Document:

Canadian Security Agreement

 Exhibit 4.5 
  

 
  

CANADIAN SECURITY AGREEMENT 
 made
by 
 ELIZABETH ARDEN (CANADA) LIMITED 

in favour of 
 JPMORGAN CHASE
BANK, N.A., 
 as Administrative Agent 

Dated as of July 26, 2016 
  

 
  

 CANADIAN SECURITY AGREEMENT 

CANADIAN SECURITY AGREEMENT, dated as of July 26, 2016, made by ELIZABETH ARDEN (CANADA) LIMITED, a company organized under the federal
laws of Canada (the “Canadian Borrower” and the “Grantor”), in favour of JPMORGAN CHASE BANK, N.A., as the administrative agent (in such capacity, the “Agent”) for the lenders and other financial
institutions (the “Lenders”) from time to time parties to that certain Fourth Amended and Restated Credit Agreement dated as of July 26, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among ELIZABETH ARDEN INC., the U.S. Borrower, certain subsidiaries of U.S. Borrower, the Lenders party thereto, and the Agent as the administrative agent. 

R E C I T A L S 

1. Contemporaneously herewith, inter alios, the U.S. Borrower, the Canadian Borrower, the Agent, and the Lenders are entering into the
Credit Agreement, pursuant to which the Lenders will severally agree to make extensions of credit upon the terms and subject to the conditions set forth therein. 

2. It is a condition precedent to the obligation of the Lenders to entering into the Credit Agreement that the Grantor shall have executed and
delivered this Agreement to the Agent for the ratable benefit of the Secured Parties. 
 NOW, THEREFORE, in consideration of the premises
and to induce the Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Canadian Borrower under the Credit Agreement, the Grantor hereby agrees with the Agent, for the
ratable benefit of the Secured Parties, as follows: 
 SECTION 1. DEFINED TERMS 

1.1 Definitions. 
 (a)
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following terms defined in the PPSA which are not otherwise defined in this Agreement are
used herein as defined in the PPSA, including, without limitation, “accounts”, “Chattel Paper”, “Consumer Goods”, “Documents of Title”, “financing statement”, “financing change statement”,
“Instruments”, “Investment Property”, “Proceeds” and “Securities Account”. Terms defined in the STA which are not otherwise defined in this Agreement are used herein as defined in the STA, including, without
limitation, “Certificated Security”, “Security” and “Uncertificated Security”. 
 (b) The following terms
shall have the following meanings: 
 “Accounts”: all accounts (as such term is defined in the PPSA), accounts receivable,
other receivables, evidence of indebtedness, notes, drafts, acceptances, contract rights related thereto and Intangibles, including, without limitation, all collateral and security therefor (evidencing, without limitation, all guarantees, letters of
credit, liens and security interests in favour of the Grantor) and all rights to the payment of money, in each case whether now owned or hereafter acquired by the Grantor, or in which the Grantor may now have or hereafter acquire an interest. 

  
 CANADIAN SECURITY AGREEMENT, PAGE 1 

 “Agreement”: this Canadian Security Agreement, as the same may be amended,
restated, supplemented or otherwise modified from time to time. 
 “Collateral”: as defined in Section 2. 

“Contracts”: any contract or agreement between the Grantor and any Person or any Affiliate with respect to the Accounts and
the Receivables, or an invoice sent or to be sent by the Grantor, pursuant to or under which any Receivable or Account shall arise or be created, or which evidences a Receivable or an Account. 

“Control”: means, with respect to a specified form of Investment Property, “control” as defined in Sections 23
through 26 of the STA, as applicable, to such form of Investment Property. 
 “Excluded Payments”: as defined in
Section 4.8(d)(iii). 
 “Event of Default”: shall have the meaning as set forth in the Credit Agreement. 

“Intangibles”: with respect to Receivables and Contracts covered by this Agreement, all “intangibles” as such term
is defined in Section 1(1) of the PPSA relating thereto and, in any event, including, without limitation, with respect to the Grantor, all contracts, agreements, instruments and indentures in any form relating thereto, and portions thereof, to
which the Grantor is a party or under which the Grantor has any right, title or interest or to which the Grantor or any property of the Grantor is subject, as the same may from time to time be amended, supplemented or otherwise modified, including,
without limitation, (i) all rights of the Grantor to receive moneys due and to become due to it thereunder or in connection therewith, (ii) all rights of the Grantor to damages arising thereunder and (iii) all rights of the Grantor to
perform and to exercise all remedies thereunder. 
 “Intellectual Property”: (i) all domestic patents, patent
applications, and patent disclosures, together with all reissuances, continuations, continuations-in-part, revisions, extensions, and reexaminations thereof, (ii) all trademarks, service marks, trade dress, logos, trade names, together with all
translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations and renewals in connection therewith, (iii) all copyrights, applications, registrations and
renewals in connection therewith and (iv) all rights granted or retained in licenses in respect of any of the foregoing. 

“Inventory”: all inventory (as such term is defined in the PPSA), including without limitation, all merchandise, raw
materials, work in process, parts, components, dies, molds, finished goods, supplies and all goods returned to or repossessed by the Grantor, in each case whether now owned or hereafter acquired by the Grantor, or in which the Grantor may now have
or hereafter acquire an interest. 

  
 CANADIAN SECURITY AGREEMENT, PAGE 2 

 “Pledged Equity”: the Equity Interests in each Loan Party now owned or
hereafter acquired by the Grantor, whether or not evidenced by certificates physically delivered to the Agent pursuant to this Agreement, including, without limitation, the Equity Interests set forth on Schedule C hereto. 

“PPSA”: the Personal Property Security Act (Ontario), including the regulations thereto, provided that, if perfection
or the effect of perfection or non-perfection or the priority of any Lien created in the Collateral is governed by the personal property security legislation or other applicable legislation with respect to personal property security as in effect in
a jurisdiction other than Ontario. “PPSA” means the Personal Property Security Act or other such applicable legislation as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such
perfection effect of perfection or non-perfection or priority. 
 “Proceeds”: (i) all “proceeds” defined in
the PPSA and (ii) shall include, without limitation, whatever is receivable or received when the Collateral or proceeds are sold, exchanged, collected or otherwise disposed of, whether such disposition is voluntary or involuntary. 

“Receivable”: any right to payment from any Person or any Affiliate for goods sold or leased or for services rendered,
whether or not such right is evidenced by an Instrument and whether or not it has been earned by performance (including, without limitation, any Account). 

“Securities”: (i) “securities” as defined in the STA, or if no STA is in force in the applicable
jurisdiction, the PPSA of such jurisdiction: and (ii) any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds,
debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in
temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 

“Securities Account Control Agreement”: an agreement, in form and substance reasonably satisfactory to the Agent, between
the Grantor, a securities intermediary holding the Grantor’s assets constituting Collateral, including funds and securities and the Agent with respect to collection and control of all deposits, securities and other balances held in a Securities
Account maintained by the Grantor with such securities intermediary. 
 “Securities Rights”: means all dividends,
instruments or other distributions and any other right or property which the Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interest constituting
Collateral, any right to receive any such Equity Interest and any right to receive earnings, in which the Grantor now has or hereafter acquires any right, issued by any other Loan Party. 

  
 CANADIAN SECURITY AGREEMENT, PAGE 3 

 “STA”: the Securities Transfer Act, 2006 (Ontario), including the
regulations thereto, provided that, to the extent that perfection or the effect of perfection or non-perfection or the priority of any Lien created hereunder on Collateral is governed by the laws in effect in any province or territory of Canada
other than Ontario in which there is in force legislation substantially the same as the Securities Transfer Act, 2006 (Ontario) (an “Other STA Province”), then “STA” shall mean such other legislation as in effect from time
to time in such Other STA Province for purposes of the provisions hereof referring to or incorporating by reference provisions of the STA; and to the extent that such perfection or the effect of perfection or non-perfection or the priority of any
Lien created hereunder on the Collateral is governed by the laws of a jurisdiction that does not have in force legislation substantially the same as the Securities Transfer Act, 2006 (Ontario), then references herein to the STA shall be to
the Securities Transfer Act, 2006 (Ontario). 
 “ULC”: means an Issuer that is an unlimited company, unlimited
liability corporation or unlimited liability company. 
 “ULC Issuer”: as defined in Section 4.9. 

“ULC Laws”: means the Companies Act (Nova Scotia), the Business Corporations Act (Alberta), the Business
Corporations Act (British Columbia), and any other present or future Laws governing ULCs. 
 1.2 Other Definitional Provisions.

 The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified. The meanings given to terms defined herein shall be
equally applicable to both the singular and plural forms of such terms. 
 SECTION 2. GRANT OF SECURITY INTEREST AND LICENSE 

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

(a) all Accounts owed by any Person or any Affiliate at any time to the Grantor; 

(b) all Contracts; 
 (c) all
Documents of Title relating to amounts owed under Accounts at any time from any Person or any Affiliate to the Grantor; 

  
 CANADIAN SECURITY AGREEMENT, PAGE 4 

 (d) all Intangibles relating to Accounts owed by any Person or any Affiliate at any time to the
Grantor or to the Contracts; 
 (e) all Instruments relating to amounts owed under Accounts at any time from any Person or any Affiliate to
the Grantor; 
 (f) all Receivables; 

(g) all Inventory; 
 (h) all
Pledged Equity whether constituting Intangibles or Investment Property; 
 (i) all books, records and documents pertaining to the
Collateral; 
 (j) to the extent not otherwise included, all Proceeds (including Securities Rights and Intangibles) and products of any and
all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing; and 
 (k) to the
extent not otherwise included, all accessions, additions or improvements to, all replacements, substitutions and parts for, and all proceeds and products of any of the foregoing; 

provided, however, if the grant of the security interests with respect to any Contract, Intellectual Property right or permit under
Section 2 would result in the termination or breach of such Contract, Intellectual Property right or permit or is otherwise prohibited or ineffective (whether by the terms thereof or under applicable law), then such Contract, Intellectual
Property right or permit shall not be subject to the security interests but shall be held in trust by the Grantor for the benefit of the Agent (for its own benefit and for the benefit of the other Secured Parties) and, on the exercise by the Agent
of any of its rights or remedies under this Agreement following an Event of Default shall be assigned by the Grantor as directed by the Agent; provided that: (a)the security interests shall attach to such Contract, Intellectual Property right or
permit, or applicable portion thereof, immediately at such time as the condition causing such termination or breach is remedied, and (b) if a term in a Contract that prohibits or restricts the grant of the security interests in the whole of an
Account or Chattel Paper forming part of the Collateral is unenforceable against the Agent under applicable law, then the exclusion from the security interests set out above shall not apply to such Account or Chattel Paper. In addition, the security
interests do not attach to Consumer Goods or extend to the last day of the term of any lease or agreement for lease of real property. Such last day shall be held by the Grantor in trust for the Agent (for its own benefit and for the benefit of the
other Secured Parties) and, on the exercise by the Agent of any of its rights or remedies under this Agreement following an Event of Default, shall be assigned by the Grantor as directed by the Agent. For greater certainty, no Intellectual Property
right in any trade-mark, get-up or trade dress is presently assigned to the Agent by sole virtue of the grant of the security interests contained in Section 2. 

2.2 Attachment; No Obligation to Advance. The Grantor confirms that value has been given by the Secured Parties to the Grantor, that
the Grantor has rights in the Collateral existing at the date of this Agreement and that the Grantor and the Agent have not agreed to 

  
 CANADIAN SECURITY AGREEMENT, PAGE 5 

 postpone the time for attachment of the security interests to any of the Collateral. The security interests shall
have effect and be deemed to be effective whether or not the Foreign Secured Obligations or any part thereof are owing or in existence before or after or upon the date of this Agreement. Neither the execution and delivery of this Agreement nor the
provision of any financial accommodation by any Secured Party shall oblige any Secured Party to make any financial accommodation or further financial accommodation available to the Grantor or any other Person. 

SECTION 3. REPRESENTATIONS AND WARRANTIES 

To induce the Agent and the Lenders to enter into the Credit Agreement and to make additional extensions of credit to the Canadian Borrower
under the Credit Agreement, the Grantor hereby represents and warrants to the Agent and each Secured Party that: 
 3.1 Title; No Other
Liens. Except for the security interest granted to the Agent, for the ratable benefit of the Secured Parties, pursuant to this Agreement and the other Liens permitted to exist on the Collateral by the Credit Agreement, the Grantor owns each item
of the Collateral free and clear of any and all Liens or claims of others. No financing statement or other public notice with respect to all or any part of the Collateral is on file or of record in any public office, except such as have been filed
in favour of the Agent, for the ratable benefit of the Secured Parties, pursuant to this Agreement or as are permitted by the Credit Agreement. 

3.2 Perfected First Priority Liens. The security interests granted pursuant to this Agreement (a) upon completion of the filings
and other actions specified on Schedule A (which, in the case of all filings and other documents referred to on said Schedule, have been registered in accordance with the PPSA will constitute valid perfected security interests in all of
the Collateral in which a security interest can be perfected by the filing of a financing statement and/or the other filings and actions specified on Schedule A in favour of the Agent, for the ratable benefit of the Secured Parties, as
collateral security for the Foreign Secured Obligations, enforceable in accordance with the terms hereof against all creditors of the Grantor and any Persons purporting to purchase any Collateral from the Grantor and (b) are prior to all other
Liens on the Collateral in existence on the date hereof. 
 3.3 Chief Executive Office; Locations of Collateral. On the date hereof,
the Grantor’s jurisdiction of organization, the location of the Grantor’s chief executive office or sole place of business, and each jurisdiction in which the Grantor maintains tangible personal property are specified on
Schedule B. 
 3.4 Receivables. No material amount payable to the Grantor under or in connection with any Receivable is
evidenced by any Instrument which has not been delivered to the Agent. The amounts represented by the Grantor to the Lenders from time to time as owing to the Grantor in respect of the Receivables will at such times be accurate. 

3.5 Grantor. The Grantor party hereto is the Canadian Borrower. 

  
 CANADIAN SECURITY AGREEMENT, PAGE 6 

 3.6 Pledged Equity. 

(a) Schedule C sets forth a complete and accurate list of all Pledged Equity that constitute Collateral owned by the Grantor as of the
Effective Date. The Grantor is the direct, sole beneficial owner and sole holder of record of the Pledged Equity listed on Schedule C as being owned by it, free and clear of any Liens except for Liens permitted under Section 3.1.
The Grantor further represents and warrants that (i) all Pledged Equity owned by it is duly authorized and validly issued and, if such Pledged Equity is a share in a corporation, is fully paid and
non-assessable, (ii) with respect to any certificates delivered to the Agent representing Pledged Equity, either such certificates are Securities as defined in the STA as a result of actions by the
applicable issuer or otherwise, or, if such certificates are not Securities, the Grantor has so informed the Agent so that the Agent may take steps to perfect its security interest therein as a Intangible, and (iii) all such Pledged Equity held
by a securities intermediary is covered by a Securities Account Control Agreement. 
 (b) In addition, (i) none of the Pledged Equity
Interests owned by the Grantor have been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject, (ii) no options, warrants,
calls or commitments of any character whatsoever (x) exist relating to such Pledged Equity Interests or (y) obligate the issuer of any Pledged Equity Interests to issue additional Equity Interests, and (iii) except for any that have
been obtained, as of the date hereof, no consent, approval, authorization, or other action by, and no giving of notice, filing with, any governmental authority or any other Person is required for the pledge by the Grantor of such Pledged Equity
pursuant to this Agreement or for the execution, delivery and performance of this Agreement by the Grantor, or for the exercise by the Agent of the voting or other rights provided for in this Agreement or for the remedies in respect of the Pledged
Equity Interests pursuant to this Agreement, except as may be required in connection with such disposition by laws affecting the offering and sale of securities generally. 

SECTION 4. COVENANTS 
 The
Grantor covenants and agrees with the Agent and the Secured Parties that, from and after the date of this Agreement until the Foreign Secured Obligations shall have been paid in full in cash, no Letter of Credit shall be outstanding and the
Commitments shall have terminated: 
 4.1 Delivery of Instruments, Certificated Securities. The Grantor will (a) deliver to the
Agent, immediately upon the Effective Date, the originals of all Certificated Securities of Pledged Equity Interests constituting Collateral owned by it on the Effective Date (if any then exist), and (b) following the Effective Date, upon
receipt thereof, deliver to the Agent any Certificated Securities of Pledged Equity Interests constituting Collateral. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument or
Certificated Security, such Instrument or Certificated Security shall be promptly delivered to the Agent, duly endorsed in a manner satisfactory to the Agent, to be held as Collateral pursuant to this Agreement. 

  
 CANADIAN SECURITY AGREEMENT, PAGE 7 

 4.2 Maintenance of Perfected Security Interest; Further Documentation. 

(a) The Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the priority
described in Section 3.2 and shall defend such security interest against the claims and demands of all Persons whomsoever. 

(b) The Grantor will furnish to the Agent and the Secured Parties from time to time statements and schedules further identifying and
describing the assets and property of the Grantor and such other reports in connection therewith relating to Collateral as the Agent may reasonably request, all in reasonable detail. 

(c) At any time and from time to time, upon the written request of the Agent, and at the sole expense of the Grantor, the Grantor will
promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of
the rights and powers herein granted, including, without limitation, (i) filing any financing or financing change statements under the PPSA (or other similar laws) in effect in any jurisdiction with respect to the security interests created
hereby and (ii) in the case of any other relevant Collateral, taking any actions necessary to enable the Agent to obtain “control” (within the meaning of the STA), if necessary for perfection, with respect thereto. 

4.3 Changes in Locations, Name, etc. Grantor will not, except upon 30 days’ prior written notice to the Agent and delivery to the
Agent of (a) all additional financing statements and financing change statements and other documents reasonably requested by the Agent to maintain the validity, perfection and priority of the security interests provided for herein and
(b) if applicable, a written supplement to Schedule B showing any additional location at which Collateral shall be kept: (i) change its jurisdiction of organization or the location of its chief executive office or sole place of business
from that referred to in Section 3.3; (ii) change its name, identity or corporate structure to such an extent that any financing statement and financing change statement filed by the Agent in connection with this Agreement would
become misleading; or (iii) maintain tangible personal property in any jurisdiction other than those listed in Schedule B. If at any time after the date hereof, the Grantor establishes operations and/or maintains tangible assets in the Province
of Quebec, the Grantor shall, within thirty (30) days of such event (or such later date as may be agreed upon by the Agent) execute and deliver to the Agent a deed of hypothec or other applicable security documents under Quebec law as may be
determined by the Agent to be necessary or desirable to establish, preserve and perfect a valid security interest in tangible personal property of the Grantor in the Province of Quebec, Canada, such documents to be accompanied by appropriate lien
searches, registrations, corporate resolutions, other corporate organizational and authorization documentation and legal opinions in form and substance reasonably satisfactory to the Agent, to secure the Foreign Secured Obligations. 

4.4 Notices. The Grantor will advise the Agent and the Secured Parties promptly, in reasonable detail, of any Lien (other than Liens
created hereby or Liens permitted under the Credit Agreement) on any of the Collateral which would adversely affect the ability of the Agent to exercise any of its remedies hereunder; and of the occurrence of any other event which could reasonably
be expected to have a material adverse effect on the aggregate value of the Collateral or on the Liens created hereby. 

  
 CANADIAN SECURITY AGREEMENT, PAGE 8 

 4.5 Receivables. Other than in the ordinary course of business consistent with its past
practice, the Grantor will not (a) grant any extension of the time of payment of any Receivable, (b) compromise or settle any Receivable for less than the full amount thereof, (c) release, wholly or partially, any Person or any
Affiliate liable for the payment of any Receivable, (d) allow any credit or discount whatsoever on any Receivable or (e) amend, supplement or modify any Receivable in any manner that could materially adversely affect the value thereof.

 4.6 Compliance with Credit Agreement. The Grantor shall comply with all of the covenants and other provisions of the Credit
Agreement which apply to it by their terms. 
 4.7 Uncertificated Pledged Equity. The Grantor will permit the Agent from time to time
to cause the applicable Loan Party as issuer (and, if held with a securities intermediary, such securities intermediary) of uncertificated Securities or other types of Pledged Equity not represented by certificates owned by it to mark their books
and records with respect thereto to reflect the Lien of the Agent granted pursuant to this Agreement. With respect to any Pledged Equity owned by it, the Grantor will, upon request by the Agent, cause (a) each applicable Loan Party and
(b) any securities intermediary which is the holder of any such Pledged Equity, to cause the Agent to have and retain Control over such Pledged Equity. Without limiting the foregoing, the Grantor will, with respect to any such Pledged Equity
held with a securities intermediary, cause such securities intermediary to enter into a Securities Account Control Agreement. 
 4.8
Pledged Equity. 
 (a) Changes in Capital Structure of Issuers. The Grantor will not (i) permit or suffer any issuer of
an Equity Interest constituting Pledged Equity owned by it to dissolve, amalgamate, liquidate, retire any of its Equity Interests or other Securities evidencing ownership, reduce its capital, sell or encumber all or substantially all of its assets
(except for Liens permitted under Section 3.1 and sales of assets permitted pursuant to Section 6.11 of the Credit Agreement) or merge or consolidate with any other entity (except as permitted pursuant to Section 6.11 of the
Credit Agreement), or (ii) vote any such Pledged Equity in favour of any of the foregoing. 
 (b) Issuance of Additional
Securities. The Grantor will not permit or suffer any issuer of an Equity Interest constituting Pledged Equity owned by it to issue additional Equity Interests, any right to receive the same or any right to receive earnings, except to the
Grantor. 
 (c) Registration of Pledged Equity. After an Event of Default has occurred and is continuing, the Grantor will permit any
registerable Pledged Equity owned by it to be registered in the name of the Agent or its nominee at any time at the option of the Required Lenders. 

  
 CANADIAN SECURITY AGREEMENT, PAGE 9 

 (d) Exercise of Rights in Pledged Equity. 

(i) Subject to clause (ii) below, the Grantor shall have the right to exercise all voting rights or other rights relating
to the Pledged Equity owned by it for all purposes not inconsistent with this Agreement, the Credit Agreement or any other Loan Document; provided however, that no vote or other right shall be exercised or action taken which would have the effect of
impairing the rights of the Agent in respect of such Pledged Equity. 
 (ii) The Grantor will permit the Agent or its nominee
at any time during the continuance of an Event of Default to exercise all voting rights or other rights relating to the Pledged Equity owned by it, including, without limitation, exchange, subscription or any other rights, privileges, or options
pertaining to any Equity Interest or Investment Property constituting such Pledged Equity as if it were the absolute owner thereof. 

(iii) The Grantor shall be entitled to collect and receive for its own use all cash dividends and interest paid in respect of
the Pledged Equity owned by it to the extent not in violation of the Credit Agreement; provided that, the following distributions and payments (collectively referred to as the “Excluded Payments”) shall be delivered to the Agent as
and to the extent required in the following subsection (iv): (A) dividends and interest paid or payable other than in cash in respect of such Pledged Equity, and instruments and other property received, receivable or otherwise distributed in
respect of, or in exchange for, any such Pledged Equity; (B) dividends and other distributions paid or payable in cash in respect of such Pledged Equity in connection with a partial or total liquidation or dissolution of any applicable Loan
Party; and (C) cash paid, payable or otherwise distributed, in respect of principal of, or in redemption of, or in exchange for, such Pledged Equity; provided however, that until actually paid, all rights to such distributions shall remain
subject to the Lien created by this Agreement; and 
 (iv) All Excluded Payments, whenever paid or made, shall be delivered
to the Agent to hold as Pledged Equity and shall, if received by the Grantor, be received in trust for the benefit of the Agent, be segregated from the other property or funds of the Grantor, and be forthwith delivered to the Agent as Pledged Equity
in the same form as so received (with any necessary endorsement). 
 (e) Securities. The Grantor shall not permit any Equity Interest
which is included within the Collateral at any time to constitute a Security or permit the issuer of any such Equity Interest to take any action to have such interests treated as a Security unless (i) all certificates or other documents
constituting such Security have been delivered to the Agent and such Security is properly defined as such in the STA, whether as a result of actions by the issuer thereof or otherwise, or (ii) the Agent has entered into a Securities Account
Control Agreement with the issuer of such Security or with a securities intermediary relating to such Security. 
 4.9 ULC Shares.
The Grantor acknowledges that certain of the Collateral may now or in the future consist of ULC Shares, and that it is the intention of the Agent and the Grantor that neither the Agent nor any other Secured Party should under any circumstances prior
to realization thereon be held to be a “member” or a “shareholder”, as applicable, of a ULC for the purposes of any ULC Laws. Therefore, notwithstanding any provisions to the contrary contained

  
 CANADIAN SECURITY AGREEMENT, PAGE 10

 in this Agreement, the Credit Agreement or any other Loan Document, where the Grantor is the registered owner of
ULC Shares which are Collateral, the Grantor shall remain the sole registered owner of such ULC Shares until such time as such ULC Shares are effectively transferred into the name of the Agent, any other Secured Party, or any other Person on the
books and records of the applicable ULC. Accordingly, the Grantor shall be entitled to receive and retain for its own account any dividend on or other distribution, if any, with respect to such ULC Shares (except for any dividend or distribution
comprised of pledged Certificated Securities, which shall be delivered to the Agent to hold hereunder) and shall have the right to vote such ULC Shares and to control the direction, management and policies of the applicable ULC to the same extent as
the Grantor would if such ULC Shares were not pledged to the Agent pursuant hereto. Nothing in this Agreement, the Credit Agreement or any other Loan Document is intended to, and nothing in this Agreement, the Credit Agreement or any other Loan
Document shall, constitute the Agent, any other Secured Party, or any other Person other than the Grantor, a member or shareholder of a ULC for the purposes of any ULC Laws (whether listed or unlisted, registered or beneficial), until such time as
notice is given to the Grantor and further steps are taken pursuant hereto or thereto so as to register the Agent, any other Secured Party, or such other Person, as specified in such notice, as the holder of the ULC Shares. To the extent any
provision hereof would have the effect of constituting the Agent or any other Secured Party as a member or a shareholder, as applicable, of any ULC prior to such time, such provision shall be severed herefrom and shall be ineffective with respect to
ULC Shares which are Collateral without otherwise invalidating or rendering unenforceable this Agreement or invalidating or rendering unenforceable such provision insofar as it relates to Collateral which is not ULC Shares. Except upon the exercise
of rights of the Agent to sell, transfer or otherwise dispose of ULC Shares in accordance with this Agreement, the Grantor shall not cause or permit, or enable an issuer of ULC shares (a “ULC Issuer”) that is a ULC to cause or permit, the
Agent or any other Secured Party to: (a) be registered as a shareholder or member of such ULC Issuer; (b) have any notation entered in their favour in the share register of such ULC Issuer; (c) be held out as shareholders or members
of such ULC Issuer; (d) receive, directly or indirectly, any dividends, property or other distributions from such ULC Issuer by reason of the Agent holding the security interests over the ULC Shares; or (e) act as a shareholder of such ULC
Issuer, or exercise any rights of a shareholder including the right to attend a meeting of shareholders of such ULC Issuer or to vote its ULC Shares. 

SECTION 5. REMEDIAL PROVISIONS 

5.1 Certain Matters Relating to Receivables. 

(a) If required by the Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables,
when collected by the Grantor, (i) shall be forthwith deposited by the Grantor in the exact form received, duly endorsed by the Grantor to the Agent if required, in a collateral account maintained under the dominion and control of the Agent as
collateral security for the Foreign Secured Obligations, subject to withdrawal by the Agent for the account of the Secured Parties in payment of the Foreign Secured Obligations as provided in Section 5.2, and (ii) until so turned
over, shall be held by the Grantor in trust for the Agent and the other Secured Parties, segregated from other funds of the Grantor. Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the
nature and source of the payments included in the deposit. 

  
 CANADIAN SECURITY AGREEMENT, PAGE 11

 (b) Anything herein to the contrary notwithstanding, the Grantor shall remain liable under each
of the Receivables and the Contracts to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. Neither the Agent nor any Secured
Party shall have any obligation or liability under any Receivable (or any agreement giving rise thereto) or Contract by reason of or arising out of this Agreement or the receipt by the Agent or any Secured Party of any payment relating thereto, nor
shall the Agent or any Secured Party be obligated in any manner to perform any of the obligations of the Grantor under or pursuant to any Receivable (or any agreement giving rise thereto) or Contract, 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 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. 
 5.2 Application of Proceeds. After an Event of Default shall have occurred
and be continuing, at any time at the Agent’s election, the Agent may apply all or any part of Proceeds held in any collateral account in payment of the Foreign Secured Obligations in such order as the Agent may elect, and any part of such
funds which the Agent elects not to so apply and deems not required as collateral security for the Foreign Secured Obligations shall be paid over from time to time by the Agent to the Grantor or to whomsoever may be lawfully entitled to receive the
same. Any balance of such Proceeds remaining after the Foreign Secured Obligations shall have been paid in full, no Letters of Credit shall be outstanding and the Commitments shall have terminated shall be turned over to whomsoever may be lawfully
entitled to receive the same. 
 5.3 PPSA and Other Remedies. After an Event of Default shall have occurred and be continuing, the
Agent, on behalf of the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Foreign Secured Obligations, all
rights and remedies of a secured party under the PPSA or any other applicable law. Without limiting the generality of the foregoing, the Agent, without further demand of performance or other demand, presentment, protest, advertisement or notice of
any kind (except any notice required by law referred to below), to or upon the Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith (i) collect,
receive, appropriate and realize upon the Collateral, or any part thereof, (ii) give notice of sole control or any other instruction under any Securities Account Control Agreement and take any action therein with respect to such Collateral,
(iii) concurrently with written notice to the Grantor, transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Equity, exchange certificates or instruments representing or evidencing Pledged Equity
for certificates or instruments of smaller or larger denominations, exercise the voting and all other rights as a holder with respect thereto, collect and receive all cash dividends and other distributions made thereon and to otherwise act with
respect to the Pledged Equity as though the Agent was the outright owner thereof, (iv) sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the
foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Agent or any Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may
deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Agent or any Secured Party shall have 

  
 CANADIAN SECURITY AGREEMENT, PAGE 12

 the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or
sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in the Grantor, which right or equity is hereby waived and released. The Grantor further agrees, at the Agent’s request, to assemble
the Collateral and make it available to the Agent at places which the Agent shall reasonably select, whether at the Grantor’s premises or elsewhere and/or (v) appoint by instrument in writing one or more receivers of the Grantor or any or
all of the Collateral with such rights, powers and authority (including any or all of the rights, powers and authority of the Agent under this Agreement) as may be provided for in the instrument of appointment or any supplemental instrument, and
remove and replace any such receiver from time to time. To the extent permitted by applicable law, any receiver appointed by the Agent shall (for purposes relating to responsibility for the receiver’s acts or omissions) be considered to be the
agent of the Grantor and not of the Agent or any of the other Secured Parties. The Agent shall apply the net proceeds of any action taken by it pursuant to this Section 5.3, after deducting all reasonable costs and expenses of every kind
incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Agent and the Secured Parties hereunder, including, without limitation, reasonable
attorneys’ fees and disbursements, to the payment in whole or in part of the Foreign Secured Obligations, in such order as the Agent may elect, and only after such application and after the payment by the Agent of any other amount required by
any provision of law, need the Agent account for the surplus, if any, to the Grantor. To the extent permitted by applicable law, the Grantor waives all claims, damages and demands it may acquire against the Agent or any Secured Party arising out of
the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other
disposition. 
 5.4 Deficiency. The Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition
of the Collateral are insufficient to pay the Foreign Secured Obligations and the fees and disbursements of any attorneys employed by the Agent or any Secured Party to collect such deficiency. 

SECTION 6. THE AGENT 
 6.1
Agent’s Appointment as Attorney-in-Fact, etc. 
 (a) The Grantor hereby irrevocably constitutes and appoints the Agent and any
officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Grantor and in the name of the Grantor or in its own name, for the purpose of
carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the
generality of the foregoing, the Grantor hereby gives the Agent the power and right, on behalf of the Grantor, without notice to or assent by the Grantor, to do any or all of the following after and during the continuance of an Event of Default:

 (i) in the name of the Grantor or its own name, or otherwise, take possession of and endorse and collect any checks,
drafts, notes, acceptances or other instruments for the payment of moneys due under any Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Agent for the purpose
of collecting any and all such moneys due under any Collateral whenever payable; 

  
 CANADIAN SECURITY AGREEMENT, PAGE 13

 (ii) execute, in connection with any sale provided for in Section 5,
any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; and 
 (iii) ask
or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; commence and prosecute any suits, actions or proceedings at
law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; defend any suit, action or proceeding brought against the Grantor with respect to
any Collateral; settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Agent may deem appropriate; and generally, sell, transfer, pledge and make any agreement with
respect to or otherwise deal with any of the Collateral as fully and completely as though the Agent were the absolute owner thereof for all purposes, and do, at the Agent’s option and the Grantor’s expense, at any time, or from time to
time, all acts and things which the Agent deems necessary to protect, preserve or realize upon the Collateral and the Agent’s and the Secured Parties’ security interests therein and to effect the intent of this Agreement, all as fully and
effectively as the Grantor might do. 
 (b) The expenses of the Agent incurred in connection with actions undertaken as provided in this
Section 6.1, together with interest thereon at a rate per annum equal to the highest rate per annum at which interest would then be payable on any category of past due ABR Loans under the Credit Agreement, from the date of payment by the
Agent to the date reimbursed by the Grantor, shall be payable by the Grantor to the Agent on demand. 
 (c) The Grantor hereby ratifies all
that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security
interests created hereby are released. 
 6.2 Duty of Agent. The Agent’s sole duty with respect to the custody, safekeeping and
physical preservation of the Collateral in its possession, under the PPSA or otherwise, shall be to deal with it in the same manner as the Agent deals with similar property for its own account. None of the Agent, any Secured Party or any of their
respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral
upon the request of the Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Agent and the Secured Parties hereunder are solely to protect the Agent’s
and the Secured Parties’ interests in the Collateral and shall not impose any duty upon the Agent or any Secured Party to exercise any such powers. The Agent and the Secured Parties shall be accountable only

  
 CANADIAN SECURITY AGREEMENT, PAGE 14

 for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of
their officers, directors, employees or agents shall be responsible to the Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

6.3 Authority of Agent. The Grantor acknowledges that the rights and responsibilities of the Agent under this Agreement with respect to
any action taken by the Agent or the exercise or non-exercise by the Agent of any option, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Agent and the Secured
Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Agent and the Grantor, the Agent shall be conclusively presumed to be acting as agent for
the Secured Parties with full and valid authority so to act or refrain from acting, and the Grantor shall not be under any obligation, or entitlement, to make any inquiry respecting such authority. 

SECTION 7. MISCELLANEOUS 

7.1 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified
except in accordance with the Credit Agreement. 
 7.2 Notices. All notices, requests and demands to or upon the Agent or the Grantor
hereunder shall be effected in the manner provided for in the Credit Agreement. 
 7.3 No Waiver by Course of Conduct; Cumulative
Remedies. Neither the Agent nor any Secured Party shall by any act (except by a written instrument pursuant to Section 7.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Agent or any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial
exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Agent or any Secured Party of any right or remedy hereunder on any one
occasion shall not be construed as a bar to any right or remedy which the Agent or such Secured Party would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and
are not exclusive of any other rights or remedies provided by law. 
 7.4 Enforcement Expenses; Indemnification. 

(a) The Grantor agrees to pay or reimburse each Secured Party and the Agent for all its costs and expenses incurred in enforcing or preserving
any rights under this Agreement and the other Loan Documents to which the Grantor is a party, including, without limitation, the reasonable fees and disbursements of counsel to each Secured Party and of counsel to the Agent. 

(b) The Grantor agrees to pay, and to save the Agent and the Secured Parties harmless from, any and all liabilities with respect to, or
resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement.

  
 CANADIAN SECURITY AGREEMENT, PAGE 15

 (c) The Grantor agrees to pay, indemnify, and hold each Secured Party and the Agent and their
respective officers, directors, employees, affiliates, agents and controlling persons (each, an “Indemnitee”) harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the Foreign Secured Obligations and the reasonable fees and expenses of legal counsel in connection with claims, actions or proceedings by such Indemnitee (all
the foregoing, collectively, the “Indemnified Liabilities”), provided, that the Grantor shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are
found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. 

(d) The agreements in this Section 7.4 shall survive repayment of the Foreign Secured Obligations and all other amounts payable
under the Credit Agreement and the other Loan Documents. 
 7.5 Successors and Assigns. This Agreement shall be binding upon the
successors and assigns of the Grantor and shall enure to the benefit of the Agent and the Secured Parties and their successors and assigns; provided that the Grantor may not assign, transfer or delegate any of its rights or obligations under this
Agreement without the prior written consent of the Agent. 
 7.6 Set-Off. The Grantor hereby irrevocably authorizes the Agent and
each Secured Party at any time and from time to time after the occurrence and during the continuance of any Event of Default without notice to the Grantor, any such notice being expressly waived by the Grantor, to set-off and hold as collateral
security in any collateral account or otherwise as cash collateral for the Foreign Secured Obligations to be applied to the Foreign Secured Obligations when due, any and all deposits (general or special, time or demand, provisional or final), in any
currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Agent or such Secured Party to or for the credit or the
account of the Grantor, or any part thereof in such amounts as the Agent or such Secured Party may elect, against and on account of the obligations and liabilities of the Grantor to the Agent or such Secured Party hereunder and claims of every
nature and description of the Agent or such Secured Party against the Grantor, in any currency, whether arising hereunder or under any other Loan Document or otherwise, as the Agent or such Secured Party may elect, whether or not the Agent or any
Secured Party has made any demand for payment, whether or not any of the Foreign Secured Obligations are otherwise fully secured and although such obligations, liabilities and claims may be contingent or unmatured. The Agent and each Secured Party
shall notify the Grantor promptly of any such set-off and the application made by the Agent or such Secured Party of the proceeds thereof; provided that the failure to give such notice shall not affect the validity of such set-off and application.
The rights of the Agent and each Secured Party under this Section 7.6 are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Agent or such Secured Party may have. 

7.7 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts
(including by telecopy or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

  
 CANADIAN SECURITY AGREEMENT, PAGE 16

 7.8 Severability. Any provision of this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 7.9 Section Headings. The Section headings used in
this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

7.10 Integration. This Agreement and the other Loan Documents represent the agreement of the Grantor, the Agent and the Secured Parties
with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Agent or any Secured Party relative to subject matter hereof and thereof not expressly set forth or referred to
herein or in the other Loan Documents. 
 7.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE PROVINCE OF ONTARIO AND THE FEDERAL LAWS OF CANADA APPLICABLE THERIN. 
 7.12 Submission To Jurisdiction;
Waivers. The Grantor 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 non-exclusive general jurisdiction of any court of the Province of Ontario, and appellate courts from any thereof; (b) consents that any such action or proceeding may be brought in such
courts and waives 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 court and agrees not to plead or claim the same;
(c) 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 the Grantor at its address referred
to in Section 7.2 or at such other address of which the Agent shall have been notified pursuant thereto; (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary,
punitive or consequential damages. 
 7.13 Acknowledgments. The Grantor hereby acknowledges that: (a) it has been advised by
counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party; (b) neither the Agent nor any Secured Party has any fiduciary relationship with or duty to the Grantor arising out of or
in connection with this Agreement or any of the other Loan Documents, and the relationship between the Grantor, on the one hand, and the Agent and Secured Parties, on the other hand, in connection herewith or

  
 CANADIAN SECURITY AGREEMENT, PAGE 17

 therewith is solely that of borrower and/or guarantor and lender; and (c) no joint venture is created hereby
or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or between the Grantor and the Secured Parties. 

7.14 WAIVER OF JURY TRIAL. THE GRANTOR, THE AGENT AND EACH SECURED PARTY, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN
ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM RELATING THERETO. 
 (The Next
Page is the Signature Page) 

  
 CANADIAN SECURITY AGREEMENT, PAGE 18

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

			
	GRANTOR:
	
	ELIZABETH ARDEN (CANADA) LIMITED
		
	By:	 	/s/ Marcey Becker
	Name: 	 	Marcey Becker
	Title:	 	Vice President, Finance

  
 [SIGNATURE
PAGE TO CANADIAN SECURITY AGREEMENT] 

 
			
	AGENT:
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	/s/ Christy L. West
	Name: 	 	Christy L. West
	Title:	 	Authorized Officer

  
 [SIGNATURE
PAGE TO CANADIAN SECURITY AGREEMENT] 

 SCHEDULE A 

Filings and Other Actions Required to Perfect Security Interests 

 

					
	 Name of Grantor
	  	Filing Office	 
	 Elizabeth Arden (Canada) Limited
	  	 	Ontario	  

  
 SCHEDULE A

 SCHEDULE B 

Location of Jurisdiction of Organization and Chief Executive Office and Locations of Collateral 

 

							
	 Name of Grantor
	  	 Jurisdiction of

Organization
	  	Chief Executive Office	  	Jurisdictions in Which
Tangible Personal Property
is Maintained
	 Elizabeth Arden (Canada) Limited
	  	Ontario	  	505 Apple Creek Blvd.
 Unit 2

Markham ON
 L3R 5B1
	  	Ontario

  
 SCHEDULE B

 SCHEDULE C 

Pledged Equity Interests 
 None. 

  
 SCHEDULE CDeed of Pledge Shares

 Exhibit 4.6 

1/15 
 #22172386 

DRUP/HILB/BOSMAN/22169500 

5161141/40070031 
 DEED OF PLEDGE OF SHARES

 (Elizabeth Arden (Netherlands) Holding B.V.) 

This twenty-sixth day of July two thousand sixteen, there appeared before me, Gilian Renkema, hereafter to be called “civil law notary”, as deputy
of Pieter Gerard van Druten, civil law notary at Amsterdam, the Netherlands: 
 Erwin Bosma, born in Emmeloord, the Netherlands, on the thirtieth day of June
nineteen hundred ninety-one, with office address Fred. Roeskestraat 100, 1076 ED Amsterdam, the Netherlands, in this respect acting as authorised representative of: 
  

	1	Elizabeth Arden (Switzerland) Holding Sárl, a private limited liability company (société à responsabilité limitée) under the laws of Switzerland, having its
official seat in Meyrin, Switzerland, having its registered office address at 28 Chemin de Joinville, 1216 Cointrin, Switzerland and registered with the relevant trade register in Switzerland under number CHE-109.096.142 (the Pledgor);

  

	2	JPMorgan Chase Bank, N.A., a national banking association incorporated under the laws of the United States of America, with its main office at 111 Polaris Parkway, Columbus, Ohio 4320, the United States of
America (as Administrative Agent and as sole creditor under each Parallel Debt, the Pledgee); and 

  

	3	Elizabeth Arden (Netherlands) Holding B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) under Dutch law, having its official seat (statutaire zetel) in
Rotterdam, the Netherlands, having its registered office address at Herengracht 483, 1017BT Amsterdam, the Netherlands and registered with the Dutch trade register under number 24313747 (the Company). 

 
 2
/15 
 #22172386 
  

 The person appearing declared that it is agreed as follows: 

 

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

  

	1.1.1	Capitalised terms used but not defined in this Deed shall have the meaning given thereto in the Credit Agreement. 

  

	1.1.2	In this Deed: 

 Articles of Association means the deed of incorporation including the
articles of association (statuten) of the Company, as they stand since their latest amendment on the twenty-second day of July two thousand and sixteen. 

Collateral means: 
  

	 	(a)	the Shares; 

  

	 	(b)	the Dividends; and 

  

	 	(c)	the Related Assets.; and 

  

	 	(d)	the Recourse and Subrogation Claims (as defined in Clause 7.3 (Recourse and subrogation claims)). 

Credit Agreement means the Fourth Amended and Restated Credit Agreement dated on or about the date hereof by and among the Pledgee as
administrative agent, the other agents described therein, the lenders described therein, Elizabeth Arden, Inc. and certain of its subsidiaries as borrowers, and certain of its subsidiaries, including the Company, as guarantors. 

Deed means this deed of pledge of shares. 

Dividends means all cash dividends, distribution of reserves, repayments of capital, liquidation or dissolution proceeds and all other
distributions, payments and repayments under or in connection with the Shares. 
 Enforcement Event means a default by any Foreign
Loan Party in the performance of the Secured Obligations (whether in whole or in part) provided that such default constitutes an Event of Default which is continuing. 

Party means a party to this Deed. 

Related Assets means all shares, rights (other than Dividends) and other assets accruing, distributed, issued or offered at any time by
way of or resulting from redemption, repurchase, dividend, bonus, preference, pre-emption, conversion, capitalisation of profits or reserves, substitution, exchange, warrant, claim or option right or otherwise under or in connection with
(a) the Shares or (b) the conversion, merger or demerger of the Company. 
 Right of Pledge means a right of pledge created
by this Deed. 
 Secured Obligations means all present and future liabilities and contractual and non-contractual obligations
consisting of monetary payment obligations (vorderingen tot voldoening van een geldsom) of each Foreign Loan Party to the Pledgee, at any time, both actual and contingent and whether incurred solely or jointly or as principal, surety or in
any other capacity whether for principal, interest, costs or otherwise under or in connection with this Deed and each Parallel Debt (and if the Right of Pledge cannot validly secure a Parallel Debt, the Corresponding Debt itself shall be the Secured
Obligations). 
 Shares means: 
  

	 	(a)	the one hundred eighty (180) ordinary shares in the capital of the Company, with a nominal value of one hundred euro (EUR 100.00) each, numbered from 1 up to and including 180; and 

  

 
 3
/15 
 #22172386 
  

	 	(b)	all shares in the capital of the Company which are acquired by the Pledgor after the date of this Deed. 

Voting Transfer Event means the occurrence of a Default or an Event of Default in conjunction with a written notice from the Pledgee to
the Pledgor and the Company stating that the Pledgee shall exercise the Voting Rights. 
 Voting Rights means all voting rights, other
consensual rights and similar rights and powers attached to the Shares. 
  

	1.2	Interpretation 

  

	1.2.1	Unless a contrary indication appears, any reference in this Deed to: 

  

	 	(a)	a Clause is a reference to a clause of this Deed; 

  

	 	(b)	this Deed, the Credit Agreement, a Loan Document or any other agreement or instrument includes all amendments, supplements, novations, restatements or re-enactments (without prejudice to any
prohibition thereto) however fundamental and of whatsoever nature thereunder and includes (i) any increase or reduction in any amount available under the Credit Agreement or any other Loan Document (as amended, supplemented, novated, restated
or re-enacted) or any alteration of or addition to the purpose for which any such amount, or increased or reduced amount may be used, (ii) any facility provided in substitution of or in addition to the facilities originally made available
thereunder, (iii) any rescheduling of the indebtedness incurred thereunder whether in isolation or in connection with any of the foregoing and (iv) any combination of the foregoing, and the Secured Obligations include all of the foregoing;

  

	 	(c)	person includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, partnership or other entity (whether or not having separate legal personality) or two
or more of the foregoing; 

  

	 	(d)	the Pledgee, the Pledgor, the Company or any other person includes its successors in title, permitted assigns and permitted transferees; and 

 

	 	(e)	a provision of law is a reference to that provision as amended or re-enacted. 

  

	1.2.2	Clause headings are for ease of reference only. 

  

	1.2.3	An Enforcement Event shall constitute a verzuim (as meant in Section 3:248 (1) of the Dutch Civil Code) in the performance of the Secured Obligations or any part thereof, without any summons or notice
of default (aanmaning of ingebrekestelling) being sent or required. 

  

	2	CREATION OF SECURITY 

  

	2.1	Right of Pledge 

 The Pledgor agrees with the Pledgee to grant and grants in favour of
the Pledgee, to the extent necessary in advance (bij voorbaat), a right of pledge (pandrecht) over its Collateral and any accessory rights (afhankelijke rechten) and ancillary rights (nevenrechten) attached to the
Collateral as security for the Secured Obligations. 

  

 
 4
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 #22172386 
  

	2.2	Perfection 

  

	2.2.1	The Company: 

  

	 	(a)	confirms that is has been notified of each Right of Pledge and that it has not received any notice of other rights of pledge, limited rights or encumbrances or transfers in respect of the Collateral; 

 

	 	(b)	shall, promptly after the execution of this Deed and promptly after the Pledgor has acquired any shares in the capital of the Company, register each Right of Pledge in its shareholders’ register and provide the
Pledgee with a copy thereof; and 

  

	 	(c)	to the extent possible under Dutch law and with the knowledge of the Pledgor, waives (and shall waive at the Pledgee’s first request) any right that may impede the exercise by the Pledgee of any Right of Pledge and
the other rights conferred under this Deed. 

  

	2.2.2	The Pledgee may present this Deed and any other document executed pursuant to this Deed for registration to any office, registrar or governmental body in any jurisdiction and to serve any notice to any person as the
Pledgee deems necessary to protect its interests. 

  

	2.3	Voting Rights 

  

	2.3.1	The Voting Rights are transferred by the Pledgor to the Pledgee under the condition precedent (opschortende voorwaarde) of the occurrence of a Voting Transfer Event. The general meeting of the Company has
resolved to approve such transfer of Voting Rights, as is evidenced by a written resolution of such meeting, dated on or about the date hereof, a copy of which is attached to this Deed (Annex). 

 

	2.3.2	Upon the occurrence of a Voting Transfer Event, the Pledgee shall have the sole and exclusive right and authority to exercise such Voting Rights and shall be entitled to exercise or refrain from exercising such rights
in such manner as the Pledgee may in its absolute discretion deem fit. Until the transfer of Voting Rights to the Pledgee, the Pledgor shall have the right and authority to exercise such Voting Rights or refrain from exercising such Voting Rights,
provided that no such exercise (or such abstention) may violate or be inconsistent with the terms and conditions of this Deed, the Credit Agreement or any other Loan Document. 

 

	2.3.3	Until the transfer of Voting Rights to the Pledgee, the Pledgee shall not have the rights which the law attributes to holders of depository receipts (certificaten van aandelen) with meeting rights
(vergaderrecht) of shares in the capital of the Company. 

  

	3	AUTHORITY TO COLLECT 

  

	3.1	Authority to collect the Dividends and Related Assets 

  

	3.1.1	The Pledgee may collect and receive payment of the Dividends and Related Assets in accordance with Section 3:246 (1) of the Dutch Civil Code. Subject to Clause 3.1.2, the Pledgee authorises the Pledgor to
collect and receive payment of the Dividends and the Related Assets. 

  

 
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	3.1.2	Upon the occurrence of a Default or an Event of Default, the Pledgee may terminate the authorisation granted pursuant to Clause 3.1.1 by giving notice thereof to the Pledgor and the Company following which the Pledgee
may exercise all rights of the Pledgor in relation to the Dividends and Related Assets including any accessory rights (afhankelijke rechten) or ancillary rights (nevenrechten) towards the Company. 

 

	4	REPRESENTATIONS 

  

	4.1	General 

  

	4.1.1	The Pledgor makes the representations in this Clause 4 in respect of itself or its Collateral existing on the date the representations are made. 

 

	4.1.2	The representations in this Clause 4 are made on the date of this Deed and are repeated on each date the Pledgor acquires any Collateral. 

 

	4.2	Ranking 

 Each Right of Pledge is a first ranking right of pledge (pandrecht eerste in
rang). 
  

	4.3	Collateral 

  

	4.3.1	Its Collateral has not been transferred, assigned, pledged, made subject to a limited right (beperkt recht) or otherwise encumbered to any person other than the Pledgee. 

 

	4.3.2	It is entitled (bevoegd) to pledge its Collateral. 

  

	4.3.3	Its Collateral is capable of being transferred, assigned and pledged. 

  

	4.3.4	Its Collateral is not subject to any attachment. 

  

	4.3.5	Its Collateral is not subject to any option or similar right. 

  

	4.3.6	The Shares: 

  

	 	(a)	have been validly issued and have not been repurchased (ingekocht), cancelled (ingetrokken), reduced (afgestempeld), split or combined and no resolution has been made to repurchase (inkopen),
cancel (intrekken), reduce (afstempelen), split or combine any shares; 

  

	 	(b)	constitute one hundred percent (100%) of the issued share capital of the Company and are fully paid up; and 

  

	 	(c)	issued and outstanding at the date of this Deed have been acquired pursuant to a notarial deed of transfer of shares, executed on the twenty-fifth day of January two thousand two before R. Pfeiffer, civil law notary,
officiating in Rotterdam, the Netherlands. 

  

	4.3.7	There are no outstanding claims on the Company for the issue of any shares in the capital of the Company and no depository receipts (certificaten van aandelen) have been issued in respect of shares in the capital
of the Company. 

  

	4.3.8	It has not been deprived of the authority to alienate shares in the capital of the Company by virtue of Section 2:22a of the Dutch Civil Code. 

 

	4.3.9	It has not been served a writ in connection with the settlement of shareholders disputes within the meaning of Section 2:335 and further of the Dutch Civil Code, and is consequently not subject to the restrictions
set out in Section 2:338 of the Dutch Civil Code. 

  

	4.3.10	The Company may only issue shares by virtue of a resolution of its general meeting and this authority has not been transferred to any other corporate body of the Company. 

  

 
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	4.4	Information 

 It has provided the Pledgee with all information and documentation
regarding the Collateral, which it understands or should be aware to be important to the Pledgee. 
  

	5	UNDERTAKINGS 

  

	5.1	General 

 The undertakings in this Clause 5 remain in force from the date of this Deed
until each Right of Pledge is terminated in accordance with Clause 8 (Termination). 
  

	5.2	Collateral 

 The Pledgor shall not: 

 

	 	(a)	transfer, assign, pledge, make subject to a limited right (beperkt recht) or otherwise encumber the Collateral; 

  

	 	(b)	release or waive (afstand doen van) any of the Collateral; 

  

	 	(c)	waive or terminate any accessory rights (afhankelijke rechten) or ancillary rights (nevenrechten) attached to the Collateral; 

 

	 	(d)	agree with a court composition or an out-of-court composition (gerechtelijk of buitengerechtelijk akkoord) or enter into any settlement agreement in respect of the Collateral; or 

 

	 	(e)	perform any act which adversely affects or may adversely affect the Collateral or any Right of Pledge. 

  

	5.3	Information 

  

	5.3.1	The Pledgor shall promptly inform the Pledgee of the occurrence of an event that may be relevant to the Pledgee with respect to the Collateral or adversely affects or may adversely affect any Right of Pledge.

  

	5.3.2	The Pledgor shall promptly notify in writing, at its own cost, the existence of this Deed and each Right of Pledge to any court process server (deurwaarder), bankruptcy trustee (curator), administrator
(bewindvoerder) or similar officer in any jurisdiction or any other person claiming to have a right to the Collateral and shall promptly send to the Pledgee a copy of the relevant correspondence. 

 

	5.3.3	The Pledgor shall at the Pledgee’s first request provide the Pledgee with all information and with copies of all relevant documentation relating to the Collateral and allow the Pledgee to inspect its administrative
records. 

  

	5.4	Voting covenants 

 The Pledgor shall not exercise its Voting Rights to, or in any
capacity resolve to, effect or consent to or ratify any act which adversely affects or may adversely affect the Collateral or any Right of Pledge, including the following acts: 

 

	 	(a)	an amendment of the Articles of Association; 

  

	 	(b)	the dissolution (ontbinding) of the Company; 

  

	 	(c)	the granting of rights to subscribe for shares in the capital of the Company; 

  

	 	(d)	an issuance of shares in the capital of the Company or depository receipts (certificaten van aandelen) with meeting rights (vergaderrecht); 

 

	 	(e)	a cancellation or reduction of the nominal value of the shares in the capital of the Company; 

  

 
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	 	(f)	an acquisition by the Company of shares in the capital of the Company or depository receipts (certificaten van aandelen) thereof; 

 

	 	(g)	any merger (fusie) or demerger (splitsing) of the Company; 

  

	 	(h)	a filing of a request to declare the Company bankrupt (failliet) or a similar proceedings in any jurisdiction; and 

  

	 	(i)	a filing by the Company of a request to be granted a suspension of payments (surseance van betaling) or a similar proceedings in any jurisdiction, 

without the prior written consent of the Pledgee unless expressly permitted under the Credit Agreement. 

 

	5.5	Company’s undertakings 

 The Company shall comply with the provisions of Clause 5.3
(Information) (mutatis mutandis) and shall not propose or effect such acts as set out in Clause 5.4 (Voting Covenants). 
  

	6	ENFORCEMENT 

  

	6.1	Enforcement 

  

	6.1.1	Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enforce any Right of Pledge, in accordance with Dutch law and any other applicable law and may take all (legal) steps and measures which
it deems necessary for that purpose. 

  

	6.1.2	Upon the Pledgee becoming entitled to collect the Dividends and Related Assets pursuant to Clause 3.1 (Authority to collect the Dividends and Related Assets), the Pledgee shall have the right to exercise any accessory
rights (afhankelijke rechten) or ancillary rights (nevenrechten), enter into court compositions or out-of-court compositions (gerechtelijke of buitengerechtelijke akkoorden) and to cast a vote in connection with such
compositions and to enter into any settlement agreement regarding the Dividends and Related Assets with the Company and any other person. 

  

	6.2	Enforcement waivers 

  

	6.2.1	The Pledgee shall not be obliged to give notice of a sale of the Collateral to the Pledgor, debtors, holders of a limited right (beperkt recht) or persons who have made an attachment (beslag) on the
Collateral (as provided in Sections 3:249 and 3:252 of the Dutch Civil Code). 

  

	6.2.2	The Pledgor waives its rights to make a request to the court: 

  

	 	(a)	to determine that the Collateral shall be sold in a manner deviating from the provisions of Section 3:250 of the Dutch Civil Code (as provided in Section 3:251 (1) of the Dutch Civil Code); and

  

	 	(b)	to collect and receive payment of the Dividends or Related Assets after a Right of Pledge has been disclosed and the authorisation has been terminated in accordance with Clause 3.1.2 (Authority to collect the Dividends
and Related Assets) (as provided in Section 3:246 (4) of the Dutch Civil Code). 

  

	6.2.3	The Pledgor waives its rights to demand that the Pledgee: 

  

	 	(a)	shall first enforce any security granted by any other person, pursuant to Section 3:234 of the Dutch Civil Code; 

  

 
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	 	(b)	shall first proceed against or claim payment from any other person or enforce any guarantee, before enforcing any Right of Pledge; and 

 

	 	(c)	pays for costs which it has made in respect of the Collateral pursuant to Section 3:233 (2) of the Dutch Civil Code. 

  

	6.2.4	The Pledgor waives its right (a) to set-off (verrekenen) its claims (if any) against the Pledgee under or in connection with this Deed against the Secured Obligations and (b) if it has granted security
for any other person’s obligations, to invoke the suspension or the termination of its liability for any Secured Obligations pursuant to Section 6:139 of the Dutch Civil Code. 

 

	6.2.5	To the extent permitted by Dutch law and the Articles of Association, the Pledgor irrevocably and unconditionally waives, renounces and agrees not to exercise any pre-emption rights or rights of first refusal upon a
sale of shares in the capital of the Company and where applicable, the other Collateral. 

  

	6.3	Application of monies 

 Subject to the mandatory provisions of Dutch law on enforcement,
all monies received or realised by the Pledgee in connection with the enforcement of any Right of Pledge or the collection of Dividends and Related Assets following an Enforcement Event shall be applied by the Pledgee in accordance with the relevant
provisions of the Credit Agreement. 
  

	7	FURTHER ASSURANCES AND POWER OF ATTORNEY 

  

	7.1	Further assurances 

  

	7.1.1	The Pledgor shall at its own cost execute any instrument, provide such assurances and do all acts as may be necessary for: 

  

	 	(a)	perfecting, preserving or protecting any Right of Pledge created (or intended to be created) by, or other right of the Pledgee under, this Deed; 

 

	 	(b)	exercising any power, authority or discretion vested in the Pledgee under this Deed; 

  

	 	(c)	ensuring that any Right of Pledge and obligation of the Pledgor under this Deed shall inure to the benefit of any successor, transferee or assignee of the Pledgee; or 

 

	 	(d)	facilitating the collection of the Collateral or the enforcement of a Right of Pledge. 

  

	7.1.2	If no valid right of pledge is created pursuant to this Deed in respect of any Collateral, the Pledgor irrevocably and unconditionally undertakes to pledge to the Pledgee such Collateral as soon as it becomes available
for pledging, by way of supplemental agreements or deeds or other instruments on the same (or similar) terms of this Deed. 

  

	7.2	Power of attorney 

  

	7.2.1	The Pledgor irrevocably and unconditionally appoints the Pledgee as its attorney for as long as any of the Secured Obligations are outstanding for the purposes of doing in its name all acts and executing, signing and
(if required) registering in its name all documents which the Pledgor itself could do, execute, sign or register in relation to the Collateral or this Deed. 

  

 
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	7.2.2	The appointment under Clause 7.2.1 will only be exercised by the Pledgee in case of the occurrence of an Event of Default which is continuing or if the Pledgor has not acted in accordance with the provisions of this
Deed and is given with full power of substitution and also applies to any situation where the Pledgee acts as the Pledgor’s counterparty or as a representative of the Pledgor’s counterparty. 

 

	7.3	Recourse and subrogation claims 

  

	7.3.1	No rights of subrogation accrue to the Pledgor. 

  

	7.3.2	The Pledgor agrees with the other Parties and for the benefit of the Pledgee that any conditional or unconditional claim which the Pledgor may be entitled to bring in recourse against another Foreign Loan Party
(including any claim pursuant to Section 6:13 of the Dutch Civil Code) and any claim which results from rights of subrogation which have accrued notwithstanding Clause 7.3.1 (the Recourse and Subrogation Claims) is subordinated now or
from the moment such Recourse and Subrogation Claim comes into existence or is acquired by the Pledgor, to all present and future claims that the Pledgee may have or acquire against a Foreign Loan Party in connection with the obligations under this
Deed or any other Loan Document. 

  

	7.3.3	Unless otherwise directed by the Pledgee, the Pledgor agrees with the other Parties and for the benefit of the Pledgee that it shall not exercise any rights under or in connection with the Recourse and Subrogation
Claims including the right of payment or set-off and the Recourse and Subrogation Claims cannot become due and payable until all Secured Obligations have been fully and unconditionally discharged. 

 

	7.4	Right of inquiry 

 The Pledgee and the Company agree that the Pledgee has the right to
file an application for inquiry with respect to the policy and course of events within the Company as set out in Section 2:345 of the Dutch Civil Code, under the condition precedent that an Event of Default which is continuing has occurred.

  

	8	TERMINATION 

  

	8.1	Continuing security 

  

	8.1.1	Each Right of Pledge shall remain in full force and effect, until all Secured Obligations have been irrevocably and unconditionally paid in full (to the Pledgee’s satisfaction) and no new Secured Obligations will
arise (in the sole opinion of the Pledgee) unless terminated by the Pledgee pursuant to Clause 8.2 (Termination by Pledgee) 

  

	8.1.2	In case a Right of Pledge is terminated, the Pledgee shall at the request and expense of the Pledgor provide evidence in writing to the Pledgor to that effect. 

 

	8.2	Termination by Pledgee 

 The Pledgee may terminate by notice (opzeggen) or waive
(afstand doen) a Right of Pledge, in respect of all or part of the Collateral and all or part of the Secured Obligations. The Pledgor agrees in advance to any waiver (afstand van recht) granted by the Pledgee under this Clause 8.2.

  

	9	ASSIGNMENT 

  

	9.1	No assignment – Pledgor 

 The rights and obligations of the Pledgor under this Deed
cannot be transferred, assigned or pledged in accordance with Section 3:83 (2) of the Dutch Civil Code. 

  

 
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	9.2	Assignment – Pledgee 

 The Pledgee may transfer, assign or pledge any of its rights
and obligations under this Deed in accordance with the Credit Agreement and the other Loan Documents, and the Pledgor, to the extent legally required, irrevocably cooperates with or consents to, such transfer, assignment or pledge in advance. If the
Pledgee transfers, assigns or pledges its rights under the Secured Obligations (or a part thereof), the Pledgor and the Pledgee agree that each Right of Pledge shall follow pro rata parte the transferred, assigned or pledged rights under the
Secured Obligations (as an ancillary right (nevenrecht) to the relevant transferee, assignee or pledgee) unless the Pledgee stipulates otherwise. 
  

	10	NOTICES 

 Any communication to be made under or in connection with this Deed shall be
made in accordance with the relevant provisions of the Credit Agreement. 
  

	11	SWISS UP-STREAM AND CROSS-STREAM LIMITATION AND WITHHOLDING TAX 

  

	11.1	If and to the extent the Pledgor has to fulfil any guarantee, obligation, liability, indemnity or undertaking under this Deed or any other Loan Document (a Guarantee Liability), or if any proceeds from the
realization of a security over any asset granted by the Pledgor under this Deed or any other Loan Document (a Charge) are to be applied, for or in relation to any obligation, undertaking, indemnity or liability of any other Loan Party (other
than the Pledgor or any of its wholly owned direct or indirect subsidiaries) and if complying with a Guarantee Liability or permitting the application of the proceeds from the realization of any Charge would constitute a repayment of capital
(Einlagerückgewähr), a violation of the legally protected reserves (gesetzlich geschützte Reserven) or the payment of a (constructive) dividend (verdeckte Gewinnausschüttung) by the Pledgor or would otherwise
be restricted under Swiss law and practice then applicable, the Pledgor’s aggregate liability under any Guarantee Liability and/or the application of the proceeds from the realization of any Charge, as applicable, shall be limited to the amount
of the Pledgor’s freely disposable equity at the time when payment is claimed under a Guarantee Liability or, as applicable, the proceeds from the realization of a Charge are to be applied (the Swiss Limitation), whereby for the purpose
of this clause 11 (Swiss Up-Stream and Cross-Stream Limitation and Withholding Tax), freely disposable equity means the amount equal to the maximum amount in which the Pledgor can make a dividend payment to its shareholders under applicable law at
that point in time (the Freely Disposable Amount). 

  

	11.2	 The Swiss Limitation shall only apply to the extent it is a requirement under applicable law at the time the
Pledgor is required to perform a Guarantee Liability or at the time when the proceeds from the realization of a Charge are to be applied. Such Swiss Limitation shall not free the Plegor from its Guarantee Liability or from permitting the application
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realization of a Charge, respectively, in excess of the Freely Disposable Amount, but merely postpone the fulfilment or application thereof until such times when the Pledgor has again freely
disposable equity and if and to the extent such freely disposable equity is available. 

  

	11.3	The Pledgor shall take and cause to be taken all and any action, to the extent reasonably practical and possible, including, without limitation, (i) the passing of any quotaholders’ resolutions to approve any
payment or other performance under this Deed or any other Loan Document, (ii) the provision of an audited interim balance sheet, and (iii) the provision of a confirmation from the auditors of the Pledgor that a payment of the Pledgor under
the Loan Documents in an amount corresponding to the Freely Disposable Amount is in compliance with the provisions of Swiss corporate law which are aimed at protecting the share capital and legal reserves, in order to allow payment of amounts owed
by the Pledgor under the Loan Documents as well as the performance by the Pledgor of other obligations under the Loan Documents. 

  

	11.4	If so required under applicable law (including tax treaties) at the time it is required to make a payment under a Guarantee Liability or, as applicable, the proceeds from the realization of a Charge are to be applied,
the Pledgor: 

  

	 	(a)	shall use its best efforts to ensure that such enforcement can be made without deduction of Swiss Withholding Tax, or with deduction of Swiss Withholding Tax at a reduced rate, by discharging the liability to such tax
by notification pursuant to applicable law (including tax treaties) rather than payment of the tax; 

  

	 	(b)	shall deduct the Swiss Withholding Tax at such rate (being 35 percent on the date hereof) as in force from time to time if the notification procedure pursuant to sub-paragraph (i) above does not apply; or shall
deduct the Swiss Withholding Tax at the reduced rate resulting after discharge of part of such tax by notification if the notification procedure pursuant to sub-paragraph (i) applies for a part of the Swiss Withholding Tax only; and shall pay
within the time allowed any such taxes deducted to the Swiss Federal Tax Administration; and 

  

	 	(c)	shall promptly notify the Pledgee that such notification or, as the case may be, deduction has been made, and provide the Pledgee with evidence that such a notification of the Swiss Federal Tax Administration has been
made or, as the case may be, such taxes deducted have been paid to the Swiss Federal Tax Administration. 

  

	11.5	In the case of a deduction of Swiss Withholding Tax, the Pledgor shall ensure that any person that is entitled to a full or partial refund of the Swiss Withholding Tax deducted from such payment under this Deed, will,
as soon as possible after such deduction: 

  

	 	(a)	request a refund of the Swiss Withholding Tax under applicable law (including tax treaties), and 

  

	 	(b)	pay to the Pledgee upon receipt any amount so refunded. 

 The Pledgee shall co-operate with the
Pledgor to secure such refund. 

  

 
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	11.6	If the fulfilment of a Guarantee Liability or the application of the proceeds from the realisation of any Charge is subject to the Swiss Limitation, then the Pledgor shall, upon request of the Pledgee, to the extent
permitted by applicable law, revalue upward or, if the respective assets are not necessary for the Pledgor’s business (nicht betriebsnotwendig), realise any of its assets that are shown in its balance sheet with a book value that is
significantly lower than the market value of such assets. 

  

	12	MISCELLANEOUS 

  

	12.1	Costs 

 All costs, charges, expenses and taxes in connection with this Deed shall be
payable by the Pledgor in accordance with the relevant provisions of the Credit Agreement. 
  

	12.2	Evidence of debt 

 An excerpt from the Pledgee’s records shall serve as conclusive
evidence (dwingend bewijs) of the existence and the amounts of the Secured Obligations, subject to proof to the contrary. A disagreement with respect thereto, does not affect the rights of the Pledgee under or in connection with this Deed.

  

	12.3	No liability Pledgee 

 Except for its gross negligence (grove nalatigheid) or
wilful misconduct (opzet), the Pledgee shall not be liable towards the Pledgor for not (or not completely) collecting, recovering or selling the Collateral or any loss or damage resulting from any collection, recovery or sale of the
Collateral or arising out of the exercise of or failure to exercise any of its powers under this Deed or for any other loss of any nature whatsoever in connection with the Collateral or this Deed. 

 

	12.4	Severability 

  

	12.4.1	If a provision of this Deed is or becomes illegal, invalid or unenforceable in any jurisdiction that shall not affect: 

  

	 	(a)	the validity or enforceability in that jurisdiction of any other provision of this Deed; or 

  

	 	(b)	the validity or enforceability in other jurisdictions of that or any other provision of this Deed. 

  

	12.4.2	The Pledgor and the Pledgee shall negotiate in good faith to replace any provision of this Deed which may be held unenforceable with a provision which is enforceable and which is as similar as possible in substance to
the unenforceable provision. 

  

	12.5	No rescission 

 The Pledgor waives, to the fullest extent permitted by law, its rights to
rescind (ontbinden) this Deed, to suspend (opschorten) any of its obligations or liability under this Deed, to nullify (vernietigen) or to invoke the nullity (nietigheid) of this Deed on any ground under Dutch law or
under any other applicable law. 

  

 
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	12.6	No waiver 

 No failure to exercise, nor any delay in exercising, on the part of the
Pledgee, any right or remedy under this Deed shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies
provided in this Deed are cumulative and not exclusive of any rights or remedies provided by law. 
  

	12.7	Amendment 

 Any term of this Deed may only be amended or waived in writing and if
required by Dutch law by a notarial deed under Dutch law. 
  

	13	ACCEPTANCE 

 The Pledgee accepts each Right of Pledge and all terms, waivers, authorities
and powers pursuant to this Deed. 
  

	14	GOVERNING LAW AND JURISDICTION 

  

	14.1	Governing law 

 This Deed and any non-contractual obligations arising out of or in
connection with it are governed by Dutch law. 
  

	14.2	Jurisdiction 

  

	14.2.1	The court (rechtbank) of Amsterdam, the Netherlands has exclusive jurisdiction to settle at first instance any dispute arising out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Deed or any non-contractual obligation arising out of or in connection with this Deed) (a Dispute). 

  

	14.2.2	Each Party agrees that the court (rechtbank) of Amsterdam, the Netherlands is the most appropriate and convenient court to settle Disputes and accordingly no Party will argue to the contrary. 

 

	14.2.3	This Clause 14.2 is for the benefit of the Pledgee only. As a result, the Pledgee shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law,
the Pledgee may take concurrent proceedings in any number of jurisdictions. 

  

	14.3	Acceptance governing law power of attorney 

 If a Party is represented by an attorney in
connection with the execution of this Deed or any agreement or document pursuant this Deed: 
  

	 	(a)	the existence and extent of the authority of; and 

  

	 	(b)	the effects of the exercise or purported exercise of that authority by, 

 that attorney is
governed by the law designated in the power of attorney pursuant to which that attorney is appointed and such choice of law is accepted by the other Party. 
  

	14.4	Bylaw Royal Notarial Association 

  

	14.4.1	Each Party declares that it is aware that P.G. van Druten, civil law notary in Amsterdam, the Netherlands, is a representative of the law firm Loyens & Loeff N.V. which acts as the external legal advisor of the
Pledgee. 

  

	14.4.2	With reference to the provisions of the Code of Conduct (Verordening Beroeps- en Gedragsregels) as determined by the general meeting of the Royal Notarial Association (Koninklijke Notariële
Beroepsorganisatie), the Pledgor explicitly declares that it consents to the fact that the Pledgee will be assisted by Loyens & Loeff N.V. in all cases connected with this Deed and all potential conflicts arising therefrom.

  

 
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 Powers of attorney 

The authorisation of the person appearing is evidenced by three (3) written powers of attorney, copies of which shall be attached to this deed
(Annexes). 
 Final statement 
 The
person appearing is known to me, civil law notary. 
 This Deed was executed in Amsterdam, the Netherlands, on the date stated in the first paragraph of
this Deed. The contents of the Deed have been stated and clarified to the person appearing. The person appearing has declared not to wish the Deed to be fully read out, to have noted the contents of the Deed timely before its execution and to agree
with the contents. After limited reading, this Deed was signed first by the person appearing and thereafter by me, civil law notary. 
 (was signed) 

ISSUED FOR CERTIFIED COPY 

Amsterdam, 27 July 2016. 
  

			
		
	[NOTARIAL SEAL]	 	/s/ Mr. P.G. VAN DRUTEN

  

 
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 BIJLAGENLIJST BIJ AKTE #22169500: 

 

	1	Aandeelhoudersbesluit’ 

  

	2	Volmacht x3.

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