the Company's fiscal year and completion of an outside audit of the Company’s consolidated financial statements by the Company's independent public accounting firm.  
c.Long-Term Incentive Awards.  Employee will be eligible to receive equity incentive awards under the Company’s 2014 Amended and Restated Incentive Stock Plan (the “2014 Stock Plan”) and any other future plan that may be approved by the Company’s shareholders and adopted by the Company for each full fiscal year that Employee is employed under this Agreement. Such equity awards, which generally vest over three to five years from the date of grant, are intended as an incentive for future performance and to align management and shareholder interests. For 2016, the nature and amount of such equity awards, if any, and the vesting terms will be based 100% on the discretion of the Committee based on the Committee’s assessment of the corporate and individual performance for that fiscal year. For 2017 and future years, provided that the Company has shares available for grant under the 2014 Stock Plan or other approved plans, the Committee will establish a written plan (the “Annual Long-Term Incentive Plan”) with (i) pre-determined quantifiable objective performance goals and metrics as determinants for a portion of the eligible equity award, and/or (ii) pre-determined qualitative subjective goals as determinants for a portion of the eligible equity award. The long-term incentive awards determined to be due, if any, will be issued within 120 calendar days after the close of the Company's fiscal year and completion of an outside audit by the Company's independent public accounting firm.
d.Benefits.  Employee shall be entitled to four (4) weeks of paid vacation per year or such greater amount as may be afforded senior executives under the Company’s policies in effect from time to time. Employee shall also be eligible for executive perquisites as may be available and deemed appropriate for Employee by the Board or the Committee. Employee shall also participate in any other Company benefit plan, to the extent he is eligible, that is generally available to the employees of the Company. The Company reserves the right to amend, modify or terminate any of the Company’s employee benefits at any time for any reason.
e.Reimbursement of Expenses.  The Company shall reimburse Employee 

for all reasonable, documented business expenses incurred by Employee on behalf of the Company in performance of his duties in accordance with the Company’s policies governing such matters in effect from time to time.

4.Definitions. The following definitions shall apply with respect to this Agreement. 
a.    Base Salary means Employee’s annual salary; it shall not include any other benefits and special allowances for which Employee is eligible (e.g., bonuses). If Employee’s annual salary is adjusted following the Effective Date of this Agreement, the adjusted annual salary would then represent Employee’s Base Salary.
b.    Change of Control means an event or the last of a series of related events by which:
(1)    any Person directly or indirectly acquires or otherwise becomes entitled to vote stock having 51% or more of the voting power in elections for Directors; or
(2)    during any 24-month period beginning with the Effective Date hereof, a majority of the members of the Company’s Board of Directors ceases to consist of Qualifying Directors. A Director shall be considered a “Qualifying Director” if he or she falls into any one of the following five categories:
(A)    a Director at the beginning of the period (“continuing Directors”); or
(B)    a Director elected to office after the start of the period by the Board of Directors with the approval of two-thirds of the incumbent continuing Directors (an “appointed Director”); or
(C)    a Director elected to office after the start of the period by the Company’s stockholders following nomination for election by the Board of Directors with the approval of two-thirds of the incumbent continuing and appointed Directors (an “elected Director”); or
(D)    a Director elected to office after the start of the period by the Board of Directors with the approval of two-thirds of the incumbent continuing, appointed and elected Directors; or
(E)    a Director elected to office after the start of the period by the Company’s stockholders following nomination for election by the Board of Directors with the approval of two-thirds of the incumbent continuing, appointed and elected Directors; or
(3)    the Company merges or consolidates with another corporation, and holders of outstanding shares of the aggregate of (A) the Company’s common stock and (B) Fenix Parts Canada, Inc.’s Exchangeable Voting Shares immediately prior to the merger or consolidation do not own stock in the survivor of the merger or consolidation having more than 51% of the voting power in elections for Directors; or

(4)    the Company sells all or a substantial portion of the consolidated assets of the Company and its subsidiaries, and the Company does not own stock in the purchaser having more than 51% of the voting power in elections for Directors.
As used in this definition, a “Person” means any “person” as that term is used in sections 13(d) and 14(d) of the Exchange Act, together with all of that person’s “affiliates” and “associates” as those terms are defined in Rule 12b-2 under the Exchange Act.
c.    Competing Business means a person, proprietorship, partnership, joint venture, limited liability company, corporation, enterprise or other entity, whether for-profit or not-for-profit in nature, other than the Company or its subsidiaries and affiliates, that from or at any location anywhere within a radius of one hundred (100) miles of the corporate office of the Company or any location from or at which the Company, directly or indirectly through one or more subsidiaries, maintained motor vehicle parts inventory for sale and/or serviced a customer or otherwise provided products or services during the two-year period ending on the date of termination of Employee's employment:

(1)is engaged in the business of purchasing and dismantling motor vehicles for the sale of recycled or reconditionable motor vehicle parts, components or systems and/or the sale as scrap metal of the unusable parts and bodies of motor vehicles;

(2)is engaged in the business of selling or reconditioning recycled motor vehicle parts, components or systems and/or the sale as scrap metal of the unusable parts and bodies of motor vehicles; or
(3)

(4)provides any other products or services that the Company provided at any time during the two­year period ending on the date of termination of Employee's employment.

d.     Constructive Termination means that any of the following events have taken place and Employee gives written notice of his intent to resign his employment with the Company and said resignation is submitted within thirty (30) days of the event: (i) a reduction in the Base Salary of Employee without Employee’s written consent; (ii) a relocation (or demand for relocation) of Employee’s office location and principal place of employment to a location more than fifty (50) miles from Employee’s current office location and principal place of employment; or (iii) a significant or material reduction in Employee’s job duties or level of responsibility.
e.     Exchange Act means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
f.     Termination for Cause means a termination of Employee’s employment by the Company due to Employee’s: 
(1)    willful and material failure to perform or observe (other than by reason of Disability as contemplated in Paragraph 13), or gross negligence in 

the performance of, any of the terms or provisions of this Agreement, including the failure of Employee to follow the reasonable written directions of Employer’s Board of Directors, and any breach of his agreements and covenants with the Company as described in Paragraphs 5, 6, 7 or 8 hereof; or
(2)    dishonesty, including fraud, a breach of fiduciary duty or misconduct on the part of Employee, that is or is reasonably likely to be damaging or detrimental to the business or reputation of Employer; or
(3)    conviction (or a plea of nolo contendere or similar plea) of a felony or any crime involving moral turpitude; or
(4)    failure to perform duties due to abuse of alcohol or drugs; or
(5)     misappropriation of funds or property of the Company; or 
(6)     failure to comply with the significant provisions of the Company’s policies as specified in the Employee Handbook, or as otherwise adopted by the Board and provided to Employee, applicable to Employee and then in effect.
g.     Termination Without Cause means a termination of Employee’s employment by the Company for any reason other than those specified in subparagraph 3f(1) through (6) above, except for Disability which is covered in Paragraph 13.b.
h.     Disability means that Employee is unable to perform his duties and responsibilities hereunder to the full extent required by Employer by reason of physical or mental illness, injury or incapacity that has been ongoing for ninety (90) consecutive days.
5.Employment.  The Company shall be entitled to all of the benefits and profits arising from or incident to the work, services and advice rendered by Employee relating to his work performed for the Company. Employee shall make all information available to the Company that relates to the Company’s business of which he has any knowledge and shall not use any such information or the benefits of any such information for his personal profit or that of any third party.
6.Inventions and Assignment of Rights Thereto.  Employee shall promptly disclose in writing to the officials designated by the Company to receive such disclosures, complete information concerning each and every substantive conception and ideas for invention, discovery, improvement, device, design, apparatus, practice, process, method or product (hereinafter referred to as “Inventions”), whether Employee considers them patentable or not, made, developed, perfected, devised, conceived or reduced to practice by Employee, either solely or in collaboration with others, whether or not during regular working hours, relating either directly or indirectly to the business, products, practices or techniques of the 

Company, or resulting from any work performed by Employee for the Company or with the equipment, supplies, facilities or Confidential Information (as defined below) of the Company during the period of Employee’s employment by the Company and for a period of twenty-four (24) months after termination of employment,. Employee hereby agrees that any Inventions made, developed, perfected, devised, conceived or reduced to practice by Employee during the period of his employment by the Company, and any other Inventions made, developed, perfected, devised, conceived or reduced to practice by Employee during a period of twenty-four (24) months after termination of his employment if based upon the Confidential Information of the Company, relating either directly or indirectly to the business, products, practices or techniques of the Company, or resulting from any work performed by Employee for the Company or with the equipment, supplies, facilities or Confidential Information of the Company, are the sole property of the Company, and he hereby assigns and agrees to assign to the Company, its successors and assigns, all of his right, title and interest in and to said Inventions, and any patent applications or Letters Patent thereon. During the time period that this covenant shall apply, Employee shall execute any and all applications, assignments or other instruments that Employer or its counsel shall deem necessary to apply for and obtain Letters of Patent of the United States or any foreign country or to otherwise protect Employer’s interest in any Inventions.
7.Confidentiality.  Employee recognizes that his employment with the Company will involve contact with information of substantial value to the Company, which may not be generally known in the trade and which gives the Company an advantage over its competitors who do not know or use it, including, but not limited to, correspondence, files, records, documents, memoranda, reports, designs, drawings, processes, inventions, developments, equipment, prototypes, sales and customer information, and business and financial information, relating to the business, products, practices or techniques of the Company (hereinafter referred to as “Confidential Information”), whether prepared by Employee or otherwise coming into Employee's possession. Confidential Information does not include information that currently is generally available to or known by the public or hereafter becomes generally available to or known by the public through no fault of Employee, or is obtained by Employee from a third party who is under no obligation of confidence to the Company. Such Confidential Information, in whatever form or medium, shall remain the Company's exclusive property, and during Employee's employment with the Company and continuing indefinitely following the termination of Employee's employment, regardless of the reason for or circumstances of Employee's termination, Employee shall treat all Confidential Information as secret and 

confidential and shall not directly or indirectly (i) publish or disclose any Confidential Information to any third party (except as required in the normal course of Employee's employment or by a court order or as expressly authorized by an officer of the Company), or (ii) use any Confidential Information for Employee's own account or purposes. Further, Employee shall, during his employment and thereafter, refrain from any acts or omissions that would reduce the value of such Confidential Information to the Company. Upon the termination of Employee's employment, or at any other time that the Company requests, Employee shall promptly tum over to the Company all written or tangible Confidential Information that may be in Employee's possession or control (including all copies and summaries and notes derived from Confidential Information).
8.Non-solicitation and Noncompetition.  
a.     Non-solicitation of Company Employees.  Employee agrees that, during his employment with the Company and, regardless of the reason for or circumstances of Employee's termination, for a period of twenty-four (24) months beginning on the date of termination of Employee's employment (together, the “Non-solicitation Period”), Employee shall not directly or indirectly, for himself or on behalf of any other person or entity, solicit or induce for employment or attempt to solicit or induce for employment or hire away for himself or any person, firm, corporation or other entity, any full-time or part-time employee of the Company or of a subsidiary or affiliate of the Company, regardless of whether the employee was employed on an "at will" basis or pursuant to a written agreement (Employee's “Non-solicitation Covenant”).
b.     Noncompetition.  Employee agrees that during his employment with the Company and, regardless of the reason for or circumstances of Employee's termination, for a period of twenty-four (24) months beginning on the date of termination of Employee's employment (together, the “Noncompetition Period”), Employee shall not, directly or indirectly, for himself or on behalf of any other person or entity as an employee, employer, consultant, agent, lender, principal, partner, investor, stockholder, manager, member, corporate officer, director, or in any other individual or representative capacity: (i) invest in, engage in, or permit his name to be used in connection with any Competing Business, (ii) accept employment with or render services of any kind to a Competing Business, or (iii) call on, solicit or divert or attempt to call on, solicit or divert for a Competing Business any business from a person, firm, corporation or other entity that was an actual or prospective customer or account of the Company or a subsidiary of the Company during Employee's employment with the Company (Employee's “Noncompetition Covenant”). This Noncompetition Covenant shall not be deemed to prohibit Employee from acquiring as a personal investment not more than one percent (1%) of the capital stock of a Competing Business whose stock is traded on a national securities exchange or over-the-counter.

c.     Violations.  The duration of the Non-solicitation and Noncompetition Periods shall be extended by a length of time equal to (i) the period during which Employee is in violation of Employee's Non-solicitation Covenant or Noncompetition Covenant and (ii) without duplication, any period during which litigation or arbitration that the Company institutes to enforce Employee's Non-solicitation Covenant or Noncompetition Covenant is pending (to the extent that Employee is in violation of Employee's Non-solicitation Covenant or Noncompetition Covenant during this period). The Company shall not be obligated to pay Severance Payments (as described below) during (i) the period during which Employee is in violation of Employee's Non-solicitation Covenant or Noncompetition Covenant and (ii) without duplication, any period during which litigation or arbitration that the Company institutes to enforce Employee's Non-solicitation Covenant or Noncompetition Covenant is pending.
9.Severance Payments and Other Benefits in the Event of Termination of Employment as of or Following a Change of Control, Without Cause or Due to a Constructive Termination.

a.In the event of a pending Change of Control wherein the Company and Employee have not received written notice at least five (5) business days prior to the anticipated closing of the transaction giving rise to the Change of Control from the successor to all or a substantial portion of the Company’s business and/or assets that such successor is willing as of the Change of Control date to assume and agree to perform all of the Company’s obligations under this Agreement in the same manner and to the same extent that the Company is hereby required to perform, then such Change of Control shall be deemed to be a Termination Without Cause as of the date of such Change of Control, and the Company will provide payment and benefits to Employee as stipulated in Paragraph 9.d. below and all the agreements referred to in Paragraphs 5, 6, 7 and 8 shall apply as written.

b.In the event that, within 12 months of a Change of Control wherein the successor has assumed and agreed to perform all of the Company’s obligations under this Agreement, Employee’s employment is terminated by the Company by (i) a Termination Without Cause, or (ii) Employee terminates his employment as a result of a Constructive Termination, the Company or its successor, as the case may be, will provide payment and benefits to Employee as stipulated in Paragraph 9.d. below and all the agreements referred to in Paragraphs 5, 6, 7 and 8 shall apply as written.

c.In the event that (i) Employee’s employment is terminated by the Company by a Termination Without Cause, or (ii) Employee terminates his employment as a result of a Constructive Termination, at any time other than within 12 months after a Change of Control wherein the successor has assumed and agreed to perform all of the Company’s obligations under this Agreement, the Company or its successor, as the case may be, will provide payment and benefits to Employee as stipulated in Paragraph 9.d. below and all the agreements referred to in Paragraphs 5, 6, 7 and 8 shall apply as written.

d.For a termination of Employee’s employment as described in Paragraphs 9.a., 9.b or 9.c., the Company shall make the following payments and provide the following benefits to Employee: 
    
(1)    Accrued Salary and Benefits.  The Company shall pay Employee’s Base Salary through the effective date of termination of Employee’s employment. In addition, Employee shall receive the following: (i) payment for accrued but unused vacation time through the date of termination, payable within fifteen (15) days of the termination date; and (ii) group health coverage, including eligible medical, dental and vision insurance that Employee was participating in at the time of termination, through the last day of the calendar month during which the termination occurs (group health coverage after such date being governed by COBRA). 
(2)     Severance Payments.  For a termination of Employee’s employment as described in Paragraphs 9.a or 9.b, the Company shall additionally pay to Employee two (2) times his Base Salary in effect immediately prior to the Change of Control.  For a termination of Employee’s employment as described in Paragraph 9.c, the Company shall additionally pay to Employee an amount equal to his Base Salary in effect at the time of termination of his employment.
(3)     Manner of Payment.  These Severance Payments may be paid in accordance with regular payroll periods, in a single lump sum payment, or any combination thereof, as deemed appropriate by the Company. Taxes and other appropriate deductions will be withheld; however, 401k contributions will not be allowed on any Severance Payments. 
(4)     COBRA.  Employee’s existing coverage under the Company’s group health plan (and, if applicable, the existing group health coverage for eligible dependents) will end on the last day of the month in which the eligible Employee’s employment terminates. Employee and his eligible dependents may then be eligible to elect temporary continuation coverage under the Company’s group health plan in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). Employee (and, if applicable, his eligible dependents) will be provided with a COBRA election 

form and notice which describe his rights to continuation coverage under COBRA. If Employee elects COBRA continuation coverage, Employee (and, if applicable, his eligible dependents) may continue coverage at his own expense in accordance with COBRA or other applicable laws.
(5)     Outplacement Services.  The Company will make available to Employee, upon his request, outplacement services provided by a reputable outplacement counselor selected by the Employee and acceptable to the Company for a period of six (6) months following termination. The Company will assume the cost of all such outplacement services. In no event will a cash payment be made in lieu of outplacement benefits.
e.    Payment of any Severance or post-termination benefits described in Paragraph 9.c. above shall be conditioned upon the following:

(1)  If Employee is eligible to receive severance benefits under any other severance plan created by the Company, then the Company will reduce dollar for dollar any benefit due under this Agreement.

(2)  Employee understands and agrees that no Severance Payments shall be made and no post-termination benefits provided to Employee pursuant to this Paragraph 9.c. unless he first executes and does not revoke a release (the “Release”) in form and substance satisfactory to the Company and its counsel releasing the Company and all subsidiaries, affiliates and related entities and their current and former officers, directors, employees, agents and clients from any and all claims related to his employment, this Agreement and the termination of his employment permitted to be released by applicable law; provided, that such Release shall contain no post-employment restrictions on competition and/or solicitation other than those contained in this Agreement.

10.Acceleration of Stock Options and Restricted Stock in the Event of a Change of Control.  In the event of a Change of Control (whether or not followed by termination of Employee’s employment), all unvested stock options, restricted stock or restricted stock units granted under the 2014 Stock Plan or any other Company stock plan which Employee holds at the time of such Change of Control shall become fully vested (i.e., immediately exercisable or issuable).

11.Section 280G Limitation on Severance Payments.  The Severance Payments as described in Paragraph 9a(2) of this Agreement shall be reduced as necessary so that the present value, as determined in accordance § 280G(d)(4) of the Internal Revenue Code, of the sum of (i) the Severance Payments and (ii) all other payments, if any, that must be taken into account for purposes of computation under § 280G(b)(2)(A)(ii) of the Internal Revenue Code in respect of Employee does not exceed 2.99 times Employee’s base amount, as “base amount” is defined in § 280G(b)(3) of the Internal Revenue Code.

12.Resignation, Termination for Cause.  Upon Employee’s resignation other than a 

Constructive Termination, or upon a Termination for Cause, (i) the Company shall (a) pay Employee’s Base Salary through the effective date of termination of Employee’s employment, (b) pay Employee for accrued but unused vacation time through the date of termination, payable within fifteen (15) days of the termination date, and (c) provide to Employee group health coverage, including eligible medical, dental and vision insurance that Employee was participating in at the time of termination, through the last day of the calendar month during which the termination occurs (group health coverage after such date being governed by COBRA), and (ii) Employee shall thereafter not be entitled to any Severance Payments or additional payments or benefits from the Company and all the agreements referred to in Paragraphs 5, 6, 7 and 8 shall apply as written.

13.Death or Disability.

a.Death.  In the event that Employee dies during the Term hereof, this Agreement shall terminate and the Company shall have no further liability or obligation hereunder to Employee’s executors, legal representatives, administrators, heirs or assigns or any other person claiming under or through Employee. All unvested stock options, restricted stock or restricted stock units owned by Employee at the time of death shall immediately vest in accordance with their terms of grant, and Employee’s heirs, legal representatives or administrators will be entitled to receive payment for Employee’s Base Salary and accrued but unused vacation time through the date of death and the other benefits, rights and/or payments prescribed under any employee welfare or benefit plans in which Employee was participating at the time of his death in accordance with the terms and conditions of such plans.
b.Disability.  In the event that Employee is unable fully to perform his duties and responsibilities hereunder by reason of his Disability, this Agreement may be terminated by Employee or the Company with written notice that, in the opinion of the party providing notice, a Disability (as defined herein) exists as of the date of notice and such party intends to terminate this Agreement for Disability reasons within fifteen (15) days from the date of notice. Any such Disability termination by Employee shall be accompanied by a written statement from a qualified licensed physician that Employee’s health has become impaired to an extent that makes the continued performance of his duties hereunder, with or without reasonable accommodation, hazardous to his physical or mental health or his life. In the event of any dispute as to whether a qualified Disability exists under this Paragraph 13, Employee shall submit to a physical examination by a licensed physician selected by Employer and reasonably acceptable to Employee. Employee shall continue to be compensated as provided in this Agreement through the date of written notice and for fifteen (15) days after the date of written notice. If this Agreement is terminated for Disability, then Employee shall be paid a special benefit of his regular Base Salary for the twelve-month period after termination. In addition, all unvested stock options, restricted stock and restricted stock units owned by Employee as of the Disability termination date shall immediately vest, and Employee will be entitled to receive payment for Employee’s Base Salary and accrued but unused vacation time through the effective date of termination and the other the benefits, rights and/or payments prescribed under any employee welfare or benefit plan in which Employee was participating at the time of such Disability in accordance with the terms and conditions of such plans.

14.Reasonableness of Restrictions.  Employee agrees that (a) the covenants 

contained in Paragraphs 5, 6 and 7 hereof and the Non-solicitation and Noncompetition Covenants in Paragraph 8 hereof are necessary for the protection of Employer’s business goodwill and trade secrets, and (b) a portion of the compensation paid to Employee under this Agreement and any Severance Compensation is paid in consideration of the covenants herein contained, the sufficiency of which consideration is hereby acknowledged. If the scope of any restriction contained in Paragraphs 5, 6 and 7 hereof and the Non-solicitation and Noncompetition Covenants in Paragraph 8 hereof is too broad to permit enforcement of such restriction to its full extent, then such restriction shall be enforced to the maximum permitted by law, and the parties hereby consent that such scope may be judicially modified accordingly in any proceeding brought to enforce such restriction.

15.Enforcement.  Employee acknowledges that his employment with Employer is special and unique in character and that Employee will acquire special skill and training and gain special knowledge during Employee’s employment with Employer; that the restrictions contained in Paragraphs 5, 6 and 7 hereof and the Non-solicitation and Noncompetition Covenants referred to in Paragraph 8 hereof are reasonable and necessary to protect the legitimate interests of Employer and its subsidiaries and affiliates; that Employer would not have entered into this Agreement in the absence of such restrictions; and that any violation of any provision of those Paragraphs is likely to result in immediate and irreparable injury to Employer. Employee also acknowledges that Employer shall be entitled to preliminary and permanent injunctive relief and restraining orders, without the necessity of proving actual damages, as well as an equitable accounting of all earnings, profits and other benefits arising from any such violation, which rights shall be cumulative and in addition to any other rights or remedies to which Employer may be entitled. The existence of any claim or cause of action of Employee against Employer, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Employer of these covenants.

16.Copy of Covenants.  Until the expiration of the applicable restrictions, Employee will provide, and Employer similarly may provide, a copy of the covenants contained in Paragraphs 5, 6 and 7 hereof and the Non-solicitation and Noncompetition Covenants in Paragraph 8 hereof to any business or enterprise which Employee may (i) directly or indirectly own, manage, operate, finance, join, control or participate in the ownership, management operation, financing, or control of, (ii) serve as an officer, director, employee, partner, principal, agent, representative, consultant, lender or otherwise, or (iii) with which he may use or permit his name to be used.

17.Cooperation.  Upon termination of Employee’s employment for any reason, other than for Death, Disability or a Termination for Cause, Employee shall fully cooperate with and assist Employer in the transition of all significant areas of Employee’s responsibility for the conduct of Employer’s business to the officers and employees of Employer who have been assigned by Employer to assume such duties. In this regard, and without limiting Employee’s obligation to assist with the transition, Employee shall within one (1) week of the effective date of his termination, deliver a transition memorandum to Employer setting forth in reasonable detail, all material open matters with respect to which Employee has been devoting his attention including the status of such matters, the anticipated timeline for completion of such uncompleted matters, key persons within and outside of the Company who are involved in such matters and their respective roles, and any other information reasonably necessary or appropriate in order to effect the transition of responsibility for such matters from Employee to the persons to whom they have been reassigned including copies of pertinent background 

correspondence and documents in Employee’s possession. Following termination of employment, Employee shall have no further responsibility for the advancement or resolution of any open matters, but shall make himself reasonably available by telephone or timely email correspondence for up to sixty (60) days following the termination of employment to respond to questions about the facts and circumstances surrounding and applicable to the open matters. Failure to fully comply with this Paragraph shall be grounds for withholding post-termination Severance Payments and any benefits due to Employee, but only if Employee is given written notice that the Board believes that he is not fully cooperating, which notice states the reasons therefore, and after Employee is given fifteen (15) days to cure such alleged non-cooperation. If such alleged non-cooperation is ultimately cured, then any post-termination Severance Payments or benefits which may have been withheld shall be promptly resumed including all back payments.

18.Breach of this Agreement by the Company.  If termination of Employee’s employment arises out of Company’s failure to pay Employee on a timely basis the amounts to which he is entitled under this Agreement or as a result of any other breach of this Agreement by Employer, as determined by a court of competent jurisdiction or pursuant to the provisions of Paragraph 29 below, the Company shall pay all amounts and damages to which Employee may be entitled as a result of such breach, including interest thereon and all reasonable legal fees and expenses and other costs incurred by Employee to enforce his rights hereunder. Further, the Non-solicitation Covenant and the Noncompetition Covenant in Paragraph 8. hereof shall not apply in the event this Agreement is terminated as a result of a breach by the Company during the Term of this Agreement.

19.Prohibition Against Assignment by Employee.  Employee shall not assign, transfer, pledge or encumber any interest in this Agreement or any part thereof without the express written consent of Employer, this Agreement being personal to Employee. This Agreement shall, however, inure to the benefit of Employee’s estate, dependents, beneficiaries and legal representatives in the event of Employee’s death or incapacity as set forth in Paragraph 13. Subject to the terms of this Agreement, Employer may merge or consolidate with or into, or transfer substantially all of its assets to, another corporation or other form of business organization and, as a result of such merger, consolidation or transfer, this Agreement shall bind the successor of Employer resulting from such merger, consolidation or transfer. No such merger, consolidation or transfer, however, shall relieve the parties from liability and responsibility for the performance of their respective duties and obligations hereunder.

20.Notice.  Any and all notices. designations, consents, offers, acceptances or any other communication provided for herein shall be given in writing by registered or certified mail, return receipt requested, which shall be addressed, in the case of the Company, to its office in Westchester, Illinois, and in Employee’s case to his last known place of residence as reflected on the Company’s records.

21.Entire Agreement.  This Agreement, together with any stock option, restricted stock or restricted stock unit agreements between Employee and the Company constitute the entire agreement between Employee and the Company and contain all of the agreements between the parties with respect to the subject matter hereof, and this Agreement supersedes any and all other agreements, either oral or in writing, between the parties with respect to the subject matter hereof. 

22.Binding Effect.  This Agreement shall be binding upon and inure to the benefit of Employee and the Company and their respective heirs, legal representatives, executors, administrators, and successors, subject only to limitations or restrictions as specifically set forth hereon.

23.No Other Agreements.  Employee hereby represents that he is not a party to any agreement which would be an impediment to entering into this Agreement or preclude him from entering into this Agreement, and he affirms that he has no agreement with any other party that would preclude his compliance with any of his obligations under this Agreement.

24.Amendment of Agreement.  No change, modification or waiver of any provision of this Agreement shall be valid unless the same is in writing and signed by Employee and an authorized designated representative of the Board.

25.Severability.  Each provision of this Agreement constitutes a separate and distinct undertaking, covenant and/or provision hereof. In the event that any provision of this Agreement shall finally be determined to be unlawful, such provision shall be deemed severed from this Agreement, but every other provision of this Agreement shall remain in full force and effect, and in substitution for any such provision held unlawful, there shall be substituted a provision of similar import reflecting the original intent of the parties hereto to the extent permissible under law. 

26.Headings.  The headings of this Agreement are inserted for convenience only and are not to be considered in construction of the provisions hereof. 

27.Waiver or Breach.  The waiver by either of the parties hereto of any breach of any provision hereof shall not be construed to be a waiver of any succeeding breach of that provision or a waiver of any other provision of this Agreement.

28.Governing Law.  This Agreement shall be subject to and governed by the laws of the Stare of Illinois. 

29.Arbitration of Disputes.  Any dispute arising under this Agreement shall be resolved through final and binding arbitration conducted before a panel of three (3) arbitrators in Cook County, Illinois pursuant to the rules then in effect of the American Arbitration Association. This shall be in lieu of any right to a jury trial, which right is expressly waived. A decision by a majority of the arbitration panel shall be final and binding. The arbitrators shall not have the authority to add to, detract from, or modify any provision hereof nor to award punitive damages to any injured party. The arbitrators shall have the authority to order back-pay, severance compensation, and vesting of stock options, restricted stock or restricted stock units (or cash compensation in lieu of such vesting) if they determine that Employee is so entitled under the applicable provisions of this Agreement. The arbitrators shall have the authority to order reimbursement by Employee of any compensation or benefits that he received under this Agreement if they determine that such compensation or benefits should not have been paid by Employer under the applicable provisions of this Agreement, and they may order payment of actual or imputed damages incurred by Employer for a breach under Paragraphs 5, 6, 7 or 8 of this Agreement. The direct out-of-pocket costs of arbitration proceedings (for example, arbitrators’ fees, stenographer, rental of a venue for the proceedings, etc.) shall be borne by the plaintiff bringing the action, but the arbitrators may award an 

allocation or reimbursement of costs, including those incurred to enforce this Agreement and legal fees, and interest on any damages and costs awarded. Judgment may be entered on the arbitrators’ award in any court having jurisdiction.

In witness whereof, the parties have executed this Agreement as of the date first above written.

Fenix Parts, Inc.

By: ________/s/ Steven Dayton_________
Steven Dayton
Its:  ___Compensation Committee Chair_ 

________/s/ Art Golden________________
Art GoldenCredit Agreement

 Exhibit 10.1 

EXECUTION COPY 
  

 
  

$50,000,000 
 CREDIT AGREEMENT

 Dated as of January 5, 2017 

Among 
 CLAIRE’S (GIBRALTAR)
INTERMEDIATE HOLDINGS LIMITED 
 and CLAIRE’S GERMANY GMBH 

as Borrowers, 
 CLAIRE’S
SWITZERLAND GMBH 
 CLAIRE’S FRANCE S.A.S. 

CLAIRE’S ACCESSORIES UK LTD 

CLAIRE’S ACCESSORIES SPAIN, S.L. 

CLAIRE’S HOLDINGS S.A. R.L. 

CLAIRE’S HOLDING GMBH 

CLAIRE’S LUXEMBOURG S.A. R.L. 

CLAIRE’S EUROPEAN DISTRIBUTION LIMITED 

CLAIRE’S EUROPEAN SERVICES LIMITED 

CSI LUXEMBOURG S.A. R.L. 
 and
CLAIRE’S FASHION PROPERTY CORP. 
 as Guarantors, 

THE LENDERS PARTY HERETO, 

BOTTICELLI LLC, 
 as Administrative
Agent 
 and 
 CORTLAND CAPITAL
MARKET SERVICES LLC, 
 as Collateral Agent 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE I. Definitions
	  	 	2	  
			
	 SECTION 1.01
	 	 Defined Terms
	  	 	2	  
			
	 SECTION 1.02
	 	 Terms Generally
	  	 	37	  
			
	 SECTION 1.03
	 	 Luxembourg Terms
	  	 	38	  
			
	 SECTION 1.04
	 	 French Terms
	  	 	39	  
		
	 ARTICLE II. The Credits
	  	 	39	  
			
	 SECTION 2.01
	 	 Commitments
	  	 	39	  
			
	 SECTION 2.02
	 	 [Reserved]
	  	 	39	  
			
	 SECTION 2.03
	 	 [Reserved]
	  	 	40	  
			
	 SECTION 2.04
	 	 Procedure for Borrowing
	  	 	40	  
			
	 SECTION 2.05
	 	 [Reserved]
	  	 	40	  
			
	 SECTION 2.06
	 	 [Reserved]
	  	 	40	  
			
	 SECTION 2.07
	 	 [Reserved]
	  	 	40	  
			
	 SECTION 2.08
	 	 [Reserved]
	  	 	40	  
			
	 SECTION 2.09
	 	 Repayment of Loans; Evidence of Debt
	  	 	40	  
			
	 SECTION 2.10
	 	 Fees
	  	 	41	  
			
	 SECTION 2.11
	 	 Prepayment of Loans
	  	 	41	  
			
	 SECTION 2.12
	 	 Additional Interest
	  	 	42	  
			
	 SECTION 2.13
	 	 Interest
	  	 	42	  
			
	 SECTION 2.14
	 	 [Reserved]
	  	 	43	  
			
	 SECTION 2.15
	 	 [Reserved]
	  	 	43	  
			
	 SECTION 2.16
	 	 [Reserved]
	  	 	43	  
			
	 SECTION 2.17
	 	 Taxes
	  	 	43	  
			
	 SECTION 2.18
	 	 Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	  	 	46	  
			
	 SECTION 2.19
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	47	  
		
	 ARTICLE III. Representations and Warranties
	  	 	48	  
			
	 SECTION 3.01
	 	 Organization; Powers
	  	 	48	  
			
	 SECTION 3.02
	 	 Authorization
	  	 	49	  
			
	 SECTION 3.03
	 	 Enforceability
	  	 	49	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page	 
	 SECTION 3.04
	 	 Governmental Approvals
	  	 	49	  
			
	 SECTION 3.05
	 	 Financial Statements
	  	 	50	  
			
	 SECTION 3.06
	 	 Subsidiaries
	  	 	50	  
			
	 SECTION 3.07
	 	 Litigation; Compliance with Laws
	  	 	50	  
			
	 SECTION 3.08
	 	 Investment Company Act
	  	 	51	  
			
	 SECTION 3.09
	 	 Use of Proceeds
	  	 	51	  
			
	 SECTION 3.10
	 	 Tax Returns
	  	 	51	  
			
	 SECTION 3.11
	 	 Employee Benefit Plans
	  	 	51	  
			
	 SECTION 3.12
	 	 Labor Matters
	  	 	51	  
			
	 SECTION 3.13
	 	 Insurance
	  	 	52	  
			
	 SECTION 3.14
	 	 No Default
	  	 	52	  
			
	 SECTION 3.15
	 	 Intellectual Property; Licenses, Etc.
	  	 	52	  
			
	 SECTION 3.16
	 	 Anti-Money Laundering and Economic Sanctions Laws
	  	 	52	  
			
	 SECTION 3.17
	 	 Anti-corruption Laws
	  	 	53	  
			
	 SECTION 3.18
	 	 Federal Reserve Regulations
	  	 	53	  
			
	 SECTION 3.19
	 	 Solvency
	  	 	54	  
			
	 SECTION 3.20
	 	 Disclosure
	  	 	54	  
			
	 SECTION 3.21
	 	 Security Interest in Collateral
	  	 	54	  
			
	 SECTION 3.22
	 	 Compliance with Swiss Non-Bank Rules
	  	 	55	  
			
	 SECTION 3.23
	 	 Financial Assistance
	  	 	55	  
			
	 SECTION 3.24
	 	 Centre of Main Establishments
	  	 	55	  
		
	 ARTICLE IV. Conditions of Lending
	  	 	56	  
			
	 SECTION 4.01
	 	 Closing Date
	  	 	56	  
		
	 ARTICLE V. Affirmative Covenants
	  	 	59	  
			
	 SECTION 5.01
	 	 Existence; Businesses and Properties
	  	 	59	  
			
	 SECTION 5.02
	 	 Insurance
	  	 	60	  
			
	 SECTION 5.03
	 	 Taxes
	  	 	60	  
			
	 SECTION 5.04
	 	 Financial Statements, Reports, etc.
	  	 	60	  
			
	 SECTION 5.05
	 	 Litigation and Other Notices
	  	 	62	  
			
	 SECTION 5.06
	 	 Compliance with Laws
	  	 	62	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page	 
	 SECTION 5.07
	 	 Maintaining Records; Access to Properties and Inspections
	  	 	62	  
			
	 SECTION 5.08
	 	 Use of Proceeds
	  	 	62	  
			
	 SECTION 5.09
	 	 Fiscal Year; Accounting
	  	 	62	  
			
	 SECTION 5.10
	 	 Further Assurances; Additional Security
	  	 	63	  
			
	 SECTION 5.11
	 	 Post Closing Covenant
	  	 	64	  
			
	 SECTION 5.12
	 	 Cash at CGHL
	  	 	64	  
			
	 SECTION 5.13
	 	 Compliance with Swiss Non-Bank Rules
	  	 	65	  
		
	 ARTICLE VI. Negative Covenants
	  	 	65	  
			
	 SECTION 6.01
	 	 Indebtedness
	  	 	65	  
			
	 SECTION 6.02
	 	 Liens
	  	 	69	  
			
	 SECTION 6.03
	 	 Sale and Lease Back Transactions
	  	 	72	  
			
	 SECTION 6.04
	 	 Investments, Loans and Advances
	  	 	72	  
			
	 SECTION 6.05
	 	 Mergers, Consolidations, Sales of Assets and Acquisitions
	  	 	75	  
			
	 SECTION 6.06
	 	 Restricted Payments
	  	 	78	  
			
	 SECTION 6.07
	 	 Transactions with Affiliates
	  	 	78	  
			
	 SECTION 6.08
	 	 Business of the Borrowers and the Subsidiaries
	  	 	80	  
			
	 SECTION 6.09
	 	 Limitation on Payments and Modifications of Indebtedness; Modifications of Certificate of
Incorporation, By-Laws and Certain Other Agreements; etc.
	  	 	81	  
			
	 SECTION 6.10
	 	 Minimum Cash Balance
	  	 	83	  
			
	 SECTION 6.11
	 	 Guarantor Coverage; Collateral Coverage
	  	 	83	  
		
	 ARTICLE VII. Events of Default
	  	 	84	  
			
	 SECTION 7.01
	 	 Events of Default
	  	 	84	  
		
	 ARTICLE VIII. The Administrative Agent
	  	 	88	  
			
	 SECTION 8.01
	 	 Appointment
	  	 	88	  
			
	 SECTION 8.02
	 	 Delegation of Duties
	  	 	92	  
			
	 SECTION 8.03
	 	 Exculpatory Provisions
	  	 	92	  
			
	 SECTION 8.04
	 	 Reliance by Agents
	  	 	93	  
			
	 SECTION 8.05
	 	 Notice of Default
	  	 	94	  
			
	 SECTION 8.06
	 	 Non-Reliance on Agents and Other Lenders
	  	 	94	  

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page	 
	 SECTION 8.07
	 	 Indemnification
	  	 	95	  
			
	 SECTION 8.08
	 	 Agent in Its Individual Capacity
	  	 	95	  
			
	 SECTION 8.09
	 	 Successor Administrative Agent
	  	 	95	  
			
	 SECTION 8.10
	 	 Parallel Debt
	  	 	96	  
			
	 SECTION 8.11
	 	 Withholding Taxes
	  	 	97	  
		
	 ARTICLE IX. Miscellaneous
	  	 	97	  
			
	 SECTION 9.01
	 	 Notices; Communications
	  	 	97	  
			
	 SECTION 9.02
	 	 Survival of Agreement
	  	 	99	  
			
	 SECTION 9.03
	 	 Binding Effect
	  	 	99	  
			
	 SECTION 9.04
	 	 Successors and Assigns
	  	 	99	  
			
	 SECTION 9.05
	 	 Expenses; Indemnity
	  	 	104	  
			
	 SECTION 9.06
	 	 Right of Setoff
	  	 	106	  
			
	 SECTION 9.07
	 	 Applicable Law
	  	 	106	  
			
	 SECTION 9.08
	 	 Waivers; Amendment
	  	 	106	  
			
	 SECTION 9.09
	 	 Interest Rate Limitation
	  	 	108	  
			
	 SECTION 9.10
	 	 Entire Agreement
	  	 	108	  
			
	 SECTION 9.11
	 	 WAIVER OF JURY TRIAL
	  	 	108	  
			
	 SECTION 9.12
	 	 Severability
	  	 	108	  
			
	 SECTION 9.13
	 	 Counterparts
	  	 	108	  
			
	 SECTION 9.14
	 	 Headings
	  	 	109	  
			
	 SECTION 9.15
	 	 Jurisdiction; Consent to Service of Process
	  	 	109	  
			
	 SECTION 9.16
	 	 Confidentiality
	  	 	110	  
			
	 SECTION 9.17
	 	 Platform; Borrower Materials
	  	 	111	  
			
	 SECTION 9.18
	 	 Release of Liens and Guarantees
	  	 	112	  
			
	 SECTION 9.19
	 	 Judgment Currency
	  	 	112	  
			
	 SECTION 9.20
	 	 USA PATRIOT Act Notice
	  	 	113	  
			
	 SECTION 9.21
	 	 Borrower Representative
	  	 	113	  
			
	 SECTION 9.22
	 	 No Advisory or Fiduciary Responsibility
	  	 	113	  
			
	 SECTION 9.23
	 	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	114	  

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page	 
	 SECTION 9.24
	 	 Affiliate Lenders
	  	 	114	  
			
	 SECTION 9.25
	 	 Appointment for Perfection; Disclosure
	  	 	116	  
			
	 SECTION 9.26
	 	 Conflicts; German Loan Parties
	  	 	116	  

  
 v 

			
	Exhibits and Schedules
		
	 Exhibit A
	  	 Form of Assignment and Acceptance

		
	 Exhibit B-1
	  	 Form of Guarantee Agreement

		
	 Exhibit B-2
	  	 Form of Security Agreement

		
	 Exhibit C
	  	 Form of Note

		
	 Schedule 1.01A
	  	 Immaterial Subsidiaries

		
	 Schedule 1.01B
	  	 Mortgaged Properties

		
	 Schedule 1.01C
	  	 Excluded Subsidiaries

		
	 Schedule 1.01D
	  	 Security Documents

		
	 Schedule 1.01E
	  	 Agreed Security Principles

		
	 Schedule 2.01
	  	 Commitments

		
	 Schedule 3.01
	  	 Organization and Good Standing

		
	 Schedule 3.04
	  	 Governmental Approvals

		
	 Schedule 3.06(a)
	  	 Subsidiaries

		
	 Schedule 3.06(b)
	  	 Subscriptions

		
	 Schedule 3.10
	  	 Taxes

		
	 Schedule 3.15
	  	 Intellectual Property

		
	 Schedule 3.16
	  	 Anti-Money Laundering Laws

		
	 Schedule 4.01
	  	 Closing Deliverables

		
	 Schedule 5.11
	  	 Post-Closing Deliverables

		
	 Schedule 6.01
	  	 Indebtedness

		
	 Schedule 6.02(a)
	  	 Liens

		
	 Schedule 6.04
	  	 Investments

		
	 Schedule 6.07
	  	 Transactions with Affiliates

		
	 Schedule 9.01
	  	 Notice Information

  
 vi 

 CREDIT AGREEMENT, dated as of January 5, 2017 (this “Agreement”), among
CLAIRE’S (GIBRALTAR) INTERMEDIATE HOLDINGS LIMITED (“CGIH” or “Holdings”) and CLAIRE’S GERMANY GMBH, as borrowers (together with Holdings, each a “Borrower” and together, the
“Borrowers”), CLAIRE’S SWITZERLAND GMBH, a limited liability company incorporated under the laws of Switzerland with registered office at c/o Curator & Horwath AG, Badenerstrasse 141, 8004 Zurich, Switzerland,
CLAIRE’S FRANCE S.A.S., a société par actions simplifiée (joint-stock company) incorporated under the laws of France and having its registered office at 82, rue Beaubourg, 75003 Paris, France, registered with the Paris
Trade and Companies Register (RCS) under the number 342 837 416, CLAIRE’S ACCESSORIES UK LTD, CLAIRE’S ACCESSORIES SPAIN, S.L., CLAIRE’S HOLDINGS S.A. R.L., a société à responsabilité limitée
(private limited liability company) incorporated under the laws of the Grand Duchy of Luxembourg and having its registered office at 412F, Route d’Esch, 1030, Luxembourg, registered with the Luxembourg Trade and Companies Register (RCS) under
the number B133878 (“Luxco 1”), CLAIRE’S LUXEMBOURG S.A. R.L., a société à responsabilité limitée (private limited liability company) incorporated under the laws of the Grand Duchy of
Luxembourg and having its registered office at 17 , rue de Glesener, L-1631, Luxembourg, registered with the Luxembourg Trade and Companies Register (RCS) under the number B172269 (“Luxco 2”),
CLAIRE’S EUROPEAN DISTRIBUTION LIMITED, CLAIRE’S EUROPEAN SERVICES LIMITED, CSI LUXEMBOURG S.A. R.L., a société à responsabilité limitée (private limited liability company) incorporated under the
laws of the Grand Duchy of Luxembourg and having its registered office at 17, rue de Glesener, L-1631, Luxembourg, registered with the Luxembourg Trade and Companies Register (RCS) under the number B 75751
(“Luxco 3”), CLAIRE’S FASHION PROPERTY CORP. and CLAIRE’S HOLDING GMBH, a limited liability company incorporated under the laws of Switzerland with registered office at Rhypark / Rheinweg 4, 8200 Schaffhausen, Switzerland,
as guarantors (together with each other Person that becomes a party to a Security Document pursuant to Section 5.10(d), each, a “Guarantor” and collectively, the “Guarantors”), solely with respect to
Section 5.12, CLAIRE’S (GIBRALTAR) HOLDINGS LIMITED (“CGHL”), as a party, the LENDERS party hereto from time to time (the “Lenders”), BOTTICELLI LLC, as administrative agent (in such capacity, the
“Administrative Agent”) and CORTLAND CAPITAL MARKET SERVICES LLC, as collateral agent (in such capacity, the “Collateral Agent”) for the Lenders. 

WHEREAS, CGIH is a wholly owned subsidiary of CGHL, and CGHL is a wholly owned subsidiary of Claire’s Stores, Inc., a Florida corporation
(“Claire’s Stores”); 
 WHEREAS, the Borrowers are party to that certain Amended and Restated Multicurrency Revolving
Facility Agreement dated as of September 20, 2016 among the Borrowers and HSBC Bank PLC, as lender (the “Existing Revolving Credit Facility”); 

WHEREAS, the Borrowers, the Lenders and the Agents (as defined below) have agreed to enter into this Agreement providing for, among other
things, a $50 million term loan (the “Term Loan”) to be funded by the Lenders on the Closing Date (as defined below); and 

 WHEREAS, the proceeds of the Term Loan shall be used to repay the outstanding indebtedness of the
Borrowers under the Existing Revolving Credit Facility in full and for other purposes set forth herein. 
 NOW, THEREFORE, subject to the
conditions set forth herein, the parties hereto hereby agree as follows: 
 ARTICLE I. 

Definitions 
 SECTION
1.01    Defined Terms. As used in this Agreement (including the recitals hereto), the following terms shall have the meanings specified below: 

“ABL Credit Agreement” shall mean that certain ABL Credit Agreement, dated as of August 12, 2016, among the Parent,
Claire’s Stores, as borrower, the lenders party thereto from time to time and Credit Suisse AG, Cayman Islands Branch, as administrative agent. 

“Additional Interest” shall have the meaning assigned to such term in Section 2.12. 

“Additional Mortgage” shall have the meaning assigned to such term in Section 5.10(c). 

“Administrative Agent” shall mean, initially, the Initial Lender (acting on behalf of itself) and if at any time there is
more than one Lender (following an assignment by the Initial Lender of all or any portion of its Loans pursuant to Section 9.04), each Person appointed as a successor agent on behalf of the Lenders pursuant to Section 8.09. 

“Administrative Questionnaire” shall mean an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Affiliate” shall mean, when used with respect to a specified person, another person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified. 
 “Affiliate
Lender” shall have the meaning assigned to such term in Section 9.24(a). 
 “Agents” shall mean, collectively, the
Administrative Agent and the Collateral Agent. 
 “Agreed Security Principles” shall have the meaning set forth on
Schedule 1.01E. 
 “Agreement” shall have the meaning assigned to such term in the introductory paragraph of this
Agreement. 

  
 2 

 “Anti-Money Laundering Laws” means any and all laws, judgments, orders,
executive orders, decrees, ordinances, rules, regulations, statutes, case law or treaties applicable to Holdings, the Subsidiaries or their respective Affiliates related to terrorism financing or money laundering, including any applicable provision
of Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001 (Title III of Pub. L. 107-56) and The Currency
and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”, 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959). 

“Applicable Prepayment Premium” shall mean, as of any date of determination, an amount equal to: (a) during the period
from and after the Closing Date up to and including the first anniversary of the Closing Date, the Make-Whole Premium, (b) during the period after the first anniversary of the Closing Date up to and including the date that is 18 months after
the Closing Date, 4.0% times the outstanding principal balance of the Loans being prepaid or repaid, and (c) during any period after the date that is 18 months after the Closing Date, 0%. 

“Approved Fund” shall have the meaning assigned to such term in Section 9.04(b). 

“Approved Jurisdiction” shall mean a member state of the European Union, Turkey, Iceland, Lichtenstein, Albania, Serbia,
Montenegro, Switzerland, Norway, Belarus and Georgia. 
 “Asset Sale” shall mean any loss, damage, destruction or
condemnation of, or any sale, transfer or other disposition (including any sale and leaseback of assets and any mortgage or lease of Real Property) to any person of any asset or assets of Holdings or any Subsidiary. 

“Assignee” shall have the meaning assigned to such term in Section 9.04(b). 

“Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an Assignee, and accepted by
the Administrative Agent and Holdings (if required by Section 9.04), in the form of Exhibit A to this Agreement or such other form as shall be approved by the Administrative Agent and reasonably satisfactory to Holdings. 

“Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by
the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” shall mean, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing
law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

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

  
 3 

 “Board of Directors” shall mean, as to any person, the board of directors or
other governing body of such person, or if such person is owned or managed by a single entity, the board of directors or other governing body of such entity. 

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

“Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed. 
 “Capital Lease Obligations” of any person shall mean the obligations of
such person to pay rent or other amounts under any lease of (or other similar arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital
leases on a balance sheet of such person under GAAP and, for purposes hereof, the amount of such obligations at any time shall be the capitalized amount thereof accounted for as a liability at such time determined in accordance with GAAP. 

“Cash Pooling Agreements” shall mean separately and together 

 

	 	(a)	the cash concentration and pooling service operated by HSBC Bank PLC pursuant to a cross border cash concentration and pooling services agreement dated 18 May 2010; and 

 

	 	(b)	the collective sterling net overdraft facilities provided by HSBC Bank PLC to the Borrowers (as defined therein) pursuant to facilities agreements dated 12 July 2012, 4 December 2012, 10 April 2014 and
1 July 2015 and each made between (1) HSBC Bank PLC and (2) the Borrowers (as defined therein) with a combined limit of GBP £100; and 

  

	 	(c)	the collective sterling net overdraft facilities provided by HSBC Bank PLC to the Borrowers (as defined therein), pursuant to facilities agreements dated 17 August 2012 and 15 May 2015 and each made between
(1) HSBC Bank PLC and (2) the Borrowers (as defined therein) with a combined limit of EUR 100, 

 under which the
accounts collectively operate at a net credit position in each case and which do not, as part of the cash pooling arrangement, permit transfers between accounts of amounts in excess of the amount required to achieve a zero balance with respect to
any account with a net debit position, such arrangements, “Cash Pooling Arrangements”, as in effect on the date hereof, as such agreements may be amended, supplemented, restated, replaced or otherwise modified; provided that such
agreements shall (i) only give effect to Cash Pooling Arrangements as part of the ordinary course business operation of CGHL and its Subsidiaries, (ii) not provide for any overdraft facilities with a combined limit in excess of the amounts
described in clauses (b) and (c) above and (iii) not provide for the incurrence of any Indebtedness by CGHL or any of its Subsidiaries other than Cash Pooling Arrangements. 

  
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 “Cash Pooling Arrangements” shall have the meaning assigned to such term in the
definition of “Cash Pooling Agreements.” 
 “CGHL” shall have the meaning assigned to such term in the recitals
to this Agreement. 
 “CGHL Default” shall mean any “default” or “event of default” under any
Indebtedness of CGHL or any of its subsidiaries (other than Holdings and the Subsidiaries) with a principal amount in excess of $5,000,000, which default either (i) results in such Indebtedness becoming due prior to its stated maturity date or
(ii) enables or permits the holders or lenders thereof to cause such Indebtedness to become due or to require the prepayment, repurchase, redemption or defeasance thereof prior to its scheduled maturity date, in each case, with all applicable
cure and grace periods having expired. 
 “CGHL Pledge Agreement” shall mean the Pledge Agreement dated as of the date
hereof (as amended, supplemented or otherwise modified from time to time), by and between CGHL and the Collateral Agent in form and substance reasonably satisfactory to the Administrative Agent. 

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

A “Change in Control” shall be deemed to occur if: 

(a)    at any time, (i) Claire’s Stores shall fail to own, directly or indirectly, beneficially
and of record, 100% of the issued and outstanding Equity Interests of CGIH, (ii) a majority of the seats (other than vacant seats) on the Board of Directors of CGIH at any time be occupied by persons who were neither (A) nominated or
approved by the Board of Directors of Claire’s Stores, CGHL or CGIH or a Permitted Holder, (B) appointed by directors so nominated or approved nor (C) appointed by a Permitted Holder, (iii) a “change of control” (or
similar event) shall occur under any Material Indebtedness or any Permitted Refinancing Indebtedness in respect of any of the foregoing or any Disqualified Stock (to the extent the aggregate amount of the applicable Disqualified Stock exceeds $35
million) or (iv) CGHL shall fail to own directly, beneficially and of record, 100% of the issued and outstanding Equity Interests of CGIH; or 

(b)    any combination of Permitted Holders shall fail to own beneficially (within the meaning of Rule 13d-5 of the Exchange Act as in effect on the Closing Date), directly or indirectly, in the aggregate Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the
issued and outstanding Equity Interests of CGIH. 
 “Charges” shall have the meaning assigned to such term in
Section 9.09. 

  
 5 

 “Claire’s Stores” shall have the meaning assigned to such term in the
preamble to this Agreement. 
 “Closing Date” shall mean the date on which the conditions precedent set forth in Article IV
have been satisfied (or waived), which date shall be no later than January 5, 2017. 
 “Code” shall mean the Internal
Revenue Code of 1986, as amended from time to time and the regulations promulgated and rulings issued thereunder. 

“Collateral” shall mean the “Collateral” as defined in any Security Document and shall also include the Mortgaged
Properties and all other property that is subject to any Lien in favor of the Collateral Agent or any subagent for the benefit of the Lenders pursuant to any of the Security Documents. 

“Collateral Agent” shall have the meaning assigned to such term in the introductory paragraph of this Agreement. 

“Collateral Agent Fee Letter” means that certain fee letter, dated as of January 5, 2017, by and among the Collateral
Agent and Holdings. 
 “Collateral Agreement” shall mean each of (i) the Guarantee Agreement and (ii) the
Security Agreement. 
 “Collateral and Guarantee Requirement” shall mean the requirement that, subject, in each case, to
the Agreed Security Principles and Section 5.11: 
 (a)    on or prior to the Closing Date (or such
later date as the Administrative Agent may agree), the Collateral Agent shall have received (i) from each Loan Party, a counterpart of each Collateral Agreement in the form of Exhibits B-1 and B-2 to this Agreement, duly executed and delivered on behalf of such person and (ii) an acknowledgment and consent in form and substance satisfactory to the Administrative Agent, executed and delivered by
each issuer of Pledged Collateral (as defined in the Security Agreement), if any, that is a Subsidiary of a Loan Party but is not a Loan Party; 

(b)    on or prior to the Closing Date (or such later date as the Administrative Agent may agree), (A) the
Collateral Agent shall have received a pledge of all the issued and outstanding Equity Interests of each Subsidiary of the Loan Parties (other than Excluded Subsidiaries), and (B) the Collateral Agent (or a bailee on behalf of the Collateral
Agent) shall have received all certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank; 

(c)    on or prior to the Closing Date (or such later date as the Administrative Agent may agree), the
Collateral Agent shall have received from each Loan Party each of the Security Documents and each other document, filing or deliverable set forth on Schedule 1.01D, each in form and substance reasonably satisfactory to the Administrative
Agent and the Collateral Agent; 

  
 6 

 (d)    in the case of any person that becomes a Wholly Owned
Subsidiary of Holdings (other than an Excluded Subsidiary or an Immaterial Subsidiary) after the Closing Date, within fifteen (15) Business Days of the formation or acquisition thereof (or such later date as the Administrative Agent may agree),
the Collateral Agent shall have received a supplement to each Collateral Agreement, in the form specified therein, duly executed and delivered on behalf of such Wholly Owned Subsidiary; 

(e)    after the Closing Date, within fifteen (15) Business Days after the date of acquisition or
formation thereof (or such later date as the Administrative Agent may agree), (i)(A) all the outstanding Equity Interests of any person that becomes a Subsidiary after the Closing Date (other than an Immaterial Subsidiary) and (B) all the
Equity Interests (other than in respect of an Immaterial Subsidiary) that are acquired by a Loan Party after the Closing Date, shall have been pledged pursuant to a Security Document governed by the law of the jurisdiction of organization of such
Subsidiary or the Subsidiary thereof, as applicable and (ii) the Collateral Agent (or a bailee on behalf of the Collateral Agent) shall have received all certificates or other instruments (if any) representing such Equity Interests, together
with stock powers or other instruments of transfer with respect thereto endorsed in blank; 

(f)    except as otherwise contemplated by any Security Document or as set forth on Schedule 5.11, on or
before the Closing Date (or such later date as the Administrative Agent may agree), all documents and instruments required by law or reasonably requested by the Collateral Agent to be filed, registered or recorded to create the Liens intended to be
created by the Security Documents (in each case, including any supplements thereto) and perfect such Liens to the extent required by, and with the priority required by, the Security Documents, shall have been filed, registered or recorded or
delivered to the Collateral Agent for filing, registration or the recording concurrently with, or promptly following, the execution and delivery of each such Security Document; 

(g)    on or before the date that is sixty (60) days after the Closing Date (or such later date as the
Administrative Agent may agree), the Administrative Agent shall have received evidence of the insurance required by the terms of this Agreement and the Mortgages (if any); and 

(h)    after the Closing Date, the Collateral Agent shall have received (i) such other Security
Documents as may be required to be delivered pursuant to Section 5.10, and (ii) upon reasonable request by the Administrative Agent, evidence of compliance with any other requirements of Section 5.10. 

“Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make a Loan on the Closing Date
pursuant to Section 2.01. The amount of each Lender’s Commitment is set forth on Schedule 2.01. The aggregate amount of the Lenders’ Commitments is $50,000,000. 

  
 7 

 “Conduit Lender” shall mean any special purpose corporation organized and
administered by any Lender for the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided, that the designation by any Lender of a Conduit Lender shall not relieve
the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and
responsibility to deliver all consents and waivers required or requested under this Agreement with respect to its Conduit Lender; provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount
pursuant to Section 2.17 or 9.05 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment. 

“Consolidated Debt” at any date shall mean the sum of (without duplication) the principal or face amount, regardless of
whether GAAP would require a different amount to be recited on the balance sheet of Holdings and the Subsidiaries, of all Indebtedness (other than letters of credit or bank guarantees, to the extent undrawn) consisting of Capital Lease Obligations,
Indebtedness for borrowed money, Disqualified Stock and Indebtedness in respect of the deferred purchase price of property or services of Holdings and the Subsidiaries, in each case, as determined on a consolidated basis on such date. 

“Consolidated Net Income” shall mean, with respect to any person for any period, the aggregate of the Net Income of such
person and its subsidiaries for such period, on a consolidated basis; provided, however, that, without duplication, 

(i)    any net after tax extraordinary gains or losses or income or expense or charge (less all fees and
expenses relating thereto) including, without limitation, any severance, relocation or other restructuring expenses, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternative
uses, fees, expenses or charges relating to new product lines, plant shutdown costs, curtailments or modifications to pension and post retirement employee benefit plans, excess pension charges, acquisition integration costs, facilities opening
costs, and expenses or charges related to any offering of Equity Interests or debt securities of Claire’s Stores or any Parent Entity, any Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing, amendment or
modification of Indebtedness (in each case, whether or not successful), in each case, shall be excluded, 

(ii)    any net after tax income or loss from abandoned, closed or discontinued operations and any net
after tax gain or loss on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded, 

(iii)    any net after tax gain or loss (less all fees and expenses or charges relating thereto)
attributable to business dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by the Borrowers) shall be excluded, 

  
 8 

 (iv)    any net after tax income or loss (less all fees and
expenses or charges relating thereto) attributable to the early extinguishment of indebtedness, Swap Agreements or other derivative instruments resulting from fair-value accounting required by the applicable standards under GAAP shall be excluded,

 (v)    (A) the equity interest in the Net Income for such period of any person that is not a
subsidiary of such person or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent converted into cash) to the
referent person or a subsidiary thereof in respect of such period and (B) the Net Income for such period shall include any ordinary course dividend, distribution or other payment in cash received from any person in excess of the amounts
included in clause (A), 
 (vi)    Consolidated Net Income for such period shall not include the
cumulative effect of a change in accounting principles during such period, 
 (vii)    effects of
purchase accounting adjustments (including the effects of such adjustments pushed down to such person and its subsidiaries) in component amounts required or permitted by GAAP, resulting from the application of purchase accounting in relation to any
acquisition consummated after the Closing Date or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded, 

(viii)    any non-cash impairment charges or asset write-offs, in
each case pursuant to GAAP, and the amortization of intangibles, including key money amortization, arising pursuant to GAAP shall be excluded; 

(ix)    any non-cash expenses realized or resulting from stock
option plans, employee benefit plans or post-employment benefit plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights shall be excluded, 

(x)    expenses associated with additional accruals and reserves that were established or adjusted within
twelve months after February 28, 2012 and that are so required to be established or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded, 

(xi)    non-cash gains, losses, income and expenses resulting from
fair value accounting required by the applicable standards under GAAP and related interpretations shall be excluded, 

(xii)    to the extent otherwise included in Consolidated Net Income any currency translation gains and
losses related to currency remeasurements of Indebtedness, and any net loss or gain resulting from Swap Agreements for currency exchange risk, shall be excluded, 

  
 9 

 (xiii)    (i) the
non-cash portion of “straight-line” rent expense shall be excluded, (ii) the cash portion of “straight-line” rent expense which exceeds the amount expensed in respect of such rent
expense shall be included, (iii) the non-cash amortization of tenant allowances shall be excluded and (iv) cash received from landlords for tenant allowances shall be included, 

(xiv)    an amount equal to the amount of any Restricted Payments actually made to any parent or equity
holder of such person in respect of such period shall be included as though such amounts had been paid as income taxes directly by such person for such period, and 

(xv)    any (a) one-time
non-cash compensation charges, (b) costs and expenses after February 28, 2012 related to employment of terminated employees (including but not limited to change of control payments, “gross
up” payments under Code Sections 280G and 4999 and the acceleration of options) or (c) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock options or other rights existing on
February 28, 2012 of officers, directors and employees, in each case of such person or any of its Subsidiaries, shall be excluded. 

“Consolidated Total Assets” shall mean, as of any date, the consolidated total assets of Holdings and the Subsidiaries,
determined in accordance with GAAP, as set forth on the consolidated balance sheet of Holdings as of such date. 
 “Constituent
Document” means with respect to any Person, collectively and, in each case, together with any modification of any term thereof, (a) the charter, articles of incorporation, certificate of incorporation, constitution, articles of
formation, deed of foundation, memorandum, certificate of formation or certificate of limited partnership of such Person, (b) the bylaws, articles of association, operating agreement, partnership agreement, joint venture agreement or governing
agreement of such Person, (c) any other constitutive, organizational or governing document of such Person, whether or not equivalent, and (d) any other document setting forth the manner of election or duties of the directors, officers or
managing members of such Person or the designation, amount or relative rights, limitations and preferences of any Equity Interests of such Person. 

“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and “Controlling” and “Controlled” shall have meanings correlative thereto. 

“Debt Fund Affiliate Lender” shall mean entities managed by the Fund or funds advised by its affiliated management companies
that are primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit or securities in the ordinary course and
for which no personnel making investment decisions in respect of any equity fund which has a direct or indirect equity investment in any Parent Entity, CGHL, the Borrowers or the Subsidiaries has the right to make any investment decisions. 

  
 10 

 “Debtor Relief Laws” shall mean the U.S. Bankruptcy Code and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, scheme of arrangement or similar debtor relief Laws of the United States or other applicable
jurisdictions (including without limitation Gibraltar, England and Wales, Germany, Switzerland, France, Luxembourg and the Cayman Islands), from time to time in effect. 

“Deed of Postponement” means that certain Deed of Postponement, dated as of the date hereof, by and among inter alios
Holdings as an “Original Obligor” and HSBC Bank PLC as the “Account Bank.” 
 “Deed of Release” means
that certain Deed of Release, dated as of the date hereof, by and among inter alios the Borrowers as “Released Parties” and HSBC Bank PLC as the “Secured Party.” 

“Default” shall mean any event or condition which, but for the giving of notice, lapse of time or both would constitute an
Event of Default. 
 “Disinterested Director” shall mean, with respect to any person and transaction, a member of the Board
of Directors of such person who does not have any material direct or indirect financial interest in or with respect to such transaction. 

“Disqualified Stock” shall mean, with respect to any person, any Equity Interests of such person that, by its terms (or by
the terms of any security or other Equity Interests into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for
Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event
shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part,
(c) provides for the scheduled payments of dividends in cash or (d) either mandatorily or at the option of the holders thereof, is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would
constitute Disqualified Stock, in each case, prior to the date that is ninety-one (91) days after the earlier of (x) the Final Maturity Date and (y) the date on which the Loans and all other
Obligations that are accrued and payable are repaid in full; provided, however, that only the portion of the Equity Interests that so mature or are mandatorily redeemable, are so convertible or exchangeable or are so redeemable at the
option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided further, however, that if such Equity Interests are issued to any employee or to any plan for the benefit of employees of
Holdings or the Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Stock solely because they may be required to be repurchased by Holdings in order to satisfy applicable statutory or
regulatory obligations or as a result of such employee’s termination, death or disability; provided further, however, that any class of Equity Interests of such person that by its terms authorizes such person to satisfy its
obligations thereunder by delivery of Equity Interests that are not Disqualified Stock shall not be deemed to be Disqualified Stock. 

  
 11 

 “Dollars” or “$” shall mean lawful money of the United States
of America. 
 “EBITDA” shall mean, with respect to Holdings and the Subsidiaries on a consolidated basis for any period,
the Consolidated Net Income of Holdings and the Subsidiaries for such period plus (a) the sum of (in each case without duplication and to the extent the respective amounts described in subclauses (i) through (xiii) of this clause
(a) reduced such Consolidated Net Income (and were not excluded therefrom) for the respective period for which EBITDA is being determined): 

(i)    provision for Taxes based on income, profits or capital of Holdings and the Subsidiaries for such
period, including, without limitation, state, franchise and similar Taxes and foreign withholding Taxes (including any penalties and interest related to such Taxes or arising from Tax examinations), 

(ii)    Interest Expense (and to the extent not included in Interest Expense, (x) all cash dividend
payments (excluding items eliminated in consolidation) on any series of preferred stock or Disqualified Stock and (y) costs of surety bonds in connection with financing activities) of Holdings and the Subsidiaries for such period (net of
interest income of Holdings and the Subsidiaries for such period), 
 (iii)    depreciation and
amortization expenses of Holdings and the Subsidiaries for such period including the amortization of intangible assets, key money expense, deferred financing fees and capitalized software expenditures and amortization of unrecognized prior service
costs and actuarial gains and losses related to pensions and other post-employment benefits, 

(iv)    any expenses or charges (other than depreciation or amortization expense as described in the
preceding clause (iii)) related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or the incurrence, modification or repayment of Indebtedness permitted to be incurred by this Agreement (including a
refinancing thereof) (whether or not successful), including (x) such fees, expenses or charges related to the Obligations and (y) any amendment or other modification of the Obligations or other Indebtedness, 

(v)    [reserved], 

(vi)    restructuring charges or reserves, 

(vii)    any other non-cash charges; provided, that, for
purposes of this subclause (vii) of this clause (a), any non-cash charges or losses shall be treated as cash charges or losses in any subsequent period during which cash disbursements attributable thereto
are made (but excluding, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period and any other item specifically identified in the definition of “Consolidated Net Income” or in this definition of
“EBITDA”), 

  
 12 

 (viii)    [reserved], 

(ix)    any costs or expense incurred pursuant to any management equity plan or stock option plan or any
other management or employee benefit plan or agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Loan Parties, 

(x)    the amount of management, consulting, monitoring, transaction and advisory fees and related expenses
paid to the Fund or any Fund Affiliate (or any accruals related to such fees and related expenses) during such period; provided, that such amount shall not exceed in any four quarter period the sum of (i) the greater of $6 million
and 2.0% of EBITDA for such four quarter period, plus any reasonable out of pocket costs and expenses in connection therewith and unpaid amounts accrued for prior periods, plus (ii) the amount of deferred fees (to the extent such
fees would otherwise have been permitted to be included in clause (i) if paid, but were not included in such clause (i)), plus (iii) 2.0% of the value of transactions permitted hereunder and entered into by the Parent and its
subsidiaries with respect to which the Fund or any Fund Affiliate provides any of the aforementioned types of services, plus (iv) the payment of the present value of all amounts payable pursuant to any agreement described in this
subclause (x) of this clause (a) in connection with the termination of such agreement, 
 (xi)    non-cash stock compensation expense including GAAP charges associated with any long-term incentive plan now in effect or later established, 

(xii)    any non-cash charges associated with any income or loss
from disposed, abandoned, discontinued operations or store closures to the extent not already captured in clause (ii) of the definition of “Consolidated Net Income”, and 

(xiii)    (i) fees and expenses incurred or paid by the Loan Parties directly or indirectly in connection
with this Agreement, the other Loan Documents and the transactions contemplated hereby and thereby, including all fees and expenses incurred in connection with the refinancing of the Existing Revolving Credit Facility and (ii) Exchange
Transaction Expenses, 
 minus (b) the sum of (without duplication and to the extent the amounts described in this clause (b) increased
such Consolidated Net Income for the respective period for which EBITDA is being determined) non-cash items increasing Consolidated Net Income of Holdings and the Subsidiaries for such period (but excluding
any such items (A) in respect of which cash was received in a prior period or will be received in a future period or (B) which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in
any prior period). 

  
 13 

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

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

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

“Embargoed Person” shall mean (i) any country or territory that is the subject of a sanctions program administered by
the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or (ii) any party that (w) is publicly identified on the most current list of “Specially Designated Nationals and Blocked Persons”
published by OFAC, (x) is a “designated national” pursuant to OFAC’s Cuban Assets Control Regulations (31 C.F.R. 515.305), (y) resides, is organized or chartered, or has a place of business in a country or territory that is the
subject of a sanctions program administered by OFAC or (z) is publicly identified as prohibited from doing business with the United States under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or any other
requirement of law. 
 “environment” shall mean ambient and indoor air, surface water and groundwater (including potable
water, navigable water and wetlands), the land surface or subsurface strata, natural resources such as flora and fauna, the workplace or as otherwise defined in any applicable law (including common law), rules, regulations, codes, ordinances,
orders, decrees or judgments, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the generation, management, release or threatened release of, or
exposure to, any hazardous material or to occupational health and safety matters (to the extent relating to the environment or hazardous materials). 

“Equity Interests” of any person shall mean any and all shares, interests, rights to purchase or otherwise acquire, warrants,
options, participations or other equivalents of or interests in (however designated) equity or ownership of such person, including any preferred stock, any limited or general partnership interest and any limited liability company membership
interest, and any securities or other rights or interests convertible into or exchangeable for any of the foregoing. 
 “EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from
time to time. 
 “Event of Default” shall have the meaning assigned to such term in Section 7.01. 

  
 14 

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

“Exchange Offer” shall mean, collectively, (x) the exchange of Senior Secured Second Lien Notes, Senior Unsecured Notes
and Senior Subordinated Notes for new five-year term loans of Claire’s Stores and certain of its subsidiaries, senior secured term loans of CLSIP LLC, an indirect wholly-owned subsidiary of Claire’s Stores, and senior term loans of CGHL,
(y) entry into the definitive loan documentation for the Existing Revolving Credit Facility and (z) entry into definitive loan documentation for (i) the Second Amended and Restated Credit Agreement of Claire’s Stores and certain
of its subsidiaries, dated as of August 12, 2016 and effective as of September 20, 2016, with Credit Suisse AG, Cayman Islands Branch, as administrative agent thereunder, (ii) the ABL Credit Agreement of Claire’s Stores and
certain of its subsidiaries, dated as of August 12, 2016 and effective as of September 20, 2016, with Credit Suisse AG, Cayman Islands Branch, as administrative agent thereunder and (iii) the $40,000,000 Credit Agreement of CGHL,
dated as of August 12, 2016 and effective as of September 20, 2016, with Credit Suisse AG, Cayman Islands Branch, as administrative agent thereunder. 

“Exchange Transactions” shall mean, collectively, the transactions consummated in connection with the Exchange Offer. 

“Exchange Transaction Expenses” shall mean any fees or expenses incurred or paid by Holdings or any of the Subsidiaries, or
any direct or indirect Parent Entity, directly or indirectly in connection with the Exchange Transactions and the transactions contemplated thereby including, without limitation, any payments which are accelerated or increased by reason of the
consummation of the transactions. 
 “Excluded Subsidiary” means each Subsidiary listed on Schedule 1.01C. 

“Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be
made by or on account of any obligation of any Loan Party under any Loan Document, (a) any income Taxes imposed on (or measured by) its net income (however denominated or franchise Taxes imposed in lieu of net income Taxes) by the jurisdiction
under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or any other jurisdiction as a result of such recipient engaging in a
trade or business in such jurisdiction for tax purposes, (b) any branch profits Tax or any similar Tax that is imposed by any jurisdiction described in clause (a) above, (c) in the case of a Lender making a Loan, (x) except in the
case of a Lender that is an assignee pursuant to a request by Holdings under Section 2.19, any withholding Tax that is in effect and would apply to amounts payable hereunder to such Lender at the time such Lender becomes a party to such Loan
(or designates a new lending office) except to the extent that such Lender (or its assignor, if any) was entitled, immediately before the designation of a new lending office (or assignment), to receive additional amounts from any Loan Party with
respect to any withholding Tax pursuant to Section 2.17(a) or Section 2.17(c) or (y) any withholding Tax that is attributable to such Lender’s failure to comply with Section 2.17(e), Section 2.17(f) or Section 9.04(i) with respect to such
Loan, and (d) any Taxes imposed under FATCA. 

  
 15 

 “Existing Revolving Credit Facility” shall have the meaning assigned to such
term in the recitals to this Agreement. 
 “Extraordinary Receipts” shall mean any cash received by Holdings or any of its
Subsidiaries (and not consisting of proceeds described in Section 2.11(a) or (b) or other debt issuances permitted hereunder) consisting of proceeds of property and casualty insurance (other than proceeds from business interruption insurance)
and condemnation awards (and payments in lieu thereof). 
 “Fair Market Value” shall mean, with respect to any asset or
property, the price which could be negotiated in an arms’-length transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. 

“FATCA” shall mean Sections 1471 through 1474 of the Code (including, for the avoidance of doubt, any agreements entered into
pursuant to Section 1471(b)(1) of the Code) as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the
implementation of such Sections of the Code. 
 “FCPA” shall mean the Foreign Corrupt Practices Act of 1977, as amended,
and the rules and regulations thereunder. 
 “Federal Funds Rate” shall mean, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day. 

“Financial Officer” of any person shall mean the Chief Financial Officer, principal accounting officer, Treasurer, Assistant
Treasurer or Controller (or the equivalents in the relevant jurisdictions) of such person. 
 “Final Maturity Date” shall
mean January 31, 2019. 
 “Foreign Plan Event” shall mean, with respect to any Foreign Pension Plan of any Loan Party
or any of their respective subsidiaries located within Gibraltar, Germany, Switzerland, France, the United Kingdom, the Cayman Islands or Luxembourg, (a) the existence of unfunded liabilities in excess of the amount permitted under any
applicable law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority, (b) the failure to timely make or, if applicable, accrue in accordance with normal accounting practices, any material amount of
employer or employee contributions required by applicable law or by the terms of such Foreign Pension Plan, (c) the receipt of a notice by a Governmental Authority to terminate any such Foreign Pension Plan or giving notice to appoint a trustee
or similar official to administer any such Foreign Pension Plan, or giving notice of insolvency in respect of such 

  
 16 

 
Foreign Pension Plan, in each case, as would be material to the Loan Parties and the subsidiaries, (d) the incurrence of any liability, individually or in the aggregate, has had or could
reasonably be expected to result in a Material Adverse Effect resulting from the complete or partial termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating employer therein, (e) the occurrence of any
transaction that is prohibited under any applicable law and that could reasonably be expected to result in the incurrence of any material liability by any Loan Party or any of their respective subsidiaries, or the imposition on any Loan Party or any
of their respective subsidiaries of any material fine, excise tax or penalty resulting from any noncompliance with any applicable law or (f) a final determination that any Loan Party or any of their respective subsidiaries are responsible for a
material deficit or funding shortfall in a Foreign Pension Plan. 
 “Foreign Pension Plan” shall mean any employee pension
benefit plan that is required to be funded and maintained under applicable law or any mandatory or non-mandatory insurances or contractual agreements regarding any payments or fringe benefits in addition to
the salary. 
 “French Security Documents” means all Security Documents governed by French law and “French Security
Document” means any of them. 
 “French Transaction Security” means any security assumed and accepted by or through
the Collateral Agent or the Secured Parties, as the case may be, pursuant to any French Security Document and held or administered by the Collateral Agent on behalf of or in trust for the Secured Parties hereunder and any addition or replacement or
substitution thereof. 
 “Fund” shall mean Apollo Management VI, L.P. and other affiliated
co-investment partnerships. 
 “Fund Affiliate” shall mean (i) each Affiliate
of the Fund and (ii) any individual who is a partner or employee of Apollo Management, L.P. or the Fund. 
 “GAAP”
shall mean generally accepted accounting principles in effect from time to time in the United States, applied on a consistent basis, subject to the provisions of Section 1.02; provided that any reference to the application of GAAP in
Sections 3.10(b), 3.12, 5.03, 5.07 and 6.02(e) to a Subsidiary (and not as a consolidated Subsidiary of Holdings) shall mean generally accepted accounting principles in effect from time to time in the jurisdiction of organization of such Subsidiary.

 “German Security Documents” means all Security Documents governed by German law and “German Security Document”
means any of them. 
 “German Tax Code” means Abgabenordnung as of January 1, 1977. 

“German Transaction Security” means any security assumed and accepted by or through the Collateral Agent or the Secured
Parties, as the case may be, pursuant to any German Security Document and held or administered by the Collateral Agent on behalf of or in trust for the Secured Parties hereunder and any addition or replacement or substitution thereof. 

  
 17 

 “Governmental Authority” shall mean any federal, state, local or foreign court
or governmental agency, authority, instrumentality or regulatory or legislative body. 
 “Guarantee” of or by any person
(the “guarantor”) shall mean (a) any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another person
(the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take or pay or otherwise) or to purchase (or to advance or supply funds for the
purchase of) any security for the payment of such Indebtedness or other obligations, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment
thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (iv) entered into
for the purpose of assuring in any other manner the holders of such Indebtedness or other obligation of the payment thereof or to protect such holders against loss in respect thereof (in whole or in part) or (v) as an account party in respect
of any letter of credit, bank guarantee or other letter of guaranty issued to support such Indebtedness or other obligation, or (b) any Lien on any assets of the guarantor securing any Indebtedness (or any existing right, contingent or
otherwise, of the holder of Indebtedness to be secured by such a Lien) of any other person, whether or not such Indebtedness or other obligation is assumed by the guarantor; provided, however, the term “Guarantee” shall not
include endorsements for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted
by this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such Guarantee is made or,
if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined by such person in good faith. 

“Guarantee Agreement” shall mean the Guarantee Agreement, dated as of the date hereof (as amended, supplemented or otherwise
modified from time to time), among each Loan Party and the Collateral Agent in the form of Exhibit B-1. 

“Guarantor” shall have the meaning assigned to such term in the preamble to this Agreement. 

“Holdings” shall mean CGIH. 

“Immaterial Subsidiary” shall mean any Subsidiary that (a) did not, as of the last day of the fiscal quarter of Holdings
most recently ended, have assets with a value in excess of 

  
 18 

 
2.5% of the Consolidated Total Assets or revenues representing in excess of 2.5% of total revenues of Holdings and the Subsidiaries on a consolidated basis for the applicable Test Period, and
(b) taken together with all Immaterial Subsidiaries as of the last day of the fiscal quarter of Holdings’ most recently ended, did not have assets with a value in excess of 5.0% of Consolidated Total Assets or revenues representing in
excess of 5.0% of total revenues of Holdings and the Subsidiaries on a consolidated basis for the applicable Test Period. Each Immaterial Subsidiary as of the Closing Date shall be set forth in Schedule 1.01A. 

“Indebtedness” of any person shall mean, without duplication, (a) all obligations of such person for borrowed money,
(b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such person under conditional sale or title retention agreements relating to property or assets purchased by such
person, (d) all obligations of such person issued or assumed as the deferred purchase price of property or services, to the extent the same would be required to be shown as a long-term liability on a balance sheet prepared in accordance with
GAAP, (e) all Capital Lease Obligations of such person, (f) all net payments that such person would have to make in the event of an early termination, on the date Indebtedness of such person is being determined, in respect of outstanding
Swap Agreements, (g) the principal component of all obligations, contingent or otherwise, of such person as an account party in respect of letters of credit and bank guarantees, (h) the principal component of all obligations of such person
in respect of bankers’ acceptances, (i) all Guarantees by such person of Indebtedness described in clauses (a) to (h) above) and (j) the amount of all obligations of such person with respect to the redemption, repayment or other
repurchase of any Disqualified Stock (excluding accrued dividends that have not increased the liquidation preference of such Disqualified Stock); provided, that Indebtedness shall not include (A) trade payables, accrued expenses and
intercompany liabilities (i) with a term not exceeding 364 days arising in the ordinary course of business and consistent with past practice or (ii) that would not constitute indebtedness on a balance sheet prepared in accordance with
GAAP, (B) prepaid or deferred revenue arising in the ordinary course of business, (C) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase prices of an asset to satisfy unperformed
obligations of the seller of such asset, (D) earn-out obligations until such obligations become a liability on the balance sheet of such person in accordance with GAAP or (E) deferred rent expense.
The Indebtedness of any person shall include the Indebtedness of any partnership or joint venture in which such person is a general partner or joint venture partner, other than to the extent that the instrument or agreement evidencing such
Indebtedness expressly limits the liability of such person in respect thereof. 
 “Indemnified Taxes” shall mean all Taxes
other than Excluded Taxes and Other Taxes. 
 “Indemnitee” shall have the meaning assigned to such term in Section 9.05(b).

 “Ineligible Institution” shall mean (i) the persons identified in writing to, and acceptable to (in its sole
discretion), the Administrative Agent by Holdings prior to the Closing Date, and (ii) bona fide competitors of Holdings and the Subsidiaries as may be identified in writing to the Administrative Agent by Holdings from time to time thereafter in
order to update 

  
 19 

 
such list, with the written consent of the Administrative Agent, by delivery of a notice thereof to the Administrative Agent setting forth such person or persons (or the person or persons
previously identified to the Administrative Agent that are to be no longer considered “Ineligible Institutions”). 

“Initial Lender” shall have the meaning assigned to such term in the preamble hereto. 

“Interest Expense” shall mean, with respect to any person for any period, the sum of (a) gross interest expense of such
person for such period on a consolidated basis, including (i) the amortization of debt discounts, (ii) the amortization of all fees (including fees with respect to Swap Agreements) payable in connection with the incurrence of Indebtedness
to the extent included in interest expense and (iii) the portion of any payments or accruals with respect to Capital Lease Obligations allocable to interest expense and (b) capitalized interest of such person. For purposes of the
foregoing, gross interest expense shall be determined after giving effect to any net payments made or received and costs incurred by Holdings and the Subsidiaries with respect to Swap Agreements, and interest on a Capital Lease Obligation shall be
deemed to accrue at an interest rate reasonably determined by Holdings to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. 

“Interest Payment Date” shall mean each January 15, April 15, July 15 and October 15, provided,
that if any such date is not a Business Day, the Interest Payment Date shall be the next Business Day after such date. 

“Investment” shall have the meaning assigned to such term in Section 6.04. 

“Junior Financing” shall have the meaning assigned to such term in Section 6.09(b). 

“Lender” shall mean each financial institution listed on Schedule 2.01 (other than any such person that has ceased to
be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 9.04), as well as any person that becomes a “Lender” hereunder pursuant to Section 9.04. 

“lending office” shall mean, as to any Lender, the applicable branch, office or Affiliate of such Lender designated by such
Lender to make Loans. 
 “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien,
hypothecation, pledge, charge, security interest or similar encumbrance in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease
having substantially the same economic effect as any of the foregoing) relating to such asset; provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien. 

  
 20 

 “Loan Documents” shall mean this Agreement, the Guarantee Agreement, the
Security Documents, the Collateral Agent Fee Letter, the Deed of Postponement, the Deed of Release and any Note issued under Section 2.09(d). 

“Loan Parties” shall mean, collectively, the Borrowers and the Guarantors. 

“Loans” shall mean, collectively, the Term Loans made by the Lenders pursuant to Section 2.01. 

“Local Time” shall mean New York City time. 

“Luxembourg Loan Parties” shall mean Luxco 1, Luxco 2 and Luxco 3 (each as defined in the Preamble). 

“Luxembourg Security Agreements”: shall mean, collectively, (i) the Luxembourg Accounts Pledge Agreement; (ii) the
Luxembourg Receivables Pledge Agreement; and (iii) the Luxembourg Share Pledge Agreement. 
 “Luxembourg Accounts Pledge
Agreement” means each Luxembourg law accounts pledge agreement entered in connection with this Agreement between: (i) a Luxembourg Loan Party as pledgor and (ii) the Administration Agent as administrative agent and pledgee,
creating a first-ranking accounts pledge (gage de premier rang) over all bank accounts of the Luxembourg Loan Party opened with the banks (or other financial institutions) incorporated in Luxembourg, together with the acknowledgement of the
relevant Luxembourg account bank of the pledge created thereunder. 
 “Luxembourg Receivables Pledge Agreement” means a
Luxembourg law receivables pledge agreement entered in connection with this Agreement between: (i) Luxembourg Loan Parties as pledgors; and (ii) the Administration Agent as administrative agent and pledgee, creating a first-ranking pledge
(gage de premier rang) over all accounts receivable of the Luxembourg Loan Parties. 
 “Luxembourg Share Pledge
Agreement” means each Luxembourg law share pledge agreement entered in connection with this Agreement between: (i) the immediate parent of each Luxembourg Loan Party as pledgor; and (ii) the Administration Agent as administrative
agent and pledgee; and (iii) such Luxembourg Loan Party, creating a first-ranking pledge (gage de premier rang) over 100% of shares in such Luxembourg Loan Party. 

“Make-Whole Premium” shall mean, as of any date of determination, an amount equal to the excess of: 

(a)    the “present value” as of the date of such payment of (i) 104% of the principal amount of the Loans
being prepaid on such date (including, without limitation, the amount of the Financing Fee that is capitalized as interest), plus (ii) all interest payments which would have accrued, from the date of such payment through the Final
Maturity Date, on the principal amount of the Loans being repaid on such date, such interest to be calculated on such amount at a rate of 12.00% per annum, over 

  
 21 

 (b)    the principal amount of the Loans (including, without limitation, the
amount of the Financing Fee that is capitalized as interest) being prepaid; 
 provided that the Make-Whole Premium may in no event
be less than zero. For purposes of this definition “present value” with respect to clause (a)(i) and (a)(ii) shall be computed using a discount rate, applied quarterly, equal to the Treasury Rate as of such prepayment date plus 50 basis
points. 
 “Management Group” shall mean the group consisting of the directors, executive officers and other management
personnel of Claire’s Stores, Holdings and the Subsidiaries, as the case may be, on the Closing Date together with (x) any new directors whose election by such boards of directors or whose nomination for election by the shareholders of
Claire’s Stores or Holdings, as the case may be, was approved by a vote of a majority of the directors of Claire’s Stores or Holdings, as the case may be, then still in office who were either directors on the Closing Date or whose election
or nomination was previously so approved and (y) executive officers and other management personnel of Claire’s Stores, Holdings and the Subsidiaries, as the case may be, hired at a time when the directors on the Closing Date together with
the directors so approved constituted a majority of the directors of Holdings, such Subsidiary or Claire’s Stores, as the case may be. 

“Margin Stock” shall have the meaning assigned to such term in Regulation U. 

“Material Adverse Effect” shall mean a material adverse effect on the business, property, operations or condition of Holdings
and the Subsidiaries, taken as a whole, or the validity or enforceability of any of the material Loan Documents or the rights and remedies of the Administrative Agent and the Lenders thereunder. 

“Material Contract” shall mean any contract with a member of the NA Group that is material to the business or operations of
Holdings or any Subsidiary and to which Holdings or any Subsidiary is a party, including, without limitation, licenses of intellectual property. 

“Material Indebtedness” shall mean Indebtedness (other than Loans or intercompany Indebtedness among any of Holdings and any
of the Subsidiaries) of CGHL or any of its subsidiaries or Holdings or any Subsidiary in an aggregate principal amount exceeding $5 million. 

“Material Subsidiary” shall mean any Subsidiary other than Immaterial Subsidiaries. 

“Maturity Date” shall mean the earliest of (a) the date on which the outstanding Loans and accrued and unpaid
Obligations with respect thereto become due and payable pursuant to Section 7.01 or any other provision of this Agreement and (b) the Final Maturity Date. 

  
 22 

 “Maximum Rate” shall have the meaning assigned to such term in
Section 9.09. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 

“Mortgaged Properties” shall mean, collectively, each Real Property owned in fee by any Loan Party that is set forth on
Schedule 1.01B and each additional Real Property encumbered by a Mortgage pursuant to Section 5.10. 

“Mortgages” shall mean, collectively, the mortgages, trust deeds, deeds of trust, deeds to secure debt, assignments of leases
and rents, and other security documents delivered with respect to any Mortgaged Property, each in form reasonably satisfactory to the Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time. 

“NA Group” shall mean Claire’s Stores and each subsidiary of Claire’s Stores other than CGHL, Holdings and the
Subsidiaries. 
 “NA Group Default” shall mean any “default” under any Indebtedness of Claire’s Stores or
any of its subsidiaries (other than CGHL, Holdings and the Subsidiaries) with a principal amount in excess of $25,000,000, which default either (i) results in such Indebtedness becoming due prior to its stated maturity date or (ii) enables
or permits the holder or lenders thereof to cause such Indebtedness to become due or to require the prepayment, repurchase, redemption or defeasance thereof prior to its scheduled maturity date, in each case, with all applicable cure and grace
periods having expired. 
 “Net Cash Proceeds” shall mean (i) with respect to any Asset Sale by, or any Extraordinary
Receipt received by, Holdings or any of its Subsidiaries, the amount of cash received (directly or indirectly) from time to time (whether as initial consideration or through the payment or disposition of deferred consideration) by or on behalf of
Holdings or such Subsidiary, in connection therewith after deducting therefrom only (A) the amount of any Indebtedness secured by any Lien permitted by Section 6.02 on any asset (other than Indebtedness assumed by the purchaser of such
asset) which is required to be, and is, repaid in connection with such Asset Sale (other than Indebtedness under this Agreement), (B) customary out-of-pocket fees and
expenses related thereto incurred by Holdings or such Subsidiary in connection therewith, (C) transfer taxes paid or payable to any taxing authorities by Holdings or such Subsidiary in connection therewith, and (D) other taxes paid or
reasonably estimated to be paid in connection with such Asset Sale (after taking into account any tax credits or deductions and any tax sharing arrangements) in connection therewith; and (ii) with respect to the issuance or incurrence of any
Indebtedness by Holdings or any of its Subsidiaries, or the sale or issuance by Holdings or any of its Subsidiaries of any shares of its Equity Interests, the aggregate amount of cash received (directly or indirectly) from time to time (whether as
initial consideration or through the payment or disposition of deferred consideration) by or on behalf of Holdings or such Subsidiary in connection therewith, after deducting therefrom only (A) customary out-of-pocket fees and expenses related thereto incurred by Holdings or such Subsidiary in connection therewith, and (B) taxes paid or payable by Holdings or such Subsidiary in connection therewith; in
each case of clause (i) and (ii) to the extent, but only to the extent, that the expenses or taxes 

  
 23 

 
so deducted are (1) actually paid to a person that, except in the case of reasonable out-of-pocket expenses,
is not an Affiliate of Holdings or any of its Subsidiaries, (2) paid within the first anniversary of such transaction, (3) reduced by any and all refunds of such taxes (and amounts credited against such taxes), and (4) properly
attributable to such transaction or to the asset that is the subject thereof. 
 “Net Income” shall mean, with respect to
any person, the net income (loss) of such person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends. 

“Non-Consenting Lender” shall have the meaning assigned to such term in Section
2.19(c). 
 “Note” shall mean a promissory note of the Borrowers in substantially the form of Exhibit C. 

“Notes Offering Memorandum” shall mean the Offering Memorandum, dated September 6, 2012, in respect of additional Senior
Secured First Lien Notes. 
 “Obligations” shall mean (a) the due and punctual payment by the Loan Parties of
(i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made
to the Borrowers, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations of the Loan Parties to any of the Agents or Lenders under this Agreement and
each of the other Loan Documents, including the Applicable Prepayment Premium to the extent applicable, obligations to pay fees, expense and reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent,
fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and (b) the due and punctual
performance of all other obligations of the Loan Parties under or pursuant to this Agreement and each of the other Loan Documents, and shall include the obligations under Section 8.10. 

“Other Connection Taxes” means, with respect to any Lender or Agent, Taxes imposed as a result of a present or former
connection between such Lender or Agent and the jurisdiction imposing such Tax (other than connections arising from such Lender or Agent having executed, delivered, become a party to, performed its obligations under, received payments under,
received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” shall mean any and all present or future stamp, court or documentary, intangible, recording, filing or similar
Taxes that arise from any payment made hereunder, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any
such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19). 

  
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 “Overhead Expenses” shall have the meaning assigned to such term in the
definition of “Permitted Foreign Cash Transfer”. 
 “Parallel Obligations” shall have the meaning assigned to
such term in Section 8.10. 
 “Parent” shall mean Claire’s, Inc., a Delaware corporation. 

“Parent Entity” shall mean any direct or indirect parent of Holdings. 

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

“Permitted Business Acquisition” shall mean any acquisition in the ordinary course of the Loan Parties’ business
(including the acquisitions of stores, leases for stores or other operating assets) of all or substantially all the assets of, or all the Equity Interests (other than directors’ qualifying shares) in, or merger, consolidation or amalgamation
with, a person or division or line of business of a person (or any subsequent investment made in a person, division or line of business previously acquired in a Permitted Business Acquisition), if immediately after giving effect thereto: (i) no
Event of Default shall have occurred and be continuing or would result therefrom; (ii) all transactions related thereto shall be consummated in accordance with applicable laws; (iii) any acquired or newly formed Subsidiary shall not be
liable for any Indebtedness except for Indebtedness permitted by Section 6.01; (iv) to the extent required by Section 5.10, any person acquired in such acquisition shall be merged into a Loan Party or become, upon consummation of such
acquisition, a Loan Party; (v) such acquired business, assets or Persons are located or organized in an Approved Jurisdiction; (vi) the aggregate amount of such acquisitions and investments (x) made for cash consideration following
the Closing Date shall not exceed $5,000,000 or (y) made for non-cash consideration following the Closing Date shall not exceed $15,000,000. 

“Permitted Foreign Cash Transfer” shall mean any payment or other transfer of cash by Holdings: 

 

	 	(a)	 to any member of the NA Group (collectively, “Permitted Transferees” and each a
“Permitted Transferee”) in respect of (i) (x) overhead, legal, accounting and other professional fees and expenses (collectively, “Overhead Expenses”) of any Permitted Transferee and (y) fees and expenses
(other than Overhead Expenses) in connection with the maintenance of any Permitted Transferee’s existence or any Permitted Transferee’s indirect ownership of Holdings and the Subsidiaries, in an aggregate amount for all such amounts in
clauses (x) and (y) not to exceed (A) $250,000 in any fiscal month plus (B) the aggregate amount of the unused portion of the aggregate amounts set forth in clause (A) with respect to all prior fiscal months after the Closing
Date, provided, that any such payments pursuant to this clause (a)(i) shall not exceed $1,000,000 in any fiscal month, and (ii) Taxes 

  
 25 

	 	
then due and owing (or that will be due and owing promptly following receipt of the payment or transfer) of (x) Holdings and the Subsidiaries or (y) any Permitted Transferee;
provided, that, in the case of subclauses (i) and (ii), no Default, Event of Default or NA Group Default shall have occurred and be continuing; 

  

	 	(b)	to CGHL in respect of, or to pay, regularly scheduled non-default interest, fees and expenses then due and owing under Indebtedness of CGHL existing as of the Closing Date and any
Permitted Refinancing Indebtedness in respect thereof (collectively with the items described in clause (b) of Section 6.06, “CGHL Expenses”); provided, that, with respect to such payments under this clause (b), (i)
no Default, Event of Default or CGHL Default shall have occurred and be continuing and (ii) such payments shall be made solely by way of an intercompany loan; or 

 

	 	(c)	(i) to any Permitted Transferee or to CGHL for distribution by CGHL to any Permitted Transferee (including, without limitation, for payments of principal and interest then due and owing under Indebtedness of the NA
Group, payments of other fees and expenses of the NA Group and other general corporate purposes) or (ii)(A) to CGHL in respect of, or to pay, regularly scheduled non-default interest, fees and expenses then
due and owing under Indebtedness of CGHL incurred after the Closing Date and any Permitted Refinancing Indebtedness in respect thereof and (B) to CGHL for payments of principal then due and owing under Indebtedness of CGHL; provided,
that (x)(A) in the case of payments pursuant to subclause (c)(i), no Default, Event of Default, CGHL Default or NA Group Default shall have occurred and be continuing and (B) in the case of payments pursuant to subclause (c)(ii), no Default,
Event of Default or CGHL Default shall have occurred and be continuing, (y) both before and after giving effect to such transfer (A) Holdings and the Subsidiaries shall have Unrestricted Cash of at least $7,000,000 and (B) the Loan
Parties shall have Unrestricted Cash Collateral of at least $2,000,000 and (z) the Total Net Secured Leverage Ratio of Holdings and the Subsidiaries on a Pro Forma Basis after giving effect to such transfer shall be less than or equal to
2.00:1.00; provided, further, that payments pursuant to this clause (c) shall be made solely by way of an intercompany loan. 

“Permitted Holder” shall mean each of (i) the Fund and the Fund Affiliates, and (ii) the Management Group. 

“Permitted Investments” shall mean: 

(a)    direct obligations of the United States of America or any member of the European Union or any agency
thereof or obligations guaranteed by the United States of America or any member of the European Union or any agency thereof, in each case with maturities not exceeding two years; 

(b)    time deposit accounts, certificates of deposit and money market deposits maturing within 180 days of
the date of acquisition thereof issued by a bank or trust 

  
 26 

 
company that is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of America having capital, surplus and undivided
profits in excess of $250.0 million and whose long term debt, or whose parent holding company’s long term debt, is rated A by S&P or A by Moody’s; 

(c)    repurchase obligations with a term of not more than 180 days for underlying securities of the types
described in clause (a) above entered into with a bank meeting the qualifications described in clause (b) above; 

(d)    commercial paper, maturing not more than one year after the date of acquisition, issued by a
corporation (other than an Affiliate of the Borrowers) organized and in existence under the laws of the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any investment
therein is made of P 1 (or higher) according to Moody’s, or A 1 (or higher) according to S&P; 

(e)    securities with maturities of two years or less from the date of acquisition issued or fully
guaranteed by any State, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least A by S&P or A by Moody’s; 

(f)    shares of mutual funds whose investment guidelines restrict 95% of such funds’ investments to
those satisfying the provisions of clauses (a) through (e) above; 
 (g)    money market funds that
(i) comply with the criteria set forth in Rule 2a 7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5 billion; 

(h)    time deposit accounts, certificates of deposit and money market deposits in an aggregate face amount
not in excess of 0.5% of the total assets of the Borrowers and the Subsidiaries, on a consolidated basis, as of the end of the Borrowers’ most recently completed fiscal year; and 

(i)    instruments equivalent to those referred to in clauses (a) through (h) above denominated in any
foreign currency comparable in credit quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any
business conducted by any Subsidiary organized in such jurisdiction. 
 “Permitted Liens” shall have the meaning assigned
to such term in Section 6.02. 
 “Permitted Refinancing Indebtedness” shall mean any Indebtedness issued in exchange
for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof constituting Permitted
Refinancing Indebtedness); provided, that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness 

  
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does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest and premium (including tender premiums) thereon and
underwriting discounts, defeasance costs, fees, commissions and expenses), (b) except with respect to Section 6.01(i), the weighted average life to maturity of such Permitted Refinancing Indebtedness is greater than or equal to the shorter of
(i) the weighted average life to maturity of the Indebtedness being Refinanced and (ii) the weighted average life to maturity that would result if all payments of principal on the Indebtedness being Refinanced that were due on or after the
date that is one year following the Final Maturity Date were instead due on the date that is one year following the Final Maturity Date, (c) the stated final maturity of such Permitted Refinancing Indebtedness is not earlier than the earlier of
(x) the final stated maturity of the Indebtedness being Refinanced or (y) 91 days following the Final Maturity Date; (d) if the Indebtedness being Refinanced is subordinated in right of payment to the Obligations, such Permitted
Refinancing Indebtedness shall be subordinated in right of payment to such Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced and (e) no Permitted
Refinancing Indebtedness shall have different obligors, or greater guarantees or security, than the Indebtedness being Refinanced; provided further, that such Permitted Refinancing Indebtedness shall be (i) on terms not materially
less favorable to the Lenders than those contained in the documentation governing the Indebtedness being Refinanced or (ii) on terms which are consistent with market terms at such time for such Indebtedness. 

“Permitted Transferee” shall have the meaning assigned to such term in the definition of “Permitted Foreign Cash
Transfer”. 
 “person” shall mean any natural person, corporation, business trust, joint venture, association,
company, partnership, limited liability company or government, individual or family trusts, or any agency or political subdivision thereof. 

“Platform” shall have the meaning assigned to such term in Section 9.17(a). 

“Pledged Collateral” shall have the meaning assigned to such term in the Security Agreement and the CGHL Pledge Agreement.

 “Preferred Stock” shall mean any Equity Interest with preferential right of payment of dividends or upon liquidation,
dissolution or winding up. 
 “primary obligor” shall have the meaning given such term in the definition of the term
“Guarantee.” 
 “Pro Forma Basis” shall mean, as to any person, for any events as described below that occur
subsequent to the commencement of a period for which the financial effect of such events is being calculated, and giving effect to the events for which such calculation is being made, such calculation as will give pro forma effect to such events as
if such events occurred on the first day of the four consecutive fiscal quarter period ended on or before the occurrence of such event (the “Reference Period”): (i) in making any determination of EBITDA, effect shall be given to any
Asset Sale, any acquisition, Investment, disposition, merger, 

  
 28 

 
amalgamation, consolidation (or any similar transaction or transactions not otherwise permitted under Section 6.04 or 6.05 that require a waiver or consent of the Required Lenders and such
waiver or consent has been obtained), any dividend, distribution or other similar payment, and any restructurings of the business of Holdings or any of the Subsidiaries (the foregoing, together with any transactions related thereto or in connection
therewith, the “relevant transactions”), in each case that occurred during the Reference Period, (ii) in making any determination on a Pro Forma Basis, (x) all Indebtedness (including Indebtedness issued, incurred or
assumed as a result of, or to finance, any relevant transactions and for which the financial effect is being calculated, whether incurred under this Agreement or otherwise, but excluding normal fluctuations in revolving Indebtedness incurred for
working capital purposes and amounts outstanding under any Permitted Receivables Financing, in each case not to finance any acquisition) issued, incurred, assumed or permanently repaid during the Reference Period shall be deemed to have been issued,
incurred, assumed or permanently repaid at the beginning of such period and (y) Interest Expense of such person attributable to interest on any Indebtedness, for which pro forma effect is being given as provided in preceding clause (x), bearing
floating interest rates shall be computed on a pro forma basis as if the rates that would have been in effect during the period for which pro forma effect is being given had been actually in effect during such periods. 

Pro forma calculations made pursuant to the definition of the term “Pro Forma Basis” shall be determined in good faith by a
Responsible Officer of Holdings and may include, for the applicable Reference Period, adjustments to reflect operating expense reductions and other operating improvements, synergies or cost savings reasonably expected to result from the relevant pro
forma event and projected by Holdings in good faith to be realized within 12 months after such pro forma event (including, to the extent applicable, the Exchange Transactions). Holdings shall deliver to the Administrative Agent a certificate of a
Financial Officer of Holdings setting forth such demonstrable or additional operating expense reductions and other operating improvements, synergies or cost savings and information and calculations supporting them in reasonable detail. 

For purposes of this definition, any amount in a currency other than Dollars will be converted to Dollars based on the average exchange rate
for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 

“PSC Register” means “PSC Register” within the meaning of section 790C(10) of the Companies Act 2006. 

“Qualified Equity Interests” shall mean any Equity Interests other than Disqualified Stock. 

“Real Property” shall mean, collectively, all right, title and interest (including any leasehold estate) in and to any and
all parcels of or interests in real property owned in fee or leased by Holdings or any of the Subsidiaries, together with, in each case, all easements, hereditaments and appurtenances relating thereto, and all improvements and appurtenant fixtures
incidental to the ownership or lease thereof. 

  
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 “Reference Period” shall have the meaning assigned to such term in the
definition of the term “Pro Forma Basis.” 
 “Refinance” shall have the meaning assigned to such term in the
definition of the term “Permitted Refinancing Indebtedness,” and “Refinanced” shall have a meaning correlative thereto. 

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

“Regulation U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof. 
 “Regulation X” shall mean Regulation X of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof. 
 “Related Fund” shall mean, with respect to
any Lender that is a fund that invests in bank or commercial loans and similar extensions of credit, any other fund that invests in bank or commercial loans and similar extensions of credit and is advised or managed by (a) such Lender,
(b) an Affiliate of such Lender or (c) an entity (or an Affiliate of such entity) that administers, advises or manages such Lender. 

“Related Parties” shall mean, with respect to any specified person, such person’s Affiliates and the respective
directors, trustees, officers, employees, agents and advisors of such person and such person’s Affiliates. 
 “Remaining
Present Value” shall mean, as of any date with respect to any lease, the present value as of such date of the scheduled future lease payments with respect to such lease, determined with a discount rate equal to a market rate of interest for
such lease reasonably determined at the time such lease was entered into. 
 “Required Lenders” shall mean, at any time,
Lenders having a majority in aggregate principal amount of outstanding Loans under this Agreement. 
 “Responsible Officer”
of any person shall mean director or any executive officer or Financial Officer of such person and any other officer or similar official thereof in each case responsible for the administration of the obligations of such person in respect of this
Agreement. 
 “Restricted Payment” shall have the meaning assigned to such term in Section 6.06. 

“S&P” shall mean Standard & Poor’s Ratings Group, Inc. 

“Sale and Lease Back Transaction” shall have the meaning assigned to such term in Section 6.03. 

“SEC” shall mean the Securities and Exchange Commission or any successor thereto. 

  
 30 

 “Secured Parties” shall mean the “Secured Parties” as defined in the
Security Agreement. 
 “Security Agreement” shall mean the Security Agreement dated as of the date hereof (as amended,
supplemented or otherwise modified from time to time), among each Loan Party and the Collateral Agent in the form of Exhibit B-2. 

“Security Documents” shall mean the Mortgages, each Collateral Agreement, the CGHL Pledge Agreement, the Swiss Collateral
Documents, the German Security Documents, the Luxembourg Security Agreements, the French Security Documents, each of the security agreements and other instruments and documents listed on Schedule 1.01D and each of the security agreements and other
instruments and documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.10 or Section 5.11. 

“Senior Secured Debt” at any date shall mean (i) the aggregate principal amount of Consolidated Debt of Holdings and the
Subsidiaries outstanding at such date that consists of, without duplication, (A) Indebtedness that in each case is then secured by a Lien and (B) other Indebtedness of the Subsidiaries referenced in Consolidated Debt, less (ii) the
aggregate amount of Unrestricted Cash and Permitted Investments of Holdings and the Subsidiaries on such date. 
 “Senior Secured
First Lien Notes” shall mean up to $1,125 million aggregate principal amount of Claire’s Stores’ 9.00% Senior Secured First Lien Notes due 2019 issued pursuant to the Senior Secured First Lien Notes Indenture and outstanding
on the Closing Date. 
 “Senior Secured First Lien Notes Indenture” shall mean the Indenture dated as of February 28,
2012 under which the Senior Secured First Lien Notes were issued, among Claire’s Stores and certain of its subsidiaries party thereto and the trustee named therein from time to time, as amended, restated, supplemented or otherwise modified from
time to time in accordance with the requirements thereof. 
 “Specified Collateral Value” shall mean, as of any date of
determination, the sum of (i) the aggregate book value of accounts receivable (including any bills of exchange) owned by the Loan Parties or any Subsidiary (excluding receivables owing from a member of the NA Group, CGHL or an Affiliate to such
Loan Party or Subsidiary) plus (ii) the aggregate book value of Inventory owned by the Loan Parties and the Subsidiaries plus (iii) the aggregate amount of prepaid expenses of the Loan Parties and the Subsidiaries, in an
amount not to exceed $10,000,000 at such time plus (iv) the aggregate amount of Unrestricted Cash and Permitted Investments of Holdings and the Subsidiaries. 

“Subordinated Intercompany Debt” shall have the meaning assigned to such term in Section 6.01(e). 

“subsidiary” shall mean, with respect to any person (herein referred to as the “parent”), any corporation,
partnership, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests
are, at 

  
 31 

 
the time any determination is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one
or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” shall mean,
unless the context otherwise requires, a subsidiary of Holdings (which, for the avoidance of doubt, includes each Loan Party other than Holdings). 

“Subsidiary Loan Parties” shall mean (a) each Wholly Owned Subsidiary of Holdings (other than any Excluded Subsidiary)
and (b) each Wholly Owned Subsidiary of Holdings that becomes, or is required to become, a Guarantor after the Closing Date pursuant to Section 5.10(d). 

“Swap Agreement” shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or
similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or
any similar transaction or any combination of these transactions; provided, that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants
of Claire’s Stores, the Borrowers or any of the Subsidiaries shall be a Swap Agreement. 
 “Swiss Account Pledge
Agreements” means, collectively, the Swiss Claire’s Switzerland Account Pledge Agreement, Swiss Claire’s Holding Account Pledge Agreement and the Swiss CSI Luxembourg Account Pledge Agreement. 

“Swiss Assigned Claims” means, collectively, the Swiss Claire’s Switzerland Assigned Claims and the Swiss Claire’s
Holding Assigned Claims. 
 “Swiss Bank Accounts” means, collectively, the Swiss Claire’s Switzerland Bank Accounts,
the Swiss Claire’s Holding Bank Accounts and the Swiss CSI Luxembourg Bank Accounts. 
 “Swiss Borrower” means any
Borrower organized under the laws of Switzerland or, if different, deemed resident in Switzerland for Swiss Withholding Tax purposes. 

“Swiss Claire’s Holding Account Pledge Agreement” means that certain Bank Account Pledge Agreement, dated as of the date
hereof, between Claire’s Holding GmbH, as pledgor, and the Collateral Agent, acting for itself (including as creditor of the Parallel Obligations) and as direct representative (direkter Stellvertreter) in the name and for the account of
the other Lenders as secured parties, in form and substance acceptable to the Lenders, as amended, amended and restated, supplemented or otherwise modified from time to time, regarding the Swiss Claire’s Holding Bank Accounts. 

“Swiss Claire’s Holding Assigned Claims” means the Assigned Claims (as defined in the Swiss Claire’s Holding
Receivables Assignment Agreement). 

  
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 “Swiss Claire’s Holding Bank Accounts” means the Pledged Assets (as defined
in the Swiss Claire’s Holding Account Pledge Agreement). 
 “Swiss Claire’s Holding Pledged Equity Interests”
means the Pledged Assets (as defined in the Swiss Claire’s Holding Share Pledge Agreement). 
 “Swiss Claire’s Holding
Receivables Assignment Agreement” means that certain Receivables Assignment Agreement, dated as of the date hereof, between Claire’s Holding GmbH, as pledgor, and the Collateral Agent, as secured party acting for itself and for the
account of the Lenders as beneficiaries, in form and substance acceptable to the Lenders, as amended, amended and restated, supplemented or otherwise modified from time to time, regarding the Swiss Claire’s Holding Assigned Claims. 

“Swiss Claire’s Holding Share Pledge Agreement” means that certain Share Pledge Agreement, dated as of the date hereof,
between Claire’s Holdings S.à r.l., as pledgor, and the Collateral Agent, acting for itself (including as creditor of the Parallel Obligations) and as direct representative (direkter Stellvertreter) in the name and for the account
of the other Lenders as secured parties, in form and substance acceptable to the Lenders, as amended, amended and restated, supplemented or otherwise modified from time to time, regarding the Swiss Claire’s Holding Pledged Equity Interests.

 “Swiss Claire’s Switzerland Account Pledge Agreement” means that certain Bank Account Pledge Agreement, dated as of
the date hereof, between Claire’s Switzerland GmbH, as pledgor, and the Collateral Agent, acting for itself (including as creditor of the Parallel Obligations) and as direct representative (direkter Stellvertreter) in the name and for the
account of the other Lenders as secured parties, in form and substance acceptable to the Lenders, as amended, amended and restated, supplemented or otherwise modified from time to time, regarding the Swiss Claire’s Switzerland Bank Accounts.

 “Swiss Claire’s Switzerland Assigned Claims” means the Assigned Claims (as defined in the Swiss Claire’s
Switzerland Receivables Assignment Agreement). 
 “Swiss Claire’s Switzerland Bank Accounts” means the Pledged Assets
(as defined in the Swiss Claire’s Switzerland Account Pledge Agreement). 
 “Swiss Claire’s Switzerland Pledged Equity
Interests” means the Pledged Assets (as defined in the Swiss Claire’s Switzerland Share Pledge Agreement). 
 “Swiss
Claire’s Switzerland Receivables Assignment Agreement” means that certain Receivables Assignment Agreement, dated as of the date hereof, between Claire’s Switzerland GmbH, as pledgor, and the Collateral Agent, as secured party
acting for itself and for the account of the Lenders as beneficiaries, in form and substance acceptable to the Lenders, as amended, amended and restated, supplemented or otherwise modified from time to time, regarding the Swiss Claire’s
Switzerland Assigned Claims. 

  
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 “Swiss Claire’s Switzerland Share Pledge Agreement” means that certain
Share Pledge Agreement, dated as of the date hereof, between Claire’s Holding GmbH, as pledgor, and the Collateral Agent, acting for itself (including as creditor of the Parallel Obligations) and as direct representative (direkter
Stellvertreter) in the name and for the account of the other Lenders as secured parties, in form and substance acceptable to the Lenders, as amended, amended and restated, supplemented or otherwise modified from time to time, regarding the Swiss
Claire’s Switzerland Pledged Equity Interests. 
 “Swiss CSI Luxembourg Account Pledge Agreement” means that certain
Bank Account Pledge Agreement, dated as of the date hereof, between CSI Luxembourg S.à r.l., as pledgor, and the Collateral Agent, acting for itself (including as creditor of the Parallel Obligations) and as direct representative (direkter
Stellvertreter) in the name and for the account of the other Lenders as secured parties, in form and substance acceptable to the Lenders, as amended, amended and restated, supplemented or otherwise modified from time to time, regarding the Swiss
CSI Luxembourg Bank Accounts. 
 “Swiss CSI Luxembourg Bank Accounts” means the Pledged Assets (as defined in the Swiss CSI
Luxembourg Account Pledge Agreement). 
 “Swiss Code of Obligations” means the Swiss Code of Obligations of 30 March
1911, as amended and restated from time to time. 
 “Swiss Collateral” means, collectively, the Swiss Pledged Equity
Interests, the Swiss Bank Accounts and the Swiss Assigned Claims. 
 “Swiss Collateral Documents” means, collectively, the
Swiss Share Pledge Agreements, the Swiss Account Pledge Agreements and the Swiss Receivables Assignment Agreements. 
 “Swiss
Guarantor” means any Guarantor organized under the laws of Switzerland or, if different, deemed resident in Switzerland for Swiss Withholding Tax purposes. 

“Swiss Guidelines” means, together, the guideline “Interbank Loans” of 22 September 1986 (S-02.123) (Merkblatt “Verrechnungssteuer auf Zinsen von Bankguthaben, deren Gläubiger Banken sind (Interbankguthaben)” vom 22. September 1986), the guideline “Syndicated
Loans” of January 2000 (S-02.128) (Merkblatt “Steuerliche Behandlung von Konsortialdarlehen, Schuldscheindarlehen, Wechseln und Unterbeteiligungen” vom Januar 2000), the guideline S-02.130.1 in relation to money market instruments and book claims of April 1999 (Merkblatt vom April 1999 betreffend Geldmarktpapiere und Buchforderungen inländischer Schuldner), the guideline
“Bonds” of April 1999 (S-02.122.1) (Merkblatt “Obligationen” vom April 1999), the circular letter No. 34 “Customer Credit Balances” of 26 July 2011 (1-034-V-2011) (Kreisschreiben Nr. 34 “Kundenguthaben” vom 26. Juli 2011), the circular letter No. 15 of
7 February 2007 (1-015-DVS-2007) in relation to bonds and derivative financial instruments as subject matter of taxation of
Swiss federal income tax, Swiss Federal Withholding Tax and Swiss Federal Stamp Taxes (Kreisschreiben Nr. 15 “Obligationen und derivative Finanzinstrumente als Gegenstand der direkten Bundessteuer, der 

  
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Verrechnungssteuer und der Stempelabgaben” vom 7. February 2007); all as issued, and as amended or replaced from time to time, by the Swiss Federal Tax Administration (SFTA) or as
substituted or superseded and overruled by any law, statute, ordinance, court decision, regulation or the like as in force from time to time. 

“Swiss Non-Bank Rules” means the Swiss Ten
Non-Bank Rule, the Swiss Twenty Non-Bank Rule, as well as any similar rule which is to be complied with in order to avoid that the Loans may be classified as bonds or
other instruments bearing interest that is subject to Swiss Withholding Tax or in order to avoid that a Swiss Obligor be assimilated to a bank for Swiss Withholding Tax purposes. 

“Swiss Obligor” means a Swiss Borrower or a Swiss Guarantor. 

“Swiss Pledged Equity Interests” means, collectively, the Swiss Claire’s Switzerland Pledged Equity Interests and the
Swiss Claire’s Holding Pledged Equity Interests. 
 “Swiss Qualifying Bank” means (i) any bank as defined in the
Swiss Federal Code for Banks and Savings Banks dated 8 November 1934 (Bundesgesetz über die Banken und Sparkassen) as amended from time to time; or (ii) any person or entity acting on its own account which is licensed as a bank
by the banking laws in force in its jurisdiction of incorporation and any branch of a legal entity, which is licensed as a bank by the banking laws in force in the jurisdiction where such branch is situated, and which, in each case, exercises as its
main purpose a true banking activity, having bank personnel, premises, communication devices of its own and authority of decision making, all within the meaning of the Swiss Guidelines. 

“Swiss Receivables Assignment Agreements” means, collectively, the Swiss Claire’s Switzerland Receivables Assignment
Agreement and the Swiss Claire’s Holding Receivables Assignment Agreement. 
 “Swiss Share Pledge Agreements” means,
collectively, the Swiss Claire’s Switzerland Share Pledge Agreement and the Swiss Claire’s Holding Share Pledge Agreement. 

“Swiss Ten Non-Bank Rule” means the rule that the aggregate number of creditors
(within the meaning of the Swiss Guidelines or the applicable legislation or explanatory notes addressing the same issues that are in force at such time) under this Agreement which are not Swiss Qualifying Banks must not, at any time, exceed ten
(10), if and as long as a violation of this rule results in Swiss Withholding Tax consequences for a Swiss Obligor, in each case in accordance with the meaning of the Swiss Guidelines. 

“Swiss Twenty Non-Bank Rule” means the rule that (without duplication) the aggregate
number of creditors (including the Lenders), other than Swiss Qualifying Banks, of a Swiss Obligor under all outstanding debts relevant for classification as debenture (Kassenobligation) (including debt arising under this Agreement and
intra-group loans (if and to the extent intra-group loans are not exempt in accordance with art. 14a of the Swiss Federal Ordinance on withholding tax dated 19 December 1966), loans, facilities and/or private placements (including under this
Agreement) must not, at any time, exceed twenty (20), if and as 

  
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long as a violation of this rule results in Swiss Withholding Tax consequences for the Swiss Obligor; in each case in accordance with the meaning of the Swiss Guidelines or the applicable
legislation or explanatory notes addressing the same issues that are in force at such time. 
 “Swiss Withholding Tax”
means the tax imposed based on the Swiss Federal Act on Withholding Tax of 13 October 1965 (Bundesgesetz über die Verrechnungssteuer) as amended from time to time together with the related ordinances, regulations and guidelines.

 “Switzerland” means the Swiss Confederation.] 

“Taxes” shall mean any and all present or future taxes, levies, imposts, duties (including stamp duties), deductions,
withholdings or similar charges (including ad valorem charges) imposed by any Governmental Authority and any and all interest, penalties and additions related thereto, including, without limitation, taxes as defined in Section 3
of the German Tax Code (Abgabenordnung). 
 “Term Loan” shall have the meaning assigned to such term in the recitals
to this Agreement. 
 “Test Period” shall mean, on any date of determination, the period of four consecutive fiscal
quarters of the Loan Parties then most recently ended (taken as one accounting period). 
 “Total Net Secured Leverage
Ratio” shall mean, on any date, the ratio of (a) Senior Secured Debt as of such date to (b) EBITDA for the period of four consecutive fiscal quarters of Holdings and the Subsidiaries most recently ended as of such date;
provided, that EBITDA shall be determined for the relevant Test Period on a Pro Forma Basis. 
 “Treasury Rate”
shall mean as of any prepayment date, the yield to maturity as of such prepayment date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that
has become publicly available at least two (2) Business Days prior to the prepayment date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the
prepayment date to the Final Maturity Date; provided, however, that if the period from the prepayment date to the Final Maturity Date is not equal to the constant maturity of a United States Treasury security for which a weekly average
yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one- twelfth of a year) from the weekly average yields of United States Treasury securities for which such
yields are given. 
 “U.K. Debenture” shall mean the Debenture, dated as of the date hereof, by and between Claire’s
Accessories UK Ltd and the Collateral Agent. 
 “U.S. Bankruptcy Code” shall mean Title 11 of the United States Code, as
amended, or any similar federal or state law for the relief of debtors. 

  
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 “Uniform Commercial Code” shall mean the Uniform Commercial Code as the same may
from time to time be in effect in the State of New York or the Uniform Commercial Code. 
 “Unrestricted Cash” shall mean
cash and cash equivalents of Holdings or any of the Subsidiaries that would not appear as “restricted” on a balance sheet of Holdings or any of the Subsidiaries. 

“Unrestricted Cash Collateral” shall mean cash held in deposit accounts of the Loan Parties that would not appear as
“restricted” on a balance sheet of Holdings or such Loan Party and that is subject to a first priority or first ranking perfected security interest in favor of the Collateral Agent for the benefit of the Secured Parties; provided,
that cash held in deposit accounts of the Loan Parties shall be deemed for the purposes of calculating “Unrestricted Cash Collateral” to be subject to a first priority or first ranking perfected security interest prior to being so granted
and/or perfected to the extent such deposit accounts are intended to be subject to a first priority or first ranking perfected security interest in favor of the Collateral Agent for the benefit of the Secured Parties in accordance with
Section 5.10 or Section 5.11 hereof until the expiration of the period of time contemplated by Section 5.10 or Section 5.11, as applicable. 

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

“VAT” means any tax imposed by Switzerland’s Federal Law of June 12, 2009 concerning Value Added Tax (SR 641.20),
and any national legislation implementing that directive, together with any legislation supplemental thereto, and any other tax of a similar nature and all penalties, cost and interest related thereto. 

“Wholly Owned Subsidiary” of any person shall mean a subsidiary of such person, all of the Equity Interests of which (other
than directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person or another Wholly Owned Subsidiary of such person. 

“Write-Down and Conversion Powers” shall mean, with respect to any EEA Resolution Authority, the write-down and conversion
powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 SECTION 1.02    Terms Generally. The
definitions set forth or referred to in Section 1.01 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, Exhibits and Schedules shall be deemed
references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as otherwise expressly provided herein, any reference in this Agreement to any Loan Document shall mean

  
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such document as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements hereof and thereof. Except as otherwise expressly provided herein, all
terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided, that, if Holdings notifies the Administrative Agent that Holdings requests an amendment to any provision hereof
to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies Holdings that the Required Lenders request an amendment to any
provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Without limitation of the immediately preceding sentence, any lease arrangements that are not (or, if
entered into after the Closing Date, would not have been) Capital Lease Obligations as of the Closing Date but subsequently become Capital Lease Obligations whether as a result of (x) any changes in GAAP or (y) any changes in the terms of
such arrangements required in connection with the ordinary course renewal or extension thereof, shall not constitute Capital Lease Obligations under any provision or for any other purposes of this Agreement. Notwithstanding anything in this
Agreement, to the extent any Loan Party determines in good faith that any notice, certificate or other deliverable hereunder shall contain or constitute “material non-public information”
(“MNPI”), Holdings shall so advise the Administrative Agent and if elected in writing by the Administrative Agent shall either redact or not deliver any such information determined to be MNPI (and the Loan Parties shall be deemed to
be in compliance with any operative provision of this Agreement in relation thereto). 
 SECTION 1.03 Luxembourg terms. In
this Agreement, where it relates to a company incorporated under the laws of Luxembourg, a reference to: (i) a “winding-up”, “administration”, “dissolution” or “receivership” includes, without limitation,
bankruptcy (faillite), insolvency, voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de la faillite), reprieve from payment (sursis de paiement), controlled management
(gestion contrôlée), general settlement with creditors, reorganisation or similar laws affecting the rights of creditors generally; (ii) a “receiver”, “administrative receiver”, “administrator” or the like
includes, without limitation, a juge délégué, commissaire, juge-commissaire, liquidateur or curateur; (iii) a “security interest” includes any hypothèque, nantissement, gage, privilège, sûreté
réelle, droit de rétention and any type of real security or agreement or arrangement having a similar effect and any transfer of title by way of security; (iv) a person being “unable to pay its debts” includes that person being
in a state of cessation of payments (cessation de paiements); (v) by-laws or constitutional documents includes its up-to-date (restated) articles of association (statuts coordonnés); and (iv) a director includes an administrateur. 

  
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 SECTION 1.04    French Terms. In this Agreement, with respect to a
Loan Party incorporated in France, a reference to: 
 (a)    a “composition”, “compromise”,
“assignment” or similar “arrangement with any creditor” includes a “procédure de conciliation” and “mandate ad hoc” under articles L. 611-3 et seq. of the French
Commercial Code (Code de commerce); 
 (b)    “compulsory manager”, “liquidator”,
“receiver”, “administrator”, “administrative receiver”, includes an “administrateur judiciaire”, “mandataire ad hoc”, “conciliateur”, “liquidateur” or other similar officer; 

(c)    a “guarantee” includes any “cautionnement”, “aval” or any “garantie” which
is independent from the debt for which it relates; 
 (d)    a “lease” includes any “bail” or an
“opération de crédit-bail”; 
 (e)    a
“reorganisation” includes any contribution of part of its business in consideration of shares (“apport partiel d’actifs”), any demerger (“scission”) implemented in accordance with articles L. 236-1 to L. 236-24 of the French Commercial Code (Code de commerce) or any merger which includes any “fusion” implemented in accordance with articles L. 236-1 to L. 236-24 of the French Commercial Code (Code de commerce) or any operation of “transfert universel de patrimoine”; 

(f)    a “Security” includes any type of security (“sûreté réelle”), transfer by
way of security, trust (“fiducie”) or any other agreement or arrangement having a similar effect; 
 (g)    a
person being “unable to pay its debts” includes that person being in a state of “cessation des paiements”; and 

(h)    a “wind-up”, “dissolution”, “administration”
or “bankruptcy” includes a “redressement judiciaire”, “cession totale ou partielle de l’entreprise”, “liquidation judiciaire”, “procédure de sauvegarde financière
accélérée”, “procédure de sauvegarde accélérée” or “procédure de sauvegarde” under articles L. 620-1 et seq. of the French
Commercial Code (Code de commerce). 
 ARTICLE II. 

The Credits 
 SECTION
2.01    Commitments. Upon the terms and subject to the conditions set forth herein, each Lender agrees to make a Loan in Dollars to the Borrowers on the Closing Date in an amount equal to such Lender’s Commitment.
Once repaid, the Term Loan may not be reborrowed. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided, that the Commitments of the Lenders are several
and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 SECTION
2.02    [Reserved]. 

  
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 SECTION 2.03    [Reserved]. 

SECTION 2.04    Procedure for Borrowing. On the Closing Date, each Lender shall make available to the account of
the Administrative Agent, an amount in immediately available funds equal to its Commitment. Upon receipt of the funds to be made available by the Lenders, the Administrative Agent shall disburse such funds by depositing the requested amounts into
the account(s) specified by Holdings to the Administrative Agent. 
 SECTION 2.05    [Reserved]. 

SECTION 2.06    [Reserved]. 

SECTION 2.07    [Reserved]. 

SECTION 2.08    [Reserved]. 

SECTION 2.09    Repayment of Loans; Evidence of Debt. 

(a)    Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness
of the Borrowers to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(b)    The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made
hereunder, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and (iii) any amount received by the Administrative Agent hereunder for the account of the
Lenders and each Lender’s share thereof. 
 (c)    The entries made in the accounts maintained pursuant to
paragraph (a) or (b) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided, that the failure of any Lender or the Administrative Agent to maintain such accounts or any
error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement. 

(d)    Any Lender may request that Loans made by it be evidenced by a Note. In such event, each Borrower shall prepare,
execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in substantially the form of Exhibit C. Thereafter, the Loans evidenced
by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such
promissory note is a registered note, to such payee and its registered assigns). 
 (e)    The outstanding unpaid
principal balance and all accrued and unpaid interest on the Loans shall be due and payable on the Maturity Date. 

  
 40 

 SECTION 2.10    Fees. The Borrowers shall pay to the Collateral Agent,
for its own account, the fees described in the Collateral Agent Fee Letter, on the terms, in the amount and at the times set forth therein. 

SECTION 2.11    Prepayment of Loans. 

(a)    Immediately upon any Asset Sale by Holdings or any of its Subsidiaries pursuant to Section 6.05 (a), (f) or
(i), but, if applicable, subject to the reinvestment right set out in clause (d) below, the Borrowers shall prepay the outstanding principal amount of the Loans in an amount equal to 100% of the Net Cash Proceeds received by Holdings or such
Subsidiary in connection with such Asset Sale to the extent that the aggregate amount of such Net Cash Proceeds received by all Loan Parties and the Subsidiaries (and not otherwise paid to the Administrative Agent as a prepayment of the Loans) shall
exceed, for all such Asset Sales in any fiscal year of the Borrowers, $5,000,000. 
 (b)    Upon the issuance or
incurrence by Holdings or any of its Subsidiaries of any Indebtedness (other than Indebtedness permitted pursuant to Section 6.01), the Borrowers shall prepay the outstanding amount of the Loans in an amount equal to 100% of the Net Cash
Proceeds received by such Person in connection therewith. 
 (c)    Upon the receipt by Holdings or any of its
Subsidiaries of any Extraordinary Receipts, but subject to the reinvestment right set out in clause (d) below, the Borrowers shall prepay the outstanding principal amount of the Loans in an amount equal to 100% of the Net Cash Proceeds received
by Holdings or such Subsidiary, in connection with such Extraordinary Receipt to the extent that the aggregate amount of the Net Cash Proceeds received by all Loan Parties and the Subsidiaries (and not otherwise paid to the Administrative Agent as a
prepayment of the Loans) shall exceed, for all such Extraordinary Receipts in any fiscal year of Holdings and the Subsidiaries, $5,000,000. 

(d)    Notwithstanding the foregoing, in connection with the receipt of Net Cash Proceeds from (A) Extraordinary
Receipts and (B) Asset Sales pursuant to Section 6.05(f) or (i) (but, for the avoidance of doubt, not Section 6.05(a)), such Net Cash Proceeds shall not be required to be applied to the prepayment of the Loans on such date to the extent
Holdings notifies the Administrative Agent promptly following receipt of any such proceeds setting forth the Borrowers’ intention to use any portion of such proceeds, within 365 days of such receipt, to acquire, maintain, develop, construct,
improve, upgrade or repair assets useful in the business of the Subsidiaries (and with respect to Net Cash Proceeds received by a Loan Party, useful in the business of such Loan Party) or to make Permitted Business Acquisitions and other Investments
permitted hereunder (excluding Permitted Investments or intercompany Investments in Subsidiaries) or to reimburse the cost of any of the foregoing incurred on or after the date on which the Asset Sale or Extraordinary Receipt giving rise to such
proceeds was contractually committed, such portion of such proceeds shall not constitute Net Cash Proceeds except to the extent not, within 365 days of such receipt, so used or contractually committed to be so used (it being understood that if any
portion of such proceeds are not so used within such 365 days period but within such 365 days period are contractually committed to be used, then such remaining portion if not so used within 180 days following the end of such 365 days period shall
constitute Net Cash Proceeds as of such date without giving effect to this proviso). 

  
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 (e)    The Borrowers shall have the right at any time and from time to time
to prepay the Loans in whole or in part, in an aggregate principal amount that is an integral multiple of $500,000 and not less than $1,000,000. 

(f)    Prior to any prepayment of the Loans, Holdings shall notify the Administrative Agent in writing not later than
2:00 p.m., Local Time, one (1) Business Day before the scheduled date of such prepayment, which notice shall be irrevocable except to the extent conditioned on a refinancing of all or any portion of the Loans. Each prepayment of Loans
shall be applied to the Loans such that each Lender receives its ratable share of such prepayment (based upon the respective Loans held by the Lenders at the time of such prepayment). Prepayments of Loans shall be accompanied by accrued interest on
the amount repaid and, as liquidated damages and compensation for the costs of makeup funds available hereunder solely with respect to prepayments of Loans pursuant to Sections 2.11(b) and 2.11(e), the Applicable Prepayment Premium. The Borrowers
agree that the amount of the Applicable Prepayment Premium is a reasonable calculation of the Lenders’ lost profits in view of the difficulties and impracticalities of determining actual damages resulting from an early prepayment of the Loans.

 SECTION 2.12    Additional Interest. The Borrowers agree to pay additional interest to each Lender until the
first anniversary of the Closing Date (the “Additional Interest”) in an aggregate amount equal to 3.00% per annum of the aggregate principal amount of such Lender’s ratable share of Loans outstanding as of the Closing Date. The
Additional Interest shall be paid as capitalized interest quarterly to the Lenders (in quarterly amounts equal to 0.75% of the aggregate principal amount of such Lender’s ratable share of Loans outstanding as of the Closing Date) and added to
the principal balance of the Loans on the Interest Payment Dates occurring on April 15, 2017, July 15, 2017, October 15, 2017 and January 15, 2018. 

SECTION 2.13    Interest. 

(a)    The Loans shall bear interest at a rate per annum equal to 12.00% per annum. Accrued interest on the Loans shall be
payable in arrears on each Interest Payment Date, commencing with the Interest Payment Date occurring on April 15, 2017, and upon the Maturity Date; provided, that (x) interest accrued pursuant to paragraph (b) of this Section shall
be payable on demand and (y) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. 

(b)    Automatically and for so long as any Event of Default shall have occurred and be continuing under Section 7.01(b),
(c), (h) or (i) (or at the election, after notice to Holdings, of the Administrative Agent or Required Lenders for so long as any other Event of Default shall have occurred and be continuing) (i) all Loans shall bear interest after as well as
before judgment, at a rate per annum equal to 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraph of this Section or (ii) in the case of any other amount 

  
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(including, but not limited to, fees to be paid under the Loan Documents), such amount shall bear interest at a rate per annum equal to 2% plus the rate applicable to Loans as provided in
paragraph (a) of this Section. 
 (c)    All interest hereunder shall be computed on the basis of a year of 365
days or 366, as applicable, and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(d)    Minimum Interest. 

(i)    By entering into this Agreement, the Parties have assumed in good faith that the interest payable
hereunder is not and will not become subject to any deduction on account of Swiss Withholding Tax. Nevertheless, in the event that Swiss Withholding Tax should be imposed on any interest payable under this Agreement or another Loan Document and
should it be unlawful for a Swiss Obligor to comply with Section 2.17(a) for any reason (where this would otherwise be required by the terms of Section 2.17(a)) then: 

(a)    the applicable interest rate in relation to that interest payment shall be (1) the interest
rate which would have applied to that interest payment (as provided for in this Section 2.13) in the absence of this paragraph (d), divided by (2) one (1) minus the rate at which the relevant deduction on account of Swiss Withholding Tax
is required to be made (where the rate at which such deduction is required to be made is for this purpose expressed as a fraction of (1) rather than as a percentage); 

(b)    that Swiss Obligor shall: (i) pay the relevant interest at the adjusted rate in accordance
with paragraph (A) above and (ii) make the deduction on account of Swiss Withholding Tax on the interest so recalculated and remit such amount to the applicable Governmental Authority; and 

(c)    all references to a rate of interest payable by a Swiss Obligor in respect of each relevant Loan
shall be construed accordingly. 
 SECTION 2.14    [Reserved]. 

SECTION 2.15    [Reserved]. 

SECTION 2.16    [Reserved].  

SECTION 2.17    Taxes. 

(a)    Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made free
and clear of and without deduction for any Taxes, except where required by applicable law. If any applicable withholding agent shall be 

  
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required by applicable law to deduct any Taxes from such payments, then (i) to the extent the deduction is an account of Indemnified Taxes or Other Taxes, the sum payable by the Loan Parties
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.17) the Administrative Agent or any Lender, as applicable, receives an amount equal to
the sum it would have received had no such deductions been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall timely pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law. 
 (b)    In addition, the Loan Parties shall timely pay any
Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c)    Each Loan Party shall
indemnify the Administrative Agent and each Lender within 10 days after written demand therefor, for the full amount of any Indemnified Taxes payable by the Administrative Agent or such Lender, as applicable, on or with respect to any payment by or
on account of any obligation of such Loan Party under any Loan Document and any Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17 and Section
2.13(d)(i)(b)(ii)) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to
the amount of such payment or liability delivered to such Loan Party by a Lender, or by the Administrative Agent on its own behalf, on behalf of another Agent or on behalf of a Lender shall be conclusive absent manifest error. 

(d)    As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Loan Party to a Governmental
Authority and as soon as practicable following the making of any payment pursuant to Section 2.13(d)(i)(b)(ii), such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e)    Any Lender that is entitled to an exemption from or reduction of withholding Tax or backup withholding Tax with
respect to payments under any Loan Document shall deliver to Holdings (with a copy to the Agents), to the extent such Lender is legally eligible to do so, at the time or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law, or as may reasonably be requested by Holdings or the Administrative Agent to permit such payments to be made without such withholding tax or at a reduced rate. In addition, each Lender shall deliver such
forms, if legally eligible to deliver such forms, promptly upon the obsolescence, expiration or invalidity of any form previously delivered by such Lender. Each Lender shall promptly notify Holdings and the Administrative Agent at any time it
determines that it is no longer in a position to provide any previously delivered certificate (or any other form of certification adopted by the United States of America or other taxing authorities for such purpose). 

  
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 (f)    Without limiting the generality of Section 2.17(e) above: 

(A)    If a payment made to a Lender under any Loan Document would be subject withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to Holdings and the Agents at the time or
times prescribed by law and at such time or times reasonably requested by Holdings or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by Holdings or the Administrative Agent as may be necessary for Holdings and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.17(f), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 (B)    Each Lender that is a United States Person shall deliver to Holdings and the Administrative
Agent two executed originals of Internal Revenue Service Form W-9 (or any subsequent versions thereof or successors thereto) on or before the date such Lender becomes a party and upon the expiration of any
form previously delivered by such Lender. 
 (C)    Notwithstanding any other provision of this
Section 2.17, a Lender shall not be required to deliver any form pursuant to this paragraph that such Lender is not legally eligible to deliver. 

(g)    If the Agents or Lender has received a refund (in cash or as an offset against other Taxes payable) of any
Indemnified Taxes or Other Taxes as to which it has been indemnified by any Loan Party or with respect to which a Loan Party has paid additional amounts pursuant to this Section 2.17 or pursuant to Section 2.13(d)(i)(b)(ii), it shall pay over
such refund to such Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.17 or pursuant to Section 2.13(d)(i)(b)(ii)with respect to the Indemnified Taxes or Other
Taxes giving rise to such refund), net of all out of pocket expenses of the Agents, such Lender (including any Taxes imposed with respect to such refund) as is determined by the Administrative Agent, such Lender in good faith and in its sole
discretion, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such Loan Party, upon the request of the Administrative Agent, such Lender, agrees to repay as
soon as reasonably practicable the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender in the event the Administrative Agent,
such Lender is required to repay such refund to such Governmental Authority. This Section 2.17 shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its
Taxes which it deems in good faith to be confidential) to the Loan Parties or any other person. 
 (h)    Any payments
by any Loan Party under any Loan Document which (in whole or in part) constitute consideration for a supply or otherwise serve for VAT purposes shall 

  
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be deemed to be exclusive of any VAT which is chargeable in connection therewith. If, in connection with any payments by any Loan Party under any Loan Document, VAT is chargeable to the Lender,
such Loan Party shall promptly pay to the Lender, an amount equal to the amount of such VAT (and the Lender shall, promptly following a request therefore by the Borrower, provide an appropriate VAT invoice to the Borrower). For the avoidance of
doubt and without duplication, where any Loan Party is required under any Loan Document to reimburse the Lender for any costs or expenses, that Loan Party shall also at the same time pay and indemnify the Lender against all VAT and any stamp duty,
registration or other similar tax payables, in each case incurred in connection with the entry into, performance or enforcement of any Loan Document. 

SECTION 2.18    Payments Generally; Pro Rata Treatment; Sharing of Setoffs. 

(a)    Unless otherwise specified, the Borrowers shall make each payment required to be made by them hereunder (whether of
principal, interest, fees, or of amounts payable under Section 2.17, or otherwise) prior to 2:00 p.m., Local Time. The Borrowers shall make each such payment on the date when due, in immediately available funds, without condition or deduction
for any defense, recoupment, set off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of
calculating interest thereon. All such payments shall be made to the Administrative Agent or the Collateral Agent, as applicable, to the applicable account designated to Holdings by the Administrative Agent or the Collateral Agent, as applicable,
except that payments pursuant to Sections 2.17 and 9.05 shall be made directly to the persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other person to the appropriate
recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, then unless otherwise provided with respect to such payment, the date for payment shall be extended to the next succeeding
Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments under the Loan Documents shall be made in Dollars. Any payment required to be made by the
Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating
procedures of the clearing or settlement system used by the Administrative Agent to make such payment. 
 (b)    If at
any time insufficient funds are received by and available to the Administrative Agent from the Borrowers to pay fully all amounts of principal, interest and fees then due from the Borrowers hereunder, such funds shall be applied first, to all fees
and expenses then due and payable to the Agents, second, to all fees and expenses then due and payable to the Lenders, third, to accrued and unpaid interest on the Loans until paid in full, fourth, to the aggregate outstanding principal amount of
the Loans until paid in full, fifth, to all other outstanding Obligations until paid in full, and sixth, to the Borrowers or otherwise in accordance with applicable law. 

  
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 (c)    If any Lender shall, by exercising any right of set off or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the
proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided, that (i) if any such participations are purchased and all or any portion of the payment
giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph (c) shall not be construed to apply to any
payment made by the Borrowers pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or
participant, other than to any Loan Party or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph (c) shall apply). Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set off and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of such Borrower in the amount of such participation. 
 (d)    [Reserved]. 

(e)    If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.18(d), then the
Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such
Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.19    Mitigation Obligations;
Replacement of Lenders. 
 (a)    If any Loan Party is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender with respect to Indemnified Taxes pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or
to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 2.17 in the future and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any material respect. The Borrowers hereby agree to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b)    If
the Loan Parties are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender with respect to Indemnified Taxes pursuant to Section 2.17, then the Borrowers may, at their sole expense and
effort, upon notice by Holdings to such Lender and the Administrative Agent, require such 

  
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Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement
to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided, that (i) Holdings shall have received the prior written consent of the Administrative Agent, which
consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, Applicable Prepayment Premium accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Loan Parties (in the case of all other amounts including, without limitation, the Applicable Prepayment Premium) and
(iii) in the case of any such assignment resulting from a claim for payments required to be made with respect to Indemnified Taxes pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. 

(c)    If any Lender (such Lender, a “Non-Consenting Lender”) has
failed to consent to a proposed amendment, waiver, discharge or termination which pursuant to the terms of Section 9.08 requires the consent of all of the Lenders affected and with respect to which the Required Lenders shall have granted their
consent, then the Borrowers shall have the right (unless such Non-Consenting Lender grants such consent) at their sole expense (including with respect to the processing and recordation fee referred to in
Section 9.04(b)(ii)(B)) to replace such Non-Consenting Lender by deeming such Non-Consenting Lender to have assigned its Loans to one or more assignees reasonably
acceptable to the Administrative Agent; provided, that: (a) all Obligations of the Borrowers owing to such Non-Consenting Lender being replaced including, without limitation, any Applicable
Prepayment Premiums, fees and expenses, shall be paid in full to such Non-Consenting Lender concurrently with such assignment and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. No action by or consent of the Non-Consenting Lender shall be
necessary in connection with such assignment, which shall be immediately and automatically effective upon payment of such purchase price. In connection with any such assignment, the Borrowers, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 9.04; provided, that if such Non-Consenting Lender does not comply with
Section 9.04 within three Business Days after Borrower Representative’s request, compliance with Section 9.04 shall not be required to effect such assignment. 

ARTICLE III. 
 Representations
and Warranties 
 On the Closing Date, each Borrower represents and warrants to each of the Lenders that: 

SECTION 3.01    Organization; Powers. Except as set forth on Schedule 3.01, each of the
Loan Parties and each of the Material Subsidiaries (a) is a partnership, limited liability company or corporation duly organized, validly existing and in good standing (or 

  
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in any foreign jurisdiction where an equivalent status exists, enjoys the equivalent status under the laws of such foreign jurisdiction of organization outside of the United States) under the
laws of the jurisdiction of its organization, (b) has all requisite power and authority to own its property and assets and to carry on its business as now conducted, (c) is qualified to do business in each jurisdiction where such
qualification is required, except where the failure so to qualify would not reasonably be expected to have a Material Adverse Effect, and (d) in the case of the Loan Parties, has the power and authority to execute, deliver and perform its
obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which it is or will be a party and, in the case of the Borrowers, to borrow and otherwise obtain credit hereunder. 

SECTION 3.02    Authorization. The execution, delivery and performance by each Loan Party of each of the Loan
Documents to which it is a party, and the borrowings hereunder and the transactions contemplated hereby (a) have been duly authorized by all corporate, stockholder, partnership or limited liability company action required to be obtained by such
Loan Party and (b) will not (i) violate (A) the certificate or articles of incorporation or other constitutive documents (including any partnership, limited liability company or operating agreements) or by laws of any such Loan Party,
(B) any provision of law, statute, rule or regulation, any applicable order of any court or any rule, regulation or order of any Governmental Authority, except as would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect or (C) any provision of any Material Indebtedness to which any such Loan Party is a party or by which any of them or any of their property is or may be bound, (ii) be in conflict with, result in a breach of or
constitute (alone or with notice or lapse of time or both) a default under, give rise to a right of or result in any cancellation or acceleration of any right or obligation (including any payment) or to a loss of a material benefit under any
Material Indebtedness, or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by any such Loan Party, other than the Liens created by the Loan Documents and
Permitted Liens. 
 SECTION 3.03    Enforceability. This Agreement has been duly executed and delivered by
Holdings and each Borrower and constitutes, and each other Loan Document when executed and delivered by each Loan Party that is a party thereto will constitute, a legal, valid and binding obligation of such Loan Party enforceable against each such
Loan Party in accordance with its terms (except with respect to the U.K. Debenture as it relates to any security interest therein taken over Equity Interests in any Subsidiary that is not organized under the laws of England and Wales), subject to
(i) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law) and (iii) implied covenants of good faith and fair dealing. 
 SECTION
3.04    Governmental Approvals. No action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with this Agreement, except for
(a) such as have been made or obtained and are in full force and effect, (b) such actions, consents and approvals the failure of which to be obtained or made would not reasonably be expected to have a Material Adverse Effect and
(c) filings or other actions listed on Schedule 3.04. 

  
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 SECTION 3.05    Financial Statements. (a) (i) The summary
condensed consolidated financial information of CGIH (a) as of and for the fiscal year ended, January 31, 2016, and (ii) as of and for the three months ended October 29, 2016, which in each case has been derived from
consolidating schedules to Claire’s Stores’ consolidated financial statements as of the same date and for the same period, copies of which have heretofore been furnished to each Lender, were prepared in accordance with GAAP consistently
applied throughout the period covered thereby and present fairly in all material respects the consolidated financial position of CGIH and its Subsidiaries as at such date and the consolidated results of operations and cash flows of CGIH and its
Subsidiaries for the fiscal period then ended (subject, in the case of clause (ii), to normal year-end audit adjustments and the absence of footnotes). 

(b)    Since October 29, 2016 there have been no events, developments or circumstances that have had, or could
reasonably be expected to have, neither individually or in the aggregate, a Material Adverse Effect. 
 SECTION
3.06    Subsidiaries. 
 (a)    Schedule 3.06(a) sets forth as of the Closing Date the
name and jurisdiction of incorporation, formation or organization of each subsidiary of Holdings other than Immaterial Subsidiaries and, as to each such subsidiary, the percentage of each class of Equity Interests owned by Holdings or by any such
subsidiary. 
 (b)    As of the Closing Date, there are no outstanding subscriptions, options, warrants, calls, rights
or other agreements or commitments (other than directors’ qualifying shares) of any nature relating to any Equity Interests of Holdings or any of the Subsidiaries. 

SECTION 3.07    Litigation; Compliance with Laws. 

(a)    There are no actions, suits or proceedings at law or in equity or by or on behalf of any Governmental Authority or
in arbitration now pending, or, to the knowledge of the Borrowers, threatened in writing against or affecting the Loan Parties or the Subsidiaries or any business, property or rights of any such person which would reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. 
 (b)    None of the Loan Parties or the Subsidiaries or
their respective properties or assets is in violation of (nor will the continued operation of their material properties and assets as currently conducted violate), any law, rule or regulation (including any zoning, building, ordinance, code or
approval, or any building permit) or any restriction of record or agreement affecting any Mortgaged Property, or is in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where such violation or default
would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

  
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 SECTION 3.08    Investment Company Act. None of the Loan Parties or
the Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 

SECTION 3.09    Use of Proceeds. The Borrowers will use the proceeds of the Loans (a) to repay outstanding
indebtedness and any other obligation due and arising under the Existing Revolving Credit Facility in full, (b) to pay fees, costs and expenses incurred in connection with this Agreement and (c) for general corporate purposes. 

SECTION 3.10    Tax Returns. Except as set forth on Schedule 3.10: 

(a)    Each of the Loan Parties and the Subsidiaries has filed or caused to be filed all material Tax
returns required to have been filed by it and each such material Tax return is true and correct in all material respects; 

(b)    Each of the Loan Parties and the Subsidiaries has timely paid or caused to be timely paid all
material Taxes shown to be due and payable by it on the returns referred to in clause (a) and all other material Taxes or assessments (or made adequate provision (in accordance with GAAP) for the payment of all material Taxes due) with respect
to all periods or portions thereof ending on or before the Closing Date (except Taxes or assessments that are being contested in good faith by appropriate proceedings in accordance with Section 5.03 and for which such Loan Party or any of such
Subsidiaries (as the case may be) has set aside on its books adequate reserves in accordance with GAAP); and 

(c)    As of the Closing Date, with respect to Holdings and each of the Subsidiaries, there are no claims
being asserted in writing with respect to any material Taxes. 
 SECTION 3.11    Employee Benefit Plans. The Loan
Parties and the Subsidiaries are in compliance with (i) all applicable provisions of law and all applicable regulations and published interpretations thereunder with respect to any employee pension benefit plan or other employee benefit plan
governed by the laws of the jurisdiction of such entity and (ii) with the terms of any such plan, except, in each case, for such noncompliance that would not reasonably be expected to have a Material Adverse Effect. 

SECTION 3.12    Labor Matters. Except as, individually or in the aggregate, would not reasonably be expected to
have a Material Adverse Effect: (a) there are no strikes or other labor disputes pending or threatened against any of the Loan Parties or any of the Subsidiaries; (b) the hours worked and payments made to employees of the Loan Parties and
the Subsidiaries have not been in violation of applicable labor law dealing with fair labor standards; and (c) all payments due from any of the Loan Parties or any of the Subsidiaries or for which any claim may be made against any of the Loan
Parties or any of the Subsidiaries on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the books of such Loan Party or such Subsidiary to the extent required by GAAP. Except
as, individually or in the aggregate, would not reasonably be expected to have a 

  
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Material Adverse Effect, the making of the Loans will not give rise to a right of termination or right of renegotiation on the part of any union under any material collective bargaining agreement
to which any of the Loan Parties or any of the Subsidiaries (or any predecessor) is a party or by which any of the Loan Parties or any of the Subsidiaries is bound. 

SECTION 3.13    Insurance. As of the Closing Date, all material insurance maintained by or on behalf of the Loan
Parties and the Subsidiaries is in full force and effect. 
 SECTION 3.14    No Default. No Default or Event of
Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 

SECTION 3.15    Intellectual Property; Licenses, Etc. Except as would not reasonably be expected to have a Material
Adverse Effect and as set forth in Schedule 3.15, (a) each of the Loan Parties and each of the Subsidiaries owns, or possesses the right to use, all of the patents, registered trademarks, registered service marks or trade names,
registered copyrights or mask works, domain names, applications and registrations for any of the foregoing that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other person. 

SECTION 3.16    Anti-Money Laundering and Economic Sanctions Laws. None of the Loan Parties, the Subsidiaries or
any of their respective Affiliates and none of the respective officers, directors or agents of such Loan Party, Subsidiary or Affiliate has violated or is in violation of any applicable Anti-Money Laundering
Laws. No Loan Party nor any of its Subsidiaries or its Affiliates nor any director, officer, employee, agent, Affiliate or representative of such Loan Party, Subsidiary or Affiliate (each, a “Specified Person”) is an individual or
entity currently the subject of any sanctions administered or enforced by OFAC, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”),
nor is any Loan Party, any Subsidiary nor any of their respective Affiliates located, organized or resident in a country or territory that is the subject of Sanctions. 

No Specified Person will use any proceeds of the Loans or lend, contribute or otherwise make available such proceeds to any Person for the
purpose of financing the activities of or with any Person or in any country or territory that, at the time of funding, is an Embargoed Person. 

Except to the extent conducted in accordance with applicable Law, no Loan Party any Subsidiary nor any of their respective Affiliates and none
of the respective officers, directors, brokers or agents of such Loan Party, such Subsidiary or such Affiliate acting or benefiting in any capacity in connection with the Loans (i) conducts any business or engages in making or receiving any
contribution of funds, goods or services to or for the benefit of any Embargoed Person, (ii) deals in, or otherwise engages in any transaction related to, any property or interests in property blocked pursuant to any Sanctions or
(iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the applicable prohibitions set forth in any Economic Sanctions Laws. 

  
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 Except as otherwise disclosed in Schedule 3.16, to the Borrowers’ knowledge, within
the past five years, each of the Loan Parties and the Subsidiaries is in compliance in all respects with and has not committed any violation of applicable law or regulation, permit, order or other decision or requirement having the force or effect
of law or regulation of any governmental entity concerning the importation of products, the exportation or re-exportation of products (including technology and services), the terms and conduct of international
transactions and the making or receiving of international payments, including, as applicable, the Tariff Act of 1930, as amended, and other laws, regulations and programs administered or enforced by U.S. Customs and Border Protection and U.S.
Immigration and Customs Enforcement, and their predecessor agencies, the Export Administration Act of 1979, as amended, the Export Administration Regulations, the International Emergency Economic Powers Act, as amended, the Trading With the Enemy
Act, as amended, the Arms Export Control Act, as amended, the International Traffic in Arms Regulations, Executive Orders of the President regarding embargoes and restrictions on transactions with designated entities, the embargoes and restrictions
administered by the U.S. Office of Foreign Assets Control, the anti-boycott laws administered by the U.S. Department of Commerce and the anti-boycott laws administered by the U.S. Department of the Treasury.

 SECTION 3.17    Anti-corruption Laws. None of the Loan Parties, the Subsidiaries nor any director, officer,
agent, employee or Affiliate of such Loan Party or such Subsidiary is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the FCPA or any other applicable anti-corruption laws, including,
without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization or approval of the payment of any money, or other property, gift,
promise to give or authorization of the giving of anything of value, directly or indirectly, to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign
political office in contravention of the FCPA or any other applicable anti-corruption laws. The Loan Parties, the Subsidiaries and their respective Affiliates have conducted their businesses in compliance with applicable anti-corruption laws and the
FCPA and will maintain policies and procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained herein. 

SECTION 3.18    Federal Reserve Regulations. 

(a)    Neither the Loan Parties nor any of the Subsidiaries is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose of purchasing or carrying Margin Stock. 
 (b)    No part of the
proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, (i) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock
or to refund indebtedness originally incurred for such purpose, or (ii) for any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulation U or Regulation X. 

  
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 SECTION 3.19    Solvency. 

(a)    As of the Closing Date, immediately after giving effect to the making of the Loans on the Closing Date, (i) the
fair value of the assets of the Loan Parties and the Subsidiaries on a consolidated basis, exceeds the debts and liabilities, direct, subordinated, contingent or otherwise, of the Loan Parties and the Subsidiaries on a consolidated basis,
(ii) the present fair saleable value of the property of the Loan Parties and the Subsidiaries on a consolidated basis is greater than the amount that will be required to pay the probable liability of the Loan Parties and the Subsidiaries on a
consolidated basis, respectively, on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (iii) the Loan Parties and the Subsidiaries on a
consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured and (iv) the Loan Parties and the Subsidiaries on a consolidated basis
do not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following the Closing Date. 

(b)    Holdings and the Borrowers do not intend to, nor does Holdings or any Borrower believe that it or any of the
Subsidiaries will incur debts beyond its ability to pay such debts as they mature, taking into account the timing and amounts of cash to be received by it or any such subsidiary and the timing and amounts of cash to be payable on or in respect of
their Indebtedness or the Indebtedness of any such Subsidiary. 
 SECTION 3.20    Disclosure. 

(a)    All written information concerning the Loan Parties and the Subsidiaries (other than information of a general
economic or industry nature) that was made available to the Lenders or the Administrative Agent by or on behalf of Holdings and the Subsidiaries in connection with the Transactions or this Agreement on or before the Closing Date, or that will be
made available in connection with the Transactions or this Agreement following the Closing Date, when taken as a whole, did not (or will not), when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements and updates thereto from time to time). 

SECTION 3.21    Security Interest in Collateral. Subject to the Agreed Security Principles, the agreed periods set
forth in the Collateral and Guarantee Requirement and Section 5.11 hereof, the Collateral Documents create legal, valid and enforceable Liens on all of the Collateral in favor of the Administrative Agent for the benefit of itself and the other
Secured Parties (except with respect to the U.K. Debenture as it relates to any security interest therein taken over Equity Interests in any Subsidiary that is not organized under the laws of England and Wales), and such Liens constitute (or shall
constitute, within such applicable time periods) first priority perfected Liens on the Collateral (subject to Permitted Liens) securing the Obligations, in each case, as and to the extent set forth therein. 

  
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 SECTION 3.22    Compliance with Swiss
Non-Bank Rules. Each Swiss Obligor is in compliance with the Swiss Non-Bank Rules, provided that a Swiss Obligor shall not be in breach of this representation and
warranty if its number of creditors is exceeded solely by reason of a failure by one or more Lenders to comply with the transfer requirements set forth in Section 9.04(i). For the purpose of its compliance with this Section 3.22, each Swiss
Obligor shall assume that the number of Lenders under this Agreement which are not Swiss Qualifying Banks is at any time ten (10) (even if such number is effectively less at any time). 

SECTION 3.23    Financial Assistance. The Loan Parties shall comply in all respects with section 678 and 679 of the
Companies Act 2006 and any equivalent legislation in other jurisdictions including in relation to the Security Documents and payment of amounts due under this Agreement. 

SECTION 3.24    Centre of Main Establishments. For the purposes of the Council of the European Union Regulation
No. 1346/2000 on Insolvency Proceedings (the “Regulation”), the centre of main interest (as that term is used in Article 3(1) of the Regulation of each Loan Party, is in its jurisdiction of incorporation. 

SECTION 3.25    PSC Register. Each Loan Party incorporated in England and Wales shall: 

(a)    notify the Collateral Agent if it has issued any warning notice or restrictions notice under Schedule 1B of the
Companies Act 2006 in respect of any shares which are subject to the Security Documents which has not been withdrawn and, if available provide to the Administrative Agent and Collateral Agent a copy of any such warning notice or restrictions notice;
and 
 (b)    following an Event of Default: 

(i)    promptly notify the Administrative Agent and the Collateral Agent of its intention to issue, or its
receipt of, any warning notice or restrictions notice under Schedule 1B of the Companies Act 2006 in respect of any shares which are subject to the Security Documents; and 

(ii)    promptly provide to the Administrative Agent and Collateral Agent a copy of any such warning notice
or restrictions notice, 
 in each case before it issues, or after it receives, any such notice. 

For the purposes of withdrawing any restrictions notice or for any application (or similar) to the court under Schedule 1B of the Companies Act 2006, each
Loan Party shall provide such assistance as the Collateral Agent may reasonably request in respect of any shares which are subject to the Security Documents and provide the Collateral Agent with all the information, documents and evidence that it
may reasonable request in connection with the same, in each case to the extent it is able to do under applicable law and without any Responsible Officer being required to act contrary to its legal duties. 

  
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 ARTICLE IV. 

Conditions of Lending 

SECTION 4.01    Closing Date. The obligations of the Lenders to make Loans shall become effective on the first date
on which: 
 (a)    The Administrative Agent (or its counsel) shall have received from each party hereto either
(i) a counterpart of this Agreement signed on behalf of each party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include electronic transmission of a signed signature page of this Agreement) that
such party has signed a counterpart of this Agreement. 
 (b)    The Administrative Agent shall have received, on behalf
of itself and the Lenders on the Closing Date, a favorable written opinion (or opinions) of each of Morgan, Lewis & Bockius LLP, special New York counsel, Hassans International Law Firm, special Gibraltar counsel, and local counsel in each
other jurisdiction of organization of each Loan Party, in each case, in form and substance reasonably satisfactory to the Administrative Agent and the Lenders (A) dated the Closing Date, (B) addressed to the Administrative Agent and the
Lenders and (C) covering such matters relating to the Loan Documents as the Lenders shall reasonably request. 

(c)    The Administrative Agent shall have received from each Loan Party each of the items referred to in clauses
(i) through (iii) below: 
 (i)    a certificate of a Responsible Officer of such person dated as of
the Closing Date and certifying: 
 (A)    as to the accuracy and completeness of each of the corporate
and organizational documents set forth for such Loan Party on Schedule 4.01, dated as of a recent date (where applicable under applicable foreign law) and attached to such certificate, including, as applicable (and where available under applicable
local law), each such Loan Party’s (1) Constituent Document as on file with any Governmental Authority in its jurisdiction of organization or formation, as applicable, certified as of a recent date by such Governmental Authority, together
with, if applicable (and where available under applicable local law), certificates from such Governmental Authority attesting to the good standing and/or tax status of such Loan Party in such jurisdiction,
(2) by-laws, articles of association or equivalent governing agreement and (3) authorizing resolutions or written consents of such Loan Party’s board of directors, managers or other appropriate
governing body approving and authorizing the execution, delivery and performance of each Loan Document to which such Loan Party is a party, in each case certified by such Responsible Officer as being complete and correct copies of such documents as
in effect on the date of such certification and on the date on which the resolutions or written consents referred to in clause (3) were adopted, 

  
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 (B)    as to the incumbency and specimen signature of each
Responsible Officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party, and 

(C)    as to the absence of any pending proceeding for the dissolution or liquidation of such person; 

(ii)    a certificate of the secretary or equivalent Responsible Officer of such Loan Party as to the
incumbency and specimen signature of each Responsible Officer executing the certificate pursuant to clause (i)(B) above; and 

(iii)    such other documents as the Administrative Agent or the Lenders on the Closing Date may reasonably
request (including without limitation, tax identification numbers and addresses). 
 (d)    No later than three business
days in advance of the Closing Date, the Agents shall have received all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including
without limitation, the USA PATRIOT Act, requested by it in writing at least five business days in advance of the Closing Date. 

(e)    The representations and warranties set forth in the Loan Documents shall be true and correct in all material
respects as of such date, as applicable, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties
shall be true and correct in all material respects as of such earlier date). 
 (f)    Subject to the Agreed Security
Principles, the limitations in the Collateral and Guarantee Requirement and Section 5.11, the conditions in the Collateral and Guarantee Requirement to be satisfied on the Closing Date shall have been satisfied and the Agents shall have
received from each Loan Party (i) a counterpart of each Security Document required to be delivered by such Loan Party on the Closing Date, signed on behalf of such Loan Party or, if appropriate, (ii) written evidence reasonably
satisfactory to the Administrative Agent (which may include electronic transmission of a signed signature page of this Agreement) that such Loan Party has signed a counterpart of each such Security Document, together with copies of, in each
jurisdiction in which such are available, Lien, intellectual property and other appropriate search reports and of all effective prior filings listed therein, together with evidence of the termination of such prior filings, in each case as may be
reasonably requested by the Administrative Agent and (iii) a copy of all notices or documents required (in accordance with the Agreed Security Principles) related to a pledge of Equity Interests, together with all share certificates, share
registers, bond registers, stock transfer forms (or the equivalent) duly endorsed in blank and other documents of title, if any, in each case only if required to be executed or given on the Closing Date by a Loan Party under the terms of the
Security Documents. 
 (g)    No Event of Default or Default shall have occurred and be continuing. 

  
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 (h)    The Administrative Agent shall have received (i) a written
borrowing request from a Responsible Officer of each applicable Borrower specifying (A) the aggregate amount of the requested Borrowing, (B) the date of such Borrowing, which shall be a Business Day and (C) the location and number of
the Borrowers’ accounts or any other designated account(s) to which funds are to be disbursed. 
 (i)    Since
October 29, 2016, no Material Adverse Effect shall have occurred. 
 (j)    On the Closing Date, the Existing
Credit Agreement shall have been, or substantially concurrently with the initial funding of the Loans shall be, repaid in full and all obligations thereunder shall have been terminated and all Liens relating to the Existing Credit Agreement shall
have been terminated or released, subject to any filing or registration made as part of such termination or release, in each case pursuant to documentation reasonably satisfactory to the Administrative Agent. 

(k)    The Administrative Agent shall have received a certificate from a Financial Officer of Holdings certifying as to
each of the matters set forth in Section 3.19. 
 (l)    The Administrative Agent shall have received a certificate
from a Responsible Officer of each Borrower certifying as to the accuracy of the conditions set forth in clauses (e), (g), (i) and (j) of this Section 4.01. 

(m)    The Administrative Agent shall have received the financial statements (i) required by Section 5.04(a), for the
three most recently completed fiscal years ended at least 90 days prior to the Closing Date and (ii) required by Section 5.04(b), for each fiscal quarter ending after January 31, 2016 and at least 45 days prior to the Closing Date (and the
corresponding period for the prior fiscal year), it being understood that the filing with the SEC of annual, quarterly or current reports on Form 10-K, 10-Q or 8-K, as applicable, of Claire’s Stores and its consolidated subsidiaries, or delivery by Holdings of such reports, shall satisfy the requirements of this condition. 

(n)    The Agents shall have received all fees and expenses required to be paid or reimbursed by any Loan Party on the
Closing Date including, without limitation, pursuant to the terms of the Collateral Agent Fee Letter and, in the case of expenses, to the extent invoiced at least three Business Days prior to the Closing Date, or such later date as Holdings may
agree (which amounts may be offset against and excluded from the proceeds of the Loans made on the Closing Date). 

(o)    The Administrative Agent shall have received a perfection certificate duly executed by each Loan Party, in form and
substance reasonably satisfactory to the Administrative Agent. 
 (p)    The Administrative Agent shall have received
evidence reasonably satisfactory to the Administrative Agent that each license of intellectual property rights owned, held or used by any Subsidiary has been amended to the extent required to have a perpetual term and, if applicable, to ensure such
Subsidiaries have all rights necessary to use or exploit or sublicense, as applicable) such intellectual property rights exclusively in their licensed territories. 

  
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 (q)    The Administrative Agent shall have received each of the documents and
other evidence set forth on Schedule 4.01. 
 For purposes of determining compliance with the conditions specified in this Article IV, each
Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless a Responsible Officer
of the Administrative Agent shall have received notice from such Lender prior to the Closing Date specifying its objection thereto. 

ARTICLE V. 
 Affirmative
Covenants 
 Each Loan Party covenants and agrees with each Lender that so long as this Agreement shall remain in effect and until all
Obligations (other than in respect of contingent indemnification and expense reimbursement obligations for which no claim has been made) shall have been paid in full, unless the Required Lenders shall otherwise consent in writing, that it will, and
will cause each of the Subsidiaries to: 
 SECTION 5.01    Existence; Businesses and Properties. 

(a)    Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal
existence, except, in the case of an Immaterial Subsidiary, where the failure to do so could not reasonably be expected to have a Material Adverse Effect and except as otherwise expressly permitted under Section 6.05; provided that the
Loan Parties may liquidate or dissolve one or more Subsidiary that is not a Loan Party, if the assets of such Subsidiary to the extent they exceed estimated liabilities are acquired by a Loan Party or a Wholly Owned Subsidiary of a Loan Party in
such liquidation or dissolution. 
 (b)    Except where the failure to do so could not reasonably be expected to have a
Material Adverse Effect, do or cause to be done all things necessary to (i) lawfully obtain, preserve, renew, extend and keep in full force and effect the permits, franchises, authorizations, patents, trademarks, service marks, trade names,
copyrights, licenses and rights with respect thereto necessary to the normal conduct of its business, and (ii) at all times maintain and preserve all property necessary to the normal conduct of its business and keep such property in good
repair, working order and condition and from time to time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith,
if any, may be properly conducted at all times (in each case except as expressly permitted by this Agreement). 

  
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 SECTION 5.02    Insurance. 

(a)    Maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks
as are customarily maintained by similarly situated companies engaged in the same or similar businesses operating in the same or similar locations. 

SECTION 5.03    Taxes. Pay and discharge promptly when due all material Taxes imposed upon it or upon its income or
profits or in respect of its property, before the same shall become delinquent or in default, as well as all lawful claims which, if unpaid, might give rise to a Lien (other than a Permitted Lien) upon such properties or any part thereof;
provided, however, that such payment and discharge shall not be required with respect to any such Tax so long as it is being contested in good faith by appropriate proceedings so long as (a) Holdings or the affected Subsidiary, as
applicable, shall have set aside on its books adequate reserves as are required in conformity with GAAP, with respect thereto and (ii) in the case of a Tax which has resulted or may result in the creation of a Lien on any of the Collateral,
such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax. 
 SECTION
5.04    Financial Statements, Reports, etc. Furnish to the Administrative Agent (which will promptly furnish such information to the Lenders): 

(a)    Within 90 days (or such other time period as specified in the SEC’s rules and regulations with
respect to non-accelerated filers for the filing of annual reports on Form 10-K), for each fiscal year (commencing with the fiscal year ending January 31, 2017), a
condensed consolidated balance sheet and related statements of operations, comprehensive income and stockholder’s equity which in each case has been derived from consolidating schedules to Claire’s Stores’ consolidated financial
statements as of the same date and for the same fiscal year showing the financial position of CGIH and the Subsidiaries as of the close of such fiscal year and the condensed consolidated results of their operations during such year, which condensed
consolidated balance sheet and related statements of operations, comprehensive income and stockholder’s equity shall be, as derived from consolidating schedules to Claire’s Stores’ consolidated financial statements as of the same date
and for the same fiscal year, audited by independent public accountants of recognized national standing and accompanied by an opinion of such accountants (which shall not be qualified as to scope of audit or as to the status of any Borrower or any
Material Subsidiary as a going concern) to the effect that such condensed consolidated financial statements fairly present, in all material respects, the financial position and results of operations of CGIH and the Subsidiaries on a condensed
consolidated basis in accordance with GAAP, subject to exceptions consistent with the presentation of financial information contained in the Notes Offering Memorandum (it being understood that the filing with the SEC of annual reports on Form 10-K of Claire’s Stores and its consolidated subsidiaries, or delivery by Claire’s Stores of such reports, shall satisfy the requirements of this Section 5.04(a) to the extent such annual reports include
the information specified herein); 
 (b)    Within 45 days (or such other time period as specified in
the SEC’s rules and regulations with respect to non-accelerated filers for the filing of quarterly reports on 

  
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Form 10-Q), for each of the first three fiscal quarters of each fiscal year, a condensed consolidated balance sheet and related statements of operations
and comprehensive income showing the financial position of the CGIH and the Subsidiaries as of the close of such fiscal quarter and the condensed consolidated results of their operations during such fiscal quarter and the then-elapsed portion of the
fiscal year, all of which shall be in reasonable detail and which condensed consolidated balance sheet and related statements of operations and comprehensive income shall be certified by a Financial Officer of Holdings on behalf of the Borrowers as
fairly presenting, in all material respects, the financial position and results of operations of the CGIH and the Subsidiaries on a condensed consolidated basis in accordance with GAAP (subject to normal
year-end audit adjustments and the absence of footnotes), and to exceptions consistent with the presentation of financial information contained in the Notes Offering Memorandum (it being understood that the
filing with the SEC of quarterly reports on Form 10-Q or other current reports on Form 8-K, as applicable of Claire’s Stores and its subsidiaries, or the delivery
by Claire’s Stores of such reports, shall satisfy the requirements of this Section 5.04(b) to the extent such quarterly reports include the information specified herein); 

(c)    (x) concurrently with any delivery of financial statements under paragraphs (a) or (b) above, a
certificate of a Financial Officer of Holdings (i) (A) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature and extent thereof and any corrective action taken
or proposed to be taken with respect thereto, (ii) certifying the Loan Parties’ compliance with Section 6.11, and (iii) certifying a list of names of all Immaterial Subsidiaries, that each Subsidiary set forth on such list
individually qualifies as an Immaterial Subsidiary and that all such Subsidiaries in the aggregate do not exceed the limitation set forth in clause (b) of the definition of the term “Immaterial Subsidiary”, (y) concurrently with any
delivery of financial statements under paragraph (a) above, if the accounting firm is not restricted from providing such a certificate by its policies, a certificate of the accounting firm opining on or certifying such statements stating
whether they obtained knowledge during the course of their examination of such statements of any Default or Event of Default (which certificate may be limited to accounting matters and disclaim responsibility for legal interpretations) and
(z) (1) within 30 days of the end of each fiscal month of each fiscal year, a certificate of a Financial Officer of Holdings certifying the Loan Parties’ compliance with Section 6.10(a) and (2) within 10 days of the end of each fiscal
month of each fiscal year, a certificate of a Financial Officer of Holdings certifying the Loan Parties’ compliance with Section 6.10(b); and 

(d)    promptly, from time to time, such other information regarding the operations, business affairs and
financial condition of the Loan Parties or any of the Subsidiaries, or compliance with the terms of any Loan Document, as in each case the Administrative Agent may reasonably request (for itself or on behalf of any Lender). 

  
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 SECTION 5.05    Litigation and Other Notices. Furnish to the
Administrative Agent (which will promptly thereafter furnish to the Collateral Agent and the Lenders) written notice of the following promptly after any Responsible Officer of a Loan Party obtains knowledge thereof:  
 (a)    any Event of Default or Default, specifying the nature and
extent thereof and the corrective action (if any) proposed to be taken with respect thereto; 
 (b)    the filing or
commencement of, or any written threat or notice of intention of any person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against the Loan Parties or
any of the Subsidiaries as to which an adverse determination is reasonably probable and which, if adversely determined, could reasonably be expected to have a Material Adverse Effect; 

(c)    the occurrence of a Foreign Plan Event; and 

(d)    the occurrence of any event, development or circumstance that has had, or could reasonably be expected to have, a
Material Adverse Effect. 
 SECTION 5.06    Compliance with Laws. Comply with all laws, rules, regulations and
orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; provided, that this
Section 5.06 shall not apply to laws related to Taxes, which are the subject of Section 5.03. 
 SECTION
5.07    Maintaining Records; Access to Properties and Inspections. Maintain all financial records in accordance with GAAP and permit any persons designated by the Administrative Agent or, upon the occurrence and during the
continuance of an Event of Default, any Lender to visit and inspect the financial records and the properties of the Loan Parties or any of the Subsidiaries at reasonable times, upon reasonable prior notice to Holdings, and as often as reasonably
requested and to make extracts from and copies of such financial records, and permit any persons designated by the Administrative Agent or, upon the occurrence and during the continuance of an Event of Default, any Lender upon reasonable prior
notice to Holdings to discuss the affairs, finances and condition of the Loan Parties or any of the Subsidiaries with the officers thereof and independent accountants therefor (subject to reasonable requirements of confidentiality, including
requirements imposed by law or by contract). 
 SECTION 5.08    Use of Proceeds. Use the proceeds of the Loans
(a) to repay outstanding Indebtedness and any other obligation due and arising under the Existing Revolving Credit Facility in full, (b) to pay fees, costs and expenses incurred in connection with this Agreement and the other Loan
Documents and the transactions contemplated hereby and thereby and (c) for general corporate purposes. 
 SECTION
5.09    Fiscal Year; Accounting. Cause its fiscal year to end on the Saturday closest to January 31, unless prior written notice of a change is given to the Administrative Agent. 

  
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 SECTION 5.10    Further Assurances; Additional Security. 

(a)    Subject, in each case, to the Agreed Security Principles, and the limitations set forth in the Collateral and
Guarantee Requirement, execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including without limitation the filing and recording of financing statements, fixture filings,
Mortgages and other documents and recordings of Liens in stock registries), that may be required under any applicable law, or that the Administrative Agent may reasonably request, to satisfy the Collateral and Guarantee Requirement and to cause the
Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties and provide to the Administrative Agent, from time to time upon reasonable request, evidence reasonably satisfactory to the Administrative Agent
as to the perfection and priority of the Liens created or intended to be created by the Security Documents. 

(b)    Subject, in each case, to the Agreed Security Principles, and the limitations set forth in the Collateral and
Guarantee Requirement, if any property other than Real Property is acquired by any Loan Party after the Closing Date or owned by an entity at the time it becomes a Loan Party (in each case other than (x) assets constituting Collateral under a
Security Document that automatically become subject to the Lien of such Security Document immediately upon acquisition thereof and (y) assets that are not required to become subject to Liens in favor of the Collateral Agent pursuant to the
Security Documents) (A) notify the Agents thereof and (B) promptly (but in no event later than 30 days after acquisition thereof) cause such asset to be subjected to a Lien securing the Obligations and take, and cause the Loan Parties to
take, such actions as shall be necessary or reasonably requested by the Administrative Agent in order to create a first priority perfected security interest therein in favor of the Collateral Agent, subject only to Permitted Liens, including actions
described in paragraph (a) of this Section, all at the expense of the Loan Parties. 
 (c)    Subject, in each
case, to the Agreed Security Principles, and the limitations set forth in the Collateral and Guarantee Requirement, promptly but in no event later than 30 days following the acquisition thereof, notify the Agents of the acquisition of, grant and
cause each of the Loan Parties to grant to the Collateral Agent security interests and mortgages in any owned Real Property of the Loan Parties as are not covered by the then existing Mortgages, to the extent acquired after the Closing Date and
having a fair market value at the time of acquisition in excess of $2,000,000 pursuant to Mortgages (each, an “Additional Mortgage”) and constituting valid and enforceable Liens subject to no other Liens except Permitted Liens at
the time of perfection thereof, record or file, and cause each such Subsidiary to record or file, the Additional Mortgage or instruments related thereto in such manner and in such places as is required by law to establish, perfect, preserve and
protect the Liens in favor of the Collateral Agent required to be granted pursuant to the Additional Mortgages and pay, and cause each such Loan Party to pay, in full, all Taxes, fees and other charges payable in connection therewith. Unless
otherwise waived by the Administrative Agent, with respect to each such Additional Mortgage, the applicable Loan Party shall deliver to the Collateral Agent contemporaneously therewith a title insurance policy, and a survey. 

(d)    If any additional direct or indirect Subsidiary (other than an Immaterial Subsidiary) of Holdings is formed or
acquired after the Closing Date, within five Business Days 

  
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after the date such Subsidiary (other than an Immaterial Subsidiary) is formed or acquired, Holdings shall notify the Agents and the Lenders thereof and, within 15 Business Days after the date
such Subsidiary (other than an Immaterial Subsidiary) is formed or acquired or such longer period as the Administrative Agent shall agree, cause the Collateral and Guarantee Requirement to be satisfied with respect to such Subsidiary (other than an
Immaterial Subsidiary) and with respect to any Equity Interest in or Indebtedness of such Subsidiary (other than an Immaterial Subsidiary) owned by or on behalf of any Loan Party, subject to the Agreed Security Principles. 

(e)    (i) Furnish to the Agents prompt written notice of any change (A) in any Loan Party’s corporate or
organization name, (B) in any Loan Party’s identity or organizational structure or (C) in any Loan Party’s organizational identification number (or equivalent under applicable foreign law); provided, that the Borrowers
shall not effect or permit any such change unless all filings have been made, or will have been made within any statutory period, that are required in order for the Collateral Agent to continue at all times following such change to have a valid,
legal and perfected security interest in all the Collateral for the benefit of the Secured Parties and (ii) promptly notify the Agents if any material portion of the Collateral is damaged or destroyed. 

(f)    If following the Closing Date any Loan Party acquires or owns any deposit account or securities account, such Loan
Party shall (i) promptly notify the Agents thereof and (ii) other than any such deposit account or securities account constituting Collateral under a Security Document that automatically becomes subject to the Lien of such Security
Document immediately upon acquisition thereof, promptly (but in no event later than 30 days after acquisition thereof) cause such deposit account or securities account to be subjected to a Lien securing the Obligations and take such actions as shall
be necessary or reasonably requested by the Administrative Agent in order to create a first priority perfected security interest therein (subject only to Permitted Liens) in favor of the Collateral Agent, subject in all respects to the Agreed
Security Principles. 
 SECTION 5.11    Post Closing Covenant. Take all necessary actions to satisfy the items
described on Schedule 5.11 within the applicable period of time specified in such Schedule (or such longer period as the Administrative Agent may agree in its sole discretion). 

SECTION 5.12    Cash at CGHL. Upon receipt by CGHL of any proceeds of any Permitted Foreign Cash Transfer from
Holdings, CGHL shall, within two (2) Business Days of receipt, and subject to the continued satisfaction of the relevant conditions to such Permitted Foreign Cash Transfer, as applicable, distribute 100% of the proceeds thereof to a Permitted
Transferee, less such portion thereof that is allocated to pay CGHL Expenses or to pay interest on or principal under Indebtedness of CGHL in accordance with clauses (b) or (c) of the defined term “Permitted Foreign Cash Transfer” or
Section 6.06. Within two (2) Business Days of receipt by CGHL of any payment or contribution by a Permitted Transferee, CGHL shall promptly pay or contribute 100% of the proceeds thereof to Holdings, less such portion thereof that is
allocated to pay CGHL Expenses or to pay interest on or principal under Indebtedness of CGHL in accordance with clauses (b) or (c) of the defined term “Permitted Foreign Cash Transfer” or Section 6.06. 

  
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 SECTION 5.13    Compliance with Swiss
Non-Bank Rules. Each Swiss Obligor shall be in compliance with the Swiss Non-Bank Rules, provided that a Swiss Obligor shall not be in breach of this covenant if its
number of creditors is exceeded solely by reason of a failure by one or more Lenders to comply with the transfer requirements set forth in Section 9.04(i). For the purpose of its compliance with this Section 5.13 , each Swiss Obligor shall
assume that the number of Lenders under this Agreement which are not Swiss Qualifying Banks is at any time ten (10) (even if such number is effectively less at any time). 

ARTICLE VI. 
 Negative
Covenants 
 Each Loan Party covenants and agrees with each Lender that, so long as this Agreement shall remain in effect and until all
Obligations (other than in respect of contingent indemnification and expense reimbursement obligations for which no claim has been made) have been paid in full, unless the Required Lenders shall otherwise consent in writing, it will not, and will
not permit any of the Subsidiaries to: 
 SECTION 6.01    Indebtedness. Incur, create, assume or permit to exist
any Indebtedness, except: 
 (a)    Indebtedness existing on the Closing Date and set forth on
Schedule 6.01 (other than Capital Lease Obligations) and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness (other than intercompany indebtedness Refinanced with Indebtedness owed to a person not affiliated with
any Borrower or any Subsidiary); 
 (b)    Indebtedness created hereunder and under the other Loan
Documents; 
 (c)    Intercompany Indebtedness existing on the Closing Date and disclosed to the
Administrative Agent in writing prior to the Closing Date (other than Capital Lease Obligations) and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness (other than intercompany indebtedness Refinanced with Indebtedness
owed to a person not affiliated with any Borrower or any Subsidiary);  

(d)    Indebtedness owed to (including obligations in respect of letters of credit or bank guarantees or
similar instruments for the benefit of) any person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance to Holdings or any Subsidiary, pursuant to reimbursement or
indemnification obligations to such person, in each case in the ordinary course of business; provided, that upon the incurrence of Indebtedness with respect to reimbursement obligations regarding workers’ compensation claims, such
obligations are reimbursed not later than 30 days following such incurrence; 

  
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 (e)    Indebtedness of the Loan Parties to any Subsidiary and
of any Subsidiary to the Loan Parties or any Subsidiary; provided, that (i) Indebtedness of any Subsidiary that is not a Loan Party owing to the Loan Parties shall be subject to Section 6.04(b) and (ii) Indebtedness of the Loan
Parties owing to any Subsidiary that is not a Loan Party (the “Subordinated Intercompany Debt”) to the greatest extent permitted by applicable law (with Holdings to advise the Administrative Agent in reasonable detail of any
limitations under applicable law), (A) shall be subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent, and (B) such Indebtedness (and all interest thereon and all fees, expenses, and other amounts payable
in respect thereof) shall only be payable in kind; 
 (f)    Indebtedness in respect of performance
bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations, in each case provided in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary
course of business; 
 (g)    Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business; provided, that (x) such Indebtedness (other
than credit or purchase cards) is extinguished within ten Business Days of notification to Holdings or a Subsidiary of its incurrence and (y) such Indebtedness in respect of credit or purchase cards is extinguished within 60 days from its
incurrence; 
 (h)    Capital Lease Obligations or other obligations incurred by any Subsidiary in
respect of any Sale and Lease Back Transaction that is permitted under Section 6.03, and any Permitted Refinancing Indebtedness in respect thereof; provided that, the amount of Indebtedness incurred pursuant to this Section 6.01(h), when
combined with the aggregate principal amount of Indebtedness incurred pursuant to (i) Section 6.01(i) below and Sections 6.01(i) and 6.01(j) of the ABL Credit Agreement, and (ii) the Remaining Present Value of outstanding leases permitted
under Section 6.03 and Section 6.03(b) of the ABL Credit Agreement, shall not exceed an aggregate principal amount equal to $37,000,000 at any time outstanding; 

(i)    Capital Lease Obligations, mortgage financings and purchase money Indebtedness incurred by any
Subsidiary prior to or within 270 days after the acquisition, lease or improvement of the respective property (real or personal, and whether through the direct purchase of property or the Equity Interests of any person owning such property)
permitted under this Agreement in order to finance such acquisition, lease or improvement, and any Permitted Refinancing Indebtedness in respect thereof; provided that, the amount of Indebtedness incurred pursuant to this Section 6.01(i),
when combined with the aggregate principal amount of Indebtedness incurred pursuant to (i) Section 6.01(h) and Sections 6.01(i) and 6.01(j) of the ABL Credit Agreement, and (ii) the Remaining Present Value of outstanding leases permitted
under Section 6.03 and Section 6.03(b) of the ABL Credit Agreement, shall not exceed an aggregate principal amount equal to $37,000,000 at any time outstanding; 

  
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 (j)    [reserved]; 

(k)    funded intercompany loans and advances from CGHL and members of the NA Group to the Loan Parties and
the Subsidiaries entered into or made after the Closing Date; provided, that such Indebtedness to the greatest extent permitted by applicable law (with Holdings to advise the Administrative Agent in reasonable detail of any limitations under
applicable law), (i) shall be subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent, and (ii) such Indebtedness (and all interest thereon and all fees, expenses, and other amounts payable in respect
thereof) shall only be payable in kind, except that the terms of such subordination shall permit the making of Permitted Foreign Cash Transfers; 

(l)    Guarantees (i) by any Loan Party of any Indebtedness or obligations of any Loan Party permitted
to be incurred under this Agreement and (ii) by any Loan Party of Indebtedness otherwise permitted hereunder of any Subsidiary that is not a Loan Party to the extent such Guarantees are permitted by Section 6.04 (other than Section
6.04(v)); provided, that Guarantees by any Loan Party under this Section 6.01(l) of any other Indebtedness of a person that is subordinated to other Indebtedness of such person shall be expressly subordinated to the Obligations; 

(m)    Indebtedness arising from agreements of Holdings or any Subsidiary providing for indemnification,
adjustment of purchase or acquisition price or similar obligations, in each case, incurred or assumed in connection with any Permitted Business Acquisition or the disposition of any business, assets or a Subsidiary not prohibited by this Agreement,
other than Guarantees of Indebtedness incurred by any person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; provided, that the aggregate amount at any time outstanding
under this Section 6.01(m) shall not exceed $5,000,000; 
 (n)    Indebtedness in respect of letters of
credit, bank guarantees, warehouse receipts or similar instruments issued to support performance obligations and trade letters of credit (other than obligations in respect of other Indebtedness) in the ordinary course of business; 

(o)    Indebtedness consisting of (i) the financing of insurance premiums or (ii) take or pay
obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(p)    unsecured Indebtedness in respect of obligations of any Subsidiary to pay the deferred purchase
price of goods or services or progress payments in connection with such goods and services; provided, that such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms (which require that all
such payments be made within 60 days after the incurrence of the related obligations) in the ordinary course of business and not in connection with the borrowing of money or any Swap Agreements; 

  
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 (q)    Indebtedness representing deferred compensation to
employees of Holdings or any Subsidiary incurred in the ordinary course of business; 

(r)    [reserved]; 

(s)    [reserved]; 

(t)    Indebtedness incurred on behalf of, or representing Guarantees of Indebtedness of, joint ventures in
an amount not in excess at any one time outstanding, when combined with the total amount of any Investments in joint ventures made pursuant to Section 6.04(bb) and Indebtedness incurred and Investments made pursuant to Sections 6.01(w) and 6.04(cc)
of the ABL Credit Agreement, of the greater of $10,000,000 or 1.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements have been delivered pursuant to
Section 5.04; 
 (u)    [reserved] 

(v)    Indebtedness consisting of obligations of Holdings or any Subsidiary under deferred compensation or
other similar arrangements incurred by such person in connection with Permitted Business Acquisitions or any other Investment permitted hereunder; and 

(w)    all premium (if any, including tender premiums), defeasance costs, interest (including post-petition
interest), fees, expenses, charges and additional or contingent interest on obligations described in paragraphs (a) through (v) above. 

For purposes of determining compliance with this Section 6.01: 

(i)    in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion
thereof) meets the criteria of one or more of the categories of permitted Indebtedness described in clauses (a) through (w) above, the Borrowers shall, in their sole discretion, classify or reclassify, or later divide, classify or reclassify,
such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in any manner and at any time that complies with this Section 6.01; and 

(ii)    the amount of any Indebtedness denominated in any currency other than Dollars shall be calculated
based on customary currency exchange rates in effect, in the case of such Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness) on or prior to the Closing Date, on the Closing Date and, in the
case of such Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness) after the Closing Date, on the date that such Indebtedness was incurred (in respect of term Indebtedness) or committed (in

  
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respect of revolving Indebtedness); provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a currency other than Dollars (or in a different currency
from the Indebtedness being refinanced), and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such
Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the outstanding or committed principal amount, as applicable, of such Indebtedness
being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums (including tender premiums), defeasance costs and other costs and expenses incurred in connection with such refinancing. 

SECTION 6.02    Liens. Create, incur, assume or permit to exist any Lien on any property or assets (including stock
or other securities of any person, including the Borrowers and any Subsidiary) at the time owned by it or on any income or revenues or rights in respect of any thereof, except the following (collectively, “Permitted Liens”): 

(a) Liens on property or assets of Holdings and the Subsidiaries existing on the Closing Date securing Indebtedness of Holdings
and the Subsidiaries set forth on Schedule 6.02(a) and any modifications, replacements, renewals or extensions thereof; provided, that Liens securing Indebtedness set forth on Schedule 6.02(a) shall not subsequently apply to any
other property or assets of Holdings or any Subsidiary other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof; 

(b) any Lien created under the Loan Documents; 

(c) any Lien on any property or asset of any Subsidiary securing Indebtedness or Permitted Refinancing Indebtedness permitted
by Section 6.01(h); provided, that such Lien (i) does not apply to any other property or assets the Subsidiaries not securing such Indebtedness at the date of the acquisition of such property or asset (other than after-acquired property
subjected to a Lien securing Indebtedness and other obligations incurred prior to such date and which Indebtedness and other obligations are permitted hereunder that require a pledge of after acquired property, it being understood that such
requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), (ii) such Lien is not created in contemplation of or in connection with such acquisition and (iii) in the
case of a Lien securing Permitted Refinancing Indebtedness, any such Lien is permitted, subject to compliance with clause (d) of the definition of the term “Permitted Refinancing Indebtedness”; 

(d) Liens for Taxes, assessments or other governmental charges or levies not yet delinquent or that are being contested in
compliance with Section 5.03; 
 (e) Liens imposed by law, including landlord’s, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens arising in the 

  
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ordinary course of business, securing obligations that are not overdue by more than 30 days or that are being contested in good faith by appropriate proceedings and in respect of which, if
applicable, Holdings or any Subsidiary shall have set aside on its books reserves in accordance with GAAP; 
 (f) (i)
pledges and deposits and other Liens made in the ordinary course of business in compliance with any workers’ compensation, unemployment insurance and other social security laws or regulations and deposits securing liability to insurance
carriers under insurance or self-insurance arrangements in respect of such obligations and (ii) pledges and deposits and other Liens securing liability for reimbursement or indemnification obligations of (including obligations in respect of
letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to Holdings or any Subsidiary; 

(g) deposits and other Liens to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other
than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade contracts, agreements with utilities, and other obligations of a like nature (including
letters of credit in lieu of any such bonds or to support the issuance thereof) incurred by Holdings or any Subsidiary in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the
ordinary course of business; 
 (h) restrictions, survey exceptions and such matters as an accurate survey would disclose,
easements, trackage rights, leases (other than Capital Lease Obligations), licenses, special assessments, rights of way, covenants, conditions, restrictions and declarations on or with respect to the use of Real Property, servicing agreements,
development agreements, site plan agreements and other similar encumbrances incurred in the ordinary course of business and title defects or irregularities that are of a minor nature and that, in the aggregate, do not interfere in any material
respect with the ordinary conduct of the business of Holdings or any Subsidiary; 
 (i) Liens securing Indebtedness permitted
by Section 6.01(i) (limited to the assets subject to such Indebtedness); 
 (j) Liens arising out of capitalized lease
transactions permitted under Section 6.03 and not otherwise permitted pursuant to clause (c) of this Section 6.02, so long as such Liens attach only to the property sold and being leased in such transaction and any accessions thereto
or proceeds thereof and related property; 
 (k) Liens securing judgments that do not constitute an Event of Default under
Section 7.01(j); 
 (l) [reserved]; 

  
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 (m) any interest or title of a lessor or sublessor under any leases or subleases
entered into by any Holdings or any Subsidiary in the ordinary course of business; 
 (n) Liens that are contractual rights
of set off (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of Holdings or any Subsidiary to permit
satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Holdings or any Subsidiary or (iii) relating to purchase orders and other agreements entered into with customers of Holdings or any Subsidiary in
the ordinary course of business; 
 (o) Liens arising solely by virtue of any statutory or common law provision relating to
banker’s liens, rights of set off or similar rights; 
 (p) Liens securing obligations in respect of trade related
letters of credit, bank guarantees or similar obligations permitted under Section 6.01(f), (g), (h) or (l) and covering the property (or the documents of title in respect of such property) financed by such letters of credit, bank guarantees or
similar obligations and the proceeds and products thereof; 
 (q) leases or subleases, licenses or sublicenses (including
with respect to intellectual property and software) granted to others in the ordinary course of business not interfering in any material respect with the business of Holdings and the Subsidiaries, taken as a whole; 

(r) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods; 
 (s) Liens solely on any cash earnest money deposits made by Holdings or any of
the Subsidiaries in connection with any letter of intent or purchase agreement in respect of any Investment permitted hereunder; 

(t) [reserved]; 

(u) [reserved]; 

(v) the prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of
business; 
 (w) Liens arising from precautionary Uniform Commercial Code financing statements or consignments entered into
in connection with any transaction otherwise permitted under this Agreement; 
 (x) Liens on Equity Interests in joint
ventures securing obligations of such joint venture; 

  
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 (y) Liens on securities that are the subject of repurchase agreements
constituting Permitted Investments under clause (c) of the definition thereof; 
 (z) [reserved]; 

(aa) Liens on goods or inventory the purchase, shipment or storage price of which is financed by a documentary letter of
credit, bank guarantee or bankers’ acceptance issued or created for the account of Holdings or any Subsidiary in the ordinary course of business; provided, that such Lien secures only the obligations of Holdings or such Subsidiaries in
respect of such letter of credit, bank guarantee or banker’s acceptance to the extent permitted under Section 6.01; and 

(bb) Liens securing insurance premiums financing arrangements, provided, that such Liens are limited to the applicable
unearned insurance premiums. 
 SECTION 6.03    Sale and Lease Back Transactions. Enter into any arrangement,
directly or indirectly, with any person whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it
intends to use for substantially the same purpose or purposes as the property being sold or transferred, in each case, whether or not treated as a “sale-leaseback” under GAAP (a “Sale and Lease Back Transaction”);
provided, that a Sale and Lease Back Transaction shall be permitted (a) with respect to property owned by any Subsidiary that is acquired after the Closing Date so long as such Sale and Lease Back Transaction is consummated within 270
days of the acquisition of such property, and (b) with respect to any property owned by any Subsidiary, if at the time the lease in connection therewith is entered into, and after giving effect to the entering into of such lease, the Remaining
Present Value of such lease, together with Indebtedness outstanding pursuant to (i) Sections 6.01(h) and 6.01(i) and Sections 6.01(i) and 6.01(j) of the ABL Credit Agreement, and (ii) the Remaining Present Value of outstanding leases
previously entered into under this Section 6.03(b) and Section 6.03(b) of the ABL Credit Agreement, would not exceed an aggregate principal amount equal to $37,000,000 at any time outstanding. 

SECTION 6.04    Investments, Loans and Advances. Purchase, hold or acquire (including pursuant to any merger,
consolidation or amalgamation with a person that is not a Wholly Owned Subsidiary immediately prior to such merger, consolidation or amalgamation) any Equity Interests, evidences of Indebtedness or other securities of, make or permit to exist any
loans or advances to or Guarantees of the obligations of, or make or permit to exist any investment or any other interest in (each, an “Investment”), any other person, except: 

(a)    intercompany loans and advances from the Loan Parties constituting Permitted Foreign Cash Transfers;

 (b)    (i) Investments by Holdings or any Subsidiary in the Equity Interests of any Subsidiary;
(ii) intercompany loans from Holdings or any Subsidiary to Holdings or any Subsidiary provided that any intercompany loan by any Subsidiary that is not a Loan Party to a Loan Party shall be in the form of Subordinated Intercompany Debt; and
(iii) 

  
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Guarantees by any Loan Party of Indebtedness otherwise expressly permitted hereunder of any Loan Party or any Subsidiary; provided, that the sum of (A) Investments (valued at the time
of the making thereof and without giving effect to any write downs or write offs thereof) made after the Closing Date by the Loan Parties pursuant to clause (i) in Subsidiaries that are not Loan Parties plus (B) net intercompany
loans made after the Closing Date to Subsidiaries that are not Loan Parties pursuant to clause (ii), plus (C) Guarantees of Indebtedness after the Closing Date of Subsidiaries that are not Loan Parties pursuant to clause (iii), shall not
exceed an aggregate net amount equal to $4,000,000 (plus any return of capital actually received by the respective investors in respect of Investments theretofore made by them pursuant to this Section 6.04(b)) at any time outstanding; 

(c)    Permitted Investments and Investments that were Permitted Investments when made; 

(d)    Investments arising out of the receipt by Holdings or any Subsidiary of noncash consideration for
the sale of assets permitted under Section 6.05; 
 (e)    loans and advances to officers,
directors, employees or consultants of the Loan Parties or any Subsidiary (i) in the ordinary course of business not to exceed $500,000 in the aggregate at any time outstanding (calculated without regard to write downs or write offs thereof)
and (ii) in respect of payroll payments and expenses in the ordinary course of business and consistent with past practice; 

(f)    accounts receivable, security deposits and prepayments arising and trade credit granted in the
ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any prepayments and
other credits to suppliers made in the ordinary course of business; 
 (g)    Investments in Holdings or
any Subsidiary arising in the ordinary course of business in connection with cash management operations of Holdings and its Subsidiaries consistent with past practice pursuant to the Cash Pooling Agreements, the Deed of Postponement and the
guarantees contemplated by the Deed of Postponement, each as in effect with HSBC Bank PLC on the Closing Date (and amendments thereto or replacements thereof (copies of which shall be provided to the Administrative Agent promptly after the
effectiveness thereof), that are not adverse, taken as a whole, to the interests of the Lenders in comparison to the Cash Pooling Agreements, the Deed of Postponement and the guarantees contemplated by the Deed of Postponement each in effect as of
the Closing Date); 
 (h)    Investments existing on, or contractually committed as of, the Closing Date
and set forth on Schedule 6.04 and any extensions, renewals or reinvestments thereof, so long as the aggregate amount of all Investments pursuant to this clause (h) is not increased at any time above the amount of such Investment
existing or committed on the Closing Date (other than pursuant to an increase as required by the terms of any such Investment as in existence on the Closing Date); 

  
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 (i)    Investments resulting from pledges and deposits under
Sections 6.02(f), (g), (r) and (s); 
 (j)    other Investments by Holdings or any Subsidiary in an
aggregate amount (valued at the time of the making thereof, and without giving effect to any write downs or write offs thereof) not to exceed $5,000,000 in the aggregate (plus the amount of cash actually received by Holdings or such Subsidiary in
respect of, and which shall not exceed the original amount of, such Investments theretofore made by it pursuant to this Section 6.04(j)); 

(k)    Investments constituting Permitted Business Acquisitions; 

(l)    [reserved]; 

(m)    Investments received in connection with the bankruptcy or reorganization of, or settlement of
delinquent accounts and disputes with or judgments against, customers and suppliers, in each case in the ordinary course of business or Investments acquired by the Loan Parties or any of the Subsidiaries as a result of a foreclosure by the Loan
Parties or any of the Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in default; 

(n)    Investments of a Subsidiary acquired after the Closing Date or of an entity merged into, or
consolidated or amalgamated with, a Loan Party or merged into or consolidated or amalgamated with a Subsidiary after the Closing Date, in each case, (i) to the extent permitted under this Section 6.04 and, (ii) in the case of any
acquisition, merger, consolidation or amalgamation, in accordance with Section 6.05 and (iii) to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, consolidation or
amalgamation and were in existence on the date of such acquisition, merger, consolidation or amalgamation; 

(o)    [reserved]; 

(p)    Guarantees by Holdings or any Subsidiary of operating leases (other than Capital Lease Obligations)
or of other obligations that do not constitute Indebtedness, in each case entered into by Holdings or any Subsidiary in the ordinary course of business; 

(q)    Investments to the extent that payment for such Investments is made with Equity Interests of
Claire’s Stores (or any Parent Entity) that have been contributed to Holdings; 
 (r)    [reserved];

 (s)    [reserved]; 

  
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 (t)    Investments in the ordinary course of business
consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices; 

(u)    [reserved]; 

(v)    Guarantees permitted under Section 6.01 (except to the extent such Guarantee is expressly
subject to Section 6.04); 
 (w)    advances in the form of a prepayment of expenses, so long as
such expenses are being paid in accordance with customary trade terms of such Borrower or such Subsidiary; 

(x)    [reserved]; 

(y)    [reserved]; 

(z)    Investments consisting of the licensing or contribution of intellectual property in the ordinary
course of business and consistent with past practice pursuant to joint marketing arrangements with other persons; 

(aa)    purchases and acquisitions of inventory, supplies, materials and equipment or purchases of contract
rights or licenses or leases of intellectual property in each case in the ordinary course of business, to the extent such purchases and acquisitions constitute Investments; and 

(bb)    Investments in joint ventures in an amount, not in excess at any one time outstanding, when
combined with the total amount of Indebtedness incurred in connection with joint ventures pursuant to Section 6.01(t) and Indebtedness incurred and Investments made pursuant to Sections 6.01(w) and 6.04(cc) of the ABL Credit Agreement, of the
greater of $10,000,000 and 1.00% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence or Investment for which financial statements have been delivered pursuant to Section 5.04. 

The amount of Investments that may be made at any time pursuant to Section 6.04(b) may, at the election of Holdings, be increased by the amount of Investments
that could be made at such time under Section 6.04(j); provided that the amount of each such increase shall be treated as having been used under Section 6.04(j). 

SECTION 6.05    Mergers, Consolidations, Sales of Assets and Acquisitions. Merge into, or consolidate or amalgamate
with any other person, or permit any other person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or any part of its assets (whether now owned or
hereafter acquired), or issue, sell, transfer or otherwise dispose of any Equity Interests of Holdings or any Subsidiary, or purchase, lease or otherwise acquire (in one transaction or a 

  
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series of transactions) all or any substantial part of the assets of any other person or any division or business unit of any other person; provided that this Section 6.05 shall not
prohibit: 
 (a)    any Asset Sale in which (i) a Loan Party or any of its Subsidiaries, as the case
may be, receives consideration at the time of the Asset Sale of at least equal to the Fair Market Value (as determined in good faith by the Loan Parties) of the assets sold or otherwise disposed of, and (ii) at least 75% of the consideration
therefor received by such Loan Party or such Subsidiary, as the case may be, is in the form of Unrestricted Cash or Permitted Investments; provided that (x) the aggregate amount of consideration received by Holdings and the Subsidiaries
for Asset Sales pursuant to this Section 6.05(a) shall not exceed $30,000,000 in any fiscal year and (y) all Net Cash Proceeds thereof in excess of $5,000,000 in any fiscal year shall be applied for prepayment of the Loan in accordance with
Section 2.11(a); 
 (b)    (i) the purchase and sale of inventory in the ordinary course of business by
any Subsidiary, (ii) the acquisition or lease (pursuant to an operating lease) of any other asset in the ordinary course of business by Holdings or any Subsidiary, (iii) the sale of surplus, obsolete, damaged or worn out equipment or other
property in the ordinary course of business by Holdings or any Subsidiary or (iv) the sale of Permitted Investments in the ordinary course of business; 

(c)    if at the time thereof and immediately after giving effect thereto no Event of Default shall have
occurred and be continuing or would result therefrom, (i) the merger, consolidation or amalgamation of any Subsidiary of a Borrower into or with such Borrower in a transaction in which a Borrower is the survivor, (ii) the merger,
consolidation or amalgamation of any Subsidiary into or with any Subsidiary that is a Loan Party in a transaction in which the surviving or resulting entity is a Loan Party and, in the case of each of clauses (i) and (ii), no person other than
a Loan Party receives any consideration, (iii) the merger, consolidation or amalgamation of any Subsidiary that is not a Loan Party into or with any other Subsidiary that is not a Loan Party, (iv) the liquidation or dissolution or change
in form of entity of any Subsidiary (other than a Borrower) if the Borrowers determine in good faith that such liquidation, dissolution or change in form is in the best interests of the Borrowers and is not materially disadvantageous to the Lenders
or (v) any Subsidiary may merge, consolidate or amalgamate into or with any other person in order to effect an Investment permitted pursuant to Section 6.04 so long as the continuing or surviving person shall be a Subsidiary, which shall
be a Loan Party if the merging, consolidating or amalgamating Subsidiary was a Loan Party and which together with each of the Subsidiaries shall have complied with the requirements of Section 5.10; 

(d)    sales, transfers, leases or other dispositions to a Subsidiary (upon voluntary liquidation or
otherwise); provided, that any sales, transfers, leases or other dispositions by a Loan Party to a Subsidiary that is not a Loan Party in reliance on this paragraph (c) shall be made in compliance with Section 6.07; 

(e)    [reserved]; 

  
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 (f)    Sale and Lease Back Transactions permitted by
Section 6.03; 
 (g)    Investments permitted by Section 6.04, Permitted Liens and Restricted
Payments permitted by Section 6.06; 
 (h)    the sale of defaulted receivables in the ordinary
course of business and not as part of an accounts receivables financing transaction; 
 (i)    sales,
transfers, leases, licenses or other dispositions of assets not otherwise permitted by this Section 6.05 (or required to be included in this Section 6.05(i) pursuant to Section 6.05(c)); provided, that (i) the aggregate gross
proceeds (including noncash proceeds) of any or all assets, sold, transferred, leased or otherwise disposed of in reliance under this Section 6.05(i) shall not exceed, in any fiscal year of the Borrowers, when combined with the total amount of gross
proceeds of any asset sales made pursuant to Section 6.05(i) of the ABL Credit Agreement since the Closing Date, $10,000,000 and (ii) no Default or Event of Default exists or would result therefrom; 

(j)    Permitted Business Acquisitions (including any merger, consolidation or amalgamation in order to
effect a Permitted Business Acquisition); provided, that following any such merger, consolidation or amalgamation (i) involving a Loan Party, a Loan Party is the surviving corporation and (ii) involving a Subsidiary, the surviving
or resulting entity shall be a Wholly Owned Subsidiary; 
 (k)    leases, licenses, or subleases or
sublicenses of any real or personal property in the ordinary course of business; 
 (l)    sales, leases
or other dispositions of inventory of the Loan Parties and the Subsidiaries determined by the management of the Loan Parties to be no longer useful or necessary in the operation of the business of the Loan Parties or any of the Subsidiaries; 

(m)    [reserved]; 

(n)    [reserved]; 

(o)    [reserved]; and 

(p)    any disposition of Equity Interests of a Subsidiary pursuant to an agreement or other obligation
with or to a person (other than the Loan Parties and the Subsidiaries) from whom such Subsidiary was acquired or from whom such Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), made as part
of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; provided, that the net investment in the Equity Interests of the Subsidiary would be permitted by Section 6.04
if made on the date of such disposition. 

  
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 SECTION 6.06    Restricted Payments. Declare or pay any dividend or
make any other distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, with respect to any of its Equity Interests (other than dividends and distributions on Equity Interests payable
solely by the issuance of additional Equity Interests (other than Disqualified Stock) of the person paying such dividends or distributions) or directly or indirectly redeem, purchase, retire or otherwise acquire for value (or permit any Subsidiary
to purchase or acquire) any of its Equity Interests or set aside any amount for any such purpose (other than through the issuance of additional Equity Interests (other than Disqualified Stock) of the person redeeming, purchasing, retiring or
acquiring such shares) (the foregoing, “Restricted Payments”); provided, however, that : 

(a)    any Subsidiary of a Loan Party may make Restricted Payments to the Loan Parties or to any Wholly Owned Subsidiary
of the Loan Parties (or, in the case of non-Wholly Owned Subsidiaries, to a Loan Party or any Subsidiary that is a direct or indirect parent of such Subsidiary and to each other owner of Equity Interests of
such Subsidiary on a pro rata basis (or more favorable basis from the perspective of a Loan Party or such Subsidiary) based on their relative ownership interests so long as any repurchase of its Equity Interests from a person that is not a Borrower
or a Subsidiary is permitted under Section 6.04); 
 (b)    the Loan Parties and their Subsidiaries may make
Restricted Payments to CGHL (or to CGHL for distribution to any Permitted Transferee) in respect of (i) Overhead Expenses of CGHL, (ii) fees and expenses (other than Overhead Expenses) in connection with the maintenance of its (or any
Permitted Transferee’s) existence and its (or any Permitted Transferee’s indirect) ownership of Holdings and the Subsidiaries and (iii) Taxes then due and owing (or that will be due and owing promptly following receipt of such
Restricted Payment) of (x) Holdings and the Subsidiaries or (y) CGHL and its subsidiaries; and 
 (c)    (i)
the Loan Parties and the Subsidiaries may make Restricted Payments to Holdings for purposes of Holdings making Permitted Foreign Cash Transfers and (ii) Holdings may make Restricted Payments constituting Permitted Foreign Cash Transfers. 

SECTION 6.07    Transactions with Affiliates. 

(a)    Sell or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage
in any other transaction with, any of its Affiliates or any known direct or indirect holder of 10% or more of any class of Equity Interests of the Borrowers in a transaction (or series of related transactions) involving aggregate consideration in
excess of $2,000,000, unless such transaction (or series of related transactions) is (i) otherwise permitted (or required) under this Agreement, (ii) upon terms no less favorable to Holdings or such Subsidiary, as applicable, than would be
obtained in a comparable arm’s length transaction with a person that is not an Affiliate and (iii) with respect to any Affiliate transaction or series of related Affiliate transactions involving aggregate consideration in excess of
$25,000,000 entered into after the Closing Date, Holdings or such Subsidiary delivers to the Administrative Agent (for delivery to the Lenders) a letter addressed to the Board of Directors of Holdings or such Subsidiary from an accounting, appraisal
or investment banking firm, in each case of nationally recognized standing that is (A) in the good faith determination of Holdings or such Subsidiary qualified to render such letter and (B) reasonably satisfactory to the Administrative
Agent, which letter states that such transaction complies with clause (ii) of this Section 6.07(a). 

  
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 (b)    The foregoing paragraph (a) shall not prohibit, to the extent
otherwise permitted under this Agreement: 
 (i)    any issuance of securities, or other payments, awards
or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, equity purchase agreements, stock options and stock ownership plans approved by the Board of Directors of Holdings or such Subsidiary, 

(ii)    loans or advances to employees or consultants of the Loan Parties or any of the Subsidiaries in
accordance with Section 6.04(e), 
 (iii)    transactions among the Loan Parties or any Subsidiary or any
entity that becomes a Subsidiary as a result of such transaction (including via merger, consolidation or amalgamation in which a Subsidiary is the surviving entity), 

(iv)    the payment of fees, reasonable
out-of-pocket costs and indemnities to directors, officers, consultants and employees of the Loan Parties and the Subsidiaries in the ordinary course of business, 

(v)    permitted transactions, agreements and arrangements in existence on the Closing Date and set forth
on Schedule 6.07 or any amendment thereto (to the extent such amendment is not adverse to the Lenders in any material respect, as determined in good faith by the Loan Parties) or transaction contemplated thereby, 

(vi)    (A) any employment agreements entered into by the Loan Parties or any of the Subsidiaries in the
ordinary course of business, (B) any subscription agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with employees, officers or directors, and (C) any employee
compensation, benefit plan or arrangement, any health, disability or similar insurance plan which covers employees, and any reasonable employment contract and transactions pursuant thereto, 

(vii)    payments to Claire’s Stores or CGHL that are otherwise permitted pursuant to
Section 6.04 or Section 6.06, 
 (viii)    any purchase by the Loan Parties of the Equity
Interests of the Subsidiaries, 
 (ix)    [reserved], 

(x)    transactions with Claire’s Stores, subsidiaries of Claire’s Stores or Wholly Owned
Subsidiaries for the purchase or sale of goods, products, parts and services entered into in the ordinary course of business in a manner consistent with past practice, 

  
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 (xi)    any transaction in respect of which Holdings or any
Subsidiary delivers to the Administrative Agent (for delivery to the Lenders) a letter addressed to the Board of Directors of Holdings or any Subsidiary from an accounting, appraisal or investment banking firm, in each case of nationally recognized
standing that is (A) in the good faith determination of Holdings qualified to render such letter and (B) reasonably satisfactory to the Administrative Agent, which letter states that such transaction is on terms that are no less favorable
to Holdings or such Subsidiary, as applicable, than would be obtained in a comparable arm’s length transaction with a person that is not an Affiliate, 

(xii)    [reserved], 

(xiii)    transactions with joint ventures for the purchase or sale of goods, equipment and services
entered into in the ordinary course of business and in a manner consistent with past practice, 

(xiv)    [reserved], 

(xv)    [reserved], 

(xvi)    payments by Claire’s Stores (and any Parent Entity), CGHL and/or the Loan Parties and the
Subsidiaries (in the case of any payment by Holdings or any of the Subsidiaries, to the extent such payment is permitted pursuant to Section 6.06) pursuant to tax sharing agreements among Claire’s Stores (and any such Parent Entity), CGHL,
the Loan Parties and the Subsidiaries on customary terms that require each party to make payments when such taxes are due or refunds received of amounts equal to the income tax liabilities and refunds generated by each such party calculated on a
separate return basis and payments to the party generating tax benefits and credits of amounts equal to the value of such tax benefits and credits made available to the group by such party, 

(xvii)    [reserved], 

(xviii)    [reserved], 

(xix)    transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in
each case in the ordinary course of business and consistent with past practice and otherwise in compliance with the terms of this Agreement that are fair to the Loan Parties or the Subsidiaries, and 

(xx)    intercompany transactions undertaken in good faith (as certified by a Responsible Officer of
Holdings) for the purpose of improving the consolidated tax efficiency of the Loan Parties and the Subsidiaries and not for the purpose of circumventing any covenant set forth herein. 

SECTION 6.08    Business of the Borrowers and the Subsidiaries. Notwithstanding any other provisions hereof, engage
at any time in any business or business activity other than any business or business activity conducted by any of them on the Closing 

  
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Date and any business or business activities incidental or related thereto, or any business or activity that is reasonably similar or complementary thereto or a reasonable extension, development
or expansion thereof or ancillary thereto. 
 SECTION 6.09    Limitation on Payments and Modifications of
Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc. Amend or modify in any manner materially adverse to the Lenders, or grant any waiver or release under
or terminate in any manner (if such granting or termination shall be materially adverse to the Lenders), the articles or certificate of incorporation, by laws, limited liability company operating agreement, partnership agreement or other
organizational documents of Holdings or any of the Subsidiaries. 
 (a)    (i) Make, or agree or offer to pay or make,
directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal or interest of (x) any Subordinated Intercompany Debt or (y) any other Indebtedness which is
contractually subordinated to the Loans or any Permitted Refinancing Indebtedness in respect of the foregoing or any Preferred Stock or any Disqualified Stock (each of clauses (x) and (y), a “Junior Financing”), or any payment
or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination in respect of any Junior Financing
except for (A) payments of regularly scheduled interest, and, to the extent this Agreement is then in effect, principal on the scheduled maturity date of any Junior Financing, (B) payments of regularly scheduled principal of Subordinated
Intercompany Debt, (C) the conversion of any Junior Financing to Equity Interests of Claire’s Stores or CGHL or any of its direct or indirect parents or subsidiaries (other than Holdings or the Subsidiaries); or 

(ii)    Amend or modify, or permit the amendment or modification of, any provision of Junior Financing or
any agreement, document or instrument evidencing or relating thereto, other than amendments or modifications that (A) are not in any manner adverse to Lenders and that do not affect the subordination or payment provisions thereof (if any) in a
manner adverse to the Lenders or (B) otherwise comply with the definition of “Permitted Refinancing Indebtedness”. 

(b)    Permit any Subsidiary to enter into any agreement or instrument that by its terms restricts (i) the payment of
dividends or distributions or the making of cash advances to the Loan Parties or any Subsidiary that is a direct or indirect parent of such Subsidiary or (ii) the granting of Liens by the Loan Parties or such Subsidiary pursuant to the Security
Documents, in each case other than those arising under any Loan Document, except, in each case, restrictions existing by reason of: 

(A)    restrictions imposed by applicable law; 

(B)    contractual encumbrances or restrictions in effect on the Closing Date under Indebtedness existing
on the Closing Date and set forth on Schedule 6.01 or any agreements related to any Permitted Refinancing Indebtedness in respect of any such Indebtedness that does not expand the scope of any such encumbrance or restriction; 

  
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 (C)    any restriction on a Subsidiary imposed pursuant to an
agreement entered into for the sale or disposition of the Equity Interests or assets of a Subsidiary; 

(D)    customary provisions in joint venture agreements, similar agreements applicable to joint ventures
and other similar agreements entered into in the ordinary course of business; 
 (E)    any restrictions
imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent that such restrictions apply only to the property or assets securing such Indebtedness; 

(F)    any restrictions imposed by any agreement relating to Indebtedness incurred pursuant to Section
6.01(q) or Permitted Refinancing Indebtedness in respect thereof; 
 (G)    customary provisions
contained in leases or licenses of intellectual property and other similar agreements entered into in the ordinary course of business; 

(H)    customary provisions restricting subletting or assignment of any lease governing a leasehold
interest; 
 (I)    customary provisions restricting assignment of any agreement entered into in the
ordinary course of business; 
 (J)    customary restrictions and conditions contained in any agreement
relating to the sale, transfer, lease or other disposition of any asset permitted under Section 6.05 pending the consummation of such sale, transfer, lease or other disposition; 

(K)    customary restrictions and conditions contained in the document relating to any Lien, so long as
(1) such Lien is a Permitted Lien and such restrictions or conditions relate only to the specific asset subject to such Lien, and (2) such restrictions and conditions are not created for the purpose of avoiding the restrictions imposed by
this Section 6.09; 
 (L)    customary net worth provisions contained in Real Property leases
entered into by Holdings and the Subsidiaries, so long as Holdings or such Subsidiary has determined in good faith that such net worth provisions would not reasonably be expected to impair the ability of Holdings or such Subsidiary to meet their
ongoing obligations; 
 (M)    any agreement in effect at the time such subsidiary becomes a Subsidiary,
so long as such agreement was not entered into in contemplation of such person becoming a Subsidiary; 

(N)    restrictions in agreements representing Indebtedness permitted under Section 6.01 of a
Subsidiary that is not a Loan Party; 

  
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 (O)    customary restrictions on leases, subleases, licenses
or Equity Interests or asset sale agreements otherwise permitted hereby as long as such restrictions relate to the Equity Interests and assets subject thereto; 

(P)    restrictions on cash or other deposits imposed by customers under contracts entered into in the
ordinary course of business; 
 (Q)    [reserved]; 

(R)    [reserved]; or 

(S)    any encumbrances or restrictions of the type referred to in Sections 6.09(b)(i) and 6.09(b)(ii)
above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (A) through (R) above; provided
that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Loan Parties, no more restrictive with respect to such dividend and other payment
restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

SECTION 6.10    Minimum Cash Balance. Permit, as of the last day of any fiscal month, (a) the aggregate amount
of Unrestricted Cash to be less than $7,000,000 or (b) the aggregate amount of Unrestricted Cash Collateral to be less than $2,000,000. 

SECTION 6.11    Guarantor Coverage; Collateral Coverage. 

(a)    Permit the Specified Collateral Value as of the last day of any fiscal quarter to be less than $50,000,000. 

(b)    Permit the aggregate amount of Consolidated Total Assets and EBITDA of or that may be allocated to the Loan Parties
(in each case calculated on an unconsolidated basis and excluding intra-group items and Investments in Subsidiaries that are not Loan Parties and excluding any purchase accounting adjustments not allocated to any of the Subsidiaries) to represent
less than (i) 60% of EBITDA and (ii) 75% of Consolidated Total Assets of Holdings and the Subsidiaries as of the last day of any fiscal quarter. 

  
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 ARTICLE VII. 

Events of Default 

SECTION 7.01    Events of Default. In case of the happening of any of the following events (each, an “Event
of Default”): 
 (a)    any representation or warranty made or deemed made by any Loan Party
herein or in any other Loan Document or any certificate or document delivered pursuant hereto or thereto shall prove to have been false or misleading in any material respect when so made or deemed made; 

(b)    default shall be made in the payment of any principal of any Loan or any Applicable Prepayment
Premium when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise; 

(c)    default shall be made in the payment of any interest on any Loan or in the payment of any Fee or any
other amount (other than an amount referred to in (b) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of five Business Days; 

(d)    default shall be made in the due observance or performance by (i) Holdings, the Loan Parties or
any of the Subsidiaries of any covenant, condition or agreement contained in Sections 5.01, 5.05(a), 5.08, 5.11 or 5.12 or in Article VI or (ii) by CGHL of Section 5.12; 

(e)    default shall be made in the due observance or performance by Holdings, the Loan Parties or any of
the Subsidiaries of (i) Sections 5.04, or 5.10, and such default shall continue unremedied for a period of 5 days, or (ii) any covenant, condition or agreement contained in any Loan Document (other than those specified in paragraphs (b),
(c) and (d) above) and such default shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to Holdings; 

(f)    (i) any event or condition occurs that (A) results in any Material Indebtedness becoming due
prior to its scheduled maturity or (B) enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf shall cause such Material
Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity as a result of an event of default thereunder or (ii) CGHL, Holdings or any of the Subsidiaries shall fail
to pay the principal of any Material Indebtedness at the stated final maturity thereof; provided, that this clause (f) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property
or assets securing such Indebtedness if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; 

(g)    there shall have occurred a Change in Control; 

(h)    any step or procedure is taken towards the commencement of an involuntary proceeding or the filing
of an involuntary petition in a court of competent jurisdiction seeking (i) relief in respect of CGHL or any of its subsidiaries or Holdings or any of the Subsidiaries, or of a substantial part of the property or assets of CGHL or any

  
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of its subsidiaries or Holdings or any Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended, any Debtor Relief Law or any other federal, state or foreign
bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, administrator, liquidator, administrative receiver, compulsory manager, trustee, custodian, sequestrator, conservator or similar official for CGHL or any
of its subsidiaries or Holdings or any of the Subsidiaries or for a substantial part of the property or assets of Holdings or any of the Subsidiaries; (iii) the winding up, dissolution, liquidation, the suspension of payments, a moratorium of
any indebtedness, bankruptcy, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) (including any procédure de sauvegarde, procédure de sauvegarde accélérée,
procédure de sauvegarde financière accélérée, redressement judiciaire (including by way of plan de cession or plan de continuation) or liquidation judiciaire or mandat ad hoc or
conciliation) of CGHL or any of its subsidiaries or Holdings or any Subsidiary (except, in the case of any Subsidiary, in a transaction permitted by Section 6.05); and such proceeding or petition shall continue undismissed for 60 days (or
with respect to any Loan Party incorporated in England or Wales, 20 calendar days) or an order or decree approving or ordering any of the foregoing shall be entered; or (iv) a composition, compromise, assignment or arrangement with any creditor
of any Loan Party in connection with or as a result of any financial difficulty on the part of that Loan Party, other than those proceedings which if capable of remedy are discharged, stayed or dismissed within 20 Business Days of commencement or,
if earlier, the date on which it is advertised (or such other period as agreed between Holdings and the Lenders); or (in the case of an application to appoint an administrator or commence proceedings) any proceedings which the Administrative Agent
is satisfied (acting on the instructions of the Lenders) will be withdrawn before it is heard or will be unsuccessful; 

(i)    CGHL or any of its subsidiaries or Holdings or any Subsidiary shall (i) voluntarily commence
any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, any Debtor Relief Law or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in paragraph (h) above, (iii) apply for or consent to the appointment of a receiver,
administrator, liquidator, administrative receiver, compulsory manager, trustee, custodian, sequestrator, conservator or similar official for CGHL or any of its subsidiaries or Holdings or any of the Subsidiaries or for a substantial part of the
property or assets of CGHL or any of its subsidiaries or Holdings or any Subsidiary, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the
benefit of creditors, (vi) become unable or admit in writing its inability or fail generally to pay its debts as they become due (including, in the case of a Loan Party incorporated in England and Wales, as defined in Section 123(1) of the
UK Insolvency Act 1986), (vii) in the case of a Loan Party incorporated in Germany it is or becomes not able to pay its debts (zahlungsunfähig), subject to imminent inability to pay (drohende Zahlungsunfähigkeit),
over-indebted (überschuldet) (all within the meaning of sections 17 through 19 German Insolvency Code (InsO)), or subject to any insolvency proceedings (viii) in the case of a

  
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Loan Party incorporated in Switzerland, become unable or admit in writing its inability or fail generally to pay its debts as they become due, suspend making payments, become subject to
bankruptcy, debt moratorium or any similar insolvency procedure, or become over-indebted in the sense of article 725 of the Swiss Code of Obligations, unless, in the case of over-indebtedness, creditors of such Loan Party subordinate their claims to
those of all other creditors of such Loan Party to the extent of the insufficient coverage and to the extent the subordination of such claims is sufficient to discharge the board of such Loan Party from its duty to notify the court pursuant to
article 725(2) of the Swiss Code of Obligations, or (ix) in the case of a Loan Party incorporated in France, (a) it ceases or suspends making payment on any of its debts or announces an intention to do so; (b) by reason of actual or
anticipated financial difficulties commences negotiations with any one or more of its creditors (other than negotiations with the Loan Parties) with a view to rescheduling any of its indebtedness or (c) a moratorium is declared in respect of
the indebtedness of any Loan Party; 
 (j)    the failure by Holdings or any Subsidiary to pay one or
more final judgments aggregating in excess of $5,000,000 million (to the extent not covered by insurance), which judgments are not discharged or effectively waived or stayed for a period of 45 consecutive days, or any action shall be legally
taken by a judgment creditor to levy upon assets or properties of Holdings or any Subsidiary to enforce any such judgment; 

(k)    any material provision of any Loan Document shall for any reason cease to be in full force and
effect or be asserted in writing by CGHL or any of its subsidiaries or by Holdings or any Subsidiary not to be a legal, valid and binding obligation of any party thereto; or any Security Document shall cease to create a valid and perfected first
priority Lien (subject to the Agreed Security Principles, Permitted Liens, the time periods set forth in the Collateral and Guarantee Requirement and Section 5.11) on any material portion of the Collateral purported to be covered thereby
(except with respect to the U.K. Debenture as it relates to any security interest therein taken over Equity Interests in any Subsidiary that is not organized under the laws of England and Wales); or 

(l)    any Material Contract with any member of the NA Group shall be terminated prior to its stated term,
rejected, or materially breached by Holdings, any Subsidiary or member of the NA Group. 
 then, and in every such event (other than an event described in
paragraph (h) or (i) above), and at any time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice to Holdings, take any or all of the following actions, at the same
or different times: (i) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon the Applicable
Prepayment Premium and any unpaid accrued Fees and all other liabilities of the Loan Parties accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any
kind, all of which are hereby expressly waived by the 

  
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Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding; and in any event described in paragraph (h) or (i) above, the principal of the Loans then
outstanding, together with accrued interest thereon the Applicable Prepayment Premium and any unpaid accrued Fees and all other liabilities of the Borrowers accrued hereunder and under any other Loan Document, shall automatically become due and
payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding. 

SECTION 7.02 Acceleration. 

(a)    Without limiting the generality of the foregoing, it is understood and agreed that if the Loans are accelerated or
otherwise become due prior to the Final Maturity Date, in each case, in respect of any Event of Default (including, but not limited to, upon the occurrence of a bankruptcy or insolvency event (including the acceleration of claims by operation of
law)), the Applicable Prepayment Premium with respect to a prepayment of the Loans will also be due and payable, in cash, as though the Loans were prepaid pursuant to Section 2.11 and shall constitute part of the Obligations, in view of the
impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of each Lender’s lost profits as a result thereof. The Applicable Prepayment Premium payable above
shall be presumed to be the liquidated damages sustained by each Lender as the result of the early prepayment and the Borrowers agree that it is reasonable under the circumstances currently existing. 

(b)    The Applicable Prepayment Premium shall also be payable in the event the Obligations are satisfied or released by
foreclosure (whether by power of judicial proceeding), deed in lieu of foreclosure or by any other means. THE BORROWERS EXPRESSLY WAIVE (TO THE FULLEST EXTENT THEY MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT
PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE APPLICABLE PREPAYMENT PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Borrowers expressly agree (to the fullest extent it may lawfully do so) that: (i) the Applicable Prepayment Premium is
reasonable and is the product of an arm’s length transaction between sophisticated business people, ably represented by counsel; (ii) the Applicable Prepayment Premium shall be payable notwithstanding the then prevailing market rates at
the time payment is made; (iii) there has been a course of conduct between the Lenders and the Borrowers giving specific consideration in this transaction for such agreement to pay the Applicable Prepayment Premium; and (iv) the Borrowers
shall be estopped hereafter from claiming differently than as agreed to in this paragraph. The Borrowers expressly acknowledge that their agreement to pay the Applicable Prepayment Premium to the Lenders as herein described is a material inducement
to the Lenders to make the Loans. 
 SECTION 7.03 Exclusion of Immaterial Subsidiaries. Solely for the purposes of determining
whether an Event of Default has occurred under clause (h), (i) or (j) of Section 7.01, any reference in any such clause to any Subsidiary shall be deemed not to include any Immaterial Subsidiary affected by any event or circumstance
referred to in any such clause. 

  
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 ARTICLE VIII. 

The Administrative Agent 

SECTION 8.01    Appointment. 

(a)    Each Lender (in its capacity as a Lender) hereby irrevocably designates and appoints each of the Administrative
Agent and the Collateral Agent as an agent of such Lender under this Agreement and the other Loan Documents and each such Lender irrevocably authorizes each of the Administrative Agent and the Collateral Agent, in such respective capacities, to take
such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent or the Collateral Agent, as applicable, by the
terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Administrative Agent nor the
Collateral Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be
read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent or the Collateral Agent, as applicable. 

(b)    In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Borrowers, (i) the Administrative Agent (irrespective of whether the principal of any Obligation shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise (A) to file and prove a claim for the whole amount of
the principal and interest owing and unpaid in respect of any or all of the Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative
Agent, and (B) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and (ii) any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent, the Collateral Agent and their respective agents and counsel, and any other amounts due the Administrative Agent
or the Collateral Agent, as applicable, under the Loan Documents. Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 

  
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 (c)    Without limiting the generality of clauses (a) and (b) above,
(i) the Administrative Agent shall have the sole and exclusive right and authority (to the exclusion of the Lenders), and is hereby authorized, to (A) act as the disbursing and collecting agent for the Lenders with respect to all payments
and collections arising in connection with the Loan Documents (including in any proceeding described in Section 7.01(h) or (i) or any other bankruptcy, insolvency or similar proceeding), and each Person making any payment in connection with any
Loan Document to any Secured Party is hereby authorized to make such payment to the Administrative Agent, (B) file and prove claims and file other documents necessary or desirable to allow the claims of the Secured Parties with respect to any
Obligation in any proceeding described in Section 7.01(h) or (i) or any other bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of such Secured Party), (C) except as may be otherwise specified in
any Loan Document, exercise all remedies given to the Administrative Agent and/or the Collateral Agent and the other Secured Parties with respect to the Collateral, whether under the Loan Documents, applicable requirements of law or otherwise and
(D) execute any amendment, consent or waiver under the Loan Documents on behalf of any Lender that has consented in writing to such amendment, consent or waiver and (ii) the Collateral Agent shall have the sole and exclusive right and
authority (to the exclusion of the Lenders), and is hereby authorized, to (A) act as collateral agent for each Secured Party for purposes of the perfection of all Liens created by such agreements and all other purposes stated therein,
(B) manage, supervise and otherwise deal with the Collateral, (C) take such other action as is necessary or desirable to maintain the perfection and priority of the Liens created or purported to be created by the Loan Documents in
accordance with the Loan Documents, and (D) except as may be otherwise specified in any Loan Document, exercise all remedies given to the Collateral Agent and the other Secured Parties with respect to the Collateral, whether under the Loan
Documents, applicable requirements of law or otherwise. 
 (d)    Each of the Lenders hereby appoints, in relation to
any Security Document, the Collateral Agent to act as agent under the Security Documents and authorizes the Collateral Agent to hold any Collateral for the benefit of each Lender, take all actions and exercise all powers specifically provided for
therein or under any other agreement, document or instrument pertaining to any of the Collateral, as well as all actions and powers reasonably incidental thereto and authorizes (and directs the Collateral Agent to act on the instruction of the
Required Lenders where applicable). Each Lender (in its capacity as a Lender) hereby authorizes and directs the Collateral Agent to execute and deliver the Security Documents to which the Collateral Agent is or becomes a party. As to any matters not
expressly provided for by the Loan Documents (including enforcement or collection of the Obligations of the Loan Parties), the Collateral Agent shall not be required to exercise any discretion or take any action, or refrain from taking any action,
but shall be required to act or to refrain from acing (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding upon all Lenders and all holders of
Notes; provided, however, that the Collateral Agent shall not be required to take any action that exposes it to personal liability or that is, in the opinion of the Collateral Agent or its counsel, contrary to any Loan Document or applicable
law. 

  
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 (e)    Swiss Collateral. 

(i)    In relation to any Swiss Collateral Document under which security of an accessory
(akzessorische) nature is granted (including, without limitation, the Swiss Account Pledge Agreement and the Swiss Share Pledge Agreement) each present and future Lender hereby appoints and authorizes the Collateral Agent to do all acts in
the name and for the account of such Lender as its direct representative (direkter Stellvertreter), including, without limitation, (i) to accept and execute and hold, administer and, if necessary, enforce the security granted under any
such Swiss Collateral Documents, (ii) to agree to amendments, restatements and other alterations of such Swiss Collateral Documents, (iii) to effect any release of the security under, and the termination of, any such Swiss Collateral
Document, and (iv) to exercise such other rights powers, authorities and discretions granted to the Collateral Agent hereunder or under the relevant Swiss Collateral Document. 

(ii)    Without limitation of the foregoing, the parties agree that it is possible that in the handling of
the Swiss Collateral, the Collateral Agent will be required to take actions not specifically covered herein and in all such instances the Collateral Agent is hereby authorized to act in such manner as the Collateral Agent would act in similar
transactions for its own accounts. 
 (f)    German Collateral. 

(i)    Each of the Secured Parties (other than the Collateral Agent) hereby appoints the Collateral Agent
as trustee (Treuhänder) and administrator for the purpose of accepting and administering the German Transaction Security for and on behalf of the other Secured Parties. The Collateral Agent shall: (i) hold and administer any German
Transaction Security which is security assigned (Sicherungseigentum/Sicherungsabtretung) or otherwise transferred under a non-accessory security right (nichtakzessorische Sicherheit) to it as trustee (treuhänderisch) for
the benefit of the Secured Parties; and (ii) administer any German Transaction Security which is pledged (Verpfändung) or otherwise transferred to any Secured Party under an accessory security right (akzessorische Sicherheit)
as agent. Each Secured Party hereby authorizes the Collateral Agent (whether or not by or through employees or agents): (i) to exercise such rights, remedies, powers and discretions as are specifically delegated to or conferred upon the Collateral
Agent under the German Security Documents together with such powers and discretions as are reasonably incidental thereto; (ii) to take such action on its behalf as may from time to time be authorized under or in accordance with the German
Security Documents; and (iii) to accept as its representative (Stellvertreter) any pledge or other creation of any accessory security right granted in favor of such Secured Party in connection with the Secured Debt Documents and to agree
to and execute on its behalf as its representative (Stellvertreter) any amendments and/or alterations to any German Security Document which creates a pledge 

  
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or any other accessory security right (akzessorische Sicherheit) including the release or confirmation of release of such Security. Each Secured Party hereby ratifies and approves all acts
and declarations previously done by the Collateral Agent on such Secured Party’s behalf. 

(ii)    For the purpose of the exercise of all rights, claims, powers and authorizations as well as the
performance of all duties and obligations of the Collateral Agent under this Agreement and under or in connection with the Security Documents, the Collateral Agent shall be released by each Secured Party (to the extent legally possible) from any
restrictions on representing several persons and self-dealing under any applicable law, and in particular from the restrictions of Section 181 of the German Civil Code (Bürgerliches Gesetzbuch). 

(g)    French Collateral. 

(i)    Each Secured Party (other than the Collateral Agent) (as mandant): 

(a)    irrevocably and unconditionally appoints the Collateral Agent to act as agent (mandataire),
pursuant to article 1984 of the French Civil Code (with full power to appoint and to substitute and to delegate) on its behalf to execute any French Security Document in its name and do anything upon the terms and conditions set out in this
Agreement under or in connection with the French Security Documents, including, if need be, the appointment of a custodian which shall hold assets on its behalf (including, as may be the case, share certificates or share registries relating to
shares in the capital of any debtor) in custody under any French Security Document, and the Collateral Agent accepts such appointment; 

(b)    confirms its approval of the French Security Documents creating or expressed to create French
Transaction Security benefiting it and any French Transaction Security created or to be created pursuant thereto and irrevocably authorizes (with power of delegation), empowers and directs the Collateral Agent (by itself or by such person(s) as it
may nominate) to execute and deliver for and on its behalf each French Security Document, to perform the duties and to exercise the rights, powers and discretions that are specifically delegated to the Collateral Agent or any Secured Party under or
in connection with the French Security Documents, together with any other rights, powers and discretions which are incidental thereto and to give a good discharge for any moneys payable under the Security Documents; and 

(c)    acknowledges that the Collateral Agent has been appointed by it to constitute, register, manage and
enforce all French Transaction Security created in its favour by any French Security Documents, and agrees that the French Transaction Security to its nomination in accordance with applicable law from time to time. 

(ii)    The Collateral Agent will act solely for itself (as Secured Party) and as agent for the other
Secured Parties in carrying out its functions as collateral agent under the relevant French Security Documents and this Agreement. 

  
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 (iii)    In relation to French Security Documents, the
relationship between the Secured Parties (other than the Collateral Agent) and the Collateral Agent is that of principal and agent only. The Collateral Agent shall not have, or be deemed to have, assumed any obligations to or fiduciary relationship
with, any Party other than those for which specific provision is made by the French Security Documents and this Agreement. 

(iv)    The Collateral Agent shall not be liable to any person for any breach by any Secured Party of this
Agreement or be liable to any Secured Party for any breach by any other person of this Agreement or any other Debt Document. 

(v)    In furtherance of this Section 8.01, each of the Secured Parties hereby undertakes to the
Collateral Agent that, promptly upon request, such Secured Party will ratify and confirm all transactions entered into and other actions by the Collateral Agent (or any of its substitutes or delegates) in the proper exercise of the power granted to
it hereunder. 
 SECTION 8.02    Delegation of Duties. Each Agent may execute any of its duties under this
Agreement and the other Loan Documents by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts
concerning all matters pertaining to such duties. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care. 

SECTION 8.03    Exculpatory Provisions. Neither any Agent or its Affiliates nor any of their respective officers,
directors, employees, agents, attorneys-in-fact or affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or such person under or
in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such person’s own
gross negligence or willful misconduct) or (b) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by the Borrowers or any officer thereof contained in this Agreement or any other
Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by any Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of the Borrowers to perform their obligations hereunder or thereunder. Neither the Administrative Agent nor the Collateral Agent shall be
under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of
the Borrowers. Neither the Administrative Agent nor the Collateral Agent shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) neither
the Administrative Agent nor the Collateral Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing, and (b) neither the Administrative Agent nor the
Collateral Agent shall, except as expressly set forth 

  
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herein and in the other Loan Documents, have any duty to disclose, and shall be liable for the failure to disclose, any information relating to any Borrower or any of its Affiliates that is
communicated to or obtained by the person serving as the Administrative Agent, the Collateral Agent or any of their respective Affiliates in any capacity. Neither the Administrative Agent nor the Collateral Agent shall be deemed to have knowledge of
any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent or the Collateral Agent, as applicable, in writing by Holdings, or a Lender. Neither the Administrative Agent
nor the Collateral Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or
the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or the creation, perfection or priority
of any Lien purported to be created by the Security Documents, (v) the value or sufficiency of the Collateral or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent or the Collateral Agent, as applicable. 
 SECTION
8.04    Reliance by Agents. Each of the Administrative Agent and the Collateral Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) or conversation believed by it to be genuine and to have been signed, sent or otherwise authenticated by
the proper person. Each of the Administrative Agent and the Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the Closing Date, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent and the Collateral Agent may presume that such condition is
satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the Closing Date. Any Agent may consult with legal counsel (including counsel to the Borrowers), independent accountants
and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. The Administrative Agent and the Collateral Agent may deem and treat the
payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. Each of the Administrative Agent and the Collateral Agent shall be
fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all or other Lenders)
as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Each of the Administrative
Agent and the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan 

  
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Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all or other Lenders), and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Lenders and all future holders of the Loans. The Collateral Agent may rely upon the last provided Register in making a determination with respect to the Required Lenders. 

SECTION 8.05    Notice of Default. Neither the Administrative Agent nor the Collateral Agent shall be deemed to
have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent or the Collateral Agent, as applicable, has received written notice from a Lender or Holdings referring to this Agreement, describing such
Default or Event of Default and stating that such notice is a “notice of default.” In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. Each of the
Administrative Agent and the Collateral Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all or other Lenders); provided,
that unless and until the Administrative Agent or the Collateral Agent, as applicable, shall have received such directions, each of the Administrative Agent and the Collateral Agent may (but shall not be obligated to) take such action, or refrain
from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

SECTION 8.06    Non-Reliance on Agents and Other Lenders. Each Lender
expressly acknowledges that neither the Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any
representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of the Loan Parties or any affiliate of the Loan Parties, shall be deemed to constitute any representation or warranty by any Agent
to any Lender. Each Lender represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and
investigation into, the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also
represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions
in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of
the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to
provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of any Loan Party that may come into the
possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 

  
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 SECTION 8.07    Indemnification. The Lenders agree to indemnify each
Agent in its capacity as such (to the extent not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), in the amount of its pro rata share (based on its Loans hereunder) (determined at the time such indemnity is
sought), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be
imposed on, incurred by or asserted against such Agent in any way relating to or arising out this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or
thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct. The failure of any
Lender to reimburse any Agent promptly upon demand for its ratable share of any amount required to be paid by the Lenders to such Agent as provided herein shall not relieve any other Lender of its obligation hereunder to reimburse such Agent for its
ratable share of such amount, but no Lender shall be responsible for the failure of any other Lender to reimburse such Agent for such other Lender’s ratable share of such amount. The agreements in this Section shall survive the payment of the
Loans and all other amounts payable hereunder. 
 SECTION 8.08    Agent in Its Individual Capacity. Each Agent
and its affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Borrowers as though such Agent were not an Agent. With respect to its Loans made or renewed by it, each Agent shall have the same
rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity.

 SECTION 8.09    Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent
upon 10 days’ notice to the Lenders and Holdings. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor
agent for the Lenders, which successor agent shall (unless an Event of Default under Section 7.01(b), (c), (h) or (i) shall have occurred and be continuing) be subject to approval by Holdings (which approval shall not be unreasonably withheld
or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and
the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any
holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation
shall nevertheless thereupon become effective, and the retiring Administrative Agent shall, on behalf of the Lenders, appoint a successor agent which shall (unless an Event of Default under Section 7.01(b), (c), (h) or (i) shall have occurred
and be 

  
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continuing) be subject to approval by Holdings (which approval shall not be unreasonably withheld or delayed). After any retiring Administrative Agent’s resignation as Administrative Agent,
the provisions of this Section 8.09 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan Documents. The foregoing provisions shall also be
applicable with respect to the resignation of the Collateral Agent and appointment of any successor Collateral Agent. Notwithstanding the foregoing, upon any assignment of the Loans by the Initial Lender to any person other than an Affiliate or
Approved Fund of the Initial Lender who becomes a Lender hereunder pursuant to Section 9.04, the Initial Lender may on or prior to the effectiveness of such assignment, appoint any person as a successor agent (who may be any of the Collateral
Agent, a Lender or such other person reasonably acceptable to the Initial Lender and, unless an Event of Default under Section 7.01(b), (c), (h) or (i) shall have occurred and be continuing, Holdings), whereupon such successor agent shall
succeed to the rights, powers and duties of the Administrative Agent and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the Initial Lender’s rights, powers and duties
as Administrative Agent shall be terminated, without any other or further act or deed on the part of the Initial Lender or any of the parties to this Agreement or any holders of the Loans. 

SECTION 8.10    Parallel Debt. Notwithstanding any other provision of any Loan Document, each Guarantor organized
in any jurisdiction listed in Schedule 8.10 (as such schedule may be amended or supplemented from time to time by mutual agreement of the Administrative Agent and the Company) (each, a “Relevant Loan Party”), hereby
unconditionally and irrevocably agrees and covenants with the Collateral Agent by way of an acknowledgement of independent payment obligation that such Relevant Loan Party shall pay to the Collateral Agent as creditor in its own right and not as
representative or agent of the other Secured Parties sums equal to, and in the currency of, the aggregate amount of the obligations owing by such Relevant Loan Party under the Loan Documents at any given time (the “Principal
Obligations”) as and when the same fall due for payment under the Loan Documents (the aforesaid sums being the “Parallel Obligations”). 

The Collateral Agent shall have its own independent right to demand payment of the Parallel Obligations from the Relevant Loan Party (such
demand to be made in accordance with, and only in the circumstances permitted under the Loan Documents). The rights of the Secured Parties (other than the Collateral Agent) to receive payment of the Principal Obligations are several, separate and
independent from the rights of the Collateral Agent to receive payment of the Parallel Obligations and shall not in any way limit or affect each Relevant Loan Party’s Principal Obligations nor shall the amounts for which each Relevant Loan
Party is liable under it Parallel Obligations be limited or affected in any way by its Principal Obligations provided that the payment by the Relevant Loan Party of its Parallel Obligations to the Collateral Agent in accordance with this
Section 8.10 shall be an effective discharge of the corresponding Principal Obligations and the payment by the Relevant Loan Party of its Principal Obligations in accordance with the provisions of the Loan Documents shall be an effective
discharge of the corresponding Parallel Obligations. 

  
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 In the event of an effective discharge of any Principal Obligations, the Collateral Agent shall
not be entitled to demand payment of the corresponding Parallel Obligations and such Parallel Obligations shall be discharged to the same extent. In the event of an effective discharge of any Parallel Obligations the Loan Parties shall not be
entitled to demand payment of the corresponding Principal Obligations and such Principal Obligations shall be discharged to the same extent. In the event of any conflict between the provisions contained in this Section 8.10 and
Section 9.22 hereof, this Section 8.10 shall control. 
 The Collateral Agent acts in its own name and not as trustee and it shall
have its own independent right to demand payment of the amounts payable by each Relevant Loan Party pursuant to the Parallel Obligations. 

SECTION 8.11    Withholding Taxes. To the extent required by any applicable laws, the Administrative Agent may
withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 2.09, each Lender shall indemnify and hold harmless the Administrative Agent against, within
10 days after written demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the
Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including,
without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding
Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply
any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 8.11. The agreements in this Section 8.11 shall survive the resignation
and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Obligations. 

ARTICLE IX. 
 Miscellaneous

 SECTION 9.01    Notices; Communications. 

(a)    Except in the case of notices and other communications expressly permitted to be given by telephone, except as
provided in Section 9.01(b) below and notwithstanding anything to the contrary in any other Loan Document, all notices and other communications provided for herein and in any other Loan Document shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopier or electronic mail as follows, all notices and other communications expressly 

  
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permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i)    if to a Loan Party, the Administrative Agent or the Collateral Agent, to the address, telecopier
number, electronic mail address or telephone number specified for such person on Schedule 9.01; and 

(ii)    if to any other Lender, to the address, telecopier number, electronic mail address or telephone
number specified in its Administrative Questionnaire. 
 (b)    Notices and other communications to the Lenders
hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the
foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The
Administrative Agent or Holdings may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be
limited to particular notices or communications. 
 (c)    Notices sent by hand or overnight courier service, or mailed
by certified or registered mail, shall be deemed to have been given when received. Notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to
have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in Section 9.01(b) above (i) sent to an
e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of
business on the next Business Day for the recipient, and (ii) posted to an Internet or Intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (c)(i) of notification that such notice or communication is available and identifying the website address therefor. 

(d)    Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice
to the other parties hereto. 
 (e)    Documents required to be delivered pursuant to Section 5.04 (to the extent
any such documents are included in materials otherwise filed with the SEC) may be delivered electronically (including as set forth in Section 9.17) and if so delivered, shall be deemed to have been delivered on the date (i) on which
Holdings posts such documents, or provides a link thereto on Holdings’s website on the Internet at the website address listed on Schedule 9.01, or (ii) on which such documents are posted on Holdings’s behalf on an Internet or
intranet website, if any, to which each Lender and the Agents have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided, that (A) Holdings shall

  
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deliver paper copies of such documents to the Agents or any Lender that requests Holdings to deliver such paper copies until a written request to cease delivering paper copies is given by the
applicable Agent or such Lender, and (B) Holdings shall notify the Agents and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Agents by electronic mail electronic versions (i.e., soft
copies) of such documents. Notwithstanding anything contained herein, in every instance Holdings shall be required to provide paper copies of the certificates required by Section 5.04(c) to the Administrative Agent. Except for such certificates
required by Section 5.04(c), the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by Holdings with any
such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

SECTION 9.02    Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan
Parties herein, in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders
and shall survive the making by the Lenders of the Loans and the execution and delivery of the Loan Documents, regardless of any investigation made by such persons or on their behalf and notwithstanding that the Administrative Agent may have had
notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any Loan is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or
any Fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid. Without prejudice to the survival of any other agreements contained herein, indemnification and reimbursement obligations contained herein
(including, without limitation, pursuant to Sections 2.17 and 9.05) and the provisions of Article VIII shall survive the payment in full of the principal and interest hereunder or the termination of this Agreement. 

SECTION 9.03    Binding Effect. This Agreement shall become effective when it shall have been executed by the
Borrowers and the Agents and when the Agents shall have received copies hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the Borrowers, the
Agents and each Lender and their respective permitted successors and assigns. 
 SECTION 9.04    Successors and
Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrowers may not assign or otherwise
transfer any of their rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrowers without such consent shall be null and void), and (ii) no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance with this Section 9.04. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants (to the extent provided in paragraph (d) of this Section 9.04), and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement or the other Loan Documents. 

  
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 (b)    (i) Subject to the conditions set forth in paragraph (b)(ii) below,
any Lender may assign to one or more assignees other than any Borrowers or any of their Affiliates (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loans at
the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of: 

(A)    Holdings (provided, that the consent of Holdings shall not be required if an Event of Default
shall have occurred and be continuing and provided, further, that no consent of Holdings shall be required for an assignment to another Lender, an Affiliate of a Lender or an Approved Fund); and 

(B)    the Administrative Agent; provided, that, no such consent shall be required for an assignment
to another Lender, an Affiliate of a Lender, an Approved Fund. 
 (ii)    Assignments shall be subject to
the following additional conditions: 
 (A)    except in the case of an assignment to a Lender, an
affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Loans, the principal amount of the Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1.0 million, unless the Administrative Agent otherwise consents; provided, that (such amounts shall be aggregated
in respect of each Lender and its Affiliates or Approved Funds (with simultaneous assignments to or by two or more Approved Funds shall be treated as one assignment), if any; 

(B)    the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Acceptance via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the Administrative Agent a processing and recordation fee of $3,500 (which
fee may be waived or reduced in the sole discretion of the Administrative Agent); provided that only one such fee shall be due in respect of a simultaneous assignment to more than one Affiliate of a Lender or Approved Fund; and 

(C)    the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent on or prior to
the effective date of such assignment an Administrative Questionnaire and any tax forms required to be delivered pursuant to Section 2.17. 
 For the
purposes of this Section 9.04, “Approved Fund” means any person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and
that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

  
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 (iii)    Subject to acceptance and recording thereof pursuant
to paragraph (b)(v) below, from and after the effective date specified in each Assignment and Acceptance the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights
and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an
Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.17 and 9.05). Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (d) of this Section 9.04. 
 (iv)    The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices a copy of each Assignment and Acceptance delivered to it and a register for the
recordation of the names and addresses of the Lenders and principal amount of the Loans owing to each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the
Borrowers, the Agents and the Lenders shall treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. Failure to make any
such recordation, or any error in such recordation, shall not affect the Borrowers’ obligations in respect of such Loans. The Register shall be available for inspection by the Borrowers, the Collateral Agent and any Lender, at any reasonable
time and from time to time upon reasonable prior notice. 
 (v)    Upon its receipt of a duly completed
Assignment and Acceptance executed by an assigning Lender and an Assignee, the Assignee’s completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), all applicable tax forms, the processing and recordation
fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent promptly shall accept such Assignment and Acceptance and record the information
contained therein in the Register. No assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph (b)(v). 

(c)    By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the Assignee
thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of
any adverse 

  
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claim and that the outstanding balances of its Loans, in each case without giving effect to assignments thereof which have not become effective, are as set forth in such Assignment and
Acceptance, (ii) except as set forth in clause (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with
this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of the
Borrowers or any Subsidiary or the performance or observance by the Borrowers or any Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (iii) the
Assignee represents and warrants that it is legally authorized to enter into such Assignment and Acceptance; (iv) the Assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements
referred to in Section 3.05 (or delivered pursuant to Section 5.04), and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance;
(v) the Assignee will independently and without reliance upon the Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under this Agreement; (vi) the Assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are
delegated to the Administrative Agent by the terms of this Agreement, together with such powers as are reasonably incidental thereto; and (vii) the Assignee agrees that it will perform in accordance with their terms all the obligations which by
the terms of this Agreement are required to be performed by it as a Lender. 
 (d)    (i) Any Lender may, with the prior
written consent, not to be unreasonably withheld or delayed of Holdings (provided, that the consent of Holdings shall not be required if an Event of Default shall have occurred and be continuing), sell participations to one or more banks or
other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of the Loans owing to it); provided, that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrowers, the Administrative Agent and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement and the other Loan Documents; provided, that (x) such agreement
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to Section 9.04(a)(i) or clauses (i),
(ii), (iii) or (iv) of the first proviso to Section 9.08(b) and (2) directly affects such Participant and (y) no other agreement with respect to amendment, modification or waiver may exist between such Lender and such Participant.
Subject to paragraph (c)(ii) of this Section 9.04, each Borrower agrees that each Participant shall be entitled to the benefits of Section 2.17 (subject to the requirements and limitations of such

  
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Sections) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.04. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 9.06 as though it were a Lender, provided such Participant shall be subject to Section 2.18(c) as though it were a Lender. 

(ii)    A Participant shall not be entitled to receive any greater payment under Section 2.17 than the
applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrowers’ prior written consent (not to be unreasonably
withheld or delayed) or the entitlement to receive a greater payment results from a change in law that occurs after the Participant acquires the participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and interest amounts) of each Participant’s interest in the Loans
or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any loans or its other obligations under any Loan Document) to any Person. The entries in the Participant Register shall be conclusive absent manifest error. 

(e)    Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank and in the case of any Lender that is an Approved Fund, any pledge or assignment to any
holders of obligations owed, or securities issued, by such Lender, including to any trustee for, or any other representative of, such holders, and this Section 9.04 shall not apply to any such pledge or assignment of a security interest;
provided, that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. 

(f)    Each Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender
requiring Notes to facilitate transactions of the type described in paragraph (d) above. 
 (g)    Notwithstanding
the foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender without the consent of the Borrowers or the Administrative Agent. Each of the Loan Parties, each Lender and the
Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any
state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating any Conduit Lender hereby
agrees to indemnify, save and hold harmless each other party hereto and the Borrowers for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance.

  
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 (h)    [Reserved]. 

(i)    Notwithstanding the foregoing, no assignment may be made or participation sold to an Ineligible Institution without
the prior written consent of the Borrowers. Further, notwithstanding the foregoing, no assignment or pledge may be made or participation sold in a way that would result in non-compliance with the Swiss Non-Bank Rules and any such assignment, pledge or participation shall be rendered nul and void ab initio if it would result in non-compliance with the Swiss Non-Bank Rules. Notwithstanding anything to the contrary in this Agreement, the Borrowers and the Lenders acknowledge and agree that the Administrative Agent shall have no responsibility to monitor whether
assignments or participations are made to Ineligible Institutions, and that none of the Borrowers or any of its Subsidiaries shall bring a claim to such effect. 

(j)    For the avoidance of doubt, in the event that a transfer or an assignment by an existing Lender of its rights
and/or obligations under this Agreement (and any relevant Loan Document) occurs or is deemed to occur by way of novation or otherwise, the existing Lender explicitly reserves the preservation of all securities and guarantees (if any) created under
any Loan Document for the benefit of the new Lender and the other beneficiaries of such security Parties in accordance with any applicable law, including, in respect of Luxembourg law, the provisions of article 1278 of the Luxembourg Civil Code.

 SECTION 9.05    Expenses; Indemnity. 

(a)    Subject in each case to the occurrence of the Closing Date, the Borrowers agree to pay (i) all reasonable out
of pocket expenses incurred by each Agent prior to the Closing Date in connection with the preparation of this Agreement and the other Loan Documents (including in connection with due diligence and the reasonable fees, disbursements of charges of
counsel to the Agents), (ii) all reasonable out of pocket expenses (including Other Taxes) incurred by the Agents in connection with the administration of this Agreement and any amendments, modifications or waivers of the provisions hereof or
thereof, including the reasonable fees, charges and disbursements of Weil, Gotshal & Manges LLP, counsel for the Agents, and, if necessary, the reasonable fees, charges and disbursements of such additional counsel as the Administrative
Agent or the Collateral Agent may require (and, in the case of an actual or potential conflict of interest, one addition counsel for the Collateral Agent), and (iii) all out of pocket expenses (including Other Taxes) incurred by the
Administrative Agent, the Collateral Agent or any Lender or any of their respective Affiliates in connection with the enforcement, collection or protection of their rights in connection with this Agreement and the other Loan Documents or in
connection with the Loans made hereunder, including the fees, charges and disbursements of counsel (including any special and local counsel). 

(b)    The Borrowers agree to indemnify the Agents, each Lender, each of their respective Affiliates and each of their
respective directors, trustees, officers, employees, agents, trustees and advisors (each such person being called an “Indemnitee”) against, and to hold each 

  
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Indemnitee harmless from, any and all losses, claims, damages, obligations, liabilities, penalties, actions, judgments, suits, costs and related expenses or disbursements of any kind, including
reasonable counsel fees, charges and disbursements (except the allocated costs of in-house counsel), imposed or incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a
result of (i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and thereto of their respective obligations thereunder or
the consummation of the transactions contemplated hereby, (ii) the use of the proceeds of the Loans or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party
thereto and regardless of whether such matter is initiated by a third party or by any Borrower or any of their subsidiaries or Affiliates; provided, that such indemnity shall not, as to any Indemnitee, be available to the extent that such
losses, claims, damages, liabilities or related expenses are determined by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct
of such Indemnitee (for purposes of this proviso only, each of the Administrative Agent, the Collateral Agent and/or any Lender shall be treated as several and separate Indemnitees, but each of them together with its respective Related Parties shall
be treated as a single Indemnitee). None of the Indemnitees (or any of their respective affiliates) shall be responsible or liable to the Fund, any Borrower or any of their respective subsidiaries, Affiliates or stockholders or any other person or
entity for any special, indirect, consequential or punitive damages. The provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the
transactions contemplated hereby, the resignation or removal of any Agent, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made
by or on behalf of the Administrative Agent, the Collateral Agent or any Lender. 
 (c)    Except as expressly provided
in Section 9.05(a) with respect to Other Taxes, which shall not be duplicative with any amounts paid pursuant to Section 2.17, this Section 9.05 shall not apply to Taxes other than Taxes that represent losses, claims, damages, liabilities
and expenses with respect to a non-Tax claim. 
 (d)    To the fullest extent
permitted by applicable law, the Borrowers shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee
shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement
or the other Loan Documents or the transactions contemplated hereby or thereby. 
 (e)    The agreements in this
Section 9.05 shall survive the resignation of the Administrative Agent or the Collateral Agent, as applicable, the replacement of any Lender and the repayment, satisfaction or discharge of all the other Obligations and the termination of this
Agreement. 

  
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 SECTION 9.06    Right of Setoff. If an Event of Default shall have
occurred and be continuing, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time
held and other indebtedness at any time owing by such Lender to or for the credit or the account of any Borrower or any Subsidiary against any of and all the obligations of the Borrowers now or hereafter existing under this Agreement or any other
Loan Document held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or such other Loan Document and although the obligations may be unmatured. The rights of each Lender under this
Section 9.06 are in addition to other rights and remedies (including other rights of setoff) that such Lender may have. 
 SECTION
9.07    Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

SECTION 9.08    Waivers; Amendment. 

(a)    No failure or delay of the Administrative Agent or any Lender in exercising any right or power hereunder or under
any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof
or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise
have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Borrowers or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on the Borrowers or any other Loan Party in any case shall entitle such person to any other or
further notice or demand in similar or other circumstances. 
 (b)    Neither this Agreement nor any other Loan Document
nor any provision hereof or thereof may be waived, amended or modified except (x) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders, and (y) in the case
of any other Loan Document, pursuant to an agreement or agreements in writing entered into by each party thereto and the Administrative Agent and consented to by the Required Lenders; provided, however, that no such agreement shall

 (i)    decrease or forgive the principal amount of, or extend the final maturity of, or decrease the
rate of interest on any Loan without the prior written consent of each Lender directly affected thereby, 

  
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 (ii)    decrease the fees of any Lender or any Agent without
the prior written consent of such Lender or Agent, as applicable, 
 (iii)    extend any date on which
payment of interest on any Loan or any fees is due, without the prior written consent of each Lender adversely affected thereby, 

(iv)    amend the provisions of Section 5.02 of the Security Agreement, or any analogous provision of
any other Security Document, in a manner that would by its terms alter the pro rata sharing of payments required thereby, without the prior written consent of each Lender adversely affected thereby, 

(v)    amend or modify the provisions of this Section 9.08 or the definition of the terms
“Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the prior written
consent of each Lender adversely affected thereby, or 
 (vi)    release all or substantially all of the
Collateral or release any of the Borrowers or all or substantially all of the Subsidiary Loan Parties from their respective Guarantees under the Guarantee Agreement, unless, in the case of a Subsidiary Loan Party, all or substantially all of the
Equity Interests of such Subsidiary Loan Party are sold or otherwise disposed of in a transaction permitted by this Agreement, without the prior written consent of each Lender; 

provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without
the prior written consent of the Administrative Agent acting as such at the effective date of such agreement, as applicable, and notice of and a copy of any such agreements shall be provided to the Collateral Agent by the Borrowers. Each Lender
shall be bound by any waiver, amendment or modification authorized by this Section 9.08 and any consent by any Lender pursuant to this Section 9.08 shall bind any assignee of such Lender. 

(c)    (i) Guarantees, collateral security agreements, pledge agreements and related documents (if any) executed by the
Loan Parties in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be amended, supplemented and/or waived with the consent of the Administrative Agent at the request of the Borrower without the
input or need to obtain the consent of any other Lenders if such amendment or waiver is delivered in order (x) to comply with local law or advice of local counsel, (y) to cure ambiguities, omissions or defects or (z) to cause such
guarantees, collateral security agreements, pledge agreement or other document to be consistent with this Agreement and the other Loan Documents, and (ii) if the Administrative Agent and the Borrower have jointly identified any obvious error or
any error or omission of a technical nature or any necessary or desirable technical change, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision. 

  
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 SECTION 9.09    Interest Rate Limitation. Notwithstanding anything
herein to the contrary, if at any time the applicable interest rate, together with all fees and charges that are treated as interest under applicable law (collectively, the “Charges”), as provided for herein or in any other document
executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by any Lender, shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or
reserved by such Lender in accordance with applicable law, the rate of interest payable hereunder, together with all Charges payable to such Lender, shall be limited to the Maximum Rate; provided, that such excess amount shall be paid to such
Lender on subsequent payment dates to the extent not exceeding the legal limitation. 
 SECTION 9.10    Entire
Agreement. This Agreement, the other Loan Documents and the agreements regarding certain fees referred to herein constitute the entire contract between the parties relative to the subject matter hereof. Any previous agreement among or
representations from the parties or their Affiliates with respect to the subject matter hereof is superseded by this Agreement and the other Loan Documents. Notwithstanding the foregoing, the Collateral Agent Fee Letter shall survive the execution
and delivery of this Agreement and remain in full force and effect. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any party other than the parties hereto and thereto any rights, remedies,
obligations or liabilities under or by reason of this Agreement or the other Loan Documents. 
 SECTION
9.11    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11. 
 SECTION 9.12    Severability. In the event any one
or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein
shall not in any way be affected or impaired thereby. The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to
that of the invalid, illegal or unenforceable provisions. 
 SECTION 9.13    Counterparts. This Agreement may be
executed in two or more counterparts, each of which shall constitute an original but all of which, when taken 

  
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together, shall constitute but one contract, and shall become effective as provided in Section 9.03. Delivery of an executed counterpart to this Agreement by facsimile transmission (or other
electronic transmission pursuant to procedures approved by the Administrative Agent) shall be as effective as delivery of a manually signed original. 

SECTION 9.14    Headings. Article and Section headings and the Table of Contents used herein are for convenience of
reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 9.15    Jurisdiction; Consent to Service of Process. Each party hereto hereby irrevocably and
unconditionally: 
 (a)    submits for itself and its property in any legal action or proceeding relating
to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the general and exclusive jurisdiction of the Supreme Court of the State of New York for the County of
New York (the “New York Supreme Court”), and the United States District Court for the Southern District of New York (the “Federal District Court”, and together with the New York Supreme Court, the “New York
Courts”), and appellate courts from either of them; 
 (b)    consents that any such action or
proceeding may be brought in such courts and waives, to the maximum extent not prohibited by law, any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was
brought in an inconvenient forum and agrees not to plead or claim the same; 
 (c)    agrees that the New
York Courts and appellate courts from either of them shall be the exclusive forum for any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, and that it shall not initiate (or collusively
assist in the initiation or prosecution of) any such action or proceeding in any court other than the New York Courts and appellate courts from either of them; provided that 

(i)    if all such New York Courts decline jurisdiction over any Person, or decline (or in the case of the
Federal District Court, lack) jurisdiction over the subject matter of such action or proceeding, a legal action or proceeding may be brought with respect thereto in another court having such jurisdiction; 

(ii)    in the event that a legal action or proceeding is brought against any party hereto or involving any
of its property or assets in another court (without any collusive assistance by such party or any of its Subsidiaries or Affiliates), such party shall be entitled to assert any claim or defense (including any claim or defense that this Section
9.15(c) would otherwise require to be asserted in a legal action or proceeding in a New York Court) in any such action or proceeding; 

  
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 (iii)    any party hereto may bring any legal action or
proceeding in any jurisdiction for the recognition and enforcement of any judgment; 
 (d)    agrees that
service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to Holdings, the applicable Lender or the applicable Agent,
as the case may be, at the address specified in Section 9.01 or at such other address of which the applicable Agent, any such Lender and Holdings shall have been notified pursuant thereto; and 

(e)    agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by law or (subject to the preceding clause (c)) shall limit the right to sue in any other jurisdiction. 

(f)    Notwithstanding the foregoing, each party hereto agrees that the Agents and the Lenders retain the
right to bring proceedings against any loan party in the courts of any other jurisdiction solely in connection with the exercise of any rights under any Security Document. 

(g)    Each Loan Party and each Subsidiary that is not located in the U.S. hereby irrevocably designates,
appoints and empowers Corporation Service Company (whose current address is: 80 State Street, Albany, New York 12207-2543, U.S.A.) (including any replacement agent as provided below, the “Process Agent”), in the case of any suit,
action or proceeding brought in the United States of America as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices and
documents that may be served in any action or proceeding arising out of or in connection with this Agreement or any other Loan Document. Such service may be made by mailing (by registered or certified mail, postage prepaid) or delivering a copy of
such process to such Person in care of the Process Agent at the Process Agent’s above address, and each such non-U.S. Loan Party and Subsidiary hereby irrevocably authorizes and directs the Process Agent
to accept such service on its behalf. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. In the event of service of process in Switzerland, each Swiss Obligor hereby
designates as its domicile to receive service of process the domicile indicated in Section 9.01 and hereby waives any other jurisdiction that may be corresponding to it by reason of its present or future domiciles. 

SECTION 9.16    Confidentiality. Each of the Lenders and the Agents agrees that it shall maintain in confidence any
information relating the Borrowers and any Subsidiary furnished to it by or on behalf of the Borrowers or any Subsidiary (other than information that (a) has become generally available to the public other than as a result of a disclosure by
such party in violation of this Section 9.16, (b) has been independently developed by such Lender or such Agent without violating this Section 9.16, (c) was available to such Lender or such Agent from a third party having, to such
person’s knowledge, no obligations of confidentiality to the Borrowers or (d) is available to the Agents or any Lender on a non-confidential basis prior to

  
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disclosure by any Loan Party) and shall not reveal the same other than to its and its Affiliates’ directors (or equivalent managers), trustees, officers, employees, accountants, auditors,
attorneys, advisors, and any numbering, administration or settlement service providers with a need to know or to any person that approves or administers the Loans on behalf of such Lender (so long as each such person shall have been instructed to
keep the same confidential in accordance with this Section 9.16), except: (A) to the extent necessary to comply with law or any legal process or the requirements of any Governmental Authority, the National Association of Insurance
Commissioners or of any securities exchange on which securities of the disclosing party or any Affiliate of the disclosing party are listed or traded, (B) as part of normal reporting or review procedures to, or examinations by, Governmental
Authorities or self-regulatory authorities, including the National Association of Insurance Commissioners or the National Association of Securities Dealers, Inc., (C) to its parent companies, Affiliates or auditors (so long as each such person shall
have been instructed to keep the same confidential in accordance with this Section 9.16), (D) in order to enforce its rights under any Loan Document in a legal proceeding, (E) to other Lenders and to any pledgee under Section 9.04(d) or
any other prospective assignee of, or prospective Participant in, any of its rights under this Agreement (so long as such person is subject to this Section 9.16 or shall have been instructed to keep the same confidential in accordance with this
Section 9.16), (F) to any direct or indirect actual or prospective contractual counterparty in Swap Agreements or similar products relating to the Loan Parties and their obligations, or such contractual counterparty’s professional advisor
(so long as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section 9.16), (G) with the prior written consent of the Borrower or (H) to the extent
applicable and reasonably necessary or advisable, for purposes of establishing a “due diligence” defense. 
 SECTION
9.17    Platform; Borrower Materials. The Borrowers and each Lender hereby acknowledge and agree the Administrative Agent may, but shall not be obligated to, make available to the Lenders materials and/or information
provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”). Any Platform used by
the Administrative Agent is provided “as is” and “as available”. Neither the Administrative Agent nor any of its Related Parties (collectively, the “Agent Parties”) warrants the accuracy or completeness of the
Borrower Materials, or the adequacy of the platform and they expressly disclaim liability for errors or omissions in the Borrower Materials. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness
for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by the Agent Parties in connection with the Borrower Materials or the Platform. In no
event shall the Agent Parties have any liability to any Loan Party, any Lender or any other Person or entity for damages of any kind including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort,
contract or otherwise) arising out of any Loan Party’s or the Administrative Agent’s transmission of Borrower Materials through the internet, except to the extent the liability of any Agent Party is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Agent Party’s gross negligence or willful misconduct; provided, however, that in no event shall any agent
have any liability to any Loan Party, any Lender or any other Person for indirect, special, incidental, 

  
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consequential or punitive damages (as opposed to direct or actual damages). Certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non
public information with respect to any Borrower or its securities) (each, a “Public Lender”). Each Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may
be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first
page thereof, (ii) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as either publicly available information or not
material information (although it may be sensitive and proprietary) with respect to any Borrower or its securities for purposes of United States Federal and state securities laws, (iii) all Borrower Materials marked “PUBLIC” are
permitted to be made available through a portion of the Platform designated “Public Investor;” and (iv) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being
suitable only for posting on a portion of the Platform not designated “Public Investor.” Notwithstanding the foregoing, the following Borrower Materials shall be deemed to be marked “PUBLIC,” unless Holdings notifies the
Administrative Agent promptly that any such document contains material nonpublic information: (1) the Loan Documents, (2) any notification of changes in the terms of the credit facilities and (3) all information delivered pursuant to
Section 5.04. 
 SECTION 9.18    Release of Liens and Guarantees. In the event that any Loan Party conveys,
sells, leases, assigns, transfers or otherwise disposes of all or any portion of any of the Equity Interests or assets of any Subsidiary Loan Party to a person that is not (and is not required to become) a Loan Party in a transaction not prohibited
by Section 6.05, any Liens created by any Loan Document in respect of such Equity Interests or assets shall be automatically released and the Collateral Agent shall promptly (and the Lenders hereby authorize the Collateral Agent to) take such
action and execute any such documents as may be reasonably requested by the Borrowers and at the Borrowers’ expense in connection with the release of any Liens created by any Loan Document in respect of such Equity Interests or assets, and, in
the case of a disposition of the Equity Interests of any Subsidiary Loan Party in a transaction permitted by Section 6.05 (including through merger, consolidation, amalgamation or otherwise) and as a result of which such Subsidiary Loan Party
would cease to be a Subsidiary, such Subsidiary Loan Party’s obligations under its Guarantee shall be automatically terminated and the Collateral Agent shall promptly (and the Lenders hereby authorize the Collateral Agent to) take such action
and execute any such documents as may be reasonably requested by the Borrowers to terminate such Subsidiary Loan Party’s obligations under its Guarantee. In addition, the Collateral Agent agrees to take such actions as are reasonably requested
by the Borrowers and at the Borrowers’ expense to terminate the Liens and security interests created by the Loan Documents when all the Obligations (other than contingent indemnification Obligations and expense reimbursement claims to the
extent no claim therefor has been made) are paid in full and this Agreement is terminated. 
 SECTION
9.19    Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan 

  
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Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first
currency with such other currency on the Business Day preceding that on which final judgment is given. The obligations of the Borrowers in respect of any such sum due from it to the Administrative Agent or the Lenders hereunder or under the other
Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement
Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking
procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from the Borrowers in the Agreement Currency, each Borrower
agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the
sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to the Borrowers (or to any other person who may be entitled thereto under applicable law). 

SECTION 9.20    USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and each of
the Agents (for itself and not on behalf of any Lender) hereby notifies the Borrowers that consistent with the requirements of the USA PATRIOT Act, it may be required to obtain, verify and record information that identifies the Borrowers, which
information includes the name and address of the Borrowers and other information that will allow such Lender or the Agents, as applicable, to identify the Borrowers in accordance with the USA PATRIOT Act. 

SECTION 9.21    Borrower Representative. Each Borrower hereby irrevocably designates Borrower Representative to be
its attorney and agent and in such capacity to borrow, sign and endorse notes, and execute and deliver all instruments, documents, writings and further assurances now or hereafter required hereunder, on behalf of such Borrower, and hereby authorizes
Agent to pay over or credit all loan proceeds hereunder in accordance with the request of Borrowing Representative. 
 SECTION
9.22    No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan
Document), each Borrower acknowledges (on its own behalf and on behalf of its Affiliates) and agrees that (i) (A) the arranging and other services regarding this Agreement provided by the Agents and the Lenders are arm’s-length commercial transactions between the Borrowers and their respective Affiliates, on the one hand, and the Agents and the Lenders, on the other hand, (B) each of the Borrowers has consulted its
own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Borrowers is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; (ii) (A) each of the Agents and the Lenders is and has been acting solely 

  
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as a principal and has not been, is not and will not be acting as an advisor, agent or fiduciary for the Borrowers, any of their respective Affiliates or any other Person and (B) none of the
Agents or the Lenders has any obligation to the Borrowers or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and
(iii) the Agents or the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrowers and their Affiliates, and none of the Agents or the Lenders has any
obligation to disclose any of such interests to any Borrower or any of its Affiliates. To the fullest extent permitted by applicable law, the Borrowers hereby waive and release any claims that they may have against the Agents or the Lenders with
respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

SECTION 9.23    Acknowledgement and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 (a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any
such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and 

(b)    the effects of any Bail-in Action on any such liability,
including, if applicable: 
 (i)    a reduction in full or in part or cancellation of any such liability;

 (ii)    a conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights
with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii)    the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

SECTION 9.24    Affiliate Lenders. 

(a)    Each Lender who is an Affiliate of Holdings, excluding (x) CGHL, the Borrowers and their respective
Subsidiaries and (y) any Debt Fund Affiliate Lender (each, an “Affiliate Lender”; it being understood that (x) neither CGHL, the Borrowers, nor any of the Subsidiaries may be Affiliate Lenders and (y) Debt Fund
Affiliate Lenders and Affiliate Lenders may be Lenders hereunder in accordance with Section 9.04, subject in the case of Affiliate 

  
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Lenders, to this Section 9.24), in connection with any (i) consent (or decision not to consent) to any amendment, modification, waiver, consent or other action with respect to any of
the terms of any Loan Document, (ii) other action on any matter related to any Loan Document or (iii) direction to the Administrative Agent, the Collateral Agent or any Lender to undertake any action (or refrain from taking any action)
with respect to or under any Loan Document, agrees that, except with respect to any amendment, modification, waiver, consent or other action (1) described in clauses (i), (ii) or (iii) of the first proviso of Section 9.08(b) or
(2) that adversely affects such Affiliate Lender (in its capacity as a Lender) in a disproportionately adverse manner as compared to other Lenders, such Affiliate Lender shall be deemed to have voted its interest as a Lender without discretion
in such proportion as the allocation of voting with respect to such matter by Lenders who are not Affiliate Lenders. Each Affiliate Lender hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such
Affiliate Lender’s attorney-in-fact, with full authority in the place and stead of such Affiliate Lender and in the name of such Affiliate Lender, from time to time
in the Administrative Agent’s discretion to take any action and to execute any instrument that the Administrative Agent may deem reasonably necessary to carry out the provisions of this clause (a). 

(b)    Notwithstanding anything to the contrary in this Agreement, no Affiliate Lender shall have any right to
(1) attend (including by telephone) any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender to which representatives of the Borrowers are not then present, (2) receive any information or material
prepared by Administrative Agent or any Lender or any communication by or among Administrative Agent and/or one or more Lenders, except to the extent such information or materials have been made available to Holdings or its representatives,
(3) make or bring (or participate in, other than as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against Administrative Agent, the Collateral Agent or any other Lender with respect
to any duties or obligations or alleged duties or obligations of such Agent or any other such Lender under the Loan Documents, or (4) purchase any Term Loan if, immediately after giving effect to such purchase, Affiliate Lenders in the
aggregate would own Term Loans with an aggregate principal amount in excess of 30% of the aggregate principal amount of all Term Loans then outstanding. It shall be a condition precedent to each assignment to an Affiliate Lender that such Affiliate
Lender shall have (x) represented to the assigning Lender in the applicable Assignment and Acceptance, and notified the Administrative Agent, that it is (or will be, following the consummation of such assignment) an Affiliate Lender and that
the aggregate amount of Term Loans held by it giving effect to such assignments shall not exceed the amount permitted by clause (d) of the preceding sentence and (y) represented in the applicable Assignment and Acceptance that it is not in
possession of material non-public information (within the meaning of United States federal and state securities laws) with respect to each Parent Entity, CGHL, the Borrowers, the Subsidiaries or their
respective securities (or, if neither any Parent Company nor CGHL is not at the time a public reporting company, material information of a type that would not be reasonably expected to be publicly available if any Parent Entity or CGHL were a public
reporting company) that (A) has not been disclosed to the assigning Lender or the Lenders generally (other than because any such Lender does not wish to receive material non-public information with
respect to any Parent Entity, CGHL, the Borrowers or the Subsidiaries) and (B) could reasonably be expected to have a material effect upon, or otherwise be material to, the assigning Lender’s decision make such assignment. 

  
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 SECTION 9.25    Appointment for Perfection; Disclosure. 

Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Collateral Agent and the
Lenders, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession. Should any Lender (other than the Collateral Agent) obtain possession of any such Collateral, such Lender shall notify
the Collateral Agent thereof and, promptly upon the Collateral Agent’s request therefor shall deliver such Collateral to the Collateral Agent or otherwise deal with such Collateral in accordance with the Collateral Agent’s instructions.
Each Loan Party and each Lender hereby acknowledges and agrees that each Agent and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective
Affiliates. 
 SECTION 9.26    Conflicts; German Loan Parties. 

(a)    Notwithstanding anything to the contrary contained herein or in any other Loan Document, in the event of any
conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall govern and control. 

(b)    In respect of any liability of a Loan Party incorporated under German law (or any of its direct or indirect
Subsidiaries) under this Agreement as a result of any joint and several liability or similar liability for amounts (including fees, interest and other payment obligations attributable to such amounts) borrowed by any other Loan Party, Section
1.11(d) of the Guarantee Agreement shall apply mutatis mutandis. 
 (c)    In respect of any secondary liability (i.e.
resulting from a joint and several liability, guarantee or indemnity under this Agreement) of a Loan Party incorporated under German law, Section 1.11 (d) of the Guarantee Agreement shall apply mutatis mutandis. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 

 This document has been executed as a deed by Claire’s (Gibraltar) Intermediate Holdings
Limited and is delivered and takes effect on the date stated at the beginning of it. 
  

					
	         EXECUTED and DELIVERED as a DEED by CLAIRE’S (GIBRALTAR) INTERMEDIATE HOLDINGS LIMITED Acting by
			
		 	)	 	
			
		 	)	 	
			
		 	)	 	
		
		 	 /s/ Scott Huckins

		
		 	Name:   Scott Huckins
		
		 	Director
		
		 	in the presence of
			
		 	Signature of witness	 	/s/ Hristo Bankov
			
		 	Name of witness	 	Hristo Bankov
			
		 	 Address of witness
	 	450 E. Waterside Apt 407, Chicago, IL 60601
			
		 	Occupation of witness	 	Attorney

  
 [Signature Page to Credit
Agreement] 

 
			
	CLAIRE’S GERMANY GMBH
		
	By:	 	 /s/ Scott Huckins

	Name:	 	Scott Huckins
	Title:	 	Director
	
	CLAIRE’S HOLDINGS S.À R.L.
		
	By:	 	 /s/ Stuart Brown

	Name:	 	Stuart Brown
	Title:	 	Director
	
	CLAIRE’S HOLDING GMBH
		
	By:	 	 /s/ Stuart Brown

	Name:	 	Stuart Brown
	Title:	 	Director
	
	CLAIRE’S EUROPEAN SERVICES LIMITED
		
	By:	 	 /s/ Scott Huckins

	Name:	 	Scott Huckins
	Title:	 	Director
	
	CLAIRE’S EUROPEAN DISTRIBUTION LIMITED
		
	By:	 	 /s/ Scott Huckins

	Name:	 	Scott Huckins
	Title:	 	Director
	
	CLAIRE’S LUXEMBOURG S.A R.L.
		
	By:	 	 /s/ Paul A. Barker

	Name:	 	Paul A. Barker
	Title:	 	Manager
	
	CLAIRE’S ACCESSORIES UK LTD.
		
	By:	 	 /s/ Scott Huckins

	Name:	 	Scott Huckins
	Title:	 	Director

  
 [Signature Page to Credit
Agreement] 

			
	CLAIRE’S SWITZERLAND GMBH
		
	By:	 	 /s/ Stuart Brown

	Name:	 	Stuart Brown
	Title:	 	Director
	
	CLAIRE’S ACCESSORIES SPAIN, S.L.
		
	By:	 	 /s/ Scott Huckins

	Name:	 	Scott Huckins
	Title:	 	Director
	
	CLAIRE’S FRANCE S.A.S.
		
	By:	 	 /s/ Scott Huckins

	Name:	 	Scott Huckins
	Title:	 	Director
	
	CSI LUXEMBOURG S.A R.L.
		
	By:	 	 /s/ Scott Huckins

	Name:	 	Scott Huckins
	Title:	 	Director
	
	CLAIRE’S FASHION PROPERTY CORP.
		
	By:	 	 /s/ Scott Huckins

	Name:	 	Scott Huckins
	Title:	 	Director

  
 [Signature Page to Credit
Agreement] 

 
			
	BOTTICELLI LLC, as Administrative Agent and as a Lender
		
	By:	 	Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Gavin Baiera

	Name:	 	Gavin Baiera
	Title:	 	Authorized Signatory

  
 [Signature Page to Credit
Agreement] 

 
			
	CORTLAND CAPITAL MARKET SERVICES LLC, as Collateral Agent
		
	By:	 	 /s/ Matthew Trybula

	Name:	 	Matthew Trybula
	Title:	 	Associate Counsel

  
 [Signature Page to Credit
Agreement] 

 SCHEDULE 1.01A 

Immaterial Subsidiaries 
  

	1.	Claire’s Netherlands B.V. 

  

	2.	Claire’s Poland Sp. Z o.o. 

  

	3.	Claire’s Czech Republic s.r.o. 

  

	4.	BMS Fashion Corp. 

  

	5.	Claire’s Stores (Shanghai Limited) 

  

	6.	Claire’s Stores Hong Kong Limited 

  
 1 

 SCHEDULE 1.01B 

Mortgaged Properties 

None. 

  
 2 

 SCHEDULE 1.01C 

Excluded Subsidiaries 
  

	1.	Claire’s Hungary Kft. 

  

	2.	WhiteClaire’s Acessorios Portugal, Unipessoal LDA 

  

	3.	Claire’s Netherlands B.V. 

  

	4.	Claire’s Austria GmbH 

  

	5.	Claire’s Italy S.R.L. 

  

	6.	Claire’s Belgium B.V.B.A. 

  

	7.	Claire’s Poland Sp. z.o.o. 

  

	8.	Claire’s Czech Republic s.r.o. 

  

	9.	Claire’s China Services 

  

	10.	RSI International Limited 

  

  
 3 

 SCHEDULE 1.01D 

Security Documents1 

 

					
	 Governing Law
 of
Security
 Documents
	  	 Security Document
	  	 Grantors

	US	  	 •       Collateral Agreement

 

•       Guarantee Agreement

 

•       Perfection Certificate

 

•       UCC-1 filings to be filed for
each Loan Party in the District of Columbia
	  	Each Loan Party
			
	Gibraltar	  	 •       Debenture
	  	Claire’s (Gibraltar) Intermediate Holdings Limited
			
		  	 •       Mortgage of Shares (of Claire’s (Gibraltar)
Intermediate Holdings Limited granted by Claire’s (Gibraltar) Holdings Limited (and related acknowledgment thereof))
	  	 Claire’s (Gibraltar) Holdings Limited
  

Claire’s (Gibraltar) Intermediate Holdings Limited

			
	England and Wales	  	 •       All Assets Debenture
	  	 Claire’s Accessories UK Ltd
  

Claire’s European Services Limited
  

Claire’s European Distribution Limited

			
		  	 •       Bank Account Charge
	  	 Claire’s France
  

Claire’s Germany GmbH
  

CSI Luxembourg S.à r.l.
  

Claire’s Accessories Spain, S.L.

			
		  	 •       Share Charge (over shares of Claire’s
Accessories UK Ltd)
	  	Claire’s Holding GmbH
			
		  	 •       Share Charge (over shares of Claire’s
European Distributions Limited and Claire’s European Services Limited)
	  	Claire’s Holdings S.à r.l.

  

 

	1 	Expressly subject to the Agreed Security Principles 

  
 4 

					
	 Governing Law
 of
Security
 Documents
	  	 Security Document
	  	 Grantors

	Switzerland	  	 •       Bank Account Pledge Agreement
	  	Claire’s Switzerland GmbH
			
		  	 •       Bank Account Pledge Agreement
	  	Claire’s Holding GmbH
			
		  	 •       Bank Account Pledge Agreement
	  	CSI Luxembourg S.à r.l.
			
		  	 •       Receivables Assignment Agreement (including
trade receivables, intra-group receivables and Swiss insurance claims)
	  	Claire’s Switzerland GmbH
			
		  	 •       Receivables Assignment Agreement (including
trade receivables, intra-group receivables and Swiss insurance claims)
	  	Claire’s Holding GmbH
			
		  	 •       Share Pledge Agreement (over shares of
Claire’s Switzerland GmbH (and related acknowledgment thereof))
	  	 Claire’s Holding GmbH
  

Claire’s Switzerland GmbH

			
		  	 •       Share Pledge Agreement (over shares of
Claire’s Holding GmbH)
  
	  	 Claire’s Holdings S.à r.l.
  

Claire’s Holding GmbH

			
	Germany	  	 •       Account Pledge Agreement
	  	Claire’s Germany GmbH
			
		  	 •       Security Assignment Agreement relating to
receivables arising under a concession agreement, present and future accounts, receivables, insurance receivables and intercompany receivables
	  	Claire’s Germany GmbH
			
	France	  	 •       Pledge of Receivables Agreement
	  	Claire’s France
			
		  	 •       Bank Accounts Pledge Agreement
	  	Claire’s France
			
		  	 •       Securities Account Pledge Agreement
	  	Claire’s Accessories UK Ltd

  
 5 

					
	 Governing Law
 of
Security
 Documents
	  	 Security Document
	  	 Grantors

	Spain	  	 •       Security Agreement (pledge over receivables, bank
accounts and shares)
	  	 Claire’s Accessories UK Ltd
  

Claire’s Accessories Spain, S.L.

			
		  	 •       Execution of a copy of the Credit Agreement under
a Spanish Public Deed
	  	
			
		  	 •       Execution of a copy of the Guarantee Agreement
under a Spanish Public Deed
	  	
			
	Luxembourg	  	 •       Luxembourg Receivables Pledge Agreement
	  	 CSI Luxembourg S.à r.l.
  

Claire’s Holdings S.à r.l.
  

Claire’s Luxembourg S.à r.l.

			
		  	 •       Luxembourg Accounts Pledge Agreement
	  	Claire’s Holdings S.à r.l.
			
		  	 •       Luxembourg Accounts Pledge Agreement
	  	CSI Luxembourg S.à r.l.
			
		  	 •       Luxembourg Accounts Pledge Agreement
	  	Claire’s Luxembourg S.à r.l.
			
		  	 •       Luxembourg Share Pledge Agreement (over shares of
Claire’s Holdings S.a r.l. (and related acknowledgment thereof))
	  	 Claire’s (Gibraltar) Intermediate Holdings Limited
  

Claire’s Holdings S.à r.l.

			
		  	 •       Luxembourg Share Pledge Agreement (over shares of
Claire’s Luxembourg S.a r.l. (and related acknowledgment thereof)
	  	 Claire’s Holdings S.à r.l.
  

Claire’s Luxembourg S.à r.l.

			
		  	 •       Luxembourg Share Pledge Agreement (over shares of
CSI Luxembourg S.a r. l. (and related acknowledgment thereof)
	  	 Claire’s Holding GmbH
  

CSI Luxembourg S.à r.l.

			
	Cayman Islands	  	 •       Equitable Share Mortgage in Respect of Shares
of Claire’s Fashion Property Corp. (and related acknowledgment thereof)
	  	CSI Luxembourg S.à r.l.

  
 6 

 SCHEDULE 1.01E 

Agreed Security Principles 
  

	1.	Considerations 

 In determining what Liens over any asset will be provided in support of the Obligations
and all rights and obligations associated with such giving or taking of Liens over any asset, the following matters will be taken into account. Liens over any asset shall not be created or perfected to the extent that it would: 

 

	 	(a)	result in any breach of applicable general law and statutory limitation, corporate benefit, capital maintenance, financial assistance, fraudulent preference, retention of title claims or “thin capitalisation”
laws or regulations (or analogous restrictions) of any applicable jurisdiction; 

  

	 	(b)	result in a significant risk to the officers of the relevant Loan Party of contravention of their fiduciary duties and/or of civil or criminal liability; or 

 

	 	(c)	result in costs that, in the opinion of the Collateral Agent (acting reasonably), are disproportionate to the benefit obtained by the beneficiaries of that Collateral. For the avoidance of doubt, in these Agreed
Security Principles, “cost” includes, but is not limited to, income tax cost, registration taxes payable on the creation or enforcement or for the continuance of any Lien, stamp duties, out-of-pocket expenses, and other fees and expenses directly incurred by the relevant Loan Party or any of its direct or indirect owners, subsidiaries or Affiliates. 

All Collateral (other than share security) shall be governed by the law of and secure assets located in the jurisdiction of incorporation of that Loan Party.

 The giving of a guarantee, the granting of security or the perfection of the security granted will not be required if: 

 

	 	(a)	a Loan Party is prohibited by or lacks legal capacity as a result of, any applicable law, rule or legal principle (including financial assistance and corporate benefit regulations or prohibitions, fraudulent preference,
“thin capitalization,” capital maintenance, liquidity maintenance or similar rules or legal principles); or 

  

	 	(b)	it has or is reasonably likely to have a material adverse effect on the tax arrangements of the Loan Parties or any Loan Party; provided that the relevant Loan Party shall use reasonable endeavours to overcome such
obstacle. 

 The Secured Obligations will be limited where necessary to prevent any material additional tax liability of any Loan Party. 

In the case of any security granted by any Loan Party located in England and Wales, no fixed security will be given over bank accounts subject to pooling
arrangements, inventory, receivables or non-material intellectual property rights which instead in each case shall be subject to floating security. 

  
 7 

 If a Loan Party grants security over any asset it shall, subject to the terms of the Loan Documents, be free to
deal with that asset in the ordinary course of its business until the occurrence and continuation of an Event of Default. For the avoidance of doubt, an Event of Default shall be continuing until such time as it may be waived by the Lenders in
accordance with the terms and conditions of the Credit Agreement. 
  

	2.	Obligations to be Secured 

 Subject to paragraph 1 above and except where the Lender’s own template
security documentation is used, the obligations to be secured are the Secured Obligations (as defined below). 
 The Collateral is to be granted in favor of
the Collateral Agent (for the benefit of the Lenders). 
 For ease of reference, the following definitions should, to the extent legally possible and to the
extent appropriate, be incorporated into each Security Document: 
 “Charged Property” means all of the assets which from
time to time are, or are expressed to be, the subject of the Collateral. 
 “Delegate” means any delegate, agent, attorney
or co-trustee appointed by the Collateral Agent. 
 “Group” means Claire’s
Stores Inc. and its subsidiaries. 
 “Receiver” means a receiver or receiver and manager or administrative receiver of the
whole. 
 “Secured Obligations” means all present and future liabilities and obligations at any time due, owing or incurred
by any member of the Group and by each Loan Party to any Secured Party under the Loan Documents, both actual and contingent and whether incurred solely or jointly and as principal or surety or in any other capacity. 

“Secured Parties” means the Agents, any Receiver or Delegate and the Lenders. 

All other capitalized terms used but not defined herein shall have the meanings assigned to them in the Agreement. 

 

	3.	General 

 Where appropriate, defined terms in the Security Documents should mirror those in this
Agreement. 
 Any guaranty required pursuant to this Agreement shall be limited to the extent (i) required to be limited under applicable local law and
(ii) providing such a guaranty could reasonably be expected to (a) conflict with the fiduciary duties of the directors and managers of the relevant 

  
 8 

 
entity or (b) result in a risk of personal or criminal liability for such Guarantor or any of its officers, employees, members of management, consultants, directors or managers, and the
Security Documents relating to any Guarantor shall reflect any such limitations. 
 To the extent possible under applicable laws: 

 

	 	(a)	the Collateral shall be enforceable on and from the occurrence and continuation of an Event of Default; 

  

	 	(b)	any Liens over Collateral will be first ranking, to the extent possible and subject to any security interest over the relevant asset which is expressly permitted by the terms of this Agreement and which is already
expressed to be first ranking; and 

  

	 	(c)	to the extent possible and subject to any other legal requirement, the documentation in respect of any Liens granted by any Loan Parties following the Closing Date shall mirror the documentation in respect of Liens
granted by the Loan Parties on the Closing Date. 

 The granting of security, perfection of Liens, when required, and other legal formalities
will be completed as soon as practicable and, in any event, within the time periods specified in the relevant Loan Documents or (if earlier or to the extent no such time periods are specified in the Loan Documents) within the time periods specified
by applicable law in order to ensure due perfection. 
 Information, such as lists of assets, will be provided promptly upon the Collateral Agent’s
reasonable request, in each case unless applicable local law or any applicable Loan Document requires more frequent information. 
 A reference in a
Security Document to an asset being “material” will mean an asset that is material in the context of the business of the Loan Parties as a whole. 

To the extent possible, all Collateral shall be granted in favour of the Collateral Agent acting on behalf of the Agents and Lenders individually.
“Trust”, “parallel debt” or “joint and several creditorship” provisions will be used where necessary; such provisions will be contained in the Credit Agreement unless required otherwise under applicable laws. To the
maximum extent possible, no action shall be required in relation to the security when any Lender transfers any of its participation in the Facilities to a new Lender. If any action is required upon a transfer of participation, the transferring
Lender will bear all related costs and expenses (including stamp duties, taxes, registration costs). 
 Collateral, will where possible and practical,
automatically create security over future assets of the same type as those already secured. Where local law requires supplemental pledges to be delivered in respect of future acquired assets in order for effective security to be created over that
class of assets, supplemental pledges shall be provided no more frequently than annually (unless expressly required more frequently under local law). 

Security Documents will not accrue interest on any amount in respect of which interest is accruing under this Agreement. 

  
 9 

 Any rights of set off will not be exercisable until the occurrence and during the continuation of an Event of
Default. Such rights shall apply only to matured obligations due and payable to the Agents and Lenders by a Loan Party under a Loan Document. 
 Where a
Loan Party acquires assets (including real property) of material value or significance for the business of such Loan Party after the date on which it initially grants security, such Loan Party shall (unless existing Collateral automatically creates
valid security over such assets) enter into security arrangements in accordance with Section 5.10 of the Credit Agreement. 
 Shares 

Liens shall be granted over shares in the Loan Parties and Subsidiaries. The company providing the relevant Collateral will be permitted to retain and to
exercise voting rights appertaining to any shares charged by it until the occurrence and during the continuation of an Event of Default. 
 The Collateral
Agent may only exercise the voting rights to the extent permitted under applicable law and provided: 
  

	 	(a)	an Event of Default has occurred and is continuing; and 

  

	 	(b)	the Collateral Agent notifies the provider of the relevant share security and the company whose shares are subject to the relevant share security that it seeks to exercise those voting rights. 

Until an Event of Default has occurred and is continuing the company whose shares are subject to that security will be permitted to pay dividends upstream in
respect of its shares to the extent permitted under the Loan Documents. 
 Receivables 

To the extent that notification of a third party is required in order to perfect a security interest in receivables (other than in respect of intercompany
receivables or where notification is required by applicable law to create such security interest), such notification will not be required until the occurrence and during the continuation of an Event of Default. If such notification is required, it
will be delivered within five Business Days of the security being granted and the applicable Loan Party shall use its reasonable efforts to obtain an acknowledgement of that notice within twenty Business Days of service. If the Loan Party has used
its best efforts but has not been able to obtain acknowledgement, its obligation to obtain acknowledgement shall cease on the expiry of that twenty Business Day period. 

Until the occurrence and during the continuation of Event of Default the Loan Party providing the Collateral is permitted to receive any payment under its
receivables to the extent permitted under the Loan Documents. 
 Any receivables subject to third party arrangements (excluding, for the avoidance of doubt,
receivables owing from any Affiliate of any Loan Party) which are permitted by the Loan Documents which would prevent or prohibit such receivables from being subject to legal, valid, binding and enforceable security (but only to the extent such
prohibition was not created in 

  
 10 

 
contemplation hereof and is consistent with the business practice of Holdings and the Subsidiaries) will be excluded from the security created by any relevant security document, provided that the
relevant Loan Party has used reasonable endeavours to obtain any necessary consent or waiver if the asset is material, it being acknowledged that reasonable endeavours shall not require the payment by any Loan Party of any monetary consent or
waiver. 
 Bank accounts (including bank account receivables) 

Until the occurrence and during the continuation of an Event of Default or as expressly agreed otherwise (for example in relation to an account used for cash
cover purpose) the Loan Party providing the Collateral is permitted to withdraw and transfer monies from the accounts to the extent permitted or not expressly restricted under the Loan Documents. 

If required by or customary under local law to perfect the Lien, notice of the Lien will be served on the account bank within five Business Days of the Lien
granted and the Loan Party shall use its reasonable endeavours (not involving the payment of money or incurrence of any external expenses) to obtain an acknowledgement of that within twenty Business Days of service. 

Any obligation on the Loan Party to use such reasonable endeavours to obtain an acknowledgement from such bank of the notification shall cease on the expiry
of the above mentioned twenty Business Days period. 
 Irrespective of whether notice of the Lien is required for perfection, if the service of notice would
prevent the Loan Party from using a bank account in the ordinary course of its business consistent with past practice, no notice of the Lien shall be served until the occurrence of an Event of Default. 

If consent of the account bank is required under applicable local law to perfect the Lien thereon, the applicable Loan Party shall use its commercially
reasonable endeavours to obtain such consent within sixty days of the opening of the account, it being acknowledged that reasonable endeavours shall not require the payment by any Loan Party of any material monetary consent fee or administrative
fee. 
 Any Lien over bank accounts shall be subject to any prior security interests in favour of the account bank which are created either by law or in the
standard terms and conditions of the account bank or as part of the Group’s cash management arrangements (provided such arrangements constitute Permitted Liens). 

The notice of the Lien shall request such prior security interests in favour of the account bank to be waived by the account bank but the Loan Party shall not
be required to change its banking arrangements if these security interests are not waived or only partially waived. 
 Material Contracts 

Where a Loan Party grants security over Material Contracts, such security shall be subject to these Agreed Security Principles. Where required by local law to
perfect the Collateral, notice will be served on the relevant counterparty within five Business Days of the Collateral being granted and the Loan Party shall use its reasonable endeavours to obtain an acknowledgement of that notice within twenty
Business Days of service. 

  
 11 

 Any Material Contracts subject to third party arrangements (excluding, for the avoidance of doubt, any Material
Contract with any Affiliate of any Loan Party) which are permitted by the Loan Documents which would prevent or prohibit those assets from being subject to legal, valid, binding and enforceable security (but only to the extent such prohibition was
not created in contemplation hereof) will be excluded from the security created by any relevant security document, provided that the relevant Loan Party has used reasonable endeavours to obtain any necessary consent or waiver if the asset is
material, it being acknowledged that reasonable endeavours shall not require the payment by any Loan Party of any monetary consent or waiver. 

Insurance policies 
 Where a Loan Party grants security
over insurance policies, such security shall be subject to these Agreed Security Principles. Where required by local law to perfect the Collateral, notice will be served on the insurance provider within five Business Days of the Collateral being
granted and the Loan Party. Any obligation on the Loan Party to use reasonable endeavours to obtain an acknowledgement from such insurance provider of such notification shall cease on the expiry of the twenty Business Days period. 

Moveables 
 Until the occurrence and during the
continuation of an Event of Default and to the extent permitted under the Loan Documents the Loan Party providing the Collateral is permitted to dispose and use its moveable assets. 

If the granting of effective security over moveable assets gives rise to registration rights or similar taxes or costs calculated on the secured amount, the
secured amount under such security will be proportionate to the value of the underlying moveable asset, and ‘mandates’ to grant security will be granted where customary. 

Intellectual property 
 Where a Loan Party grants security
over its intellectual property it shall be free to deal with those assets in the ordinary course of its business and in accordance with the Loan Documents until an Event of Default has occurred and is continuing. No notice shall be prepared or given
to any third party (other than any Affiliate of Holdings) from whom intellectual property is licenced until an Event of Default has occurred and is continuing. 

If required under local law security over intellectual property will be registered under the law of that security document or at a relevant supra-national
registry (such as the European Union) or otherwise at any national registry subject to the general principles set out in these Agreed Security Principles. 

Real property 
 A security interest in real property shall
be created including market standard terms and conditions for a financing of this nature, but subject to the underlying principles agreed in these Agreed Security Principles; provided that a security interest shall not be required in leased real
property. 

  
 12 

 If the granting of effective real property security gives rise to registration rights or similar taxes or costs
calculated on the secured amount, the secured amount under such security will be proportionate to the value of the underlying real estate, and “mandates” to grant security will be granted where customary. 

There will be no obligation to investigate title, provide surveys or other insurance or environmental due diligence, except to the extent reasonably available
and to the extent commercially reasonable to be so provided. 
 Fixed Assets 

Where a Loan Party grants security over material fixed assets, such security shall be subject to these Agreed Security Principles. 

No notice whether to third parties or by attaching a notice to the fixed assets shall be prepared or given until an Event of Default has occurred and is
continuing, unless, in the case of attachment of a notice, this is required by local law to create or maintain the existence of Collateral. 
 If required
under local law, Collateral over fixed assets will be registered subject to the general principles set out in these Agreed Security Principles. 
  

	4.	Undertakings/Representations and Warranties 

 The Security Documents shall only include representations,
warranties or undertakings to the extent required under the governing law of that Security Document or to protect or preserve the Liens in the applicable Collateral created under that Security Document. 

Any representations, warranties or undertakings which are required to be included in any Security Document shall reflect (to the extent to which the subject
matter of such representation, warranty and undertaking is the same as the corresponding representation, warranty and undertaking in this Agreement) the commercial deal set out in this Agreement (save to the extent that Secured Parties’ local
counsel reasonably deem it necessary to include any further provisions (or deviate from those contained in this Agreement) solely in order to protect or preserve the security interest in and Liens on the Collateral granted to the Secured Parties).

  
 13 

 SCHEDULE 2.01 

Commitments 
  

			
	 Lender
	 	 Commitment

	 Botticelli LLC
	 	$50,000,000.00

  
 14 

 SCHEDULE 3.01 

Organization and Good Standing 

None. 

  
 15 

 SCHEDULE 3.04 

Governmental Approvals 

None. 

  
 16 

 SCHEDULE 3.06(a) 

Subsidiaries* 
  

					
	 Name
	  	 Jurisdiction
	  	 Owner of Equity Interests

	 Claire’s Fashion Property Corp.
	  	 Cayman
	  	 100% CSI Luxembourg S.a.r.l.

	 Claire’s Holding Gmbh
	  	 Switzerland
	  	 100% Claire’s Holdings S.a.r.l.

	 Claire’s Accessories UK Ltd
	  	 United Kingdom
	  	 100% Claire’s Holding Gmbh

	 CSI Luxembourg S.a.r.l.
	  	 Luxembourg
	  	 100% Claire’s Holding Gmbh

	 Claire’s Switzerland Gmbh
	  	 Switzerland
	  	 100% Claire’s Holding Gmbh

	 Claire’s Accessories Spain, S.L.
	  	 Spain
	  	 100% Claire’s Accessories UK Ltd

	 Claire’s France S.A.S.
	  	 France
	  	 100% Claire’s Accessories UK Ltd

	 Claire’s (Gibraltar) Intermediate Holdings Limited
	  	 Gibraltar
	  	 100% Claire’s (Gibraltar) Holdings Limited

	 Claire’s Holdings S.a.r.l.
	  	 Luxembourg
	  	 100% Claire’s (Gibraltar) Intermediate Holdings Limited

	 Claire’s Germany GmbH
	  	 Germany
	  	 100% Claire’s Holding Gmbh

	 Claire’s Italy S.R.L.
	  	 Italy
	  	 100% Claire’s Accessories UK, Ltd.

	 Claire’s Belgium B.V.B.A.
	  	 Austria
	  	 100% Claire’s Accessories UK, Ltd.

	 Claire’s Austria Gmbh
	  	 Belgium
	  	 100% Claire’s Holding Gmbh

	 Claire’s Hungary Kft.
	  	 Hungary
	  	 100% Claire’s Holdings S.a.r.l.

	 Claire’s European Services Limited
	  	 United Kingdom
	  	 100% Claire’s Holdings S.a.r.l.

	 Claire’s European Distribution Limited
	  	 United Kingdom
	  	 100% Claire’s Holdings S.a.r.l.

	 Claire’s China Services
	  	 China
	  	 100% BMS Fashion Corp.

	 RSI International Limited
	  	 Hong Kong
	  	 100% Claire’s China Services

 * This list excludes Immaterial Subsidiaries listed on Schedule 1.01A 

  
 17 

 SCHEDULE 3.10 

Taxes 
 None. 

  
 18 

 SCHEDULE 3.15 

Intellectual Property 

None. 

  
 19 

 SCHEDULE 3.16 

Anti-Money Laundering Laws 

None. 

  
 20 

 SCHEDULE 4.01(d) 

Closing Deliverables1 

The Administrative Agent shall have received each of the Security Documents listed on Schedule 1.01D. 

Gibraltar 
 The Administrative Agent shall have received
from each Loan Party organized under the laws of Gibraltar, each of the following items: 
  

	1.	a certificate signed by one director and dated as of the Closing Date, certifying: 

  

	 	(a)	as to the accuracy and completeness of each of the corporate and organizational documents of such Loan Party described in this Schedule and attached to such certificate and that they are each true and complete copies,

  

	 	(i)	that attached thereto is a true and complete copy of the resolutions of (1) the board of directors of such Loan Party: (a) approving the terms of and the transactions contemplated by, the Loan Documents to
which the applicable Loan Party is a party; (b) certifying authorizing a specified person or persons to execute the Loan Documents to which such applicable Loan Party is a party; and (c) authorizing a specified person or persons, on its
behalf, to sign and/or dispatch all documents and noticed to be signed and/or dispatched in connection with the Loan Documents to which it is a party, and (2) all holders of the issued shares in each applicable Loan Party approving entry into
and performance of the Loan Documents to which the applicable Loan Party is a party, 

  

	 	(ii)	that attached thereto is a true and complete copy of (1) a certificate of good standing of such Loan Party dated as at the closing date, (2) a true and complete copy of the register of members of such Loan
Party, (3) a true and complete copy of the register of directors of such Loan Party, (4) a true and complete copy of the register of charges of such Loan Party 

 

	 	(iii)	that each such copy document relating to it is correct, complete and in full force and has not been superseded as at the Closing Date, 

 

	 	(iv)	that the borrowing, guaranteeing or securing as appropriate contemplated in the relevant Loan Documents would not cause any borrowing, guaranteeing or securing or similar limit binding on each applicable Guarantor to be
exceeded, 

  
  

	1 	Expressly subject to the Agreed Security Principles 

  
 21 

	 	(v)	that such Loan Party is Solvent within the meaning of the Insolvency Act 2011 of Gibraltar and will not become insolvent as a result of entering into any of the transactions contemplated by any of the Loan Documents,

  

	 	(vi)	as to the absence of any pending proceeding for the dissolution or liquidation of such Loan Party; 

  

	 	(vii)	confirming that such Loan Party is not entitled to claim immunity from any suit, execution, attachment or other legal action in Gibraltar; 

 

	 	(viii)	confirming that such Loan Party has filed all documents and returns required to be filed with the Registrar of Companies in Gibraltar; 

 

	 	(ix)	confirming that there are no mortgages, charges (whether fixed or floating), liens, pledges, options, rights of pre-emption, rights of retention of title, guarantees or other
encumbrances or any other form of security interest or any obligation (at the date of Closing against any such Loan Party and no security interest is registered as unsatisfied at Companies House in Gibraltar or in any other jurisdiction; and

  

	 	(x)	as to the incumbency and specimen signature of each director or other signatory executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party. 

 

	2.	the following customary legal opinions, each addressed to the Administrative Agent, Collateral Agent and Lenders in respect of the Loan Documents: 

 

	 	(a)	a legal opinion of Hassans, as legal advisers to the Loan Parties as to Gibraltar law, on the existence, capacity and the authorization of each Loan Party as regards the Loan Documents and on execution and
enforceability of the Loan Documents subject to Gibraltar law. 

 England and Wales 

The Administrative Agent shall have received from each Loan Party organized under the laws of England and Wales, each of the following items: 

 

	 	1.	a copy of the constitutional documents; 

  

	 	2.	a copy of the resolutions of the board of directors of each applicable Loan Party: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that it execute the Loan Documents to which it is a party; 

 

	 	(ii)	authorizing a specified person or persons to execute the Loan Documents to which it is a party on its behalf; and 

  
 22 

	 	(iii)	authorizing a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices to be signed and/or dispatched by it under or in connection with the Loan Documents to which it is a party;

  

	 	3.	a copy of a resolution signed by all the holders of all the issued shares of each applicable Loan Party approving the terms of, and the transactions contemplated by, the Loan Documents to which it is a party;

  

	 	4.	a specimen signature of each person authorised by the resolutions referred to in paragraph 2 above in relation to the Loan Documents and related documents; 

 

	 	5.	a certificate of each applicable Loan Party organized under the laws of England and Wales signed by one director and dated as of the Closing Date: 

 

	 	(i)	certifying that each of the above documents is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement; and 

 

	 	(ii)	confirming that the amounts to be borrowed, guaranteed or secured by it under the Loan Documents would not cause any borrowing, guarantee or security or similar binding limit on it to be exceeded, 

 

	 	6.	the following customary legal opinions, each addressed to the Administrative Agent, Collateral Agent and Lenders in respect of the Loan Documents: 

 

	 	(i)	a legal opinion of Weil, Gotshal & Manges, as legal advisers to the Lenders as to English law, on legality, validity and enforceability of the Loan Documents subject to English law; 

 

	 	(ii)	a legal opinion of Morgan, Lewis & Bockius UK LLP, as legal advisers to the Loan Parties as to English law, on the existence, capacity and the authorization of each Loan Party as regards the Loan
Documents; 

  

	 	7.	a copy of all notices or documents required (in accordance with the Agreed Security Principles), together with all share certificates, share registers, bond registers, stock transfer forms (or the equivalent) duly
endorsed in blank and other documents of title, if any, in each case only if required to be executed or given on the Closing Date by a Loan Party under the terms of the Security Documents; and 

 

	 	8.	the PSC Register of each Loan Party whose shares are subject to the Security under the Security Documents. 

Luxembourg 
 The Administrative Agent shall have received
from each Loan Party organized under the laws of Luxembourg, each of the following items: 
  

	 	1.	A certificate of each Luxembourg Loan Party (signed by a director) and dated the closing date 

  
 23 

	 	(i)	attaching: 

  

	 	a.	the up-to-date copies of the coordinated articles of association; 

 

	 	b.	an extract from the Luxembourg trade and companies register in respect of such Luxembourg Loan Party dated the Closing Date; 

  

	 	c.	an negative certificate (certificat de non-inscription d’une décision judiciaire) issued by the Luxembourg trade and companies register in respect of such
Luxembourg Loan Party dated the Closing Date; 

  

	 	(ii)	setting out a specimen of the signature of each person who is authorised on behalf of such Luxembourg Loan Party to enter into the Loan Documents to which such Luxembourg Loan Party is a party or to sign or send any
document or notice in connection with the Loan Documents to which it is a party; 

  

	 	(iii)	(A) confirming that it is not subject to bankruptcy (faillite), voluntary or judicial liquidation (liquidation volontaire ou judiciaire), controlled management (gestion contrôlée),
suspension of payments (sursis de paiement), arrangement with creditors (concordat préventif de faillite) proceedings, fraudulent conveyance (actio pauliana), general settlement with creditors, reorganisation or similar
laws affecting the rights of creditors generally, (B) that no petition for the opening of such proceedings has been presented by it and to the best of its knowledge, no petition for the opening of such proceedings has been presented by any
other person, (C) no event has occurred or is likely to occur as a result of which it could be in a state of cessation of payments (cessation de paiements) or lose its creditworthiness (ébranlement de crédit) and
(D) no application has been made by it or, as far as it is aware, by any other person for the appointment of a commissaire, juge commissaire, liquidateur, curateur or similar officer pursuant to any insolvency or similar proceedings; and

  

	 	(iv)	attaching a copy of its shareholders’ register evidencing that all its shares are held by its parent. 

  

	 	2.	the following customary legal opinions, each addressed to the Administrative Agent, Collateral Agent and Lenders in respect of the Loan Documents: 

 

	 	(i)	a legal opinion of Bonn Steichen & Partners, as legal advisers to the Lenders as to Luxembourg law, on legality, validity and enforceability of the Loan Documents subject to Luxembourg law; and

  

	 	(ii)	a legal opinion of Arendt &Medernach SA, as legal advisers to the Loan Parties as to Luxembourg law, on the existence, capacity and the authorization of each Loan Party as regards the Loan Documents.

  
 24 

 France 
 The
Administrative Agent shall have received from each Loan Party organized under the laws of France, each of the following items: 
  

	 	1.	a certificate of each applicable Loan Party organized under the laws of France signed by one director and dated as of the Closing Date certifying the following documents: 

 

	 	(a)	A copy of its articles of association (Statuts); 

  

	 	(b)	An original company registry extract (K-bis), an original non-insolvency certificate (Certificat de non-faillite) and an original encumbrances certificate (Etat des inscriptions), each
dated no more than 15 days prior to the Closing Date; 

  

	 	(c)	A copy of the resolution of its board of directors, board of managers and/or shareholder(s) or equivalent body of each applicable Loan Party: 

 

	 	(i)	approving the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that it execute the Loan Documents to which it is a party; 

 

	 	(ii)	authorising a specified person or persons to execute the Loan Documents to which it is a party on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Loan Documents to which it is a party;

  

	 	(d)	If required under applicable law or by its constitutional documents, a copy of a resolution signed by all the holders of all the issued shares of each applicable Loan Party approving the terms of, and the transactions
contemplated by, the Loan Documents to which it is a party; 

  

	 	(e)	a specimen signature of each person authorised by the resolutions referred to in paragraph (c) or (d) above in relation to the Loan Documents and related documents; 

 

	 	(f)	a certificate confirming that the amounts to be borrowed, guaranteed or secured by it under the Loan Documents would not cause any borrowing, guarantee or security or similar binding limit on it to be exceeded; and

  

	 	(g)	a certificate certifying that each of the above documents is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement.

  
 25 

	 	2.	the following customary legal opinions, each addressed to the Administrative Agent, Collateral Agent and Lenders in respect of the Loan Documents: 

 

	 	(i)	a legal opinion of Weil, Gotshal & Manges LLP, as legal advisers to the Lenders as to French law, on legality, validity and enforceability of the Loan Documents subject to French law; and 

 

	 	(ii)	a legal opinion of MBA Avocats, as legal advisers to the Loan Parties as to French law, on the existence, capacity and the authorization of each Loan Party as regards the Loan Documents 

Spain 
 The Administrative Agent shall have received from
each Loan Party organized under the laws of Spain, each of the following items: 
  

	1.	A copy of the constitutional documents of the relevant Spanish Loan Party understood as either (a) a certificate issued by the relevant Commercial Registry certifying due incorporation and existence, lack of causes
of liquidation, winding up or insolvency, its up to date articles of association and composition of its governing body or (b) a copy of the incorporation deed of the company and all deeds under which the
by-laws of the company have been amended or any directors have been removed or designated together with an online registry excerpt (nota simple online informativa) issued by the Commercial Registry and
with a certificate of the directors of the Company declaring that there are no other public deeds amending the articles of association of the Company or appointing or removing directors. 

 

	2.	A copy of a resolution of the joint and several directors of the Spanish Loan Party notarised before a Spanish notary: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that it execute, deliver and perform the Loan Documents to which it is a party; 

 

	 	(ii)	authorising a specified person or persons to execute the Loan Documents to which it is a party on its behalf (including, for the avoidance of doubt, all the powers of attorney, certificates and notices included
therein); and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Loan Documents to which it is a party.

  

	 	(b)	A copy of a resolution signed by all the holders of the issued shares in the Spanish Loan Party, approving the terms of, and the transactions contemplated by, the Loan Documents to which the Spanish Loan Party is a
party among others, for the purposes of complying with article 160 (f) of the Spanish Companies Law. 

  
 26 

	3.	The following customary legal opinions, each addressed to the Administrative Agent, Collateral Agent and Lenders in respect of the Loan Documents: 

 

	 	(i)	a legal opinion of Uría Menéndez, as legal advisers to the Lenders as to Spanish law, on legality, validity and enforceability of the Loan Documents subject to Spanish law; and 

 

	 	(ii)	a legal opinion of Garrigues as legal advisers to the Loan Parties as to Spanish law, on the existence, capacity and the authorization of the Spanish Loan Party as regards the Loan Documents 

 

	4.	a copy of all notices or documents required (in accordance with the Agreed Security Principles) to be sent or annotated on the Closing Date by the Spanish Loan Party under the terms of the Security Documents together
with property titles of the shares of the Spanish Loan Party as well as copy of the registry-book of shareholders with the pledge over the shares of the Spanish Loan Party duly recorded therein; and 

 

	5.	a copy of the cancellation deed of all the existing security granted over the assets of the Spanish Loan Party or the shares of its share capital. 

Cayman Islands 
 The Administrative Agent shall have
received from each Loan Party organized under the laws of the Cayman Islands, each of the following items: 
  

	 	1.	a certificate of each applicable Loan Party organized under the laws of the Cayman Islands signed by one director and dated as of the Closing Date certifying the following documents: 

 

	 	(h)	A copy of its certificate of incorporation; 

  

	 	(i)	A copy of its memorandum and articles of association; 

  

	 	(j)	A certificate of good standing dated no more than 30 days prior to the Closing Date;  

  

	 	(k)	A copy of its register of directors and officers, register of mortgages and charges, and register of members; 

  

	 	(l)	A copy of the resolution of its board of directors of each applicable Loan Party approving the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that any one of its
directors execute the Loan Documents to which it is a party or any schedules thereto, as applicable; 

  

	 	(m)	a specimen signature of each person authorised by the resolutions referred to in paragraph (e) above in relation to the Loan Documents and related documents; 

 

	 	(n)	a certificate certifying that each of the above documents is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement.

  
 27 

	 	2.	the following customary legal opinion addressed to the Administrative Agent, Collateral Agent and Lenders in respect of the Loan Documents: 

 

	 	(i)	a legal opinion of Walkers, as legal advisers to the Lenders as to Cayman Islands law, on the existence, capacity and the authorization of each Loan Party as regards the Loan Documents and on execution and
enforceability of the Loan Documents subject to Cayman Islands law 

 Germany 

The Administrative Agent shall have received from Claire ́s Germany GmbH organized under the laws of Germany, each of the following items: 

 

	1.	German security agreements. 

  

	2.	A copy of the following constitutional documents: 

  

	 	(a)	articles of association (Satzung); 

  

	 	(b)	shareholders list (Gesellschafterliste); 

  

	 	(c)	commercial register excerpt (Handelsregisterauszug) dated not earlier than the date before the signing of the Loan Documents by the German Loan Party. 

 

	3.	A copy of the shareholders resolution signed by the shareholders of Claire ́s Germany GmbH covering the following: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that it execute, deliver and perform the Loan Documents to which it is a party; 

 

	 	(b)	authorising a specified person or persons to execute the Loan Documents to which it is a party on its behalf (including, for the avoidance of doubt, all the powers of attorney, certificates and notices included therein)
and releasing it for such purposes from all restrictions of sec. 181 German Civil Code (BGB); and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Loan Documents to which it is a party.

  

	4.	Director Certificate dated no earlier than the date of the Loan Documents signed by the German Loan Party signed by a managing director with sole power of representation or the required number of managing directors with
joint power of representation certifying that each copy document relating to it specified in the Director Certificate is correct, complete and in full force and effect and containing a specimen of the signature of each authorized signatory of
Claire ́s Germany GmbH. 

  
 28 

	5.	Power of attorney of the German Loan Party (if applicable due to execution of Loan Documents under power of attorney) regarding the Loan Documents entered into by the German Loan Party. 

 

	6.	The following customary legal opinions, each addressed to the Administrative Agent, Collateral Agent and Lenders in respect of the Loan Documents: 

 

	 	(i)	a legal opinion of Weil, Gotshal & Manges LLP, as legal advisers to the Lenders as to German law, on legality, validity and enforceability of the Loan Documents subject to Germany law; and 

 

	 	(ii)	a legal opinion of CMS Hasche Sigle as legal advisers to the Loan Parties as to German law, on the existence, capacity and the authorization of the German Loan Party as regards the Loan Documents. 

Switzerland 
 The Administrative Agent shall have received
from each Loan Party organized under the laws of Switzerland, each of the following items: 
  

	 	1.	a certificate of each applicable Loan Party organized under the laws of Switzerland signed by one director and dated as of the Closing Date, certifying: 

 

	 	(i)	that the certified copy of the excerpt from the commercial register of such Loan Party attached thereto is true, complete, correct and
up-to-date; 

  

	 	(ii)	that the certified copy of the articles of incorporation and of the organizational regulations of such Loan Party attached thereto are true, complete, correct and up-to-date;     

  

	 	(iii)	that the resolutions of the board of managers of such Loan Party, inter alia, (a) approving the entering into, execution, delivery and performance of the Loan Documents to which the applicable Loan Party is a
party; (b) approving the terms of and the transactions contemplated by, the Loan Documents to which the applicable Loan Party is a party; (c) authorizing a specified person or persons to execute and perform the Loan Documents to which the
applicable Loan Party is a party; attached thereto are true, complete, correct and up-to-date; 

 

	 	(iv)	that the resolutions of the partner of such Loan Party, inter alia, (a) approving the entering into, execution, delivery and performance of the Loan Documents to which the applicable Loan Party is a party;
(b) approving the terms of and the transactions contemplated by, the Loan Documents to which the applicable Loan Party is a party; and (c) approving any distribution of corporate assets in connection with the guarantees, the indemnities
and security granted by the applicable Loan Party under the Loan Documents to which the applicable Loan Party is a party; attached thereto are true, complete, correct and
up-to-date; 

  
 29 

	 	(v)	that the specimen signatures attached thereto are the specimen signature of each director or other authorized signatory executing any Loan Document or any other document delivered in connection herewith on behalf of the
applicable Loan Party; 

  

	 	(vi)	that there is no pending proceeding for the dissolution and/or liquidation of such Loan Party; 

  

	 	(vii)	that the amounts to be borrowed, guaranteed or secured by such Loan Party under the Loan Documents would not cause any borrowing, guarantee or security or similar binding limit on it to be exceeded; 

 

	 	(viii)	that each copy document relating to such Loan Party as specified in this Schedule 4.01 (d) is correct, complete and in full force and effect and has not been amended or superseded; 

 

	 	2.	the following customary legal opinions, each addressed to the Administrative Agent, Collateral Agent and Lenders in respect of the Loan Documents: 

 

	 	(i)	a legal opinion of Python, as legal advisers to the Lenders as to Swiss law, on legality, validity and enforceability of the Swiss law governed Loan Documents; 

 

	 	(ii)	a legal opinion of CMS von Erlach Poncet Ltd., as legal advisers to the Loan Parties as to Swiss law, on the existence of each Loan Party incorporated in Switzerland and its capacity and due authorization to execute,
enter into and perform the Loan Documents to which it is a party; 

  
 30 

 SCHEDULE 5.11 

Post-Closing Deliverables1 

 

							
	 Governing
 Law of

Security

Documents
	 	 Security Document
	  	 Deadline
	  	 Grantors

	France	 	 •       Pledge of the Cash Account in accordance with the
provisions of Clause 3.3 of the Securities Account Pledge Agreement
	  	 •    15 Business Days following the Closing Date
	  	Claire’s Accessories UK Ltd.
				
	Gibraltar	 	 •       Satisfaction of the Gibraltar charges to be
registered at Companies House following the entry into Deed of Release
  

•       Registration of Debenture and mortgage of Shares
	  	 •    10 Business Days following the Closing Date

 
 •    30 days following
the Closing Date
	  	Claire’s Gibraltar Intermediate Holdings Limited
				
	Germany	 	 •       Pledge of Shares of Claire’s Germany GmbH (and
related acknowledgment thereof)
  

•       A Release Notice from HSBC Bank Plc to the Account Banks and
Claire’s confirming that the pledges under the German Law Account Pledge Agreement have ceased to exist.
  

•       Three Notices of Pledge of accounts to the German Law Account Pledge
Agreement and respectively to HSBC Bank Plc, Deutsche Bank Privat-und Geschäftskunden AG and Commerzbank AG
  

•       A Release Notice from HSBC Bank Plc to Toys “R” Us and
Claire’s Germany GmbH confirming that the Toys “R” Us Receivables (assigned under the German Law Assignment Agreement to HSBC Bank Plc) have been reassigned to Claire’s Germany GmbH.

 
 •       A
Notice of German Law Security Assignment Agreement to Toys “R” US GmbH
	  	 •    20 Business Days following the Closing Date
	  	 Claire’s Germany GmbH
  

Claire’s Holdings GmbH

 
  

	1 	Expressly subject to the Agreed Security Principles 

  
 31 

							
	 Governing
 Law of

Security

Documents
	 	 Security Document
	  	 Deadline
	  	 Grantors

	Cayman Islands	 	 •       One Director Resignation Letter

 

•       Annotated Register of Members of Claire’s Fashion Property Corp.
(“CFPC”)
  

•       Updated Register of Mortgages and Charges of CFPC

 

•       Registered Office Instruction Letter from CFPC

 

•       One Director Authorisation Letter

 

•       Written Resolutions deliverable under the Equitable Share Mortgage
signed by the second director
	  	 •    3 Business Days following the Closing Date
	  	Claire’s Fashion Property Corp.
				
	Switzerland	 	 •       Notification to the relevant banks under the Swiss
Account Pledge Agreements
  

•       Obtain Toys R Us consent pursuant to the Swiss Claire’s
Switzerland Receivables Assignment Agreement
  

•       Obtain originals of Swiss insurance policies

 

•       Obtain consent from the relevant insurances under the Swiss
Receivables Assignment Agreements
  

•       Execution of the Intangible Property Assignment Agreement
	  	 •    Notification: 5 Business Days following Closing Date;
counter-signatures from bank: 30 Business Days following Closing Date
  

•    Notification: on closing; counter-signatures from Toy R Us: 10 Business Days following
Closing Date
  
 •    15
Business Days following Closing Date
  

•    30 Business Days following Closing Date
	  	 Claire’s Switzerland GmbH
  

Claire’s Holding GmbH
  

CSI Luxembourg S.à.r.l.
  

Claire’s Fashion Property Corp. (for the Intangible Property Assignment Agreement)

				
		 		  	 •    5 days following the Closing Date
	  	

  
 32 

							
	 Governing
 Law of

Security

Documents
	 	 Security Document
	  	 Deadline
	  	 Grantors

	England	 	 •       Reasonable endeavours to obtain acknowledgements to
the bank account notices served to the following banks Bank of Ireland, Natwest Bank, Royal Bank of Scotland, Ulster Bank, ING Bank and HSBC Bank plc (in respect of the non-Pooled Bank Accounts) pursuant to
each of the English law Debenture and Bank Account Charge
  

•       Notices of assignment of Insurance pursuant to English law
Debenture
  

•       Reasonable endeavours to obtain acknowledgements in connection with
the assignment of Insurance pursuant to the English law Debenture
  

•       Securities Account Pledge Agreement (acte de nantissement de compte
de titres financiers) dated 13 December 2016 between Claire’s Accessories UK Ltd., HSBC Bank plc and Claire’s France with charge number 0311 5188 0003.
  

•       MR04

 

•       Debenture dated 20 September 2016 between Claire’s
Accessories UK Ltd and HSBC Bank Plc, registered on 23 September 2016 with charge number 0311 5188 0002.
  

•    MR04
	  	 •    20 Business Days following the Closing Date

 
 •    5 Business Days
following the Closing Date
  

•    20 Business Days following the delivery of the Notices mentioned in the line above

 
 •    To be filed on
Closing Date
  
 •    To
be filed on the Closing Date
  

•    15 days following the Closing Date

 
 •    Companies House 21
day deadline following the Closing Date
  

•    3 Business Days following the Closing Date
	  	

  
 33 

							
	 Governing
 Law of

Security

Documents
	 	 Security Document
	  	 Deadline
	  	 Grantors

		 	 •       Deliver share certificates and other documents of
title or evidence of ownership of all foreign subsidiaries of Claire’s Accessories UK Ltd to the Collateral Agent
  

•       Debenture and bank account charge granted to be registered at
Companies House by filing MR01 forms
  

•       Notice of assignment in respect of the two Intra-Group Services
Agreements between CESL and Claire’s Stores Inc.
  

•       Obtain acknowledgements in connection with the assignment of the two
Intra-Group Services Agreements
  

•       Notice of assignment in respect of the Intra-Group Loan Agreement

 

•       Reasonable endeavours to obtain acknowledgements in connection with
the assignment of the Intra-Group Loan Agreement
  

•       Filing of new articles of association of Claire’s European
Distribution Limited and Claire’s European Services Limited with Companies House
	  	 •    5 Business Days following the Closing Date

 
 •    5 Business Days
following the Closing Date
  

•    20 Business Days following the Closing Date

 
 •    15 days following
date of each of the relevant shareholder resolutions
	  	

  
 34 

							
	 Governing
 Law of

Security

Documents
	 	 Security Document
	  	 Deadline
	  	 Grantors

	Spain	 	 •       Security Agreement dated 14 October 2016
between Claire’s Accessories UK Ltd, Claire’s Accessories Spain, S.L. and HSBC Bank Plc
  

•    Notices of release to be sent to the banks and Toys “R” Us

 

•       Amendment of Claire’s Accessories Spain, S.L.’s By-laws and registration with the Commercial Registry
	  	 •    3 Business Days following the Closing Date

 
 •    3 Business Days
following the Closing Date
  

•    30 days following the Closing Date
	  	Claire’s Accessories Spain, S.L.
				
	Luxembourg	 	 •       Recording of pledge in shareholders’ register
for share pledge of Claire’s Holdings S.à r.l.
  

•       Recording of pledge in shareholders’ register for share pledge of
Claire’s Luxembourg S.à r.l.
  

•       Recording of pledge in shareholders’ register for share pledge of
CSI Luxembourg S.à r.l.
  

•       Claire’s Holdings S.à r.l. Accounts Pledge Agreement:
Notification of the accounts pledge to bank and delivery to pledgee of acknowledgment and waiver letter executed by bank
  

•       Claire’s Luxembourg S.à r.l. Accounts Pledge Agreement:
Notification of the accounts pledge to bank and delivery to pledgee of acknowledgment and waiver letter executed by bank
  

•       CSI Luxembourg S.à r.l. Accounts Pledge Agreement: Notification
of the accounts pledge to bank and delivery to pledgee of acknowledgment and waiver letter executed by bank
	  	 •    5 Business Days following execution of share pledge agreement

 
 •    Notification: 5
Business Days following execution of account pledge agreement
  

•    Acknowledgment delivery: 20 Business Days following notification of the bank
	  	 •    Claire’s (Gibraltar) Intermediate Holdings Limited and
Claire’s Holdings S.à r.l.
  

•    Claire’s Holdings S.à r.l. and Claire’s Luxembourg S.à r.l.

 
 •    Claire’s
Holding GmbH and CSI Luxembourg S.à r.l.
  

•    Claire’s Holdings S.à r.l.

 
 •    Claire’s
Luxembourg S.à r.l.

  
 35 

							
	 Governing
 Law of

Security

Documents
	 	 Security Document
	  	 Deadline
	  	 Grantors

		 		  		  	 •    CSI Luxembourg S.à r.l.

				
	Applicable Law	 	 •       Pledge of the Claire’s Accessories UK Ltd and
Claire’s European Distribution Limited QEBs
  

•       Pledge of bank accounts listed on the Perfection Certificate but not
otherwise pledged pursuant to Security Documents on the Closing Date
	  	 •    10 Business Days following the Closing Date

 
 •    10 Business Days
following the Closing Date
	  	 •    Claire’s Fashion Property Corp.

 
 •    Applicable
Guarantors

  
 36 

 SCHEDULE 6.01 

Indebtedness 
 Subsidiaries have bank
credit facilities totaling $2.3 million. These credit facilities have been arranged in accordance with customary lending practices in their respective countries of operation. As of October 29, 2016, Subsidiaries had a reduction of
$1.8 million for outstanding bank guarantees, which reduces the borrowing availability to $0.5 million as of that date. 

  
 37 

 SCHEDULE 6.02(a) 

Liens 
 None. 

  
 38 

 SCHEDULE 6.04 

Investments 
 Key money deposits in an
amount of approximately $58.4 million repayable to Claire’s France S.A.S. by landlords under leases with respect to the store locations listed below: 
  

					
	 Nice Cap 3000
	  	 	1,320,000.00	  
	 Lyon / Ecully
	  	 	560,000.00	  
	 Marseille / Vitrolles
	  	 	400,000.00	  
	 Caen - CC Mondeville 2
	  	 	512,147.00	  
	 Nancy
	  	 	618,000.00	  
	 Clermont Ferrand
	  	 	455,000.00	  
	 ST Etienne
	  	 	417,000.00	  
	 Limoges
	  	 	597,000.00	  
	 Créteil
	  	 	740,000.00	  
	 Grenoble Gd Place N°2
	  	 	459,272.00	  
	 Rosny 2
	  	 	470,000.00	  
	 Paris / La Défense
	  	 	620,000.00	  
	 Colmar
	  	 	348,560.64	  
	 Tours - 6 Rue de Bordeaux
	  	 	482,658.00	  
	 Mulhouse Illzach - CC Ile Napoléon
	  	 	435,337.00	  
	 Lyon / St Priest
	  	 	430,000.00	  
	 Clermont Ferrand / Aubierre
	  	 	484,736.00	  
	 Nice Etoile
	  	 	360,000.00	  
	 Paris / Parinor
	  	 	509,686.86	  
	 CC Cergy Pontoise
	  	 	434,568.03	  
	 Saint Quentin en Yvelines - CC Espace St Quentin
	  	 	434,987.00	  
	 Villiers en Bière
	  	 	210,000.00	  
	 Béziers
	  	 	250,000.00	  
	 Paris Noisy le Grand
	  	 	435,066.72	  
	 Marseille / St Ferréol
	  	 	750,000.00	  
	 Toulon Grand Var
	  	 	427,875.00	  
	 PERPIGNAN PORTE D’Espagne
	  	 	264,000.00	  
	 Toulouse / Portet sur Garonne
	  	 	242,000.00	  
	 SAINT NAZAIRE - TRIGNAC
	  	 	215,000.00	  
	 DOUAI
	  	 	238,000.00	  
	 NANTES BEAULIEU
	  	 	157,000.00	  
	 MONTBELIARD
	  	 	220,000.00	  
	 Bouliac / Pont d’Arcins
	  	 	174,439.00	  
	 ST MALO LA MADELEINE
	  	 	205,000.00	  
	 AGEN
	  	 	339,000.00	  
	 Tours les Atlantes
	  	 	308,419.00	  

  
 39 

					
	 Avignon
	  	 	380,000.00	  
	 Reims Vesle
	  	 	610,808.13	  
	 Paris / Belle Epine
	  	 	430,000.00	  
	 Beziers
	  	 	174,089.50	  
	 TOULOUSE GRAMMONT
	  	 	184,000.00	  
	 Le Paquebot St Nazaire
	  	 	248,207.68	  
	 Perpignan le Canet
	  	 	229,411.00	  
	 ST-ETIENNE - VILLARS
	  	 	240,000.00	  
	 Vannes - 16 Rue du Mené
	  	 	224,713.00	  
	 PARIS - LES ULLIS 2
	  	 	390,000.00	  
	 Dunkerque
	  	 	235,320.00	  
	 Mulhouse rue du sauvage
	  	 	587,797.36	  
	 ANGOULEME
	  	 	200,000.00	  
	 DUNKERQUE - GRANDE SYNTHES
	  	 	165,000.00	  
	 TOULOUSE ST GEORGES
	  	 	210,000.00	  
	 LE MANS CENTRE SUD
	  	 	159,000.00	  
	 Troyes
	  	 	427,367.00	  
	 Taverny
	  	 	266,502.00	  
	 BOULOGNE SUR MER CC AUCHAN
	  	 	163,000.00	  
	 Mâcon
	  	 	170,000.00	  
	 DIJON - QUETIGNY
	  	 	130,000.00	  
	 OLLIOULES
	  	 	283,000.00	  
	 Roubaix Grande rue
	  	 	70,000.00	  
	 TARBES
	  	 	30,000.00	  
	 Tours / L’Heure Tranquille
	  	 	8,970.00	  
	 LIEVIN
	  	 	79,000.00	  
	 MONTCEAU LES MINES
	  	 	70,000.00	  
	 Marseille / Grand Littoral
	  	 	100,000.00	  
	 Lille / Euralille
	  	 	60,000.00	  
	 VALENCIENNE
	  	 	90,000.00	  
	 LONGWY - EXTENSION
	  	 	76,000.00	  
	 Orleans Saran
	  	 	102,000.00	  
	 ARCUEIL
	  	 	85,000.00	  
	 BREST IROISE
	  	 	101,000.00	  
	 Paris Montreuil Carrefour
	  	 	73,387.00	  
	 Calais / Coquelles
	  	 	50,000.00	  
	 Quimper
	  	 	184,290.00	  
	 VILLEFRANCHE SUR SAONE
	  	 	197,000.00	  
	 Nîmes / Casino
	  	 	57,092.00	  
	 LA ROCHELLE - ANGOULINS
	  	 	283,000.00	  
	 PARIS PONTAULT COMBAULT
	  	 	217,000.00	  
	 Paris / Passage du Havre
	  	 	70,000.00	  
	 Dijon Liberté
	  	 	363,771.00	  
	 Toulouse Rue Alasace Lorraine
	  	 	379,900.00	  
	 La Rochelle
	  	 	456,637.00	  

  
 40 

					
	 Bordeaux / Dijeaux
	  	 	390,000.00	  
	 Rennes Estrée
	  	 	590,000.00	  
	 Cannes Rue D’antibes
	  	 	144,000.00	  
	 ARRAS
	  	 	30,000.00	  
	 Cherbourg - CC Cotentin
	  	 	94,227.00	  
	 Nantes - CC Basse Goulaine
	  	 	110,000.00	  
	 Bordeaux St Médard
	  	 	135,652.00	  
	 Angoulème
	  	 	131,096.00	  
	 Hyères - CC Centr’Azur
	  	 	144,988.00	  
	 ROANNE
	  	 	68,747.00	  
	 Noyelles / Godault
	  	 	102,000.00	  
	 Paris Carré Sénart
	  	 	160,000.00	  
	 Toulouse FENOUILLET
	  	 	177,699.00	  
	 OSNY
	  	 	149,000.00	  
	 Auxerre
	  	 	84,156.00	  
	 Dijon / Toison d’Or
	  	 	50,000.00	  
	 CHARLEVILLE MEZIERES
	  	 	117,000.00	  
	 Boulogne sur Mer
	  	 	60,396.00	  
	 Louvroil / Maubeuge
	  	 	59,000.00	  
	 ROCQUES SUR GARONNE
	  	 	135,000.00	  
	 NANTES ST SEBASTIEN
	  	 	235,000.00	  
	 Paris / Italie 2
	  	 	220,795.00	  
	 LE MANS - JACOBINS
	  	 	145,000.00	  
	 RONCQ
	  	 	138,000.00	  
	 Villeneuve d’Ascq
	  	 	240,000.00	  
	 Marseille - CC Avant Cap
	  	 	232,979.00	  
	 AMIENS / DURY
	  	 	223,000.00	  
	 POITIERS - Rue Des Grandes Ecoles
	  	 	299,000.00	  
	 MULHOUSE WITTENHEIM
	  	 	188,000.00	  
	 NICE TNL
	  	 	240,000.00	  
	 VAL THOIRY
	  	 	178,000.00	  
	 Saint Etienne
	  	 	210,000.00	  
	 Avignon / Le Pontet
	  	 	439,421.00	  
	 Paris / Forum des Halles
	  	 	558,000.00	  
	 Vélizy 2
	  	 	900,000.00	  
	 Toulouse St Rome 2
	  	 	260,043.84	  
	 Orléans Place d’Arc
	  	 	347,471.16	  
	 Angers St Aubin
	  	 	280,972.16	  
	 Lyon Rue Victor Hugo
	  	 	581,415.36	  
	 Leers CC Auchan
	  	 	151,753.43	  
	 Montpellier Lattes
	  	 	262,697.92	  
	 Nantes Paridis
	  	 	231,333.00	  
	 Rouen / Tourville la Rivière
	  	 	195,253.76	  
	 ST QUENTIN / FAYET
	  	 	118,000.00	  
	 Flins carrefour
	  	 	81,234.90	  

  
 41 

					
	 Toulon Mayol
	  	 	164,889.60	  
	 Brest Coat Ar Gueven
	  	 	104,045.20	  
	 Montpellier
	  	 	309,984.00	  
	 Toulouse / Blagnac
	  	 	227,899.52	  
	 AVIGNON - MISTRAL 7
	  	 	220,000.00	  
	 Strasbourg Illkirch
	  	 	259,465.44	  
	 Nîmes / Coupole
	  	 	112,393.12	  
	 Pau / Gal Leclerc
	  	 	78,195.60	  
	 CHOLET
	  	 	170,000.00	  
	 Montluçon
	  	 	121,972.50	  
	 Saint Omer Longuenesses Auchan
	  	 	87,766.84	  
	 BAGNOLET BEL EST
	  	 	300,000.00	  
	 Marseille / Bourse
	  	 	195,684.00	  
	 Chalons en Champagne
	  	 	167,073.90	  
	 Le Havre Montivilliers
	  	 	117,544.00	  
	 Argenteuil
	  	 	5,168.80	  
	 Pau / Lescar
	  	 	57,125.28	  
	 ST PAUL LES DAX
	  	 	38,000.00	  
	 Valence Les Granges Auchan
	  	 	54,439.00	  
	 LA VILLE DU BOIS
	  	 	35,000.00	  
	 Tours La Riche
	  	 	57,167.28	  
	 Amiens CC GC glisy
	  	 	65,470.08	  
	 LENS 2
	  	 	65,000.00	  
	 Rouen CC St Sever
	  	 	104,993.28	  
	 NANCY HOUDEMONT
	  	 	80,000.00	  
	 LORMONT - BORDEAUX
	  	 	72,000.00	  
	 Perpignan Claira
	  	 	132,751.36	  
	 MOULINS
	  	 	110,000.00	  
	 Plaisir Auchan
	  	 	162,260.80	  
	 Nantes CC Atlantis
	  	 	164,189.76	  
	 AIX EN PROVENCE - GEANT CASINO
	  	 	7,000.00	  
	 Metz Semecourt
	  	 	180,051.84	  
	 BRIVE
	  	 	190,000.00	  
	 SERRIS - VAL D’EUROPE
	  	 	220,000.00	  
	 Niort
	  	 	219,323.39	  
	
Bourg-en-Bresse
	  	 	230,496.00	  
	 PERIGUEUX
	  	 	212,000.00	  
	 THIONVILLE
	  	 	220,000.00	  
	 Valence / Victor Hugo
	  	 	99,999.99	  
	 Caen rue du Bras
	  	 	299,692.50	  
	 MARTIGUES
	  	 	264,000.00	  
	 Bordeaux / Lac (Résilié au profit de l’extension)
	  	 	304,043.84	  
	 Metz / St Jacques
	  	 	313,853.60	  
	 RENNES COLOMBIA
	  	 	320,000.00	  

  
 42 

					
	 TOULOUSE SAINT ORENS
	  	 	180,000.00	  
	
Aix-en-Provence
	  	 	289,086.00	  
	 Bordeaux / Mérignac
	  	 	325,331.84	  
	 Strasbourg les Halles
	  	 	364,259.52	  
	 Rouen Gros horloge
	  	 	362,064.08	  
	 Bordeaux Sainte Catherine
	  	 	422,717.52	  
	 Chartres
	  	 	414,740.03	  
	 Amiens 3 Cailloux
	  	 	458,120.00	  
	 Cannes
	  	 	462,680.85	  
	 AUBAGNE
	  	 	460,000.00	  
	 Strasbourg Vieux marché aux grains
	  	 	598,768.40	  
	 Chalon sur Saon Carrefour
	  	 	140,000.00	  
	 Paris Le Millenaire
	  	 	52,850.00	  
	 Paris / St Michel
	  	 	1,078,229.00	  
	 Paris / St Michel
	  	 	22,867.35	  
	 Lyon Part Dieu n°2
	  	 	1,240,000.00	  
	 Lyon Part Dieu n°2
	  	 	76,500.00	  
	 Rouen / Barentin
	  	 	231,325.44	  
	 Rouen / Barentin
	  	 	22,867.35	  
	 Lille / rue d’Amiens
	  	 	277,000.00	  
	 Lille / rue d’Amiens
	  	 	45,734.72	  
	 Boulogne Billancourt
	  	 	668,000.00	  
	 Boulogne Billancourt
	  	 	15,000.00	  
	 Niort - CC Géant
	  	 	166,775.00	  
	 Niort - CC Géant
	  	 	7,650.00	  
	 Strasbourg / Hautepierre
	  	 	300,117.00	  
	 Strasbourg / Hautepierre
	  	 	10,000.00	  
	 Paris / Evry 2
	  	 	280,000.00	  
	 Paris / Evry 2
	  	 	76,224.51	  
	 REIMS CORMONTREUIL
	  	 	186,000.00	  
	 REIMS CORMONTREUIL
	  	 	12,000.00	  
	 Poitiers
	  	 	150,404.00	  
	 Poitiers
	  	 	100,000.00	  
	 ETREMBIERES
	  	 	211,000.00	  
	 ETREMBIERES
	  	 	15,245.00	  
	 LANESTER
	  	 	96,000.00	  
	 LANESTER
	  	 	4,450.00	  
	 CC Valence 2
	  	 	140,586.87	  
	 CC Valence 2
	  	 	9,147.00	  
	 Angers Espace Anjou
	  	 	239,924.00	  
	 Angers Espace Anjou
	  	 	19,100.00	  
	 Biarritz BAB 2
	  	 	279,091.90	  
	 Besançon
	  	 	179,603.13	  
	 Besançon
	  	 	22,867.35	  
	 MARSEILLE - CC LA VALENTINE
	  	 	350,000.00	  

  
 43 

					
	 MARSEILLE - CC LA VALENTINE
	  	 	18,500.00	  
	 BORDEAUX MERIADECK
	  	 	225,000.00	  
	 BORDEAUX MERIADECK
	  	 	13,000.00	  
	 Le HAVRE / Coty
	  	 	205,760.70	  
	 Le HAVRE / Coty
	  	 	15,244.90	  
	 BRETIGNY SUR ORGE
	  	 	207,000.00	  
	 BRETIGNY SUR ORGE
	  	 	10,000.00	  
	 Paris Rue de Rivoli Flagship
	  	 	2,800,000.00	  
	 Frejus CC Geant
	  	 	150,000.00	  
	 Albertville
	  	 	34,612.50	  
	 Paris Claye Souilly Carrefour
	  	 	130,000.00	  
	 Paris Claye Souilly Carrefour
	  	 	257,810.00	  
	 Saint Brieuc
	  	 	320,000.00	  
	 Moisselles
	  	 	75,000.00	  
	 Rennes CC Saint Gregoire
	  	 	75,000.00	  
	 Grenoble Grand rue
	  	 	150,000.00	  
	 Aulnoy Les Valenciennes
	  	 	70,000.00	  
	 Brest Le Phare de l’Europe
	  	 	137,800.00	  
	 Lyon Rue de la République
	  	 	250,000.00	  
	 Paris Général Leclerc
	  	 	548,000.00	  
	 Tarbes
	  	 	75,000.00	  
	 Sens Auchan
	  	 	6,500.00	  
	 Lorient Rue Colonel Jean Muller
	  	 	120,000.00	  
	 Bordeaux Begles
	  	 	320,000.00	  
	 Laval La Mayenne
	  	 	125,000.00	  
	
Epinay-Sur-Seine
	  	 	10,000.00	  
	 Besancon Chateaufarine
	  	 	231,000.00	  
	 Besancon Chateaufarine
	  	 	20,000.00	  
	 Sete Avenue Gambetta
	  	 	130,000.00	  
	 Narbonne rue du Pont des Marchands
	  	 	50,000.00	  
	 Nice, Lingostiere
	  	 	290,500.00	  
	 Strasbourg CORA Mundolsheim
	  	 	36,225.00	  
	 Meaux
	  	 	15,000.00	  

  
 44 

 SCHEDULE 6.07 

Transactions with Affiliates 

Reference is made to related party transaction disclosures in Claire’s Stores, Inc.’s Form
10-Ks and Form 10-Qs filed with the U.S. Securities and Exchange Commission. 

  
 45 

 SCHEDULE 9.01 

Notice Information 
 Administrative Agent:

 Botticelli LLC 
 c/o Angelo, Gordon & Co., LP 

245 Park Avenue, 26th Floor 
 New York, New York 10167 

Attn: Gavin Baiera 
 Fax No. (212)
867-6395 
 Collateral Agent: 

Cortland Capital Market Services LLC 
 225 W. Washington Street,
21st Floor 
 Chicago, IL 60606 
 Attention: Ryan Morick and
Legal Department 
 Fax No.: (312) 562-5072 

Borrowers: 
 Claire’s (Gibraltar) Holdings Limited 

3 SW 129th Avenue 

Suite 400 
 Pembroke Pines, FL 33027 

Attention: Stephen Sernett, Director 
 Fax No.: (954) 433-3999 

  
 46 

 Exhibit A 

Exhibit A 

[Form of] 

Assignment and Acceptance Agreement 

ASSIGNMENT AND ACCEPTANCE 

This Assignment and Acceptance (the “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is
entered into by and between [the][each] Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each] Assignee identified in item 2 below ([the][each, an]
“Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees] hereunder are several and not joint.]1 Capitalized terms used but not
defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, restated, amended and restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”),
receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and
Acceptance as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the
Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of
the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under
the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective
Assignors] under the respective facilities identified below (including without limitation any guarantees included in such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and
any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other
documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory
claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses
(i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and
Acceptance, without representation or warranty by [the][any] Assignor. 
  

							
	1.	 	Assignor[s]:	 	  
	 	
				
		 		 	  
	 	
				
	2.	 	Assignee[s]:	 	  
	 	
				
		 		 	  
	 	
			
		 	[Assignee is an [Affiliate][Approved Fund] of [identify Lender]	 	
			
	3.	 	Borrowers:	 	Claire’s (Gibraltar) Intermediate Holdings Limited and Claire’s Germany GmbH
			
	4.	 	Administrative Agent:	 	Botticelli, L.L.C., as the administrative agent under the Credit Agreement

  

 

	1 	Include bracketed language if there are either multiple Assignors or multiple Assignees. 

							
			
	5.	 	Credit Agreement:	 	That certain Credit Agreement, dated as of December [    ], 2016 (as amended, restated, amended and restated, supplemented or otherwise modified and in effect on the date hereof, the
“Credit Agreement”), among Claire’s (Gibraltar) Intermediate Holdings Limited and Claire’s Germany GmbH, the Lenders party thereto from time to time, Botticelli, L.L.C., as administrative agent and Cortland Capital Market
Services LLC, as collateral agent for the Lenders and the other parties party thereto.
				
	6.	 	Assigned Interest[s]:	 		 	

  

																									
	 Assignor[s]2
	  	Assignee[s]3	 	  	Term Loans
Assigned	 	  	Aggregate Amount of
Commitment/Loans for
all Lenders4	 	  	Amount of
Commitment/Loans
Assigned8	 	  	Percentage
Assigned of
Commitment/
Loans5	 	 	CUSIP
Number	 
		  				  				  	$	            	  	  	$	            	  	  	 	    	% 	 			
		  				  				  	$	            	  	  	$	            	  	  	 	    	% 	 			
		  				  				  	$	            	  	  	$	            	  	  	 	    	% 	 			

  

					
	 [7.
	 	 Trade Date:
	 	                    ]6

 [Signature Page(s) Follow] 
  

 

	2 	List each Assignor, as appropriate. 

	3 	List each Assignee, as appropriate. 

	4 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

	5 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	6 	To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date. 

 Effective Date:              ,
20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

The terms set forth in this Assignment and Acceptance are hereby agreed to: 

 

			
	ASSIGNOR[S]
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Title:	 	
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Title:	 	
	
	ASSIGNEE[S]
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Title:	 	
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Title:	 	

  

			
	[Consented to and]7 Accepted:
	
	BOTTICELLI, L.L.C., as
	Administrative Agent
		
	By:	 	  

	Title:	 	
	
	[Consented to:]8
	
	CLAIRE’S (GIBRALTAR) INTERMEDIATE HOLDINGS LIMITED
		
	By:	 	  

	Title:	 	

  
  

	7 	To be added only if the consent of the Administrative Agent is required by Section 9.04(b)(i)(B) of the Credit Agreement. 

	8 	To be added only if the consent of Holdings is required by Section 9.04(b)(i)(A) of the Credit Agreement. 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

Assignment and Acceptance 
 1.
Representations and Warranties. 
 1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is
the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and (iv) it is not a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements,
warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrowers, any of their respective Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrowers, any of
their respective Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 1.2.
Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions
contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 9.04 of the Credit Agreement (subject to such consents, if any, as may be required thereunder), (iii)
from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is
sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets
of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 3.05 thereof, as applicable,
and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase [the][such] Assigned Interest, and (vi) it has, independently and without
reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase [the][such]
Assigned Interest; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in
respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for
amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the][the
relevant] Assignee. 
 3. General Provisions. This Assignment and Acceptance shall be binding upon, and inure to the benefit of, the
parties hereto and their respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Acceptance by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be governed by, and construed in accordance with, the law of the State of
New York. 

 Exhibit B-1 

Exhibit B-1 

Form of Guarantee Agreement 

  
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 EXECUTION COPY 

GUARANTEE 

GUARANTEE, dated as of January 5, 2017 (this “Agreement”), among CLAIRE’S (GIBRALTAR) INTERMEDIATE HOLDINGS
LIMITED (“Holdings”) and CLAIRE’S GERMANY GMBH (together with Holdings, each, a “Borrower” and collectively, the “Borrowers”), each of the Subsidiaries listed on the
signature pages hereto or that becomes a party hereto pursuant to Section 4.12 of this Agreement (each a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors”; the Subsidiary
Guarantors and each Borrower (in its capacity hereunder) are referred to collectively as the “Guarantors”), BOTTICELLI LLC, as the administrative agent for the Lenders (in such capacity, including any successor thereto, the
“Administrative Agent”), and CORTLAND CAPITAL MARKET SERVICES LLC, as collateral agent for the Secured Parties (in such capacity, including any successor thereto, the “Collateral Agent”). 

PRELIMINARY STATEMENT 

Reference is made to the Credit Agreement, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among the Borrowers, the lenders from time to time party thereto (the “Lenders”), the Administrative Agent and the Collateral Agent. Capitalized terms used
but not defined in this Agreement shall have the meanings given or ascribed to them in the Credit Agreement. 
 The Lenders have agreed to
extend credit to the Borrowers pursuant to, and upon the terms and conditions specified in, the Credit Agreement. Each Guarantor is an Affiliate of the Borrowers, will derive substantial benefits from the extension of credit to the Borrowers
pursuant to the Credit Agreement and is willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. Accordingly, the parties hereto agree as follows: 

ARTICLE I 
 GUARANTEE

 SECTION 1.01. Guarantee. Each Guarantor unconditionally guarantees, jointly with the other Guarantors and
severally, as a primary obligor and not merely as a surety, the due and punctual payment and performance of the Obligations, whether at the stated maturity, by acceleration or otherwise, of anyone other than such Guarantor. Each Guarantor further
agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation. Each Guarantor
waives diligence, presentment to, protest, demand of payment from and protest to any Borrower or any other Loan Party of any Obligation, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. 

SECTION 1.02. Guarantee of Payment. Each Guarantor further agrees that its guarantee hereunder constitutes a guarantee of
payment when due and payable and not of collection, and waives any right to require that any resort be had by the Collateral Agent or any other Secured Party to any security held for the payment of the Obligations or to any balance of any deposit
account or credit on the books of the Collateral Agent or any other Secured Party in favor of any Borrower or any other person (as defined in the Credit Agreement). 

SECTION 1.03. Guarantor Intent. Subject to the limitations set forth in Sections 1.10 and 1.11, each Guarantor expressly
confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Loan 

  
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Documents and/or any facility or amount made available under any of the Loan Documents (including, without limitation, for the purposes of or in connection with any acquisition of any nature,
increasing working capital, enabling investor distributions to be made, carrying out restructurings, refinancing existing facilities, refinancing any other indebtedness, making facilities available to additional borrowers, any other variation or
extension of the purposes for which any such facility or amount might be made available from time to time and any fees, costs and/or expenses associated with any of the foregoing). The foregoing notwithstanding, the Administrative Agent and the
Collateral Agent (directly or at the direction of any of Lenders or the Secured Parties) may, in accordance with the ten Business Days’ term in Section 4.17, request any of the Guarantors to ratify (either in a private or in a public
document before a notary) and carry out all necessary acts in order to confirm any such extension from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Loan Documents and/or any facility or
amount made available under any of the Loan Documents (including, without limitation, for the purposes of or in connection with any acquisition of any nature, increasing working capital, enabling investor distributions to be made, carrying out
restructurings, refinancing existing facilities, refinancing any other indebtedness, making facilities available to additional borrowers, any other variation or extension of the purposes for which any such facility or amount might be made available
from time to time and any fees, costs and/or expenses associated with any of the foregoing). 
 SECTION 1.04. No Limitations,
Etc. 
 (a) Except for the limitations set forth in Sections 1.10 and 1.11, the obligations of each Guarantor hereunder shall not be
subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination
whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall be valid and enforceable and shall not be
discharged, terminated, reduced or impaired or otherwise affected by, whether or not any Guarantor shall have had notice or knowledge of any of them, (i) the failure of the Collateral Agent or any other Secured Party to assert any claim or
demand or to enforce any right or remedy under the provisions of any Loan Document or otherwise, (ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, any Loan Document or any other
agreement, including with respect to any other Guarantor under this Agreement, (iii) the release of, or any impairment of or failure to perfect any Lien on or security interest in, any security held by the Collateral Agent or any other Secured
Party for the Obligations or any of them, (iv) any default, failure or delay, willful or otherwise, in the performance of the Obligations, (v) the existence of any dispute between any Borrower and any Secured Party with respect to the
existence of any Event of Default or (vi) any other act or omission that may or might in any manner or to any extent vary the risk of any Guarantor or otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than
the indefeasible payment in full in cash of all the Obligations (other than those expressly stated to survive the Maturity Date)). Each Guarantor expressly authorizes the Collateral Agent to take and hold security for the payment and performance of
the Obligations, to exchange, waive or release any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof in its sole discretion or to release or substitute any one
or more other guarantors or obligors upon or in respect of the Obligations, all without affecting the obligations of any Guarantor hereunder. 

(b) To the fullest extent permitted by applicable law, each Guarantor waives (i) any defense based on or arising out of any defense of
any Borrower or any other Loan Party or the validity or unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any Borrower or any other Loan Party, other than the indefeasible
payment in full in cash of all the Obligations (other than those expressly stated to survive the Maturity Date); (ii) any right to require any Secured Party, as a condition of payment or performance by such Guarantor, to (A) proceed

  
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against any Borrower, any other guarantor (including any other Guarantor) of the Obligations or any other person, (B) proceed against or exhaust any security held from any Borrower, any such
other guarantor (including any other Guarantor) or any other person, (C) proceed against or have resort to any balance of any deposit account or credit on the books of any Secured Party in favor of any Borrower or any other person, or
(D) pursue any other remedy in the power of any Secured Party whatsoever; (iii) any defense based upon any applicable law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome
than that of the principal; (iv) any defense based upon any Secured Party’s errors or omissions in the administration of the Obligations, except behavior which amounts to gross negligence, bad faith or willful misconduct; (v) (A) any
principles or provisions of applicable law, which are or might be in conflict with the terms hereof and any legal or equitable discharge of such Guarantor’s obligations hereunder, (B) the benefit of any statute of limitations affecting
such Guarantor’s liability hereunder or the enforcement hereof, (C) any rights to set offs, recoupments and counterclaims, and (D) promptness, diligence and any requirement that any Secured Party protect, secure, perfect or insure any
security interest or lien or any property subject thereto; (vi) notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance hereof, notices of default hereunder,
or any agreement or instrument related thereto, notices of any renewal, extension or modification of the Obligations or any agreement related thereto, notices of any extension of credit to any Borrower and notices of any of the matters referred to
in this Section 1.04 and any right to consent to any thereof; and (vii) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the
terms hereof. Following the occurrence and during the continuance of an Event of Default, the Collateral Agent and the other Secured Parties may, at their election, foreclose on any security held by one or more of them by one or more judicial or
nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with any Borrower or any other Loan Party or exercise any other right or remedy
available to them against any Borrower or any other Loan Party, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Obligations (other than those expressly stated to survive the Maturity Date)
have been fully and indefeasibly paid in full in cash. To the fullest extent permitted by applicable law, each Guarantor waives any defense arising out of any such election (other than the indefeasible payment in full in cash of the Obligations
(other than those expressly stated to survive the Maturity Date)) even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against
any Borrower or any other Loan Party, as the case may be, or any security. 
 (c) Each Guarantor agrees that its obligations hereunder are
irrevocable, absolute, independent and unconditional and shall not be affected by any circumstance which constitutes a legal or equitable discharge of a guarantor or surety other than the indefeasible payment in full in cash of the Obligations
(other than those expressly stated to survive the Maturity Date). In furtherance of the foregoing and without limiting the generality thereof, each Guarantor agrees as follows: 

(i) the obligations of each Guarantor hereunder are independent of the obligations of the Borrowers and the obligations of any
other guarantor (including any other Guarantor) in respect of the obligations of any Borrower, and a separate action or actions may be brought and prosecuted against such Guarantor whether or not any action is brought against any Borrower or any of
such other guarantors (including any other Guarantor) and whether or not any Borrower is joined in any such action or actions; 

(ii) payment by any Guarantor of a portion, but not all, of the Obligations shall in no way limit, affect, modify, release,
reduce or abridge any Guarantor’s liability for any portion of the Obligations which has not been paid; 

  
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 (iii) any Secured Party, in accordance with the Credit Agreement, upon such terms
as it deems appropriate, without notice or demand and without affecting the validity or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability hereunder, from time to
time may (A) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place, manner or terms of payment of the Obligations and (B) request and accept other guaranties of the Obligations and take and hold
security for the payment hereof or the Obligations. The foregoing notwithstanding, the Administrative Agent and the Collateral Agent (directly or at the direction of any of the Secured Parties) may, in accordance with the ten Business Days’
term in Section 4.17, request any of the Guarantors to ratify (either in a private or in a public document before a notary) and carry out all necessary acts in order to reflect any such renewal, extension, acceleration, increased rate of
interest, or other change in the time, place, manner or terms of payment of the Obligations; and 
 (iv) any Secured Party
may exercise any other rights or remedies available to it under the Loan Documents. 
 SECTION 1.05. Bankruptcy, etc.

 (a) To the extent permitted under applicable law, the obligations of the Guarantors hereunder shall not be reduced, limited, impaired,
discharged, deferred, suspended or terminated by any case, filing, petition, application, plan of arrangement or proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or arrangement of
any Borrower or any other Guarantor, or the appointment of a receiver, administrative receiver, interim receiver, receiver and manager, administrator, judicial manager, trustee, custodian, sequestrator, conservator, controller or any similar
official or by any defense which any Borrower or any other Guarantor may have by reason of the order, decree or decision of any court or administrative body resulting from any such case, filing, petition, application, plan of arrangement proceeding
unless also stayed in connection with the insolvency, bankruptcy or reorganization of such Guarantor. 
 (b) To the extent permitted under
applicable law, each Guarantor acknowledges and agrees that any interest on any portion of the Obligations which accrues after the commencement of any voluntary or involuntary bankruptcy, reorganization or insolvency case, filing, petition,
application, plan of arrangement or proceeding of or against any Borrower or any Guarantor (or, if interest on any portion of the Obligations ceases to accrue by operation of law by reason of the commencement of such case, filing, petition,
application, plan of arrangement or proceeding, such interest as would have accrued on such portion of the Obligations if such case, filing, petition, application, plan of arrangement or proceeding had not been commenced) shall be included in the
Obligations because it is the intention of the Guarantors and the Secured Parties that the Obligations which are guaranteed by the Guarantors pursuant hereto should be determined without regard to any rule of law or order which may relieve any
Borrower of any portion of such Obligations. The Guarantors will permit any trustee in bankruptcy, receiver, administrative receiver, interim receiver, receiver and manager, administrator, custodian, sequestrator, conservator, controller, debtor in
possession, assignee for the benefit of creditors or similar person to pay the Administrative Agent, or allow the claim of the Administrative Agent in respect of, any such interest accruing after the date on which such case, filing, petition,
application, plan of arrangement or proceeding is commenced. 
 (c) If acceleration of the time for payment of any amount payable by any
Borrower under the Credit Agreement or by any Borrower or any Guarantor under any other Loan Document is stayed upon the insolvency, bankruptcy or reorganization of such Borrower or such Guarantor, all such amounts otherwise subject to acceleration
under the terms of the Credit Agreement or any other Loan Document 

  
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shall nonetheless be payable by each of the other Guarantors hereunder forthwith on demand by the Administrative Agent unless also stayed in connection with the insolvency, bankruptcy or
reorganization of such Guarantor. 
 SECTION 1.06. Reinstatement. Each Guarantor agrees that its guarantee hereunder
shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Collateral Agent or any other Secured Party upon the insolvency,
dissolution, liquidation, bankruptcy or reorganization of any Borrower, any other Loan Party, the appointment of a receiver, administrative receiver, interim receiver, receiver and manager, administrator, liquidator, statutory manager, trustee,
custodian, sequestrator, conservator or any similar official or otherwise. 
 SECTION 1.07. Agreement To Pay;
Subrogation. In furtherance of the foregoing and not in limitation of any other right that the Collateral Agent or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of any Borrower or
any other Loan Party to pay any Obligation when and as the same shall become due and payable, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be
paid, to the Administrative Agent or the Collateral Agent, as applicable, for distribution to the applicable Secured Parties in cash the amount of such unpaid Obligation plus any accrued and unpaid interest on such Obligation (including interest
which, but for any Borrower’s becoming the subject of a case, filing, petition, application, plan of arrangement under any Debtor Relief Law, would have accrued on such Obligations whether or not such claim is allowed against any Borrower for
such interest in the related case, filing, petition, application, plan of arrangement). Upon payment by any Guarantor of any sums to the Administrative Agent or the Collateral Agent, as applicable, as provided above, all rights of such Guarantor
against any Borrower or any other Guarantor arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article II. 

SECTION 1.08. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of each
Borrower’s and each other Loan Party’s financial condition and assets and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Guarantor assumes and
incurs hereunder, and agrees that neither the Collateral Agent nor any other Secured Party will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks. 

SECTION 1.09. Instrument for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Article I
constitutes an instrument for the payment of money, and consents and agrees that any Lender, the Administrative Agent or the Collateral Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due
hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213. 
 SECTION 1.10. General
Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate, limited partnership or limited liability company law, or any applicable state, provincial, territorial, federal or foreign bankruptcy,
insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 1.01 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to
the claims of any other creditors, on account of the amount of its liability under Section 1.01, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Guarantor, any
Loan Party or any other person, be automatically limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 2.02) that is valid and enforceable and not subordinated to the claims of other
creditors as determined in such action or proceeding. 

  
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 SECTION 1.11. Limitation on Guarantee Obligations of Guarantors. 

(a) Guarantors incorporated in England and Wales. This guarantee does not apply to any liability of a Guarantor incorporated in
England & Wales to the extent that it would result in this guarantee constituting unlawful financial assistance within the meaning of sections 677, 678 or 679 of the Companies Act 2006 or any equivalent provision of any applicable law. 

(b) Guarantors incorporated in Luxembourg. 

(i) Notwithstanding any provision to the contrary in this Agreement or any other Loan Document, the aggregate amounts of the
guarantee obligations under this Agreement of any guarantor incorporated in Luxembourg (a “Luxembourg Guarantor”) for the obligations of any other Loan Party which is not a direct or indirect subsidiary of such Luxembourg
Guarantor (the “Luxembourg Guarantee Obligations”), shall be limited at any time, with no double counting, to an aggregate amount not exceeding the greater of: 

(A) (x) ninety percent (90%) of such Luxembourg Guarantor’s own funds (capitaux propres) as referred to in
article 34 of the Luxembourg act dated 19 December 2002 (the “2002 Law”) concerning the trade and companies register and the accounting and annual accounts of undertakings, as amended (the “Own
Funds”), increased by (y) any amounts owed by such Luxembourg Guarantor to any affiliated entity and that have not been financed (directly or indirectly) by the Credit Agreement and (without double-counting) and any subordinated
liabilities as referred to in 2002 Law; each as reflected in the most recent available financial statements of such Luxembourg Guarantor as on the date of this Agreement; or 

(B) (x) ninety percent (90%) of such Luxembourg Guarantor’s Own Funds increased by (y) any amounts owed by such
Luxembourg Guarantor to any affiliated entity and that have not been financed (directly or indirectly) by the Credit Agreement and (without double-counting) and any subordinated liabilities as referred to in 2002 Law; each as reflected in the most
recent available financial statements of such Luxembourg Guarantor as on the date of demand of payment of the guarantee under this Agreement. 

(ii) The limitation in clause (i) above shall not apply to the extent that the obligations or liabilities assumed by such
Luxembourg Guarantor under this Agreement relate to any amounts borrowed or made available, in any form whatsoever, under the Loan Documents to such Luxembourg Guarantor or any of its (current or future) direct or indirect subsidiaries. 

(iii) The Luxembourg Guarantee Obligations of a Luxembourg Guarantor will not extend to include any obligations or liabilities
if this would constitute a breach of the financial assistance prohibitions contained in article 49-6 of the Luxembourg Law dated August 10, 1915 on commercial companies, as amended. 

(c) Guarantors incorporated in Gibraltar. This guarantee does not apply to any liability of a Guarantor incorporated in Gibraltar to
the extent that it would result in this guarantee constituting unlawful financial assistance within the meaning of section 100 of the Companies Act 2014 or any equivalent provision of any applicable law. 

  
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 (d) Guarantors incorporated in Germany. 

(i) The Secured Parties shall be entitled to enforce the Guarantee against each Guarantor incorporated and existing under the
laws of Germany as a company with limited liability (Gesellschaft mit beschränkter Haftung) (each a “German Guarantor”) without limitation in respect of: 

(A) any and all amounts which are owed under the Obligations directly (i.e. as a result of borrowing or other direct liability
under the Loan Documents, thus excluding any secondary liability under joint and several liability, guarantee or indemnity) by the German Guarantor itself or by any of its direct or indirect Subsidiaries; and 

(B) any and all amounts which correspond to funds which have been borrowed under any of the Loan Documents to the extent on-lent or otherwise passed on to, or issued for the benefit of, the German Guarantor or any of its direct or indirect Subsidiaries, or for the benefit of any of their creditors and in each case not repaid and
outstanding from time to time; and 
 (C) any and all amounts for which an enforcement is not limited by paragraphs
(ii) through (xi) below. 
 (ii) The Secured Parties shall not be entitled to enforce the Guarantee against a German
Guarantor, to the extent that: 
 (A) the enforcement of the Guarantee would result in a repayment of the obligations of a
Loan Party which is (i) a shareholder of the German Guarantor or (ii) an affiliated company in which a shareholder of the German Guarantor (other than the German Guarantor itself and any of its direct or indirect Subsidiaries) directly or
indirectly holds any shares, provided that such enforcement would be regarded as a payment (Auszahlung) by the German Guarantor to a shareholder of the German Guarantor within the meaning of section 30 of the German Act on Companies with
Limited Liability (GmbHG) (as amended from time to time); and 
 (B) the German Guarantor as dependent
(abhängig) and/or profit transferring (gewinnabführend) company has not entered into a domination and/or profit and loss transfer agreement (Beherrschungs- und/oder Gewinnabführungsvertrag) with such shareholder
or affiliate; and 
 (C) the enforcement of the Guarantee would (i) have the effect of reducing the German
Guarantor’s net assets (Reinvermögen) (hereinafter: “Net Assets”) to an amount of less than its registered share capital or, if the Net Assets are already an amount of less than its registered share capital,
of causing such amount to be further reduced and (ii) thereby affect the assets required for the mandatory preservation of the German Guarantor’s registered share capital according to section 30 of the German Act on Companies with Limited
Liability (GmbHG) (as amended from time to time), provided that the amount of the 

  
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registered share capital to be taken into account shall be the amount registered in the commercial register as at the date hereof (or if lower, such amount at any date hereafter) and only to the
extent that it is actually paid in, and any increase of the registered share capital after the date of this Agreement shall only be taken into account if such increase has been effected with the prior written consent of the Secured Parties. 

(iii) The Net Assets shall be calculated as an amount equal to the sum of the book values of the German Guarantor’s assets
(consisting of all assets which correspond to the items set forth in section 266 sub-section (2) A, B and C of the German Commercial Code (HGB)) less the aggregate amount of the German
Guarantor’s liabilities (consisting of all liabilities and liability reserves which correspond to the items set forth in section 266 sub-section (3) B, C and D of the German Commercial Code
(HGB)), provided that: 
 (A) obligations under loans or other liabilities incurred by the German Guarantor which
(i) are subordinated within the meaning of section 39 paragraph 2 of the German Insolvency Code (Insolvenzordnung) or (ii) have been incurred in violation of the provisions of the Loan Documents, shall (in each case) not be taken
into account as liabilities; and 
 (B) the book values shall be determined in accordance with the generally accepted
accounting principles applicable from time to time in Germany (Grundsätze ordnungsgemäßer Buchfuhrüng) and be based on the same principles which were applied by the German Guarantor in the preparation of its (at the time
in question) most recent annual commercial law balance sheet (handelsbilanzielle Jahresbilanz). 
 (iv) If the
Guarantee cannot be fully enforced against the German Guarantor due to the limitations in Section 1.11, the German Guarantor shall, upon request of the Collateral Agent, dispose or otherwise realise, to the extent legally permitted and in order
to enable the Secured Parties to enforce the Guarantee in full or with less limitations, any and all of its assets which are not required for the German Guarantor’s business (nicht betriebsnotwendig) and where the book value
(Buchwert) of such asset or assets shown in the most recent annual commercial law balance sheet (handelsbilanzielle Jahresbilanz) is significantly lower than the market value of the asset or assets, within a time period reasonably
required in order to dispose or otherwise realise any such asset or assets. 
 (v) If the Guarantee cannot be fully enforced
against the German Guarantor due to the limitations in Section 1.11, the German Guarantor shall, to the extent that the German Guarantor is legally permitted to do so and in order to enable the Secured Parties to enforce the Guarantee in full
or with less limitations, take all measures (including, without limitation, setting-off claims or dissolution of hidden reserves) requested by the Collateral Agent to increase the amount of Net Assets. 

(vi) Without prejudice to paragraph (vii) below, the enforcement of the Guarantee shall only be limited pursuant to
paragraph (ii) above if the German Guarantor delivers to the Collateral Agent, without undue delay: 
 (A) but no later
than within 20 Business Days after receipt of a request for payment under the Guarantee by a Secured Party, a notice in writing specifying: 

I. to what extent the Guarantee should not be enforced under paragraph (ii) above; and 

  
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 II. the amounts which would, if the Guarantee were enforced, have the effect of
(x) reducing the German Guarantor’s Net Assets to an amount of less than its registered share capital or, if the Net Assets are already an amount of less than its registered share capital, of causing such amount to be further reduced and
(y) thereby affecting the assets required for the mandatory preservation of the German Guarantor’s registered share capital in accordance with section 30 of the German Act on Companies with Limited Liability (GmbHG) (as amended from
time to time), 
 and provides with such notice sufficient supporting evidence, including, without limitation, an up-to-date pro forma balance sheet and a detailed calculation of the Net Assets in accordance with paragraphs (ii) to (v) above (the “Management
Determination”); 
 (B) but not later than within 45 Business Days after receipt of a request for payment under
the Guarantee by a Secured Party, an up-to-date balance sheet prepared by a firm of auditors of international standard and reputation which shows the value of the German
Guarantor’s Net Assets (hereinafter: “Balance Sheet”). The Balance Sheet shall be prepared in accordance with the principles set out in paragraph (iii) above and shall contain additional information (in reasonable
detail) relating to items to be adjusted pursuant to paragraph (iii) above. 
 (vii) If a Secured Party has enforced the
Guarantee without limitation because the Management Determination and/or the Balance Sheet was not delivered or not delivered within the applicable time, the relevant Secured Party shall, upon written demand of the German Guarantor, repay to the
German Guarantor any amount which pursuant to the Management Determination and/or the Balance Sheet has been enforced in excess, provided that (a) such Management Determination and/or the Balance Sheet also confirms that, at such later point in
time the application of paragraph (ii) above would result in a limitation of the amount enforceable under the Guarantee and (b) such Management Determination and/or Balance Sheet is delivered not later than an additional 20 Business Days
after it should have been delivered. For the avoidance of doubt, a Secured Party is entitled, in any event, to enforce the Guarantee without limitation to the extent enforcement is not restricted based on the Management Determination and/or the
Balance Sheet. 
 (viii) If a Secured Party disagrees with the Management Determination and/or the Balance Sheet, it shall
notify the relevant German Guarantor accordingly. The Secured Party shall be entitled to enforce the Guarantee and to apply the proceeds to settle its claims without limitation up to the amount which is undisputed between it and the relevant German
Guarantor. In relation to the amount which is disputed by the relevant Secured Party, the Secured Party shall be entitled to further pursue its claims under the Guarantee if and to the extent that an up-to-date balance sheet prepared by a firm of auditors of international standard and reputation opposing the Balance Sheet (hereinafter: “Opposing Balance Sheet”) shows that the
limitations under paragraph (ii) result in a higher enforceable amount under the Guarantee. The Opposing Balance Sheet shall be prepared in accordance with the principles set out in paragraph (iii) above. 

  
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 (ix) In relation to any amounts exceeding the amount which according to the
Management Determination, the Balance Sheet and, as the case may be, the Opposing Balance Sheet can be enforced in compliance with the limitations set out in paragraph (ii) above for which the German Guarantors are liable under the Guarantee, a
Secured Party shall be entitled to further pursue its claims (if any) after expiry of three (3) months from the date the Balance Sheet was delivered to the Secured Party. However, the relevant German Guarantor is entitled to prove that this
amount is still necessary for maintaining its registered share capital (calculated as of the date the demand under this Guarantee was made (or if lower at any later date)). 

(x) The limitations set out in paragraph (ii) above shall not apply: 

(A) if and to the extent that, despite being in a position to take measures as described in paragraphs (iv) and/or
(v) and requested by a Secured Party or the Collateral Agent, the German Guarantor delays or fails to take such measures; or 

(B) if, at the time the Guarantee is enforced, the limitations set out in paragraph (ii) above are no longer required in
order to protect the managing directors of the German Guarantor from incurring any personal liability exposure due to an enforcement of the Guarantee with respect a breach of Section 30 of the German Act on Companies with Limited Liability
(GmbHG) (as amended from time to time). 
 No reduction of the amount enforceable under the Guarantee shall prejudice the right of a Secured
Party to continue enforcing this Guarantee (subject always to the operation of the limitations set out above at the time of such enforcement) until there has been full and irrevocable satisfaction of all claims under the Guarantee. 

(e) Guarantors incorporated in France. 

(i) Notwithstanding anything to the contrary in this Article I, the liability of any French Guarantor in its capacity as a
Guarantor is subject to the following limitations: 
  

	 	(A)	the obligations and liabilities of any French Guarantor under the Loan Documents and in particular under Article I of this Agreement shall not include any obligation or liability which if incurred would constitute the
provision of unlawful financial assistance (assistance financière prohibée) within the meaning of article L. 225-216 of the French Commercial Code (Code de commerce) and/or would
constitute a majority shareholding misuse or a misuse of corporate assets within the meaning of articles L. 241-3, L. 242-6 or L.
244-1 of the French Commercial Code (Code de commerce) or any other laws or regulations having the same effect, as interpreted by French courts; 

 

	 	(B)	the obligations and the liabilities of any French Guarantor under Article I of this Agreement for the obligations under the Loan 

  
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Documents of any other Obligor which is not a subsidiary of that French Guarantor, shall be limited to an amount equal to the difference between: 

 

	 	I.	the aggregate of all amounts borrowed directly or indirectly under the Agreement by such other Obligor as Borrower to the extent directly or indirectly on-lent or otherwise
provided by such Borrower to that French Guarantor and/or its Subsidiaries under inter-company loan agreements or similar arrangements and outstanding at the date a payment is to be made by that French Guarantor under Clause 21.1 (Guarantee and
indemnity) of this Agreement; and 

  

	 	II.	the aggregate of all the amounts already received by the Lender from the French Guarantor pursuant to Clause 21.1 (Guarantee and indemnity); 

 

	 	(C)	the obligations and the liabilities of the French Guarantor under Article I of this Agreement for the obligations under the Loan Documents of any Guarantor which is its subsidiary shall not, in relation to amounts due
by such Guarantor as a borrower, be limited and shall therefore cover all amounts due by such Guarantor as a borrower and shall cover, in relation to amounts due by such Guarantor as a Guarantor, all amounts due by such Guarantor as a Guarantor
subject to the limitations set out in paragraphs (A) and (B) above as if the same applied mutatis mutandis to such Guarantor. 

  

	 	(D)	For the avoidance of doubt, it is acknowledged that each French Guarantor shall not be considered as “co-débiteur solidaire” as to their obligations
pursuant it the guarantees given in accordance with this Section 1.11(e). 

 (f) Guarantors incorporated in Spain. This
guarantee does not apply to any liability to the extent that it would result in this guarantee constituting unlawful financial assistance within the meaning of Articles 143 and 150 of the Spanish Royal Legislative Decree 1/2010, of 2 July,
approving the consolidated text of the companies law or any equivalent provision of any applicable law. 
 (g) Guarantors incorporated in
Switzerland. Notwithstanding anything to the contrary in this Agreement or in any other Loan Document, if and to the extent that (i) any Guarantor incorporated in Switzerland (a “Swiss Guarantor”) becomes liable under this
Agreement or any Loan Document, or any security granted by the Swiss Guarantor under this Agreement or any Loan Document is enforced, for obligations of such Swiss Guarantor’s Affiliates which are not direct or indirect subsidiaries wholly
owned by the Pledgor (the “Restricted Obligations”) and (ii) discharging such liability, or using the proceeds of the enforcement of such security toward satisfaction of the Restricted Obligations, would constitute a repayment
of capital (Einlagerückgewähr), a violation of the legally protected reserves (gesetzlich geschütze Reserven) or the payment of a (constructive) dividend (Gewinnausschüttung) by the Swiss Guarantor, or would
otherwise be restricted under Swiss law then applicable, then the aggregate liability of the Swiss Guarantor for the Restricted Obligations shall be limited to the amount of (unrestricted) equity of the Swiss Guarantor which is available for
distribution as dividends under the Swiss law (including retained earnings, current net profits, and the reserves available for distribution) at the time the payment of the Restricted Obligations is requested from the Swiss Guarantor (the
“Maximum Amount”), provided that such limitation shall not release the Swiss Guarantor from its liability in excess of the Maximum Amount, but that it shall merely postpone the performance date thereof until such time or
times as performance is again permitted. 

  
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 If any payment made in respect to Restricted Obligations under this Agreement or any Loan
Document is subject to the tax imposed pursuant the Swiss Federal Act on Withholding Tax of 13 October 1965 (Bundesgesetz über die Verrechnungssteuer vom 13 Oktober 1965) as amended from time to time (“Swiss Witholding
Tax”), the Swiss Guarantor shall: 
 (i) mitigate to the maximum extent possible any Swiss Withholding Tax to be
levied on any payment made in respect to Restricted Obligations under this Agreement or any Loan Document (and cause its shareholder and other relevant Affiliates to fully cooperate in any mitigating efforts) by discharging the Swiss Withholding Tax
liability through the notification procedure pursuant to applicable law (including tax treaties); and/or, if the notification procedure referred to in this paragraph (i). is not (fully) applicable, 

(ii) deduct from the payment made in respect to Restricted Obligations the Swiss Withholding Tax at the relevant then
applicable rate and timely pay any such deduction to the Swiss Federal Tax Administration; and 
 (iii) promptly notify the
Collateral Agent that the notification and/or, as the case may be, the deduction has (have) been made and paid to the Swiss Federal Tax Administration and provide evidence thereof. 

To the extent Swiss Withholding Tax is deducted from payment made in respect to Restricted Obligations, the Swiss Guarantor shall use its
commercially reasonable efforts to ensure that any person which is, as a result of a deduction of Swiss Withholding Tax, entitled to a full or partial refund of the Swiss Withholding Tax, will, as soon as possible after the deduction of the Swiss
Withholding Tax, (i) request a refund of the Swiss Withholding Tax under any applicable law (including double tax treaties) and (ii) promptly upon receipt, pay to the Collateral Agent (or to any such other person as directed by the
Collateral Agent) any amount so refunded for application as a further payment under this Agreement or any other relevant Loan Document. 

If and to the extent requested by the Collateral Agent and if and to the extent this is from time to time required under Swiss law rules
(restricting profit distributions), in order to allow the Collateral Agent and the Secured Parties to obtain a maximum benefit under this Agreement or any other relevant Loan Document, the Swiss Guarantor and any other relevant party to this
Agreement shall (and shall cause their shareholders and other relevant Affiliates to) promptly implement all such measures and/or promptly procure the fulfilment of all prerequisites allowing payment(s) made under this Agreement or any other
relevant Loan Document in respect to Restricted Obligations from time to time, including the following: 
 (i) preparation of
an up-to-date (interim) audited balance sheet of the Swiss Guarantor; 

(ii) to the extent possible and/or necessary, confirmation of the auditors of the Swiss Guarantor that the relevant amount
represents the maximum amount available for distribution; 
 (iii) to the maximum extent permitted by Swiss law, conversion
of restricted reserves into profits, reserves and/or other equity account freely available for the distribution as dividends; 

(iv) to the maximum extent permitted by Swiss law, revaluation of hidden reserves; 

  
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 (v) passing of a shareholder resolution approving the distribution; and 

(vi) all such other measures necessary or useful to allow the Swiss Guarantor to make the payments agreed hereunder with a
minimum of limitations. 
 SECTION 1.12. Additional Jurisdictions. In the event that a Subsidiary is to become a party to
this Guarantee as required by Section 5.10 of the Credit Agreement or otherwise and at such time such additional Guarantor is not organized in one of the jurisdictions of a Guarantor that is or has already been a signatory hereto, then the
Guarantor Supplement to be executed and delivered by such additional Guarantor shall include guarantee limitation provisions, corporate benefit, tax and other provisions customary for such jurisdiction as the Administrative Agent, the Collateral
Agent and such additional Guarantor may reasonably agree based on the advice of legal counsel (which may be legal counsel for such Guarantor). 

SECTION 1.13. Release. (a)On the Maturity Date, this Agreement and all obligations (other than those expressly stated to
survive the Maturity Date) of the Administrative Agent, the Collateral Agent and each Guarantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party. At the request and sole expense of any
Guarantor following any such termination, the Administrative Agent and the Collateral Agent shall execute and deliver to such Guarantor (or any of its agents, officers or designees) such documents as such Guarantor (or any of its agents, officers or
designees) shall reasonably request to evidence such termination. 
 (b) At the request and sole expense of the Guarantors, a Guarantor
shall be released from its obligations hereunder if such Guarantor ceases to be a Subsidiary as a result of a transaction permitted under the Credit Agreement in accordance with Section 6.05 of the Credit Agreement; provided that, upon
the reasonable request of the Administrative Agent or the Collateral Agent, Holdings shall have delivered to the Administrative Agent and the Collateral Agent a certification by the Company stating that such transaction is in compliance with the
Credit Agreement and the other Loan Documents. 
 SECTION 1.14. Continuing Guarantee. The guarantee created under this
Agreement is a continuing guarantee and will extend to the ultimate balance of sums payable by any Loan Party under the Loan Documents, regardless of any intermediate payment or discharge in whole or in part. 

SECTION 1.15. Additional Security. The guarantee created under this Agreement is in addition to and is not in any way
prejudiced by any other guarantee or security now or subsequently held by any Secured Party. 
 ARTICLE III 

NDEMNITY, SUBROGATION AND SUBORDINATION 

SECTION 2.01. Indemnity and Subrogation.  

(a) In addition to all such rights of indemnity and subrogation as the Guarantors may have under applicable law (but subject to
Section 2.03), each Borrower agrees that (i) in the event a payment shall be made by any Guarantor under this Agreement, such Borrower shall indemnify such Guarantor for the full amount of such payment and such Guarantor shall be
subrogated to the rights of the person to whom such payment shall have been made to the extent of such payment and (ii) in the event any assets of any Guarantor shall be sold pursuant to this Agreement or any other Security Document to satisfy
in whole or in part a claim of any Secured Party, such Borrower shall indemnify such Guarantor in an amount equal to the fair market value of the assets so sold. 

  
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 (b) If any amount shall be paid to any Guarantor on account of such subrogation rights at any
time when all of the Obligations (other than those expressly stated to survive the Maturity Date) shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Administrative Agent and the Lenders, segregated from
other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required by
applicable law), to be applied against the Borrower Obligations, whether matured or unmatured, in the order set forth in Section 7.02 of the Credit Agreement. 

SECTION 2.02. Contribution and Subrogation. 

(a) Each Guarantor (a “Contributing Guarantor”) agrees (subject to Section 2.03) that, in the event a payment
shall be made by any other Guarantor hereunder in respect of any Obligation, or assets of any other Guarantor shall be sold pursuant to any Security Document to satisfy any Obligation owed to any Secured Party, and such other Guarantor (a
“Claiming Guarantor”) shall not have been fully indemnified by any Borrower as provided in Section 2.01, such Contributing Guarantor shall indemnify such Claiming Guarantor in an amount equal to (i) the amount of
such payment or (ii) the fair market value of such assets, as the case may be, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Guarantor (as determined immediately prior to such payment or
sale) and the denominator shall be the aggregate net worth of all the Guarantors (as determined immediately prior to such payment or sale). Any Contributing Guarantor making any payment to a Claiming Guarantor pursuant to this Section 2.02
shall be subrogated to the rights of such Claiming Guarantor under Section 2.01 to the extent of such payment. 
 (b) The obligations
of the Guarantors under the Loan Documents, including their liability for the Obligations and the enforceability of the security interests granted thereby, are not contingent upon the validity, legality, enforceability, collectability or sufficiency
of any right of contribution or subrogation arising under this Article II. To the fullest extent permitted under applicable law, the invalidity, insufficiency, unenforceability or uncollectability of any such right shall not in any respect diminish,
affect or impair any such obligation or any other claim, interest, right or remedy at any time held by any Secured Party against any Guarantor or its property. The Secured Parties make no representations or warranties in respect of any such right
and shall, to the fullest extent permitted under applicable law, have no duty to assure, protect, enforce or ensure any such right or otherwise relating to any such right. 

SECTION 2.03. Subordination. 

(a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors under Sections 2.01 and 2.02 and all other
rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the Obligations (other than those expressly stated to survive the Maturity Date). No
failure on the part of any Borrower or any Guarantor to make the payments required by Sections 2.01 and 2.02 (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any
Guarantor with respect to its obligations hereunder, and each Guarantor shall remain liable for the full amount of its obligations hereunder. 

(b) Each Borrower and each other Guarantor hereby agree that all Indebtedness and other monetary obligations owed to it by any Borrower or any
Subsidiary shall be fully subordinated to the indefeasible payment in full in cash of the Obligations (other than those expressly stated to survive the Maturity Date). 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent, Collateral Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make
their respective extensions of credit to the Borrowers thereunder, each Guarantor hereby represents and warrants to the Administrative Agent, the Collateral Agent and each Lender that the representations set forth in Article III of the Credit
Agreement are, with respect to such Guarantor, true and correct in all material respects (without duplication of materiality qualifiers contained therein) on and as of the date hereof, except to the extent such representations and warranties
expressly relate to an earlier date, in which case they shall be true and correct in all material respects (without duplication of materiality qualifiers contained therein) as of such earlier date. Each Guarantor hereby acknowledges and confirms
that as of the Closing Date, it has received and reviewed the terms of the Credit Agreement. 
 ARTICLE IV 

MISCELLANEOUS 

SECTION 4.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be
in writing and given as provided in Section 9.01 of the Credit Agreement. 
 SECTION 4.02. Survival of Agreement.
All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document
shall be considered to have been relied upon by the Lenders and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any Lender or on its behalf and notwithstanding that
the Administrative Agent, the Collateral Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement, and shall continue in full force and
effect until the Maturity Date. 
 SECTION 4.03. Binding Effect; Several Agreement. This Agreement shall become effective
as to any Loan Party when a counterpart hereof executed on behalf of such Loan Party shall have been delivered to the Administrative Agent and the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Administrative
Agent and the Collateral Agent, and thereafter shall be binding upon such Loan Party, the Administrative Agent and the Collateral Agent and their respective permitted successors, indorsees, transferees and assigns, and shall inure to the benefit of
such Loan Party, the Administrative Agent, the Collateral Agent and the other Secured Parties and their respective successors and assigns, except that no Loan Party shall have the right to assign or transfer its rights or obligations hereunder or
any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated or permitted by the Security Documents or the Credit Agreement. This Agreement shall be construed as a separate agreement
with respect to each Loan Party and may be amended, modified, supplemented, waived or released with respect to any Loan Party without the approval of any other Loan Party and without affecting the obligations of any other Loan Party hereunder. 

SECTION 4.04. Successors and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference
shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Guarantor, the Administrative Agent or the Collateral Agent that are contained in this Agreement shall
bind and inure to the benefit of their respective successors and assigns. 

  
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 SECTION 4.05. Applicable Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 SECTION
4.06. Waivers; Amendment. 
 (a) No failure or delay by the Collateral Agent, the Administrative Agent or any Lender in
exercising any right or power hereunder or under any other Loan Document shall operate as a waiver hereof or 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 Collateral Agent, the Administrative Agent and the Lenders hereunder and under the other Loan Documents are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall
be permitted by paragraph (b) of this Section 4.06, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a
Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, the Collateral Agent or any Lender may have had notice or knowledge of such Default at the time. No notice or demand on any Loan Party in any
case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement
nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Administrative Agent, the Collateral Agent and the Loan Party or Loan Parties with respect to which such waiver,
amendment or modification is to apply, subject to any consent required in accordance with Section 9.08 of the Credit Agreement. 

SECTION 4.07. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.07. 

SECTION 4.08. Severability. In the event any one or more of the provisions contained in this Agreement or in any other Loan
Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood
that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

  
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 SECTION 4.09. Counterparts. This Agreement may be executed in counterparts
(and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 4.03. Delivery of
an executed signature page to this Agreement by facsimile or other electronic transmission (including by .pdf, .tif or similar format) shall be as effective as delivery of a manually signed counterpart of this Agreement. 

SECTION 4.10. Headings. Article and Section headings used herein are for convenience of reference only, are not part of
this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
 SECTION
4.11. Jurisdiction; Consent to Service of Process. 
 (a) Each party hereto hereby irrevocably and unconditionally
submits, for itself and its property, to the exclusive jurisdiction of any New York State court or federal court of the United States of America sitting in the Borough of Manhattan, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding shall be heard and determined in such New York State or, to the extent permitted by law, in such federal court sitting in the Borough of Manhattan, and any appellate court from any thereof. Each of the parties hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect
any right that the Collateral Agent, the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement, any other Loan Document or any Collateral against any Guarantor or its properties in the
courts of any jurisdiction. 
 (b) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or federal court
sitting in the Borough of Manhattan, and any appellate court from any thereof. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
 (c) Each of the parties hereto hereby irrevocably designates, appoints and empowers Corporation Service
Company (whose current address is: 80 State Street, Albany, New York 12207-2543, U.S.A.) (including any replacement agent as provided below, the “Process Agent”), in the case of any suit, action or proceeding brought in the
United States of America as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices and documents that may be served in any
action or proceeding arising out of or in connection with this Agreement or any other Loan Document. Such service may be made by mailing (by registered or certified mail, postage prepaid) or delivering a copy of such process to such person in care
of the Process Agent at the Process Agent’s above address, and each of the parties hereto hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Nothing in this Agreement will affect the right of the
Administrative Agent and the Collateral Agent to serve process in any other manner permitted by law. Each of the parties hereto agrees that a failure by the Process Agent for service of process to notify the relevant Guarantor of the process will
not invalidate the proceedings concerned. 

  
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 SECTION 4.12. Additional Subsidiaries. Each Subsidiary that is required to
become a party to this Agreement pursuant to Section 5.10 of the Credit Agreement shall become a Guarantor, with the same force and effect as if originally named as a Guarantor herein, for all purposes of this Guarantee, upon execution and
delivery by the Administrative Agent, the Collateral Agent and such Subsidiary of a supplement in the form of Exhibit A hereto (the “Guarantor Supplement”). The execution and delivery of any such instrument shall not require
the consent of any other Loan Party hereunder. The rights and obligations of each Loan Party hereunder shall remain in full force and effect notwithstanding the addition of any new Loan Party as a party to this Agreement. 

SECTION 4.13. Conflicts. In the event of any conflict between the provisions contained herein and the provisions contained
in the Credit Agreement, the provisions contained in the Credit Agreement shall control. 
 SECTION 4.14. Set-Off. If an Event of Default shall have occurred and be continuing, each Lender may, with the prior written consent of the Required Lenders and the Administrative Agent (provided that no such
consent shall be required if an Event of Default shall have occurred and be continuing pursuant to Section 7.01(h) or (i) of the Credit Agreement), at any time and from time to time, except to the extent prohibited by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of any Guarantor against any of and all the obligations of
such Guarantor then due and payable, now or hereafter existing under this Agreement and the other Loan Documents held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or such other Loan
Document. The applicable Lender shall endeavor to notify the relevant Guarantor and the Administrative Agent of such setoff; provided that the failure to provide such notice shall not affect the validity of such setoff or application under
this Section 4.15. The rights of each Lender under this Section 4.14 are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

SECTION 4.15. Expenses; Indemnification. Each Guarantor as principal obligor and as a separate and independent obligation
and liability from its obligations and liabilities under Article I agrees to the expense reimbursement and indemnification provisions of Section 9.05 of the Credit Agreement as if such provisions were incorporated herein, mutatis
mutandis. 
 SECTION 4.16. English Agreement. The parties hereto confirm that it is their wish that this Agreement,
as well as any other documents relating to this Agreement, including notices, schedules and authorizations, have been and shall be drawn up in the English language only, other than that established in Section 4.17 in relation to the Spanish
translation of the Agreement. 
 SECTION 4.17. Special Provisions on Spanish Enforcement Procedures. 

(a) Notarisation and translation. 

The Borrowers and the Guarantors undertake to notarise this Agreement (as well as any amendment or supplemental agreement to it) in a Spanish
public deed on the date falling ten Business Days from the Administrative Agent’s request. 
 The Borrowers and the Guarantors
undertake to provide a Spanish sworn translation (at their cost) into Spanish this Agreement to the satisfaction of the Administrative Agent within ten (1) Business Days from the Administrative Agent’s request. 

  
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 (b) Accounts of the Administrative Agent and of the Lenders. 

(i) For the purposes of enforcing the provisions of, or foreclosing under, this Agreement pursuant to Spanish law (including,
without limitation, the guarantee provided by each Guarantor), the Administrative Agent, in its capacity as such (and on behalf of the Lenders), shall open and maintain a special account in its books on behalf of the Borrowers and/or the Guarantors,
from which all interest, fees, expenses, default interest, additional costs and any other amounts that the Borrowers and/or the Guarantors owe to the Lenders under the Loan Documents will be debited and into which all amounts received by or on
account of the Lenders from the Borrowers and/or the Guarantors under the Loan Documents will be credited, so that the balance of the credit account represents the amount owed from time to time by the Borrowers and/or the Guarantors to the Lenders
under the Loan Documents. 
 (ii) In addition to the accounting account referred to in paragraph (i) above, each Lender
shall open and maintain a special account in its records equivalent to that referred to in paragraph (i) above, into which the interest, fees, expenses, default interest, additional costs and any other amounts that the Borrowers and/or the
Guarantors owe to the Lender under the Loan Documents will be debited and into which all amounts received by the Lender from the Borrowers and/or the Guarantors under the Finance Documents shall be credited, so that the sum of the balance of the
credit account represents the amount owed from time to time by the Borrowers and/or the Guarantors to the Lender under the Loan Documents. In the event of assignment of the Loan or any Loan Document, the assignor will totally or partially cancel the
referenced accounts, with corresponding accounts to be opened by the assignee. 
 (iii) In the event of any discrepancy
between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent corresponding to such matters, the Administrative Agent’s accounts and records will take precedence in the absence of manifest
error. 
 (c) Determination of outstanding balance. 

(i) If any Event of Default occurs and is continuing, the Administrative Agent will settle the accounts referred to in Sections
(a) and (b) above. For the purposes of enforcement in judicial or extrajudicial proceedings, it is expressly agreed that the balance of the accounts referred to in Sections (b)(i) and (b)(ii) above resulting from the certification for that
purpose issued by the Administrative Agent will be deemed a liquid, due and payable amount enforceable against the Borrowers and/or the Guarantors, provided that it is evidenced in a notarial document that the settlement was made in the form agreed
by the parties in this agreement as duly formalized under an enforceable instrument (título ejecutivo) and that the outstanding balance is equivalent to that recording in the corresponding account of the Borrowers and/or Guarantors
opened in connection with the Credit Agreement. 
 (ii) The Administrative Agent shall give advance notice to the Parent of
the amount due as a result of the settlement. 
 (d) Enforcement. 

(i) In the event that the Secured Parties decide to commence the ordinary enforcement proceedings contemplated under articles 517 et seq. of
the Spanish Law 1/2000, of 7 January, on civil procedure, the Parties expressly agree for the purposes of articles 571 et seq. of the Spanish Law 1/2000, of 7 January, on civil procedure that the settlement to determine the enforceable due
debt (deuda ejecutivamente reclamable) will be carried out by the Administrative Agent. Therefore, the following will be sufficient for the commencement of summary proceedings: 

 

	 	(A)	an executory copy (copia autorizada de la escritura matriz con carácter ejecutivo) of the notarial instrument notarizing this Agreement under a Spanish public deed or public instrument (póliza
mercantile); 

  
 - 20 - 

	 	(B)	a certificate, issued by the Administrative Agent of the debt for which the Borrowers and/or the Guarantors are liable, which shall include an extract of the debit and credit entries and the entries corresponding to the
application of interest that determine the specific balance for which enforcement is requested; 

  

	 	(C)	the document evidencing (documento fehaciente) that the settlement of the debt has been carried out in the form agreed in this Agreement; and 

 

	 	(D)	a certified document evidencing the service of prior notice to the Borrowers (on behalf of all Guarantors) of the amount due as a result of the settlement. 

(ii) All taxes, expenses and duties that accrue or incurred by reason of the notarial instruments referred to in this
Section 4.17 will be satisfied by the Borrowers and the Guarantors. 
 [Remainder of page intentionally left blank] 

  
 - 21 - 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
 This document has been executed as a deed by Claire’s (Gibraltar) Intermediate Holdings Limited and is
delivered and takes effect on the date stated at the beginning of it. 
  

					
	 EXECUTED and DELIVERED as a DEED by CLAIRE’S (GIBRALTAR) INTERMEDIATE HOLDINGS LIMITED acting
by:                     )

			
		 	)	 	
			
		 	)	 	
			
		 	)	 	
		
		 	  

			
		 	Name:	 	  

		
		 	 Director

		
		 	in the presence of
		
		 	Signature of witness
		
		 	Name of witness
		
		 	Address of witness
		
		 	Occupation of witness

  
 [Signature Page to
Guarantee Agreement] 

 
			
	CLAIRE’S GERMANY GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S HOLDINGS S.À R.L.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S HOLDINGS GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S EUROPEAN SERVICES LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S EUROPEAN DISTRIBUTION LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S LUXEMBOURG S.A R.L.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S ACCESSORIES UK LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Guarantee Agreement] 

 
			
	CLAIRE’S SWITZERLAND GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S ACCESSORIES SPAIN, S.L.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S FRANCE S.A.S.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CSI LUXEMBOURG S.A R.L.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S FASHION PROPERTY CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Guarantee Agreement] 

 
			
	 BOTTICELLI LLC,
 as Administrative
Agent

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 CORTLAND CAPITAL MARKET SERVICES LLC,

as Administrative Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Guarantee Agreement] 

 Exhibit A to 

the Guarantee 
 SUPPLEMENT NO.
    , dated as of [●], 20[●], to the Guarantee dated as of January 5, 2017 (the “Guarantee”), among CLAIRE’S (GIBRALTAR) INTERMEDIATE HOLDINGS LIMITED
(“Holdings”) and CLAIRE’S GERMANY GMBH (together with Holdings, each, a “Borrower” and collectively, the “Borrowers”), each of the Subsidiaries listed on the signature
pages thereto or that becomes a party thereto pursuant to Section 4.12 thereof (each a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors”; the Subsidiary Guarantors and each
Borrower (in its capacity as a Guarantor thereunder) are referred to collectively as the “Guarantors”), BOTTICELLI LLC, as administrative agent for the Lenders (in such capacity, including any successor thereto, the
“Administrative Agent”), and CORTLAND CAPITAL MARKET SERVICES LLC, as collateral agent for the Secured Parties (in such capacity, including any successor thereto, the “Collateral Agent”). 

A. Reference is made to the Credit Agreement, dated as of January 5, 2017 (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among the Borrowers, the lenders from time to time party thereto (the “Lenders”), the Administrative Agent and the Collateral Agent. 

B. Capitalized terms used herein (including in this preamble) and not otherwise defined herein shall have the meanings assigned to such terms
in the Credit Agreement or the Guarantee, as applicable. 
 C. The Guarantors have entered into the Guarantee in order to induce the Lenders
to make the Loans. Section 4.12 of the Guarantee provides that additional Subsidiaries shall become Guarantors under the Guarantee by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the
“New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement and the Guarantee to become a Guarantor under the Guarantee in order to induce the Lenders to make additional Loans
and as consideration for Loans previously made. 
 Accordingly, the Administrative Agent, the Collateral Agent and the New Subsidiary agree
as follows: 
 SECTION 1. In accordance with Section 4.12 of the Guarantee, the New Subsidiary by its signature below becomes a
Guarantor under the Guarantee with the same force and effect as if originally named therein as a Guarantor and the New Subsidiary hereby agrees to all the terms and provisions of the Guarantee applicable to it as a Guarantor. Each reference to a
“Subsidiary Guarantor” or “Guarantor” in the Guarantee shall be deemed to include the New Subsidiary. The Guarantee is hereby incorporated herein by reference. 

SECTION 2. The New Subsidiary represents and warrants to the Administrative Agent, the Collateral Agent and each Lender that the
representations set forth in Article III of the Credit Agreement are, with respect to the New Subsidiary, true and correct in all material respects (without duplication of materiality qualifiers contained therein) on and as of the date hereof,
except to the extent such representations and warranties expressly relate to an earlier date, in which case they are true and correct in all material respects (without duplication of materiality qualifiers contained therein) as of such earlier date.
The New Subsidiary hereby acknowledges and confirms that as of the date hereof, it has received and reviewed the terms of the Credit Agreement. 

SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together 

  
 A-1 

 
shall constitute a single contract. This Supplement shall become effective when the Administrative Agent and the Collateral Agent shall have received counterparts of this Supplement, when taken
together, bears the signatures of the New Subsidiary, the Administrative Agent and the Collateral Agent. Delivery of an executed signature page to this Supplement by facsimile or other electronic transmission (including by .pdf, .tif or similar
format) shall be as effective as delivery of a manually signed counterpart of this Supplement. 
 SECTION 4. The New Subsidiary hereby
represents and warrants that as of the date hereof set forth under its signature hereto, is the true and correct legal name of the New Subsidiary, its jurisdiction of formation and the location of its chief executive office. 

SECTION 5. Except as expressly supplemented hereby, the Guarantee shall remain in full force and effect. 

SECTION 6. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

SECTION 7. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Guarantee shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a
particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION
8. All communications and notices hereunder shall be in writing and given as provided in Section 4.01 of the Guarantee. 
 SECTION 9.
The New Subsidiary agrees to reimburse the Administrative Agent and the Collateral Agent in accordance with Section 9.05(a) of the Credit Agreement. 

[SECTION 10. Section 1.10 of the Guarantee is hereby supplemented and deemed to include the following provisions applicable to Guarantors
organized in [NAME OF APPLICABLE JURISDICTION]: 
 [PLACEHOLDER FOR APPLICABLE LIMITATION LANGUAGE]] 

  
 A-2 

 IN WITNESS WHEREOF, the New Subsidiary and the Collateral Agent have duly executed this
Supplement to the Guarantee as of the day and year first above written. 
  

			
	[NAME OF NEW SUBSIDIARY]
		
	By	 	  

	Name:	 	
	Title:	 	
	
	Legal Name:
	Jurisdiction of Formation:
	Location of Chief Executive Office:
	
	BOTTICELLI LLC,
as Administrative Agent
		
	By	 	  

	Name:	 	
	Title:	 	
	
	CORTLAND CAPITAL MARKET SERVICES LLC,
as Collateral Agent
		
	By	 	  

	Name:	 	
	Title:	 	

  
 A-3 

 Exhibit B-2 

Exhibit B-2 

Form of Security Agreement 

 EXECUTION COPY 

 
  

 
 SECURITY AGREEMENT 

dated as of 
 January 5, 2017

 among 
 the Grantors from
time to time party hereto, 
 and 

CORTLAND CAPITAL MARKET SERVICES LLC, as Collateral Agent 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  
	
	DEFINITIONS	  
			
	 SECTION 1.01
	 	 Credit Agreement
	  	 	1	  
	 SECTION 1.02
	 	 Other Defined Terms
	  	 	1	  
	
	ARTICLE II	  
			
	 SECTION 2.01
	 	 Grantor Intent
	  	 	4	  
	
	ARTICLE III	  
	
	PLEDGE OF SECURITIES	  
			
	 SECTION 3.01
	 	 Pledged Collateral
	  	 	4	  
	 SECTION 3.02
	 	 Delivery of the Pledged Collateral
	  	 	5	  
	 SECTION 3.03
	 	 Representations, Warranties and Covenants
	  	 	5	  
	 SECTION 3.04
	 	 Certification of Limited Liability Company Interests and Limited Partnership Interests
	  	 	7	  
	 SECTION 3.05
	 	 Registration in Nominee Name; Denominations
	  	 	7	  
	 SECTION 3.06
	 	 Voting Rights; Dividends and Interest, Etc.
	  	 	7	  
	
	ARTICLE IV	  
	
	SECURITY INTERESTS IN PERSONAL PROPERTY	  
			
	 SECTION 4.01
	 	 Security Interest
	  	 	9	  
	 SECTION 4.02
	 	 Representations and Warranties
	  	 	11	  
	 SECTION 4.03
	 	 Covenants
	  	 	12	  
	
	ARTICLE V	  
	
	REMEDIES	  
			
	 SECTION 5.01
	 	 Remedies upon Default
	  	 	13	  
	 SECTION 5.02
	 	 Application of Proceeds
	  	 	14	  
	 SECTION 5.03
	 	 Grant of License to Use Intellectual Property; Assignment of Licensed Intellectual Property to
Collateral Agent
	  	 	15	  
	
	ARTICLE VI	  
	
	MISCELLANEOUS	  
			
	 SECTION 6.01
	 	 Notices
	  	 	15	  
	 SECTION 6.02
	 	 Security Interest Absolute
	  	 	15	  

  
 -i- 

							
	 	 	 	  	Page	 
	 SECTION 6.03
	 	 Survival of Agreement
	  	 	16	  
	 SECTION 6.04
	 	 Binding Effect; Several Agreement
	  	 	16	  
	 SECTION 6.05
	 	 Successors and Assigns
	  	 	16	  
	 SECTION 6.06
	 	 Collateral Agent’s Fees and Expenses; Indemnification
	  	 	16	  
	 SECTION 6.07
	 	 Collateral Agent Appointed Attorney-in-Fact
	  	 	16	  
	 SECTION 6.08
	 	 Applicable Law
	  	 	17	  
	 SECTION 6.09
	 	 Waivers; Amendment
	  	 	17	  
	 SECTION 6.10
	 	 Waiver of Jury Trial
	  	 	18	  
	 SECTION 6.11
	 	 Severability
	  	 	18	  
	 SECTION 6.12
	 	 Counterparts
	  	 	18	  
	 SECTION 6.13
	 	 Headings
	  	 	18	  
	 SECTION 6.14
	 	 Jurisdiction; Consent to Service of Process
	  	 	18	  
	 SECTION 6.15
	 	 Release
	  	 	19	  
	 SECTION 6.16
	 	 Additional Grantors
	  	 	20	  
	 SECTION 6.17
	 	 Conflicts
	  	 	20	  
	 SECTION 6.18
	 	 Limitations
	  	 	20	  

  

			
	 Schedules
	 	
		
	 Schedule I
	 	 Pledged Equity Interests

	 Schedule II
	 	 Pledged Debt Securities

	 Schedule III
	 	 Intellectual Property

	 Schedule IV
	 	 Commercial Tort Claims

	 Schedule V
	 	 Grantor Name; Jurisdiction

		
	 Exhibits
	 	
		
	 Exhibit A
	 	 Form of Supplement

	 Exhibit B
	 	 Form of Trademark Security Agreement

	 Exhibit C
	 	 Form of Patent Security Agreement

	 Exhibit D
	 	 Form of Copyright Security Agreement

  
 -ii- 

 SECURITY AGREEMENT dated as of January 5, 2017 (this “Agreement”),
among CLAIRE’S (GIBRALTAR) INTERMEDIATE HOLDINGS LIMITED (“Holdings”) and CLAIRE’S GERMANY GMBH (together with Holdings, each, a “Borrower” and collectively, the
“Borrowers”), each of the Subsidiaries listed on the signature pages hereto or that becomes a party hereto pursuant to Section 6.16 of this Agreement (together with the Borrowers (each in its capacity hereunder), each a
“Grantor” and, collectively, the “Grantors”) and CORTLAND CAPITAL MARKET SERVICES LLC, as collateral agent (in such capacity, including any successor thereto, the “Collateral
Agent”) for the Secured Parties. 
 PRELIMINARY STATEMENT 

Reference is made to the Credit Agreement, dated as of the date hereof (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among the Borrowers, the lenders from time to time party thereto (the “Lenders”), Boticelli, L.L.C., as administrative agent (the
“Administrative Agent”) and a Lender, and the Collateral Agent. 
 The Lenders have agreed to extend credit to the
Borrowers pursuant to, and upon the terms and conditions specified in, the Credit Agreement. Each Grantor is an affiliate of the Borrowers, will derive substantial benefits from the extension of credit to the Borrowers pursuant to the Credit
Agreement and is willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. Accordingly, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

SECTION 1.01    Credit Agreement. 

(a)    All capitalized terms defined in the New York UCC (as such term is defined herein) and not defined in this Agreement
have the meanings specified therein (and if defined in more than one Article of the New York UCC, such terms shall have the meaning specified in Article 8 or 9 of the New York UCC). All other capitalized terms used in this Agreement and not
otherwise defined herein have the meanings set forth in the Credit Agreement. Unless otherwise noted in this Agreement, all references to the Uniform Commercial Code shall mean the New York UCC. 

(b)    The rules of construction specified in Section 1.02 of the Credit Agreement also apply to this Agreement. 

SECTION 1.02    Other Defined Terms. As used in this Agreement, the following terms have the meanings
specified below: 
 “Accounts Receivable” shall mean all Accounts and all right, title and interest in any
returned goods, together with all rights, titles, securities and guarantees with respect thereto, including any rights to stoppage in transit, replevin, reclamation and resales, and all related security interests, liens and pledges, whether
voluntary or involuntary, in each case whether now existing or owned or hereafter arising or acquired. 
 “Additional
Grantor” shall mean any Subsidiary that becomes a party to this Agreement as an Additional Grantor after the Closing Date. 

 “Administrative Agent” shall have the meaning assigned to such
term in the preliminary statement. 
 “Agreement” shall have the meaning assigned to such term in the
preamble. 
 “Borrowers” shall have the meaning assigned to such term in the preamble. 

“Collateral” shall mean the Personal Property Collateral and the Pledged Collateral. 

“Collateral Agent” shall have the meaning assigned to such term in the preamble. 

“Copyright” shall mean all of the following now owned or hereafter acquired by any Grantor: (a) all
copyrights in any work, whether as author, assignee, or transferee, and (b) all registrations and applications for registration of any such copyright, including registrations, recordings, supplemental registrations and pending applications for
registration, including those copyright registrations listed on Schedule III attached hereto. 
 “Copyright
License” shall mean any written agreement, now or hereafter in effect, granting any right to any third Person under any Copyright now or hereafter owned by any Grantor or that such Grantor otherwise has the right to license, or
granting any right to any Grantor under any copyright now or hereafter owned by any third Person, and all rights of such Grantor under any such agreement. 

“Copyright Security Agreement” shall mean an agreement substantially in the form annexed hereto as Exhibit
D. 
 “Credit Agreement” shall have the meaning assigned to such term in the preliminary statement. 

“Enforcement Event” shall mean any Event of Default has occurred and is continuing. 

“Excluded Collateral” shall mean any Collateral to the extent the granting or pledge thereof would not be
required pursuant to the Agreed Security. 
 “Federal Securities Laws” shall have the meaning assigned to
such term in Section 5.04. 
 “General Intangibles” shall mean (i) all
“general intangibles” (as such term is defined in the New York UCC), including “payment intangibles” (as such term is defined in the New York UCC) and (ii) all rights and interests in partnerships, limited partnerships,
limited liability companies and other unincorporated entities, indemnification claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Swap Agreements, Licenses and other agreements), Intellectual Property,
“software” (as such term is defined in the New York UCC), goodwill, registrations, franchises, tax refund claims and any guarantee, claim, security interest or other security held by or granted to any Grantor to secure payment by an
Account Debtor of any of the Accounts. 
 “Grantors” shall have the meaning assigned to such term in the
preamble. 
 “Intellectual Property” shall mean all intellectual property of every kind and nature now owned
or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Trademarks, internet domain names, trade secrets, confidential or proprietary technical and business information,
know-how or other data, software and databases. 

  
 -2- 

 “Lenders” shall have the meaning assigned to such term in the
preliminary statement. 
 “License” shall mean any Patent License, Trademark License or Copyright License to
which any Grantor is a party, including those material inbound exclusive licenses in third party owned Copyrights listed on Schedule III attached hereto. 

“New York UCC” shall mean the Uniform Commercial Code as from time to time in effect in the State of New York.

 “Patent” shall mean all of the following now owned or hereafter acquired by any Grantor: (a) all
patents, and all applications for patents, including issued patents and pending applications, including those patents and patent applications listed on Schedule III attached hereto, and (b) all reissues, continuations, divisions, continuations-in-part, renewals or extensions thereof. 

“Patent License” shall mean any written agreement, now or hereafter in effect, granting to any third Person any
right to make, use or sell any invention claimed in a Patent now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to make, use or sell any invention claimed in a Patent
now or hereafter owned by any third Person, and all rights of any Grantor under any such agreement. 
 “Patent Security
Agreement” shall mean an agreement substantially in the form annexed hereto as Exhibit D. 
 “Personal
Property Collateral” shall have the meaning assigned to such term in Section 4.01. 

“Pledged Collateral” shall have the meaning assigned to such term in Section 3.01.

 “Pledged Debt Securities” shall have the meaning assigned to such term in
Section 3.01. 
 “Pledged Equity Interests” shall have the meaning assigned to such
term in Section 3.01. 
 “Pledged Securities” shall mean any promissory notes,
stock certificates or other securities now or hereafter included in the Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 

“Registered Intellectual Property” shall mean Copyrights, Patents and Trademarks issued by, registered with,
renewed by or the subject of a pending application before the United States Patent and Trademark Office, the United States Copyright Office, the Office for Harmonization in the Internal Market (European Community Trademarks), the World Intellectual
Property Organization (Madrid Protocol Trademarks) or the Swiss Federal Institute of Intellectual Property. 
 “Security
Interest” shall have the meaning assigned to such term in Section 4.01. 

“Trademark License” shall mean any written agreement, now or hereafter in effect, granting to any third Person
any right to use any trademark now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any Trademark now or hereafter owned by any third Person, and all rights of any
Grantor under any such agreement. 
 “Trademark Security Agreement” shall mean an agreement substantially in
the form annexed hereto as Exhibit B. 

  
 -3- 

 “Trademarks” shall mean all of the following now owned or
hereafter acquired by any Grantor: (a) trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, and other source or business identifiers, now existing
or hereafter adopted or acquired, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, and all extensions or renewals thereof, including those trademark applications and
registrations listed on Schedule III attached hereto, and (b) all goodwill associated therewith or symbolized thereby. 

ARTICLE II 

SECTION 2.01    Grantor Intent. Subject to Section 6.15, each Grantor expressly confirms that it
intends that this Agreement shall extend from time to time to any (however fundamental) variation, supplement, increase, extension or addition of or to this Agreement and/or any amount secured by this Agreement. 

ARTICLE III 
 PLEDGE
OF SECURITIES 
 SECTION 3.01    Pledged Collateral. As security for the payment or
performance, as the case may be, in full of the Obligations, each Grantor hereby assigns and pledges to the Collateral Agent, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, for the benefit of the Secured Parties,
a Security Interest in, all of such Grantor’s right, title and interest in, to and under: 

(a)    all Equity Interests owned by such Grantor on the date hereof (including all such Equity Interests
listed on Schedule I attached hereto) and all other Equity Interests obtained in the future by such Grantor and any certificates representing all such Equity Interests (collectively referred to herein as the “Pledged Equity
Interests”); provided that the Pledged Equity Interests shall not include any Equity Interests to the extent a pledge of such Equity Interests would not comply with the Agreed Security Principles in the reasonable judgment of the
Collateral Agent; 
 (b)    (i) all debt securities and Indebtedness (including intercompany
Indebtedness) issued to or held by such Grantor on the date hereof including any Indebtedness represented by an instrument or other transferable document listed on Schedule II attached hereto, (ii) all other debt securities and
Indebtedness in the future issued to or held by such Grantor and (iii) the promissory notes and any other instruments evidencing such debt securities or Indebtedness (collectively referred to herein as the “Pledged Debt
Securities”); 
 (c)    all payments of principal or interest, dividends, cash, instruments
and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities referred to in clauses (a) and (b) above;

 (d)    all rights and privileges of such Grantor with respect to the securities and other property
referred to in clauses (a), (b) and (c) above; and 
 (e)    all Proceeds of any of the foregoing
(the items referred to in clauses (a) through this clause (e) being collectively referred to as the “Pledged Collateral”). 

  
 -4- 

 SECTION 3.02    Delivery of the Pledged Collateral. 

(a)    Each Grantor, in each case, subject to the Agreed Security Principles, (i) has delivered (A) all
certificates, if any, representing the Pledged Equity Interests constituting securities issued to or held by such Grantor on the Closing Date and (B) all instruments or other transferable documents, if any, representing (x) any
Indebtedness for borrowed money (other than intercompany loans referred to in clause (y) below) and (y) any intercompany loans (other than any short-term intercompany current liabilities incurred in the ordinary course of business in
connection with the cash management operations of Holdings and the Subsidiaries), to the Collateral Agent, together with duly executed undated blank membership interest, stock or note powers, as applicable, or other equivalent instruments of
transfer reasonably acceptable to the Collateral Agent and (ii) with respect to (A) any certificates representing the Pledged Equity Interests constituting securities issued to or held by such Grantor acquired after the Closing Date and
(B) any instruments or other transferable documents representing (x) any Indebtedness for borrowed money (other than intercompany loans referred to in clause (y) below) acquired after the Closing Date and (y) any intercompany
loans (other than any short-term intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of Holdings and the Subsidiaries) owed to such Grantor, agrees, within 30 days (as such
date may be extended by the Collateral Agent acting reasonably) of receipt thereof, to deliver or cause to be delivered to the Collateral Agent any and all such certificates, instruments or other transferable documents. 

(b)    Each Grantor will cause (i) any Indebtedness for borrowed money (other than intercompany loans referred to in
clause (ii) below) having an aggregate outstanding principal amount in excess of €5,000,000 owed to such Grantor by any Person and (ii) any intercompany loans (other than any short-term intercompany current liabilities incurred in the
ordinary course of business in connection with the cash management operations of Holdings and the Subsidiaries) owed to such Grantor, in each case, to be evidenced by a duly executed promissory note (or pursuant to a global note) that is pledged and
delivered to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the terms hereof. 
 (c)    Upon
delivery to the Collateral Agent, (i) any certificate, instrument or document representing or evidencing Pledged Securities shall be accompanied by undated membership interest, stock or note powers, as applicable, duly executed in blank or
other undated instruments of transfer reasonably satisfactory to the Collateral Agent and duly executed in blank and by such other instruments and documents as the Collateral Agent may reasonably request to perfect (including to achieve priority)
the Security Interest in such Pledged Securities under applicable law and (ii) all other property comprising part of the Pledged Collateral shall be accompanied by proper instruments of assignment duly executed by the applicable Grantor and
such other instruments or documents as the Collateral Agent may reasonably request to perfect (including to achieve priority) the Security Interest in such property under applicable law. If reasonably requested by the Collateral Agent, each delivery
of a certificate, instrument or document representing or evidencing Pledged Securities shall be accompanied by a schedule describing the securities, which schedule shall be attached as a supplement to Schedule I or II, as applicable,
and made a part hereof; provided that failure to attach any such schedule hereto shall not affect the validity of the pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered. Without
limiting the foregoing, each Grantor hereby authorizes the Collateral Agent to supplement this Agreement by supplementing Schedules I and II hereto to identify specifically any Pledged Collateral of a Grantor; provided that
failure to attach any such schedule hereto shall not affect the validity of the security interest in any such Pledged Collateral. 

SECTION 3.03    Representations, Warranties and Covenants. The Grantors jointly and severally
represent, warrant and covenant to and with the Collateral Agent, for the benefit of the Secured Parties, that: 

(a)    as of the Closing Date, Schedules I and II correctly set forth, (i) in the case
of Equity Interests, the percentage of the issued and outstanding shares of each class of the Equity Interests of the issuer thereof represented by such Pledged Equity Interests and (ii) include all Equity Interests, debt securities and
promissory notes required to be pledged hereunder; 

  
 -5- 

 (b)    the Pledged Equity Interests and Pledged Debt
Securities issued by each Grantor or any of its Subsidiaries have been duly authorized and validly issued and, in the case of Pledged Equity Interests, are fully paid and non-assessable (to the extent
applicable); 
 (c)    as of the Closing Date, except for the security interests granted hereunder, each
Grantor (i) is the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedules I and II as owned by such Grantor and (ii) holds the same free and clear of all Liens, other than Permitted Liens;

 (d)    except for restrictions and limitations imposed by the Loan Documents or securities laws
generally, or except as otherwise permitted under the Credit Agreement or any other Loan Document, the Pledged Collateral is and will continue to be freely transferable and assignable, and none of the Pledged Collateral is or will be subject to any
option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise adversely affect the pledge of such
Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights and remedies hereunder; 

(e)    each Grantor (i) has good and valid rights in the Pledged Collateral with respect to which it
has purported to grant a Security Interest hereunder and the power and authority to pledge the Pledged Collateral pledged by it hereunder in the manner hereby done or contemplated; 

(f)    no consent or approval of any Governmental Authority, any securities exchange or any other Person
was or is necessary to the validity of the pledge effected hereby (except as may be required in connection with such disposition of Pledged Securities by laws affecting the offering and sale of securities generally and other than such as have been
obtained and are in full force and effect); 
 (g)    by virtue of the execution and delivery by each
Grantor of this Agreement, when any certificates, instruments or other transferable documents representing Pledged Securities are delivered to the Collateral Agent in accordance with this Agreement and, in the case of Pledged Securities not
represented by any certificate, instrument or other transferable document, financing statements covering such Pledged Securities are filed in the appropriate filing offices, the Collateral Agent will obtain a legal, valid and perfected lien upon,
and security interest in, such Pledged Securities, as security for the payment and performance of the Obligations; 

(h)    if any Pledged Equity Interests now or hereafter acquired by any Grantor constitute uncertificated
securities and are issued to such Grantor or its nominee directly by the issuer thereof, such Grantor shall promptly notify the Collateral Agent thereof, and at the Collateral Agent’s reasonable request, pursuant to an agreement or
acknowledgement of such issuer in form and substance reasonably satisfactory to the Collateral Agent, either, at such Grantor’s option, (i) cause the issuer to agree to comply with instructions from the Collateral Agent as to such Pledged
Equity Interests, without further consent of any Grantor or such nominee, or (ii) arrange for the Collateral Agent to become the registered owner of such Pledged Equity Interests; and 

  
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 (i)    if any issuer of any of such Grantor’s Pledged
Equity Interest is organized under a jurisdiction outside of the United States and such issuer is a Loan Party, such Grantor shall, subject to the Agreed Security Principles, take such additional actions reasonably requested by the Collateral Agent,
including, without limitation, causing the issuer to register the pledge on its books and records or making such filings or recordings, in each case as may be necessary or advisable, under the laws of such issuer’s jurisdiction to ensure the
validity, perfection and priority of the security interest of the Collateral Agent therein. 

SECTION 3.04    Certification of Limited Liability Company Interests and Limited Partnership Interests.

 (a)    Each Grantor acknowledges and agrees that each interest in any United States limited liability company or
limited partnership which is a Subsidiary and pledged hereunder and represented by a certificate (i) shall be a “security” within the meaning of Article 8 of the New York UCC and shall be governed by Article 8 of the Uniform
Commercial Code of any applicable jurisdiction and (ii) shall at all times hereafter be represented by a certificate that is delivered to the Collateral Agent pursuant to the terms hereof. 

(b)    Each Grantor further acknowledges and agrees that (i) each interest in any United States limited liability
company or limited partnership which is a Subsidiary and pledged hereunder and not represented by a certificate shall not be a “security” within the meaning of Article 8 of the New York UCC and shall not be governed by Article 8 of the
Uniform Commercial Code of any applicable jurisdiction, and (ii) such Grantor shall at no time elect to treat any such interest as a “security” within the meaning of Article 8 of the New York UCC or issue any certificate representing
such interest, unless such Grantor delivers any such certificate to the Collateral Agent pursuant to the terms hereof. 

SECTION 3.05    Registration in Nominee Name; Denominations. The Collateral Agent, on behalf of the
Secured Parties, shall hold the Pledged Securities in the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Collateral Agent, but following the occurrence and during the continuance of an Event of Default, shall have
the right (in its sole and absolute discretion), to hold the Pledged Securities in its own name as pledgee, or in the name of its nominee (as pledgee or as sub-agent).    Following the
occurrence and during the continuance of an Event of Default, (i) each Grantor will promptly give to the Collateral Agent copies of any material written notices or other material written communications received by it with respect to Pledged
Securities in its capacity as the registered owner thereof and (ii) the Collateral Agent shall, upon a reasonable request, have the right to exchange the certificates representing Pledged Securities for certificates of smaller or larger
denominations for any purpose consistent with this Agreement. 
 SECTION 3.06    Voting Rights; Dividends and
Interest, Etc. 
 (a)    Unless and until an Event of Default shall have occurred and be continuing: 

(i)    each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and
powers inuring to an owner of Pledged Collateral or any part thereof for any purpose consistent with the terms of this Agreement, the Credit Agreement and the other Loan Documents; provided that, except as permitted under the Credit Agreement, such
rights and powers shall not be exercised in any manner that could materially and adversely affect the rights inuring to a holder of any Pledged Securities, the rights and remedies of the Collateral Agent under this Agreement, the Credit Agreement or
any other Loan Documents. 

  
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 (ii)    the Collateral Agent shall execute and deliver to
each Grantor, or cause to be reasonably promptly executed and delivered to each Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the
voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (i) above. 

(iii)    each Grantor shall be entitled to receive and retain any and all dividends, interest, principal
and other distributions paid on or distributed in respect of the Pledged Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in
accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable laws; provided, however, that any non-cash dividends, interest, principal or other
distributions that would constitute Pledged Collateral, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Collateral or received in exchange for Pledged Collateral
or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if
received by any Grantor, shall not be commingled by such Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent for the benefit of the Secured
Parties, and, shall be forthwith delivered to the Collateral Agent in the same form as so received (with any necessary endorsement or instrument of assignment in accordance with Section 3.02(a); it being understood that no Grantor shall be
required to deliver possession of any uncertificated Pledged Equity Interests to the Collateral Agent). 
 (b)    Upon
the occurrence and during the continuance of an Event of Default, all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant to paragraph (a)(iii) of this
Section 3.06 shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or
other distributions. All dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this Section 3.06 shall be held in trust for the benefit of the Collateral Agent, shall be
segregated from other property or funds of such Grantor and shall be promptly delivered to the Collateral Agent upon demand in the same form as so received (with any necessary endorsement or instrument of assignment). Any and all money and other
property paid over to or received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the Collateral Agent in an account to be established by the Collateral Agent upon receipt of such money or other
property and shall be applied in accordance with the provisions of Section 5.02. After all Events of Default have been cured or waived and the Borrowers have delivered to the Administrative Agent a certificate to that
effect, the Collateral Agent shall, promptly after all such Events of Default have been cured or waived, repay to each applicable Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise
be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 3.06 and that remain in such account. 

(c)    Upon the occurrence and during the continuance of an Event of Default, (i) all rights of any Grantor to
exercise the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 3.06, and the obligations of the Collateral Agent under paragraph (a)(ii) of this
Section 3.06, shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers;
provided that, unless otherwise directed by the Required Lenders, the Collateral Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights and
(ii) each Grantor agrees to, upon the request of the Collateral Agent, grant the Collateral Agent a proxy, and such other documents as may be necessary to allow the Collateral Agent to exercise such voting and consensual rights and powers. 

  
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 ARTICLE IV 

SECURITY INTERESTS IN PERSONAL PROPERTY 

SECTION 4.01    Security Interest. 

(a)    As security for the payment or performance, as the case may be, in full of the Obligations, each Grantor hereby
pledges to the Collateral Agent, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in all right, title or
interest in, or to, any and all of the following assets and properties now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively,
the “Personal Property Collateral”): 
 (i)    all Accounts; 

(ii)    all Chattel Paper; 

(iii)    all money; 

(iv)    all Commercial Tort Claims identified on Schedule IV attached hereto, as such schedule may
be updated from time to time; 
 (v)    all Documents; 

(vi)    all Equipment and Fixtures; 

(vii)    all General Intangibles; 

(viii)    all Goods; 

(ix)    all Instruments; 

(x)    all Inventory; 

(xi)    all Investment Property; 

(xii)    all
Letter-of-Credit Rights; 

(xiii)    all books and records pertaining to the Personal Property Collateral; and 

(xiv)    all Proceeds and products of any and all of the foregoing, all Supporting Obligations and all
collateral security and guarantees given by any Person with respect to any of the foregoing. 
 Notwithstanding anything herein to the
contrary, in no event shall the Collateral (whether the Personal Property Collateral or the Pledged Collateral) include, and no Grantor shall be deemed to 

  
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have assigned, pledged or granted a Security Interest in, any of such Grantor’s right, title or interest in any Excluded Collateral; provided that Excluded Collateral shall not
include any Proceeds, substitutions or replacements of any Excluded Collateral unless such Proceeds, substitutions or replacements would constitute Excluded Collateral. 

(b)    Each Grantor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any
relevant jurisdiction any initial financing statements (it being understood and agreed that with respect to fixtures, the Collateral Agent shall be authorized to file or record financing statements only in the jurisdiction of organization of a
Grantor, except in connection with a Mortgage) with respect to the Personal Property Collateral or any part thereof and amendments thereto that (i) indicate the Personal Property Collateral as “all assets” of such Grantor, whether now
owned or hereafter acquired, or words of similar effect, and (ii) contain the information required by Article 9 of the Uniform Commercial Code, or its equivalent, if applicable, in each applicable jurisdiction, for the filing of any financing
statement or amendment, including (A) whether such Grantor is an organization, the type of organization and any, if required in such jurisdiction, organizational identification number issued to such Grantor and (B) in the case of a
financing statement filed as a fixture filing, a sufficient description of the real property to which such Personal Property Collateral relates. Each Grantor agrees to provide such information to the Collateral Agent promptly upon reasonable
request. 
 The Collateral Agent is further authorized to file with the United States Patent and Trademark Office, the United States
Copyright Office, the Office for Harmonization in the Internal Market (European Community Trademarks), the World Intellectual Property Organization (Madrid Protocol Trademarks) or the Swiss Federal Institute of Intellectual Property (or, in each
case, any successor office) such documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by each Grantor in any Registered Intellectual Property included
in the Personal Property Collateral and naming such Grantor or the Grantors as debtors and the Collateral Agent as secured party. 

(c)    The Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured
Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Personal Property Collateral. 

(d)    Notwithstanding anything herein to the contrary, (i) each Grantor shall remain liable for all obligations
under the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Collateral Agent or any other Secured Party, (ii) each Grantor shall remain liable under each of the agreements included in the Collateral,
including, without limitation, any agreements relating to Pledged Equity Interests constituting partnership interests or limited liability company interests, to perform all of the obligations undertaken by it thereunder all in accordance with and
pursuant to the terms and provisions thereof and neither the Collateral Agent nor any Secured Party shall have any obligation or liability under any of such agreements by reason of or arising out of this Agreement or any other document related
thereto nor shall the Collateral Agent nor any Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any obligation to take any action to collect or enforce any rights under any
agreement included in the Collateral, including, without limitation, any agreements relating to Pledged Equity Interests constituting partnership interests or limited liability company interests, and (iii) the exercise by the Collateral Agent
of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral. 

  
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 SECTION 4.02    Representations and Warranties. The
Grantors jointly and severally represent and warrant to the Collateral Agent and the Secured Parties that: 

(a)    Each Grantor has good and valid rights in the Personal Property Collateral that is material to the
conduct of its business with respect to which it has purported to grant a Security Interest hereunder and has full power and authority to grant to the Collateral Agent, for the benefit of the Secured Parties, the Security Interest in such Personal
Property Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other person other than any consent or approval that has been obtained.

 (b)    Schedule V correctly sets forth the exact legal name of each Grantor and its
jurisdiction of organization as of the Closing Date. 
 (c)    The Security Interest constitutes a legal,
valid and enforceable security interest in favor of the Collateral Agent for the benefit of the Secured Parties in all Personal Property Collateral (with respect to Personal Property Collateral consisting of Equity Interests of Non-U.S. Subsidiaries, to the extent a security interest therein can be created under the New York UCC) securing the payment and performance of the Obligations, subject to the effects of bankruptcy, insolvency or
similar laws affecting creditors’ rights generally and general equitable principles. The Security Interest will constitute a valid and perfected security interest in all Personal Property Collateral (to the extent perfection may be obtained by
the filings and other actions described in clause (i), (ii) or (iii) below) in favor of the Collateral Agent for the benefit of the Secured Parties, upon (i) with respect to Collateral in which a security interest may be perfected by
filing a financing statement in the United States or any jurisdiction thereof pursuant to the Uniform Commercial Code in the relevant jurisdiction, the filing in the applicable filing offices of financing statements naming the applicable Grantor as
“debtor” and the Collateral Agent as “secured party” and describing the Collateral, (ii) with respect to Instruments, Chattel Paper, Pledged Securities and negotiable Documents in which a security interest may be perfected
by possession by the Collateral Agent, delivery to the Collateral Agent of all such Instruments, Chattel Paper, Pledged Securities and negotiable Documents in each case, accompanied by a stock power, note power or otherwise properly endorsed for
transfer in blank and (iii) with respect to Registered Intellectual Property, the recording of a fully executed short-form agreement substantially in the form of Exhibit B, C or D, as applicable, with the United States
Patent and Trademark Office, the Office for Harmonization in the Internal Market (European Community Trademarks), the World Intellectual Property Organization (Madrid Protocol Trademarks) or the Swiss Federal Institute of Intellectual Property (or,
in each case, any successor office), as applicable, within 90 days from the execution date of such short-form agreement or in the United States Copyright Office, with respect to U.S. registered Copyrights, within 30 days from the execution date of
such short-form agreement, as applicable. The Security Interest is and shall be prior to any other Lien on any of the Personal Property Collateral, other than Permitted Liens. 

(d)    The Personal Property Collateral is owned by the Grantors free and clear of any Lien, except for
Permitted Liens. As of the date hereof, no Grantor has filed or consented to the filing of any financing statement (or analogous document under any other applicable laws covering any Collateral) or security agreement naming a Grantor as debtor and
describing all or any portion of the Collateral that has not lapsed or been terminated except for financing statements or security agreements naming the Collateral Agent, on behalf of the Secured Parties, as the secured party, or otherwise permitted
by the Credit Agreement. 

  
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 SECTION 4.03    Covenants. Each Grantor hereby covenants
and agrees with the Collateral Agent that, from and after the date of this Agreement until the Maturity Date: 

(a)    Maintenance of Perfected Security Interest; Further Documentation. 

(i)    Such Grantor shall maintain the Security Interest created by this Agreement as a perfected Security Interest having
at least the priority required by the Credit Agreement and shall defend such Security Interest against the claims and demands of all Persons whomsoever, in each case subject to Permitted Liens. 

(ii)    Subject to the Agreed Security Principles, such Grantor will furnish to the Collateral Agent and the Lenders from
time to time statements and schedules further identifying and describing the assets and property of such Grantor and such other reports in connection therewith as the Collateral Agent may reasonably request. 

(iii)    Each Grantor agrees that at any time and from time to time, at the expense of such Grantor, it will execute any
and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), which may be required under any applicable law, or
which, the Collateral Agent may reasonably request, in order (i) to grant, preserve, protect and perfect the validity and priority of the Security Interests created or intended to be created hereby or (ii) to enable the Collateral Agent to
exercise and enforce its rights and remedies hereunder with respect to any Collateral, including the filing of any financing or continuation statements under the Uniform Commercial Code in effect in any jurisdiction with respect to the Security
Interests created hereby and all applicable documents required under this Section 4.03(a)(iii), all at the expense of such Grantor. 

(iv)    Notwithstanding anything in this Section 4.03 to the contrary, (i) with respect to any assets acquired
by such Grantor after the date hereof that are required by the Credit Agreement to be subject to the Lien created hereby or (ii) with respect to any Person that, subsequent to the date hereof, becomes a Subsidiary that is required by the Credit
Agreement to become a party hereto, the relevant Grantor after the acquisition or creation thereof shall promptly take all actions required by the Credit Agreement and this Section 4.03. 

(b)    Damage or Destruction of Collateral. The Grantors agree promptly to notify the Collateral Agent if any
portion of the Collateral is damaged or destroyed in any manner which could reasonably be expected to have a Material Adverse Effect. 

(c)    Notices. Each Grantor will advise the Collateral Agent promptly, in reasonable detail, of any Lien of which
it has knowledge (other than the Security Interests created hereby or Liens permitted under the Credit Agreement) on any of the Collateral which would reasonably be expected to result in a Material Adverse Effect. 

(d)    Changes in Locations, Name, Perfection Certificate updates etc. Each Grantor agrees to furnish to the
Collateral Agent the information set forth in Section 5.10 of the Credit Agreement in accordance therewith. 

(e)    Commercial Tort Claims. Each Grantor shall promptly notify the Collateral Agent of any Commercial Tort
Claims at any time held or acquired by such Grantor and such Grantor shall promptly update Schedule IV attached hereto, thereby granting to the Collateral Agent a security interest in such Commercial Tort Claim(s). The requirement in the
preceding sentence shall not apply to the extent that the amount of such Commercial Tort Claim is not reasonably estimated to exceed €5,000,000 held by each Grantor or to the extent such Grantor shall have previously notified the Agent with
respect to such Commercial Tort Claim. 

  
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 ARTICLE V 

REMEDIES 

SECTION 5.01    Remedies upon Default. Upon the occurrence and during the continuance of an Enforcement
Event, each Grantor agrees to deliver each item of Collateral to the Collateral Agent on demand, and it is agreed that the Collateral Agent shall have the right to take any of or all the following actions at the same or different times:
(a) with respect to any Personal Property Collateral consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Personal Property Collateral by the
applicable Grantor to the Collateral Agent, or to license or sublicense, whether general, special or otherwise, and whether on an exclusive or nonexclusive basis, any such Personal Property Collateral throughout the world on such terms and
conditions and in such manner as the Collateral Agent shall determine, and (b) with or without legal process but with prior notice or demand for performance to the extent required by applicable law, to take possession of the Personal Property
Collateral and to enter any premises where the Personal Property Collateral may be located for the purpose of taking possession of or removing the Personal Property Collateral and, generally, to exercise any and all rights afforded to a secured
party under the Uniform Commercial Code of each applicable jurisdiction (including the New York UCC) or other applicable law. Without limiting the generality of the foregoing, each Grantor agrees that the Collateral Agent shall have the right,
subject to the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future
delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to persons who will represent and
agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Collateral Agent shall have the right to assign, transfer and
deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to
the extent permitted by law) all rights of redemption, stay and appraisal which such Grantor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 

The Collateral Agent shall give each applicable Grantor at least 10 days’ prior written notice (which each Grantor agrees is reasonable
notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral in the United States. Such
notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on
which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral Agent may fix
and state in the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion)
determine. The Collateral Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without
notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the
same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers
thereof, but the Collateral Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such

  
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Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free
(to the extent permitted by applicable law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby waived and released to the extent permitted by applicable law), the Collateral or
any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Party from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the
terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the
Collateral Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Collateral Agent shall
have entered into such an agreement all Events of Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at
law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale
pursuant to the provisions of this Section 5.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its
equivalent in other jurisdictions. 
 The Collateral Agent hereby authorizes each Grantor to collect such Grantor’s accounts and the
Collateral Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default upon prior written notice to such Grantor. If required in writing by the Collateral Agent at any time after
the occurrence and during the continuance of an Event of Default, any payments of accounts, when collected by any Grantor, shall be held by such Grantor in trust for the Collateral Agent and the Secured Parties, segregated from other funds of such
Grantor until said authority is curtailed or terminated by the Collateral Agent and such payments are turned over to the Collateral Agent. 

At any time after the occurrence and during the continuance of an Event of Default, the Collateral Agent shall notify obligors on the accounts
that the accounts have been assigned to the Collateral Agent for the benefit of the Secured Parties and that payments in respect thereof shall be made directly to the Collateral Agent. 

Neither the Collateral Agent nor any Secured Party shall have any obligation or liability under any Account (or any agreement giving rise
thereto) by reason of or arising out of this Agreement or the receipt by the Collateral Agent or any Secured Party of any payment relating thereto, nor shall the Collateral Agent or any Secured Party be obligated in any manner to perform any of the
obligations of any Grantor under or pursuant to any account (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any
performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

As among each Grantor, the Collateral Agent and the Secured Parties, each Grantor shall remain liable to observe and perform all the
conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Collateral, all in accordance with the terms and conditions thereof. 

SECTION 5.02    Application of Proceeds. The proceeds of any collection, sale, foreclosure or other
realization upon any Collateral, including any Collateral consisting of cash, shall be applied by the Collateral Agent in accordance with the terms of the Credit Agreement. 

  
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 SECTION 5.03    Grant of License to Use Intellectual Property;
Assignment of Licensed Intellectual Property to Collateral Agent. 
 (a)    For the purpose of enabling the
Collateral Agent to exercise rights and remedies under this Agreement, each Grantor hereby grants (but subject always to the then existing license agreements or other rights of third parties, to the extent such license agreements and other rights
are Permitted Liens) to the Collateral Agent an irrevocable (until this Agreement is terminated), nonexclusive license (exercisable without payment of royalty or other compensation to the Grantors), to use, license or sublicense any of the Personal
Property Collateral consisting of Patents, Trademarks and Copyrights and any other Intellectual Property, in each case, now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license (but subject
always to the then existing license agreements or other rights of third parties, to the extent such license agreements and other rights are Permitted Liens) 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. The Collateral Agent undertakes that the use of such license by the Collateral Agent may be exercised, at the option of the Collateral Agent, only upon the occurrence and
during the continuation of an Enforcement Event. 
 (b)    Upon the occurrence and during the continuance of an Event of
Default, each Grantor shall, at the request of the Collateral Agent, use commercially reasonable efforts to obtain all requisite consents or approvals of each licensor to Grantor under each Copyright License, Patent License or Trademark License that
shall require such consent to effect the assignment of all such Grantor’s right, title and interest thereunder to the Collateral Agent, for the ratable benefit of the Secured Parties, or its designee. 

(c)    If (i) an Event of Default shall have occurred and, by reason of cure, waiver, modification, amendment or
otherwise, is no longer continuing, (ii) no other Event of Default shall have occurred and be continuing, (iii) an assignment to the Collateral Agent of any rights, title and interest in and to the Intellectual Property shall have been
previously made, and (iv) the Obligations shall not have become immediately due and payable, then, upon the written request of any Grantor, the Collateral Agent shall promptly execute and deliver to such Grantor such assignments as may be
necessary to reassign to such Grantor any such rights, title and interests as may have been made by the Collateral Agent as aforesaid, subject to any disposition thereof that may have been made by the Collateral Agent in accordance with this Article
V; provided, after giving effect to such reassignment, the Collateral Agent’s security interest granted pursuant hereto, as well as all other rights and remedies of the Collateral Agent granted hereunder, shall continue to be in full
force and effect. The rights, title and interests so reassigned shall be free and clear of all Liens other than Permitted Liens (if any). 

ARTICLE VI 

MISCELLANEOUS 

SECTION 6.01    Notices. All communications and notices hereunder shall (except as otherwise expressly
permitted herein) be in writing and given as provided in Section 9.01 of the Credit Agreement. 

SECTION 6.02    Security Interest Absolute. All rights of the Collateral Agent hereunder, the Security
Interest, the grant of a security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability relating to or against any Grantor
of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any

  
 -15- 

 
other term of, all or any of the 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 relating to the foregoing, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any
guarantee, securing or guaranteeing all or any of the Obligations, or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Obligations or this Agreement, except that
a Grantor may assert the defense of payment in full of the Obligations (other than those expressly stated to survive the Maturity Date). 

SECTION 6.03    Survival of Agreement. All covenants, agreements, representations and warranties made
by the Loan Parties in the Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and
shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any Lender or on its behalf and notwithstanding that the Collateral Agent or any Lender may have had notice or
knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement, and shall continue in full force and effect until the Maturity Date. 

SECTION 6.04    Binding Effect; Several Agreement. This Agreement shall become effective as to any Loan
Party when a counterpart hereof executed on behalf of such Loan Party shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such
Loan Party and the Collateral Agent and their respective permitted successors, indorsees, transferees and assigns, and shall inure to the benefit of such Loan Party, the Collateral Agent and the other Secured Parties and their respective successors
and assigns, except that no Loan Party shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated or
permitted by this Agreement or the Credit Agreement. This Agreement shall be construed as a separate agreement with respect to each Loan Party and may be amended, modified, supplemented, waived or released with respect to any Loan Party without the
approval of any other Loan Party and without affecting the obligations of any other Loan Party hereunder. 

SECTION 6.05    Successors and Assigns. Whenever in this Agreement any of the parties hereto is
referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Grantor or the Collateral Agent that are contained in this Agreement shall
bind and inure to the benefit of their respective successors and assigns. 
 SECTION 6.06    Collateral
Agent’s Fees and Expenses; Indemnification. 
 (a)    The parties hereto agree that the Collateral Agent
shall be entitled to reimbursement of its reasonable and documented out-of-pocket expenses incurred hereunder to the extent provided in Section 9.05 of the Credit
Agreement. 
 (b)    The parties hereto agree that the Collateral Agent shall be entitled to the benefits of, and the
Grantors shall jointly and severally have the indemnification obligations to the same extent as the Borrowers as described in Section 9.05 of the Credit Agreement. 

SECTION 6.07    Collateral Agent Appointed
Attorney-in-Fact. Each Grantor hereby appoints the Collateral Agent as the
attorney-in-fact of such Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Collateral
Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is 

  
 -16- 

 
irrevocable and coupled with an interest; provided that the Collateral Agent may only take actions as
attorney-in-fact after the occurrence and during the continuance of any Event of Default. Without limiting the generality of the foregoing, the Collateral Agent shall
have the right upon the occurrence and during the continuance of an Event of Default, with full power of substitution either in the Collateral Agent’s name or in the name of such Grantor (a) to receive, endorse, assign and/or deliver any
and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof, (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any
of the Collateral, (c) to sign the name of any Grantor on any invoice or bill of lading relating to any of the Collateral, (d) to send verifications of Accounts Receivable to any Account Debtor, (e) to commence and prosecute any and
all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral, (f) to settle, compromise,
compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral, (g) to notify, or to require any Grantor to notify, Account Debtors to make payment directly to the Collateral Agent, and (h) to use,
sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement in accordance with its terms, as fully
and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes; provided, however, that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any
commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due
or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and
neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence, willful misconduct or bad faith. 

At its option, during the continuance of an Event of Default, the Collateral Agent may discharge past due Taxes, assessments, charges, fees,
Liens, security interests or other encumbrances at any time levied or placed on the Collateral and not expressly permitted pursuant to the Loan Documents, and may pay for the maintenance and preservation of the Collateral to the extent any Grantor
fails to do so as required by the Credit Agreement or this Agreement, and each Grantor jointly and severally agrees to reimburse the Collateral Agent on demand for any reasonable payment made or any reasonable expense incurred by the Collateral
Agent pursuant to the foregoing authorization; provided, however, that nothing in this paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured
Party to cure or perform, any covenants or other promises of any Grantor with respect to Taxes, assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 

SECTION 6.08    Applicable Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

SECTION 6.09    Waivers; Amendment. 

(a)    No failure or delay by the Collateral Agent, the Administrative Agent or any Lender in exercising any right or power
hereunder or under any other Loan Document shall operate as a waiver hereof or 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 Collateral Agent, the Administrative Agent and the Lenders hereunder and under the other Loan Documents are

  
 -17- 

 
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom
shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 6.09, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, the Collateral Agent or any Lender may
have had notice or knowledge of such Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances. 

(b)    Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement
or agreements in writing entered into by the Collateral Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 9.08 of the
Credit Agreement. 
 SECTION 6.10    Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.10. 

SECTION 6.11    Severability. In the event any one or more of the provisions contained in this
Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired
thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 6.12    Counterparts. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 6.04. Delivery of an
executed signature page to this Agreement by facsimile or other electronic transmission (including by .pdf, .tif or similar format) shall be as effective as delivery of a manually signed counterpart of this Agreement. 

SECTION 6.13    Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 6.14    Jurisdiction; Consent to Service of Process. 

(a)    Each Grantor hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of any New York State court or federal court of the United States 

  
 -18- 

 
of America, sitting in the Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or
for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State or, to the
extent permitted by law, in such federal court sitting in the Borough of Manhattan, and any appellate court from any thereof. Each Grantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Collateral Agent, the Administrative Agent or any Lender may otherwise have to bring
any action or proceeding relating to this Agreement, any other Loan Document or any Collateral against any Grantor or its properties in the courts of any jurisdiction. 

(b)    Each Grantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or federal court sitting in the Borough of
Manhattan, and any appellate court from any thereof. Each Grantor hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c)    Each Grantor hereby irrevocably designates, appoints and empowers Corporation Service Company (whose current
address is: 80 State Street, Albany, New York 12207-2543, U.S.A.) (including any replacement agent as provided below, the “Process Agent”), in the case of any suit, action or proceeding brought in the United States of America
as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices and documents that may be served in any action or proceeding
arising out of or in connection with this Agreement or any other Loan Document. Such service may be made by mailing (by registered or certified mail, postage prepaid) or delivering a copy of such process to such Person in care of the Process Agent
at the Process Agent’s above address, and each of the parties hereto hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Nothing in this Agreement will affect the right of the Collateral Agent to
serve process in any other manner permitted by law. Each of the parties hereto agrees that a failure by the Process Agent for service of process to notify the relevant Grantor of the process will not invalidate the proceedings concerned. 

SECTION 6.15    Release. 

(a)    Upon the effectiveness of any release of Liens on the Collateral provided for in Section 9.18 of the Credit
Agreement, including upon the written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 9.08 of the Credit Agreement, the security interest granted hereby in such Collateral shall be
automatically released. In addition, a Grantor shall automatically be released from its obligations hereunder and the Security Interests created hereunder in the Collateral of such Grantor shall be automatically released as set forth in
Section 9.18 of the Credit Agreement upon the consummation of any transaction permitted by the Credit Agreement as a result of which such Grantor ceases to be a Subsidiary or a Guarantor. 

(b)    This Agreement, the Security Interest and all other security interests granted hereby shall automatically terminate
on the Maturity Date. 
 (c)    In connection with any release pursuant to paragraphs (a) or (b) above, the
Collateral Agent shall promptly, in accordance with Section 9.18 of the Credit Agreement, execute and deliver to any Grantor, at such Grantor’s sole expense, all documents that such Grantor shall reasonably request to evidence such
release. Any execution and delivery of documents pursuant to this Section 6.15 shall be without recourse to or representation or warranty by the Collateral Agent or any Secured Party. 

  
 -19- 

 SECTION 6.16    Additional Grantors. 

Pursuant and subject to Section 5.10 of the Credit Agreement, each Subsidiary that was not in existence or not a Subsidiary on the Closing
Date is required to enter into this Agreement and each other applicable Security Document, as the case may be, as a Grantor upon becoming such a Subsidiary. Upon execution and delivery by the Collateral Agent and such Subsidiary of a supplement in
the form of Exhibit A hereto, such Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instrument shall not require the consent of any
other Loan Party hereunder. The rights and obligations of each Loan Party hereunder shall remain in full force and effect notwithstanding the addition of any new Loan Party as a party to this Agreement. 

SECTION 6.17    Conflicts. In the event of any conflict between the provisions contained herein and the
provisions contained in the Credit Agreement or in any Security Document governed by the law of any jurisdiction other than the State of New York, the provisions contained in the Credit Agreement or such Security Document, as applicable, shall
control. 
 SECTION 6.18    Limitations. 

(a)    Grantors incorporated in Switzerland. The enforcement of the Collateral granted hereunder by any Grantor
incorporated in Switzerland shall be limited in the same manner as the enforcement of the Guarantee by a Guarantor incorporated in Switzerland as set out in Section 1.11(e) of the Guarantee Agreement. 

(b)    Grantors incorporated in Germany. The enforcement of the Collateral granted hereunder by any Grantor
incorporated in the Federal Republic of Germany shall be limited in the same manner as the enforcement of the Guarantee by a Guarantor incorporated in the Federal Republic of Germany as set out in Section 1.11(d) of the Guarantee Agreement. 

(c)    Grantors incorporated in France. The enforcement of the Collateral granted hereunder by any Grantor
incorporated in France shall be limited in the same manner as the enforcement of the Guarantee by a Guarantor incorporated in France as set out in Section 1.11(e) of the Guarantee Agreement. 

[Remainder of page intentionally left blank] 

  
 -20- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 

 This document has been executed as a deed by Claire’s (Gibraltar) Intermediate Holdings
Limited and is delivered and takes effect on the date stated at the beginning of it. 
  

					
	 EXECUTED and DELIVERED as a DEED by CLAIRE’S (GIBRALTAR) INTERMEDIATE HOLDINGS LIMITED Acting
by

			
		 	)	 	
			
		 	)	 	
			
		 	)	 	
		
		 	  

			
		 	Name:	 	  

		
		 	 Director
  

in the presence of

		
		 	Signature of witness
		
		 	Name of witness
		
		 	Address of witness
		
		 	Occupation of witness

  
 [Signature Page to US
Security Agreement] 

 
			
	CLAIRE’S GERMANY GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S HOLDINGS S.À R.L.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S HOLDING GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S EUROPEAN SERVICES LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S EUROPEAN DISTRIBUTION LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S LUXEMBOURG S.A R.L.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S ACCESSORIES UK LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to US
Security Agreement] 

 
			
	CLAIRE’S SWITZERLAND GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S ACCESSORIES SPAIN, S.L.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S FRANCE S.A.S.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CSI LUXEMBOURG S.A R.L.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Executed as a deed:
	
	CLAIRE’S FASHION PROPERTY CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to US
Security Agreement] 

 
			
	CORTLAND CAPITAL MARKET SERVICES LLC, as Collateral Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to US
Security Agreement] 

 Schedule I 

Pledged Equity Interests 
  

																	
	 Issuer
	  	Pledgor / Owner	 	  	Certificate No.	 	  	No. Shares/Interest	 	  	Percent
Pledged	 
		  				  				  				  			

 Schedule II 

Pledged Debt Securities 

 Schedule III 

Intellectual Property 

Trademarks 
 Patents

 Copyrights 

 Schedule IV 

Commercial Tort Claims 

 Schedule V 

Grantor Name; Jurisdiction 
  

																													
	 Ref
	  	Legal Name	 	  	Type of
Entity	 	  	Registered
Organization
(Yes/No)	 	  	Organizational
Number	 	  	Federal
Taxpayer
Identification
Number	 	  	State
(if applicable)	 	  	Country	 
	 1.
	  				  				  				  				  				  				  			

 Exhibit A 

to the U.S. Collateral Agreement 

SUPPLEMENT NO.     , dated as of, 20[    ], to the U.S. Collateral Agreement, dated as of
January 5, 2017 (the “Collateral Agreement”), among CLAIRE’S (GIBRALTAR) INTERMEDIATE HOLDINGS LIMITED (“Holdings”) and CLAIRE’S GERMANY GMBH (together with Holdings, each, a
“Borrower” and collectively, the “Borrowers”), each of the Subsidiaries listed on the signature pages thereto or that becomes a party thereto pursuant to Section 6.16 thereof (together with the
Borrowers (each in its capacity thereunder), each a “Grantor” and, collectively, the “Grantors”) and CORLAND CAPITAL MARKET SERVICES LLC, as collateral agent (in such capacity, including any successor
thereto, the “Collateral Agent”) for the Secured Parties. 
 A. Reference is made to the Credit Agreement, dated as
of the date hereof (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers, the lenders from time to time party thereto (the
“Lenders”), Boticelli, L.L.C., as administrative agent (the “Administrative Agent”) and Lender, and the Collateral Agent. 

B. Capitalized terms used herein (including in this preamble) and not otherwise defined herein shall have the meanings assigned to such terms
in the Credit Agreement or the Collateral Agreement referred to therein, as applicable. 
 C. The Grantors have entered into the Collateral
Agreement in order to induce the Lenders to make the Loans. Section 6.16 of the Collateral Agreement provides that additional Subsidiaries shall become Grantors under the Collateral Agreement by execution and delivery of an instrument in the
form of this Supplement. The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement and the Collateral Agreement to become a Grantor under the
Collateral Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. 
 Accordingly,
the Collateral Agent and the New Subsidiary agree as follows: 
 SECTION 1. In accordance with Section 6.16 of the Collateral
Agreement, the New Subsidiary by its signature below becomes a Grantor under the Collateral Agreement with the same force and effect as if originally named therein as a Grantor and the New Subsidiary hereby (a) agrees to all the terms and
provisions of the Collateral Agreement applicable to it as a Grantor and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder (giving effect to any supplements to schedules thereto delivered in
connection herewith) are true and correct on and as of the date hereof. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Obligations (as defined in the Collateral Agreement), does hereby
create and grant to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in and lien on all of the New Subsidiary’s right, title and interest in and to the Collateral (as defined in the
Collateral Agreement) of the New Subsidiary. Each reference to a “Grantor” in the Collateral Agreement shall be deemed to include the New Subsidiary. The Collateral Agreement is hereby incorporated herein by reference. 

SECTION 2. The New Subsidiary represents and warrants to the Collateral Agent for the benefit of the Secured Parties that this Supplement has
been duly authorized, executed and delivered by it 

  
 A-1 

 
and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except to the extent that enforcement thereof may be limited by any applicable
bankruptcy, insolvency or similar laws now or hereafter in effect affecting creditors’ rights generally and by general principles of equity. 

SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Collateral Agent shall have received counterparts of this Supplement, which when taken together, bears
the signatures of the New Subsidiary and the Collateral Agent. Delivery of an executed signature page to this Supplement by facsimile or other electronic transmission (including by .pdf, .tif or similar format) shall be as effective as delivery of a
manually signed counterpart of this Supplement. 
 SECTION 4. The New Subsidiary hereby represents and warrants that attached to this
Agreement are duly completed schedules and, if applicable, short-form agreements substantially in the form of Exhibits C, D or E to the Collateral Agreement, as applicable, in each case, with respect to the New Subsidiary (the
“Supplemental Schedules”). The New Subsidiary represents and warrants that the information contained on each of the Supplemental Schedules with respect to such New Subsidiary and its properties and affairs is true and correct
in all material respects (except that any representation or warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true in all respects) as of the date hereof. 

SECTION 5. Except as expressly supplemented hereby, the Collateral Agreement shall remain in full force and effect. 

SECTION 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY,
THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 7. In case any one or more of the provisions contained in this Supplement should be held
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Collateral Agreement shall not in any way be affected or impaired thereby (it being understood that
the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 8. All communications and notices hereunder shall be in writing and given as provided in Section 6.01 of the Collateral
Agreement. 
 SECTION 9. The New Subsidiary agrees to reimburse the Collateral Agent in accordance with Section 6.06(a) of the Collateral
Agreement. 

  
 A-2 

 IN WITNESS WHEREOF, the New Subsidiary and the Collateral Agent have duly executed this
Supplement to the Collateral Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW SUBSIDIARY]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Legal Name:
	Jurisdiction of Formation:
	Location of Chief Executive office:
	
	CORTLAND CAPITAL MARKET SERVICES LLC, as Collateral Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-3 

 Exhibit B to 

the U.S. Collateral Agreement 

[Form of] 
 TRADEMARK
SECURITY AGREEMENT 
 THIS TRADEMARK SECURITY AGREEMENT, dated as of
[            ], 20[    ] (this “Agreement”), among
[                    ], a
[                    ] located at
[                    ], and
[                    ], a [                    ]
located at [                    ] (each a “Grantor” and collectively the “Grantors”), and CORTLAND
CAPITAL MARKET SERVICES LLC, as collateral agent (in such capacity, the “Collateral Agent”). 
 Reference is made to
(a) the U.S. Collateral Agreement dated as of January 5, 2017 (as amended, supplemented or otherwise modified from time to time, the “Collateral Agreement”), among the Grantors from time to time party thereto and
the Collateral Agent and (b) the Credit Agreement, dated as of January 5, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers,
the Lenders from time to time party thereto, the Administrative Agent and the Collateral Agent. 
 The Lenders have agreed to extend credit
to the Borrowers subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. Each Grantor is an
affiliate of the Company, will derive substantial benefits from the extensions of credit to the Borrowers pursuant to the Credit Agreement and is willing to execute and deliver the Collateral Agreement and this Agreement in order to induce the
Lenders to extend such credit. Pursuant to the Collateral Agreement, the Grantor is required to execute and deliver this Agreement. Accordingly, the parties hereto agree as follows: 

SECTION 1. Terms. Each capitalized term used but not defined in this Agreement has the meaning given or ascribed to it in the
Collateral Agreement. The rules of construction specified in Section 1.01(b) of the Collateral Agreement also apply to this Agreement. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the
Obligations, each Grantor hereby pledges to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the ratable benefit of the
Secured Parties, a security interest in all right, title or interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the
future may acquire any right, title or interest (collectively, the “Trademark Collateral”): 

(a)    the United States Trademark applications and registrations of such Grantor listed on Schedule
I attached hereto (but excluding any Trademark applications filed in the United States Patent and Trademark Office (or similar governmental authority) on the basis of a Grantor’s “intent-to-use” such Trademark prior to the filing with and acceptance by the United States Patent and Trademark Office (or similar governmental authority) of a “Statement of Use”,
“Amendment to Allege Use” or similar filing with respect thereto, only to the extent, if any, the grant of a security interest therein could impair the validity or enforceability of such intent-to-use Trademark application (or any Trademark registration therefrom) under applicable law); 

(b)    all goodwill associated therewith or symbolized thereby; and 

  
 B-1 

 (c)    all Proceeds and products of any and all of the
foregoing, all Supporting Obligations and all collateral security and guarantees given by any Person with respect to any of the foregoing. 

SECTION 3. Recordation. This Agreement has been executed and delivered by each Grantor for the purpose of recording the grant
of security interest herein with the United States Patent and Trademark Office. Each Grantor authorizes and requests that the Commissioner of Trademarks record this Agreement. 

SECTION 4. Collateral Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance,
and not in limitation of, the security interests granted to the Collateral Agent pursuant to the Collateral Agreement. Each Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the Trademark
Collateral are more fully set forth in the Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the
Collateral Agreement, the terms of the Collateral Agreement shall govern, and for the avoidance of doubt, Trademark Collateral shall not include any Excluded Collateral. 

SECTION 5. Term. The term of this Agreement shall be co-terminus with the Collateral
Agreement as its term is set forth therein. 
 SECTION 6. Counterparts. This Agreement may be executed in counterparts (and
by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 6.04 of the Collateral
Agreement. Delivery of an executed signature page to this Agreement by facsimile transmission or other electronic transmission (including by .pdf, .tif or similar format) shall be as effective as delivery of a manually signed counterpart of this
Agreement. 
 SECTION 7. Applicable Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 [Remainder of this page intentionally left blank] 

  
 B-2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	[                                ],
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-3 

			
	Acknowledged and Agreed by:
	
	 CORTLAND CAPITAL MARKET SERVICES LLC,

as Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-4 

 SCHEDULE I TO 

TRADEMARK SECURITY AGREEMENT 

Trademark Registrations and Applications 

  
 B-5 

 Exhibit C to 

The U.S. Collateral Agreement 

[Form of] 
 PATENT
SECURITY AGREEMENT 
 THIS PATENT SECURITY AGREEMENT, dated as of
[            ], 20[    ] (this “Agreement”), among
[                    ], a
[                    ] located at
[                    ], and
[                    ], a [                    ]
located at [                    ] (each a “Grantor” and collectively the “Grantors”), and CORTLAND
CAPITAL MARKET SERVICES LLC, as collateral agent (in such capacity, the “Collateral Agent”). 
 Reference is made to
(a) the U.S. Collateral Agreement dated as of January 5, 2017 (as amended, supplemented or otherwise modified from time to time, the “Collateral Agreement”), among the Grantors from time to time party thereto and
the Collateral Agent and (b) the Credit Agreement, dated as of January 5, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers,
the Lenders from time to time party thereto, the Administrative Agent and the Collateral Agent. 
 The Lenders have agreed to extend credit
to the Borrowers subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. Each Grantor is an
affiliate of the Company, will derive substantial benefits from the extensions of credit to the Borrowers pursuant to the Credit Agreement and is willing to execute and deliver the Collateral Agreement and this Agreement in order to induce the
Lenders to extend such credit. Pursuant to the Collateral Agreement, the Grantor is required to execute and deliver this Agreement. Accordingly, the parties hereto agree as follows: 

SECTION 1. Terms. Each capitalized term used but not defined in this Agreement has the meaning given or ascribed to it in the
Collateral Agreement. The rules of construction specified in Section 1.01(b) of the Collateral Agreement also apply to this Agreement. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the Obligations,
each Grantor hereby pledges to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, a
security interest in all right, title or interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any
right, title or interest (collectively, the “Patent Collateral”): 
 (a)    the
United States Patents and Patent applications of such Grantor listed on Schedule I attached hereto; 

(b)    all Proceeds and products of any and all of the foregoing, all Supporting Obligations and all
collateral security and guarantees given by any Person with respect to any of the foregoing. 
 SECTION
3. Recordation. This Agreement has been executed and delivered by each Grantor for the purpose of recording the grant of security interest herein with the United States Patent and Trademark Office. Each Grantor authorizes and
requests that the Commissioner of Patents record this Agreement. 

  
 C-1 

 SECTION 4. Collateral Agreement. The security interests granted to the
Collateral Agent herein are granted in furtherance, and not in limitation of, the security interests granted to the Collateral Agent pursuant to the Collateral Agreement. Each Grantor hereby acknowledges and affirms that the rights and remedies of
the Collateral Agent with respect to the Patent Collateral are more fully set forth in the Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict
between the terms of this Agreement and the Collateral Agreement, the terms of the Collateral Agreement shall govern, and for the avoidance of doubt, Patent Collateral shall not include any Excluded Collateral. 

SECTION 5. Term. The term of this Agreement shall be co-terminus with the Collateral
Agreement as its term is set forth therein. 
 SECTION 6. Counterparts. This Agreement may be executed in counterparts (and
by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 6.04 of the Collateral
Agreement. Delivery of an executed signature page to this Agreement by facsimile transmission or other electronic transmission (including by .pdf, .tif or similar format) shall be as effective as delivery of a manually signed counterpart of this
Agreement. 
 SECTION 7. Applicable Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 [Remainder of this page intentionally left blank] 

  
 C-2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	[                                ],
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 C-3 

			
	Acknowledged and Agreed by:
	
	 CORTLAND CAPITAL MARKET SERVICES LLC,

as Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 C-4 

 SCHEDULE I TO 

PATENT SECURITY AGREEMENT 

Patents and Patent Applications 
  

							
	 Grantor
	 	 Title
	 	 Appl. No.
	 	 Patent No.

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  
 C-5 

 Exhibit D to 

the U.S. Collateral Agreement 

[Form of] 
 COPYRIGHT
SECURITY AGREEMENT 
 COPYRIGHT SECURITY AGREEMENT. dated as of [        ],
20[    ] (this “Agreement”), among [                    ], a
[                    ] located at
[                    ], and
[                    ], a [                    ]
located at [                    ] (each a “Grantor” and collectively the “Grantors”), and CORTLAND
CAPITAL MARKET SERVICES LLC, as collateral agent (in such capacity, the “Collateral Agent”). 
 Reference is made to
(a) the U.S. Collateral Agreement dated as of January 5, 2017 (as amended, supplemented or otherwise modified from time to time, the “Collateral Agreement”), among the Grantors from time to time party thereto and
the Collateral Agent and (b) the Credit Agreement, dated as of January 5, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers,
the Lenders from time to time party thereto, the Administrative Agent and the Collateral Agent. 
 The Lenders have agreed to extend credit
to the Borrowers subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. Each Grantor is an
affiliate of the Company, will derive substantial benefits from the extensions of credit to the Borrowers pursuant to the Credit Agreement and is willing to execute and deliver the Collateral Agreement and this Agreement in order to induce the
Lenders to extend such credit. Pursuant to the Collateral Agreement, the Grantor is required to execute and deliver this Agreement. Accordingly, the parties hereto agree as follows: 

SECTION 1. Terms. Each capitalized term used but not defined in this Agreement has the meaning given or ascribed to it in the
Collateral Agreement. The rules of construction specified in Section 1.01(b) of the Collateral Agreement also apply to this Agreement. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the Obligations,
each Grantor hereby pledges to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, a
security interest in all right, title or interest in or to any and all of the United States Copyright applications and registrations of such Grantor listed on Schedule I attached hereto and all Proceeds and products of any and all of the
foregoing, all Supporting Obligations and all collateral security and guarantees given by any Person with respect to any of the foregoing. 

SECTION 3. Recordation. This Agreement has been executed and delivered by each Grantor for the purpose of recording the grant of
security interest herein with the United States Copyright Office. Each Grantor authorizes and requests that the Register of Copyrights record this Agreement. 

SECTION 4. Collateral Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and not
in limitation of, the security interests granted to the Collateral Agent pursuant to the Collateral Agreement. Each Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the Copyright Collateral
are more fully set forth in the Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the Collateral
Agreement, the terms of the Collateral Agreement shall govern, and for the avoidance of doubt, Copyright Collateral shall not include any Excluded Collateral. 

  
 D-1 

 SECTION 5. Term. The term of this Agreement shall be
co-terminus with the Collateral Agreement as its term is set forth therein. 
 SECTION 6.
Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract,
and shall become effective as provided in Section 6.04 of the Collateral Agreement. Delivery of an executed signature page to this Agreement by facsimile transmission or other electronic transmission (including by .pdf, .tif or similar format)
shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 SECTION 7. Applicable Law. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

[Remainder of this page intentionally left blank] 

  
 D-2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	[                                ],
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 D-3 

			
	Acknowledged and Agreed by:
	
	 CORTLAND CAPITAL MARKET SERVICES LLC,

as Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 D-4 

 SCHEDULE I TO 

COPYRIGHT SECURITY AGREEMENT 

Copyrights 
  

									
	 Title
	  	Owner	 	  	Registration No.	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

  
 D-5 

 Exhibit C 

Exhibit C 

[Form of] 

Note 
  

			
	$            	  	New York, New York
		  	December [●], 2016

 FOR VALUE RECEIVED, CLAIRE’S (GIBRALTAR) INTERMEDIATE HOLDINGS LIMITED (“CGIH” or
“Holdings”) and CLAIRE’S GERMANY GMBH, as borrowers (together with Holdings, each a “Borrower” and together, the “Borrowers”) hereby promise to pay to
[                    ] or its registered assigns (the “Lender”), in lawful money of the United States of America in
immediately available funds, on the Maturity Date the principal sum of                      DOLLARS
($        ) or, if less, the unpaid principal amount of all Term Loans made by the Lender pursuant to the Credit Agreement (as defined below), payable at such times and in such amounts as are specified in the
Credit Agreement. Capitalized terms used herein but not defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 

The Borrowers also promise to pay interest on the unpaid principal amount of each Term Loan made by the Lender from the date hereof until paid
at the rates and at the times provided in Section 2.13 of the Credit Agreement. 
 This Note is one of the Notes referred to in the
Credit Agreement, dated as of December [●], 2016 (as amended, restated, amended and restated, supplemented and/or modified from time to time, the “Credit Agreement”), among inter alios the Borrowers, the various lenders
from time to time party thereto, and Botticelli LLC, as administrative agent (in such capacity, the “Administrative Agent”) and is entitled to the benefits thereof and of the other Loan Documents. This Note is secured by the
Security Documents and is entitled to the benefits of the Guarantee Agreement. As provided in the Credit Agreement, this Note is subject to voluntary prepayment and mandatory repayment prior to the Maturity Date, in whole or in part. 

In case an Event of Default shall occur and be continuing, the principal of and accrued interest on this Note may be declared to be due and
payable in the manner and with the effect provided in the Credit Agreement. 
 The Borrowers hereby waive presentment, demand, protest or
notice of any kind in connection with this Note. 

 THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW
YORK. 
  

			
	BORROWERS:
	
	CLAIRE’S (GIBRALTAR) INTERMEDIATE HOLDINGS LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAIRE’S GERMANY GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [TERM
NOTE]

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