Document:

Pledge Agreement, BCO Holding Company, BWAY Corporation, July 17, 2006

 Exhibit 4.13 
 PLEDGE AGREEMENT 
 PLEDGE AGREEMENT (as amended, modified, restated and/or supplemented from time to
time, this “Agreement”), dated as of July 17, 2006, among each of the undersigned pledgors (each, a “Pledgor” and, together with any other entity that becomes a pledgor hereunder pursuant to Section 30
hereof, the “Pledgors”) and Deutsche Bank Trust Company Americas, as collateral agent (together with any successor collateral agent, the “Pledgee”), for the benefit of the Secured Creditors (as defined below).
Except as otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 
 W I T N E S S E T H : 
 WHEREAS, BCO
Holding Company, a Delaware Corporation (“Holdings”), BWAY Corporation, a Delaware Corporation (the “U.S. Borrower”), ICL Industrial Containers ULC, a Nova Scotia unlimited liability company (the
“Canadian Borrower” and, together with the U.S. Borrower, the “Borrowers” and each a “Borrower”), the lenders party thereto from time to time (the “Lenders”), LaSalle Bank, N.A., as
Documentation Agent, Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc., as Joint Lead Arrangers, and Deutsche Bank Trust Company Americas, as administrative agent (together with any successor administrative agent, the
“Administrative Agent”) have entered into a Credit Agreement, dated as of July 17, 2006 (as amended, modified, restated and/or supplemented from time to time, the “Credit Agreement”), providing for the making
of Loans to, and the issuance of, and participation in, Letters of Credit for the respective accounts of the Borrowers, all as contemplated therein (the Lenders, each Issuing Lender, the Administrative Agent, the Collateral Agent, each other Agent
and the Pledgee are herein called the “Lender Creditors”); 
 WHEREAS, each Borrower and/or one or more of their respective
Subsidiaries may at any time and from time to time enter into one or more Interest Rate Protection Agreements with one or more Lenders or any affiliate thereof (each such Lender or affiliate, even if the respective Lender subsequently ceases to be a
Lender under the Credit Agreement for any reason, together with such Lender’s or affiliate’s successors and assigns, if any, collectively, the “Other Creditors” and, together with the Lender Creditors, the “Secured
Creditors”); 
 WHEREAS, pursuant to the Credit Agreement Party Guaranty, each of Holdings, the U.S. Borrower and the Canadian
Borrower has guaranteed to the Secured Creditors the payment when due of all of its Relevant Guaranteed Obligations as described therein; 
 WHEREAS, pursuant to the U.S. Subsidiaries Guaranty, each U.S. Subsidiary Guarantor has jointly and severally guaranteed to the Secured Creditors the payment when due of all Guaranteed Obligations (as defined in the U.S. Subsidiaries
Guaranty); 
 WHEREAS, it is a condition precedent to the making of Loans to the Borrowers and the issuance of, and participation in, Letters
of Credit for the respective accounts of the Borrowers under the Credit Agreement and to the Other Creditors entering into Interest Rate 

 Protection Agreements that each Pledgor shall have executed and delivered to the Pledgee this Agreement; and 

WHEREAS, each Pledgor will obtain benefits from the incurrence of Loans by the Borrowers and the issuance of, and participation in, Letters of Credit
for the respective accounts of the Borrowers under the Credit Agreement and the entering into by the Borrowers and/or one or more of their respective Subsidiaries of Interest Rate Protection Agreements and, accordingly, desires to execute this
Agreement in order to satisfy the condition described in the preceding paragraph and to induce the Lenders to make Loans to the Borrowers and issue, and/or participate in, Letters of Credit for the respective accounts of the Borrowers and the Other
Creditors to enter into Interest Rate Protection Agreements with the Borrowers and/or one or more of their respective Subsidiaries; 
 NOW,
THEREFORE, in consideration of the foregoing and other benefits accruing to each Pledgor, the receipt and sufficiency of which are hereby acknowledged, each Pledgor hereby makes the following representations and warranties to the Pledgee for the
benefit of the Secured Creditors and hereby covenants and agrees with the Pledgee for the benefit of the Secured Creditors as follows: 
 1.
SECURITY FOR OBLIGATIONS. This Agreement is made by each Pledgor for the benefit of the Secured Creditors to secure: 
 (i)
the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, unpaid principal (or Face Amount, as applicable), premium, if any,
interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor or any Subsidiary thereof
at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding), reimbursement obligations under Letters of Credit, fees, costs and indemnities) of such Pledgor owing to
the Lender Creditors, whether now existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and the other Credit Documents to which such Pledgor is a party (including, in the case of each Pledgor that is a
Guarantor, all such obligations, liabilities and indebtedness of such Pledgor under its Guaranty) and the due performance and compliance by such Pledgor with all of the terms, conditions and agreements contained in the Credit Agreement and in such
other Credit Documents (all such obligations, liabilities and indebtedness under this clause (i), except to the extent consisting of obligations, liabilities or indebtedness with respect to Interest Rate Protection Agreements, entitled to the
benefits of this Agreement being herein collectively called the “Credit Document Obligations”); 
 (ii) the
full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, all interest that accrues after the commencement of any case, proceeding or
other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor at the rate provided for in the respective documentation, 
  

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 whether or not a claim for post-petition interest is allowed in any such proceeding) owing by such
Pledgor to the Other Creditors now existing or hereafter incurred under, arising out of or in connection with any Interest Rate Protection Agreement, whether such Interest Rate Protection Agreement is now in existence or hereinafter arising
(including, in the case of a Pledgor that is a Guarantor, all obligations, liabilities and indebtedness of such Pledgor under its Guaranty in respect of the Interest Rate Protection Agreements), and the due performance and compliance by such Pledgor
with all of the terms, conditions and agreements contained in each such Interest Rate Protection Agreement (all such obligations, liabilities and indebtedness under this clause (ii) being herein collectively called the “Other
Obligations”); 
 (iii) any and all sums advanced by the Pledgee in order to preserve the Collateral (as hereinafter
defined) or preserve its security interest in the Collateral; 
 (iv) in the event of any proceeding for the collection or
enforcement of any indebtedness, obligations or liabilities of such Pledgor referred to in clauses (i) and (ii) above, after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing
for sale or lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Pledgee of its rights hereunder, together with reasonable attorneys’ fees and court costs; 
 (v) all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement under Section 11 of this Agreement;
and 
 (vi) all amounts owing to any Agent or any of its affiliates pursuant to any of the Credit Documents in its capacity as
such; 
 all such obligations, liabilities, indebtedness, sums and expenses set forth in clauses (i) through (vi) of this Section 1 being
herein collectively called the “Obligations”, it being acknowledged and agreed that the “Obligations” shall include extensions of credit of the types described above, whether outstanding on the date of this Agreement or
extended from time to time after the date of this Agreement. 
 2. DEFINITIONS. (a) Unless otherwise defined herein, all capitalized
terms used herein and defined in the Credit Agreement shall be used herein as therein defined. Reference to singular terms shall include the plural and vice versa. 
 (b) The following capitalized terms used herein shall have the definitions specified below: 
 “Administrative Agent” shall have the meaning set forth in the recitals hereto. 
 “Adverse Claim”
shall have the meaning given such term in Section 8-102(a)(1) of the UCC. 
 “Agreement” shall have the meaning set
forth in the first paragraph hereof. 
  

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 “Borrower” and “Borrowers” shall have the meaning set forth in the
recitals hereto. 
 “Canadian Borrower” shall have the meaning set forth in the recitals hereto. 
 “Certificated Security” shall have the meaning given such term in Section 8-102(a)(4) of the UCC. 
 “Clearing Corporation” shall have the meaning given such term in Section 8-102(a)(5) of the UCC. 
 “Collateral” shall have the meaning set forth in Section 3.1 hereof. 
 “Collateral Accounts” shall mean any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which
Collateral may be credited. 
 “Credit Agreement” shall have the meaning set forth in the recitals hereto. 
 “Credit Document Obligations” shall have the meaning set forth in Section 1(i) hereof. 
 “Domestic Corporation” shall have the meaning set forth in the definition of “Stock.” 
 “Event of Default” shall mean any Event of Default under, and as defined in, the Credit Agreement and shall in any event include,
without limitation, any payment default on any of the Obligations after the expiration of any applicable grace period. 
 “Excess
Exempted Foreign Entity Voting Equity Interests” shall have the meaning provided in Section 3.1. 
 “Exempted Foreign
Entity” shall mean any Foreign Corporation and any Person organized under the laws of a jurisdiction other than the United States or any State or Territory thereof that, in any such case, is treated as a corporation or an association
taxable as a corporation for U.S. Federal income tax purposes. 
 “Financial Asset” shall have the meaning given such term
in Section 8-102(a)(9) of the UCC. 
 “Foreign Corporation” shall have the meaning set forth in the definition of
“Stock”. 
 “Holdings” shall have the meaning set forth in the recitals hereto. 
 “Indemnitees” shall have the meaning set forth in Section 11 hereof. 
 “Instrument” shall have the meaning given such term in Section 9-102(a)(47) of the UCC. 
  

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 “Investment Property” shall have the meaning given such term in
Section 9-102(a)(49) of the UCC. 
 “Lender Creditors” shall have the meaning set forth in the recitals hereto.

 “Lenders” shall have the meaning set forth in the recitals hereto. 
 “Limited Liability Company Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including,
without limitation, all limited liability company capital and interest in other limited liability companies), at any time owned by any Pledgor or represented by any Limited Liability Company Interest. 
 “Limited Liability Company Interests” shall mean the entire limited liability company membership interest at any time owned by any
Pledgor in any limited liability company. 
 “Location” of any Pledgor has the meaning given such term in Section 9-307
of the UCC. 
 “Non-Voting Equity Interests” shall mean all Equity Interests of any Person which are not Voting Equity
Interests. 
 “Notes” shall mean (x) all intercompany notes at any time issued to each Pledgor and (y) all other
promissory notes from time to time issued to, or held by, each Pledgor. 
 “NSCA” shall mean the Companies Act (Nova
Scotia). 
 “Obligations” shall have the meaning set forth in Section 1 hereof. 
 “Other Creditors” shall have the meaning set forth in the recitals hereto. 
 “Other Obligations” shall have the meaning set forth in Section 1(ii) hereof. 
 “Partnership Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without
limitation, all partnership capital and interest in other partnerships), at any time owned by any Pledgor or represented by any Partnership Interest. 
 “Partnership Interest” shall mean the entire general partnership interest or limited partnership interest at any time owned by any Pledgor in any general partnership or limited partnership.

 “Pledged Notes” shall mean all Notes at any time pledged or required to be pledged hereunder. 
 “Pledgee” shall have the meaning set forth in the first paragraph hereof. 
 “Pledgor” shall have the meaning set forth in the first paragraph hereof. 
  

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 “Proceeds” shall have the meaning given such term in Section 9-102(a)(64) of the
UCC. 
 “Registered Organization” shall have the meaning given such term in Section 9-102(a)(70) of the UCC.

 “Required Lenders” shall have the meaning given such term in the Credit Agreement. 
 “Required Secured Creditors” shall have the meaning provided in the U.S. Security Agreement. 
 “Secured Creditors” shall have the meaning set forth in the recitals hereto. 
 “Secured Debt Agreements” shall mean and includes (x) this Agreement, (y) the other Credit Documents and (z) the Interest
Rate Protection Agreements entered into with any Other Creditors. 
 “Securities Account” shall have the meaning given such
term in Section 8-501(a) of the UCC. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, as in
effect from time to time. 
 “Securities Intermediary” shall have the meaning given such term in Section 8-102(a)(14)
of the UCC. 
 “Security” and “Securities” shall have the meaning given such term in
Section 8-102(a)(15) of the UCC and shall in any event also include all Stock and all Notes. 
 “Security Entitlement”
shall have the meaning given such term in Section 8-102(a)(17) of the UCC. 
 “Stock” shall mean (x) with respect
to corporations, companies or other bodies corporate incorporated under the laws of the United States or any State or territory thereof or the District of Columbia (each, a “Domestic Corporation”), all of the issued and outstanding
shares of capital stock of any Domestic Corporation at any time owned by any Pledgor and (y) with respect to corporations, companies or other bodies corporate (including ULCs) not Domestic Corporations (each, a “Foreign
Corporation”), all of the issued and outstanding shares of capital stock of any Foreign Corporation at any time owned by any Pledgor. 
 “Termination Date” shall have the meaning set forth in Section 20 hereof. 
 “Transmitting
Utility” has the meaning given such term in Section 9-102(a)(80) of the UCC. 
 “UCC” shall mean the Uniform
Commercial Code as in effect in the State of New York from time to time; provided that all references herein to specific Sections or sub- 
  

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 sections of the UCC are references to such Sections or subsections, as the case may be, of the Uniform Commercial Code as
in effect in the State of New York on the date hereof. 
 “ULC” shall mean an unlimited company (sometimes called an
“unlimited liability company”) existing under the NSCA. 
 “ULC Share” shall mean a share of Stock or other Equity
Interest carrying membership rights issued by a ULC. 
 “Uncertificated Security” shall have the meaning given such term in
Section 8-102(a)(18) of the UCC. 
 “U.S. Borrower” shall have the meaning set forth in the recitals hereto.

 “Voting Equity Interests” of any Person shall mean all classes of Equity Interests of such Person entitled to vote.

 3. PLEDGE OF SECURITIES, ETC. 
 3.1 Pledge. To secure the Obligations now or hereafter owed or to be performed by such Pledgor (but subject to clause (x) of the proviso at the end of this Section 3.1 in the case of the Voting Equity Interests of
Exempted Foreign Entities pledged hereunder), each Pledgor does hereby grant, pledge and (except in the case of ULC Shares) assign to the Pledgee for the benefit of the Secured Creditors, and does hereby create a continuing security interest
(subject to those Liens permitted to exist with respect to the Collateral pursuant to the terms of all Secured Debt Agreements then in effect) in favor of the Pledgee for the benefit of the Secured Creditors in, all of its right, title and interest
in and to the following, whether now existing or hereafter from time to time acquired (collectively, the “Collateral”): 
 (a) each of the Collateral Accounts (to the extent a security interest therein is not created pursuant to the U.S. Security Agreement), including any and all assets of whatever type or kind deposited by such Pledgor
in any such Collateral Account, whether now owned or hereafter acquired, existing or arising, including, without limitation, all Financial Assets, Investment Property, monies, checks, drafts, Instruments, Securities or interests therein of any type
or nature deposited or required by the Credit Agreement or any other Secured Debt Agreement to be deposited in such Collateral Account, and all investments and all certificates and other Instruments (including depository receipts, if any) from time
to time representing or evidencing the same, and all dividends, interest, distributions, cash and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing;

 (b) all Securities owned or held by such Pledgor from time to time and all options and warrants owned by such Pledgor from
time to time to purchase Securities; 
 (c) all Limited Liability Company Interests owned by such Pledgor from time to time
and all of its right, title and interest in each limited liability company to which each such Limited Liability Company Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted
under the terms and 
  

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 provisions of the documents and agreements governing such Limited Liability Company Interests and
applicable law: 
 (A) all its capital therein and its interest in all profits, income, surpluses, losses, Limited Liability
Company Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests; 
 (B) all other payments due or to become due to such Pledgor in respect of Limited Liability Company Interests, whether under any limited liability company agreement or otherwise, whether as contractual obligations,
damages, insurance proceeds or otherwise; 
 (C) all of its claims, rights, powers, privileges, authority, options, security
interests, liens and remedies, if any, under any limited liability company agreement or operating agreement, or at law or otherwise in respect of such Limited Liability Company Interests; 
 (D) all present and future claims, if any, of such Pledgor against any such limited liability company for monies loaned or advanced, for
services rendered or otherwise; 
 (E) all of such Pledgor’s rights under any limited liability company agreement or
operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Limited Liability Company Interests, including any power to terminate, cancel or modify any such
limited liability company agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Limited Liability Company Interests and any such limited
liability company, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to
demand, receive, enforce, collect or receipt for any of the foregoing or for any Limited Liability Company Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of
the foregoing; and 
 (F) all other property hereafter delivered in substitution for or in addition to any of the foregoing,
all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or
in exchange for any or all thereof; 
 (d) all Partnership Interests owned by such Pledgor from time to time and all of its
right, title and interest in each partnership to which each such Partnership Interest relates, whether now existing or hereafter acquired, including, without limitation, to the 
  

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 fullest extent permitted under the terms and provisions of the documents and agreements governing such
Partnership Interests and applicable law: 
 (A) all its capital therein and its interest in all profits, income, surpluses,
losses, Partnership Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Partnership Interests; 
 (B) all other payments due or to become due to such Pledgor in respect of Partnership Interests, whether under any partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or
otherwise; 
 (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies,
if any, under any partnership agreement or operating agreement, or at law or otherwise in respect of such Partnership Interests; 
 (D) all present and future claims, if any, of such Pledgor against any such partnership for monies loaned or advanced, for services rendered or otherwise; 
 (E) all of such Pledgor’s rights under any partnership agreement or operating agreement or at law to exercise and enforce every
right, power, remedy, authority, option and privilege of such Pledgor relating to such Partnership Interests, including any power to terminate, cancel or modify any partnership agreement or operating agreement, to execute any instruments and to take
any and all other action on behalf of and in the name of such Pledgor in respect of such Partnership Interests and any such partnership, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option
or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Partnership Asset, to enforce or execute any checks,
or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and 
 (F)
all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other
property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof; 
 (e) all Financial Assets and Investment Property owned by such Pledgor from time to time; 
 (f) all Security Entitlements owned by such Pledgor from time to time in any and all of the foregoing; and 
 (g) all
Proceeds of any and all of the foregoing; 
  

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 provided that (x) to the extent Voting Equity Interests of any Exempted Foreign Entity are pledged hereunder
which represent more than 65% of the total combined voting power of all classes of Voting Equity Interests of the respective Exempted Foreign Entity (with all Voting Equity Interests of the respective Exempted Foreign Entity in excess of said 65%
limit being herein called “Excess Exempted Foreign Entity Equity Interests”), such Excess Exempted Foreign Entity Equity Interests shall secure Obligations of the respective Pledgor only as a guarantor of the Obligations of the
Canadian Borrower, and shall not secure any direct Obligations of the U.S. Borrower (or guarantees of such Obligations by the respective Pledgor) and (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests
of each Exempted Foreign Entity at any time and from time to time acquired by such Pledgor, which Non-Voting Equity Interests shall not be subject to the limitations described in preceding clause (x). 
 3.2 Procedures. (a) To the extent that any Pledgor at any time or from time to time owns, acquires or obtains any right, title or interest in
any Collateral, such Collateral shall automatically (and without the taking of any action by such Pledgor) be pledged pursuant to Section 3.1 of this Agreement and, in addition thereto, such Pledgor shall (to the extent provided below) take the
following actions as set forth below (as promptly as practicable and, in any event, within 10 Business Days after it obtains such Collateral) for the benefit of the Pledgee and the other Secured Creditors: 
 (i) with respect to a Certificated Security (other than a Certificated Security credited on the books of a Clearing Corporation or
Securities Intermediary), such Pledgor shall physically deliver such Certificated Security to the Pledgee, endorsed to the Pledgee or endorsed in blank to the extent the interests represented by such Certificated Security are required to be pledged
hereunder; 
 (ii) with respect to an Uncertificated Security (other than an Uncertificated Security credited on the books of
a Clearing Corporation or Securities Intermediary), such Pledgor shall cause the issuer of such Uncertificated Security to duly authorize, execute, and deliver to the Pledgee, an agreement for the benefit of the Pledgee and the other Secured
Creditors substantially in the form of Annex H hereto (appropriately completed to the satisfaction of the Pledgee and with such modifications, if any, as shall be reasonably satisfactory to the Pledgee) pursuant to which such issuer agrees to comply
with any and all instructions originated by the Pledgee without further consent by the registered owner and not to comply with instructions regarding such Uncertificated Security (and any Partnership Interests and Limited Liability Company Interests
issued by such issuer) originated by any other Person other than a court of competent jurisdiction; 
 (iii) with respect to a
Certificated Security, Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or
The Depository Trust Company), such Pledgor shall promptly notify the Pledgee thereof and shall promptly take (x) all actions required (i) to comply with the applicable rules of such Clearing Corporation or Securities Intermediary and
(ii) to perfect the security interest of the Pledgee under applicable law (including, in any event, 
  

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 under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of the UCC) and (y) such other actions
as the Pledgee deems necessary or desirable to effect the foregoing; 
 (iv) with respect to a Partnership Interest or a
Limited Liability Company Interest (other than a Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), (1) if such Partnership Interest or Limited Liability
Company Interest is represented by a certificate and is a Security for purposes of the UCC, the procedure set forth in Section 3.2(a)(i) hereof, and (2) if such Partnership Interest or Limited Liability Company Interest is not represented
by a certificate or is not a Security for purposes of the UCC, the procedure set forth in Section 3.2(a)(ii) hereof; 
 (v) with respect to any Note (other than a Note which (i) is not an intercompany note and (ii) does not have a principal amount in excess of $300,000), physical delivery of such Note to the Pledgee, endorsed in blank, or, at the
request of the Pledgee, endorsed to the Pledgee; and 
 (vi) with respect to cash proceeds from any of the Collateral
described in Section 3.1 hereof, (i) establishment by the Pledgee of a cash account in the name of such Pledgor over which the Pledgee shall have “control” within the meaning of the UCC and at any time any Default or Event of
Default is in existence no withdrawals or transfers may be made therefrom by any Person except with the prior written consent of the Pledgee and (ii) deposit of such cash in such cash account. 
 (b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, each Pledgor shall take the following additional actions with
respect to the Collateral: 
 (i) with respect to all Collateral of such Pledgor whereby or with respect to which the Pledgee
may obtain “control” thereof within the meaning of Section 8-106 of the UCC (or under any provision of the UCC as same may be amended or supplemented from time to time, or under the laws of any relevant State other than the State of
New York), such Pledgor shall take all actions as may be reasonably requested from time to time by the Pledgee so that “control” of such Collateral is obtained and at all times held by the Pledgee; and 
 (ii) each Pledgor shall from time to time cause appropriate financing statements (on appropriate forms) under the Uniform Commercial Code
or Personal Property Security Act as in effect in the various relevant States or provinces of Canada, covering all Collateral hereunder (with the form of such financing statements to be reasonably satisfactory to the Pledgee), to be filed in the
relevant filing offices so that at all times the Pledgee’s security interest in all Investment Property and other Collateral which can be perfected by the filing of such financing statements (in each case to the maximum extent perfection by
filing may be obtained under the laws of the relevant States or provinces, including, without limitation, Section 9-312(a) of the UCC) is so perfected. 
 3.3 Subsequently Acquired Collateral. If any Pledgor shall acquire (by purchase, stock dividend, distribution or otherwise) any additional Collateral at any time or from time to 
  

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 time after the date hereof, (i) such Collateral shall automatically (and without any further action being required
to be taken) be subject to the pledge and security interests created pursuant to Section 3.1 hereof and, furthermore, such Pledgor will thereafter take (or cause to be taken) all action (as promptly as practicable and, in any event, within 10
Business Days after it obtains such Collateral) with respect to such Collateral in accordance with the procedures set forth in Section 3.2 hereof, and will promptly thereafter deliver to the Pledgee (i) a certificate executed by an
authorized officer of such Pledgor describing such Collateral and certifying that the same has been duly pledged in favor of the Pledgee (for the benefit of the Secured Creditors) hereunder and (ii) supplements to Annexes A through G hereto as
are necessary to cause such Annexes to be complete and accurate at such time. Without limiting the foregoing, each Pledgor shall be required to pledge hereunder the Equity Interests of any Exempted Foreign Entity at any time and from time to time
after the date hereof acquired by such Pledgor, provided that (x) any such pledge of Voting Equity Interests of any Exempted Foreign Entity shall be subject to the provisions of clause (x) of the proviso to Section 3.1 hereof
and (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Exempted Foreign Entity at any time and from time to time acquired by such Pledgor. 
 3.4 Transfer Taxes. Each pledge of Collateral under Section 3.1 or Section 3.3 hereof shall be accompanied by any transfer tax stamps
required in connection with the pledge of such Collateral. 
 3.5 Certain Representations and Warranties Regarding the Collateral.
Each Pledgor represents and warrants that on the date hereof: (i) each Subsidiary of such Pledgor, and the direct ownership thereof, is listed in Annex B hereto; (ii) the Stock (and any warrants or options to purchase Stock) held by such
Pledgor consists of the number and type of shares of the stock (or warrants or options to purchase any stock) of the corporations as described in Annex C hereto; (iii) such Stock referenced in clause (ii) of this paragraph constitutes that
percentage of the issued and outstanding capital stock of the issuing corporation (or other applicable issuer) as is set forth in Annex C hereto; (iv) the Notes held by such Pledgor consist of the promissory notes described in Annex D hereto
where such Pledgor is listed as the lender; (v) the Limited Liability Company Interests held by such Pledgor consist of the number and type of interests of the Persons described in Annex E hereto; (vi) each such Limited Liability Company
Interest referenced in clause (v) of this paragraph constitutes that percentage of the issued and outstanding equity interest of the issuing Person as set forth in Annex E hereto; (vii) the Partnership Interests held by such Pledgor
consist of the number and type of interests of the Persons described in Annex F hereto; (viii) each such Partnership Interest referenced in clause (viii) of this paragraph constitutes that percentage or portion of the entire partnership
interest of the Partnership as set forth in Annex F hereto; (ix) the exact address of each chief executive office of such Pledgor is listed on Annex G hereto; (x) the Pledgor has complied with the respective procedure set forth in
Section 3.2(a) hereof with respect to each item of Collateral described in Annexes C through F hereto; and (xi) on the date hereof, such Pledgor owns no other Securities, Stock, Notes, Limited Liability Company Interests or Partnership
Interests which are required to be pledged under Section 3.1 hereof. 
 4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. The Pledgee
shall have the right to appoint one or more sub-agents for the purpose of retaining physical possession of the Collateral, which may be held (in the reasonable discretion of the Pledgee) in 
  

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 the name of the relevant Pledgor, endorsed or assigned in blank or in favor of the Pledgee or any nominee or nominees of
the Pledgee or a sub-agent appointed by the Pledgee. 
 5. VOTING, ETC., WHILE NO EVENT OF DEFAULT. For greater certainty, unless and until
there shall have occurred and be continuing any Event of Default under the Credit Agreement, each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral owned by it, and to give consents,
waivers or ratifications in respect thereof; provided that, in each case, no vote shall be cast or any consent, waiver or ratification given or any action taken or omitted to be taken which would violate, result in a breach of any covenant
contained in, or be inconsistent with any of the terms of any Secured Debt Agreement, or which could reasonably be expected to have the effect of impairing the value of the Collateral or any part thereof or the position or interests of the Pledgee
or any other Secured Creditor in the Collateral, unless expressly permitted by the terms of the Secured Debt Agreements. Except in the case of ULC Shares which remain registered in the name of the Pledgor, all such rights of each Pledgor to vote and
to give consents, waivers and ratifications shall cease in case an Event of Default has occurred and is continuing, and Section 7 hereof shall become applicable. 
 6. DIVIDENDS AND OTHER DISTRIBUTIONS. For greater certainty, unless and until there shall have occurred and be continuing an Event of Default and, other than in the case of an Event of Default under Section 10.05
of the Credit Agreement, the Pledgee shall have given notice of its intent to exercise such rights to the Pledgor, all cash dividends, cash distributions, cash Proceeds and other cash amounts payable in respect of the Collateral shall be paid to the
respective Pledgor, provided, that all cash dividends payable in respect of the Pledged Stock which are reasonably determined by the Pledgee to represent in whole or in part an extraordinary, liquidating or other distribution in return of
capital shall be paid, to the extent so determined to represent an extraordinary, liquidating or other distribution in return of capital, to the Pledgee and retained by it as part of the Collateral. While this Agreement is in effect, the Pledgee
shall be entitled to receive directly, and to retain as part of the Collateral: 
 (i) all other or additional stock, notes,
certificates, limited liability company interests, partnership interests, instruments or other securities or property (including, but not limited to, cash dividends other than as set forth above) paid or distributed by way of dividend or otherwise
in respect of the Collateral; 
 (ii) all other or additional stock, notes, certificates, limited liability company interests,
partnership interests, instruments or other securities or property (including, but not limited to, cash (although such cash may be paid directly to the respective Pledgor so long as no Event of Default then exists)) paid or distributed in respect of
the Collateral by way of stock-split, spin-off, split-up, reclassification, combination of shares or similar rearrangement; and 
 (iii) all other or additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other securities or property (including, but not limited to, cash) which may be paid in respect of the
Collateral by reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or similar corporate or other reorganization. 
  

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 Nothing contained in this Section 6 shall limit or restrict in any way the Pledgee’s right to receive the
proceeds of the Collateral in any form in accordance with Section 3 of this Agreement. All dividends, distributions or other payments which are received by any Pledgor contrary to the provisions of this Section 6 or Section 7 hereof
shall be received in trust for the benefit of the Pledgee (or, in the case of ULC Shares, subject to the obligation to deliver such dividends, distributions or other payments to the Pledgee to hold as Collateral), shall be segregated from other
property or funds of such Pledgor and shall be forthwith delivered to the Pledgee as Collateral in the same form as so received (with any necessary endorsement). 
 7. REMEDIES IN CASE OF AN EVENT OF DEFAULT. If there shall have occurred and be continuing an Event of Default, then and in every such case, the Pledgee shall be entitled to exercise all of the rights, powers and
remedies (whether vested in it by this Agreement, any other Secured Debt Agreement or by law) for the protection and enforcement of its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of
a secured party under the UCC as in effect in any relevant jurisdiction and also shall be entitled, without limitation, to exercise the following rights, with each Pledgor hereby agreeing that the rights set forth in clauses (i), (ii), (iii),
(iv) and (vi) below are commercially reasonable: 
 (i) except in the case of ULC Shares which have not been
transferred on the register of the ULC issuer thereof, to receive all amounts payable in respect of the Collateral otherwise payable under Section 6 hereof to the respective Pledgor; 
 (ii) except in the case of ULC Shares, to transfer all or any part of the Collateral into the Pledgee’s name or the name of its
nominee or nominees; 
 (iii) to accelerate any Pledged Note which may be accelerated in accordance with its terms, and take
any other lawful action to collect upon any Pledged Note (including, without limitation, to make any demand for payment thereon); 
 (iv) except in the case of ULC Shares which have not been transferred on the register of the ULC issuer, to vote (and exercise all rights and powers in respect of voting) all or any part of the Collateral (whether or not transferred into
the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each Pledgor hereby irrevocably constituting and appointing
the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so); 
 (v) at any time and
from time to time to sell, assign and deliver, or grant options to purchase, all or any part of the Collateral, or any interest therein, at any public or private sale, without demand of performance, advertisement or, notice of intention to sell or
of the time or place of sale or adjournment thereof or to redeem or otherwise purchase or dispose (all of which are hereby waived by each Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of
credit risk, and for such price or prices and at such time or times, at such place or places and on such terms as the Pledgee may, in compliance with any mandatory requirements of applicable law, determine to be commercially reasonable,
provided at least 10 days’ 
  

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 written notice of the time and place of any such sale shall be given to the respective Pledgor. The
Pledgee shall not be obligated to make any such sale of Collateral regardless of whether any such notice of sale has theretofore been given. Each Pledgor hereby waives and releases to the fullest extent permitted by law any right or equity of
redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security or the Obligations or otherwise. At any such sale, unless prohibited by applicable law,
the Pledgee on behalf of the Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption. Neither the Pledgee nor any other Secured Creditor shall be liable for failure to
collect or realize upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto; and 
 (vi) to set off any and all Collateral against any and all Obligations, and to withdraw any and all cash or other Collateral from any and
all Collateral Accounts and to apply such cash and other Collateral to the payment of any and all Obligations. 
 It is understood and agreed that in respect
of Collateral consisting of Uncertificated Securities, Partnership Interests and Limited Liability Company Interests subject of an agreement substantially in the form of Annex H and as described in Section 3.2(ii), unless an Event of Default
has occurred and is continuing, the Pledgee shall not deliver to the issuer of such Uncertificated Securities, Partnership Interests or Limited Liability Company Interests, as the case may be, a notice stating that the Pledgee is exercising
exclusive control of such Uncertificated Securities, Partnership Interests or Limited Liability Company Interests, as the case may be, under, and as described in such respective agreement. 
 8. REMEDIES, CUMULATIVE, ETC. Each and every right, power and remedy of the Pledgee provided for in this Agreement or in any other Secured Debt
Agreement, or now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and, subject to Section 12(c) hereof, shall be in addition to every other such right, power or remedy. The exercise or beginning of the
exercise by the Pledgee or any other Secured Creditor of any one or more of the rights, powers or remedies provided for in this Agreement or any other Secured Debt Agreement or now or hereafter existing at law or in equity or by statute or otherwise
shall not preclude the simultaneous or later exercise by the Pledgee or any other Secured Creditor of all such other rights, powers or remedies, and no failure or delay on the part of the Pledgee or any other Secured Creditor to exercise any such
right, power or remedy shall operate as a waiver thereof. Notice to or demand on any Pledgor in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiver of any of the rights of the
Pledgee or any other Secured Creditor to any other or further action in any circumstances without notice or demand. The Secured Creditors agree that this Agreement may be enforced only by the action of the Pledgee, in each case, acting upon the
instructions of the Required Secured Creditors, and that no other Secured Creditor shall have any right individually to seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed
that such rights and remedies may be exercised by the Pledgee for the benefit of the Secured Creditors upon the terms of this Agreement and the U.S. Security Agreement. 
  

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 9. APPLICATION OF PROCEEDS. (a) All monies collected by the Pledgee upon any sale or other
disposition of the Collateral pursuant to the terms of this Agreement, together with all other monies received by the Pledgee hereunder, shall be applied in the manner provided in the U.S. Security Agreement. 
 (b) It is understood and agreed that each Pledgor shall remain jointly and severally liable with respect to its Obligations to the extent of any
deficiency between the amount of the proceeds of the Collateral pledged by it hereunder and the aggregate amount of such Obligations. 
 10.
PURCHASERS OF COLLATERAL. Upon any sale of the Collateral by the Pledgee hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making such sale shall
be a sufficient discharge to the purchaser or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Pledgee or such officer or be
answerable in any way for the misapplication or nonapplication thereof. 
 11. INDEMNITY. Each Pledgor jointly and severally agrees
(i) to indemnify, reimburse and hold harmless the Pledgee and each other Secured Creditor and their respective successors, assigns, employees, agents and affiliates (individually an “Indemnitee”, and collectively, the
“Indemnitees”) from and against any and all obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities for penalties) of whatsoever kind or nature, and
(ii) to reimburse each Indemnitee for all reasonable costs, expenses and disbursements, including reasonable attorneys’ fees and expenses, in each case arising out of or resulting from this Agreement or the exercise by any Indemnitee of
any right or remedy granted to it hereunder or under any other Secured Debt Agreement (but excluding any obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities for
penalties) or expenses and disbursements of whatsoever kind or nature to the extent incurred or arising by reason of gross negligence or willful misconduct of the respective Indemnitee, any Affiliate of such Indemnitee, or any of their respective
directors, officers, employees, representatives, agents, Affiliates, trustees or investment advisors (as determined by a court of competent jurisdiction in a final and non-appealable decision)). In no event shall the Pledgee hereunder be liable, in
the absence of gross negligence or willful misconduct on its part (as determined by a court of competent jurisdiction in a final and non-appealable decision), for any matter or thing in connection with this Agreement other than to account for monies
or other property actually received by it in accordance with the terms hereof. If and to the extent that the obligations of any Pledgor under this Section 11 are unenforceable for any reason, such Pledgor hereby agrees to make the maximum
contribution to the payment and satisfaction of such obligations which is permissible under applicable law. The indemnity obligations of each Pledgor contained in this Section 11 shall continue in full force and effect notwithstanding the full
payment of all the Notes issued under the Credit Agreement, the termination of all Interest Rate Protection Agreements and Letters of Credit, and the payment of all other Obligations and notwithstanding the discharge thereof. 
  

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 12. PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY OR ULC MEMBER. (a) Nothing herein shall be
construed to make the Pledgee or any other Secured Creditor liable as a member of any limited liability company or as a partner of any partnership and neither the Pledgee nor any other Secured Creditor by virtue of this Agreement or otherwise
(except as referred to in the following sentence) shall have any of the duties, obligations or liabilities of a member of any limited liability company or as a partner in any partnership. The parties hereto expressly agree that, unless the Pledgee
shall become the absolute owner of Collateral consisting of a Limited Liability Company Interest or a Partnership Interest pursuant hereto, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee, any other
Secured Creditor, any Pledgor and/or any other Person. 
 (b) Except as provided in the last sentence of paragraph (a) of this
Section 12, the Pledgee, by accepting this Agreement, did not intend to become a member of any limited liability company or a partner of any partnership or otherwise be deemed to be a co-venturer with respect to any Pledgor, any limited
liability company, partnership and/or any other Person either before or after an Event of Default shall have occurred. The Pledgee shall have only those powers set forth herein and the Secured Creditors shall assume none of the duties, obligations
or liabilities of a member of any limited liability company or as a partner of any partnership or any Pledgor except as provided in the last sentence of paragraph (a) of this Section 12. 
 (c) Notwithstanding any provisions to the contrary contained in this Agreement or any other document or agreement among all or some of the parties
hereto, the relevant Pledgor is the sole registered and beneficial owner of all Collateral which are ULC Shares and will remain so until such time as such ULC Shares are effectively transferred into the name of the Pledgee, any Secured Creditor or
any other person on the books and records of such ULC. Accordingly the Pledgor shall be entitled to receive and retain for its own account any dividend on or other distribution, if any, in respect of such Collateral (except to hold as Collateral
pursuant to Section 6 hereof) and shall have the right to vote such Collateral and to control the direction, management and policies of the ULC issuer to the same extent as the Pledgor would if such Collateral were not pledged to the Pledgee
(for its own benefit and for the benefit of the Secured Creditors) pursuant hereto. Nothing in this Agreement or any other document or agreement among all or some of the parties hereto is intended to, and nothing in this Pledge Agreement or any
other document or agreement among all or some of the parties hereto shall, constitute the Pledgee, any of the Secured Creditor or any person other than the Pledgor, a member of a ULC for the purposes of NSCA until such time as notice is given to the
Pledgor and further steps are taken thereunder so as to register the Pledgee or other person as holder of ULC Shares. To the extent any provision hereof would have the effect of constituting the Pledgee or any Secured Creditor as a member of any ULC
prior to such time, such provision shall be severed therefrom and ineffective with respect to Collateral which are ULC Shares without otherwise invalidating or rendering unenforceable this Pledge Agreement or invalidating or rendering unenforceable
such provision insofar as it relates to Collateral which are not ULC Shares. Except upon the exercise of rights to sell or otherwise dispose of the ULC Shares following the occurrence of an Event of Default, no Pledgor shall cause or permit, or
enable any ULC in which it holds ULC Shares to cause or permit, the Pledgee or other Secured Creditor to: (a) be registered as shareholders or members of such ULC; (b) have any notation entered in their favour in the share register of such
ULC; (c) be held out as shareholders or members of such ULC; (d) to receive, directly or indirectly, any dividends, property or other distributions from the ULC by reason of 
  

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 the Pledgee or the Secured Creditor holding a security interest in the ULC; or (e) to act as a shareholder or member
of the ULC, or exercise any rights of a shareholder or member including the right to attend a meeting of, or to vote the shares of, the ULC. 
 (d) The Pledgee and the other Secured Creditors shall not be obligated to perform or discharge any obligation of any Pledgor as a result of the pledge hereby effected. 
 (e) The acceptance by the Pledgee of this Agreement, with all the rights, powers, privileges and authority so created, shall not at any time or in any
event obligate the Pledgee or any other Secured Creditor to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur any
expenses or perform or discharge any obligation, duty or liability under the Collateral. 
 13. FURTHER ASSURANCES; POWER-OF-ATTORNEY.
(a) Each Pledgor agrees that it will join with the Pledgee in executing and, at such Pledgor’s own expense, file and refile under the UCC or other applicable law such financing statements, continuation statements and other documents, in
form reasonably acceptable to the Pledgee, in such offices as the Pledgee (acting on its own or on the instructions of the Required Secured Creditors) may reasonably deem necessary or appropriate and wherever required or permitted by law in order to
perfect and preserve the Pledgee’s security interest in the Collateral hereunder and hereby authorizes the Pledgee to file financing statements and amendments thereto relative to all or any part of the Collateral (including, without limitation,
(x) financing statements which list the Collateral specifically and/or “all assets” as collateral and (y) “in lieu of” financing statements) without the signature of such Pledgor where permitted by law, and agrees to do
such further acts and things and to execute and deliver to the Pledgee such additional conveyances, assignments, agreements and instruments as the Pledgee may reasonably require or deem advisable to carry into effect the purposes of this Agreement
or to further assure and confirm unto the Pledgee its rights, powers and remedies hereunder or thereunder. 
 (b) Each Pledgor hereby
constitutes and appoints the Pledgee its true and lawful attorney-in-fact, irrevocably, with full authority in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, from time to time after the occurrence and during the
continuance of an Event of Default, in the Pledgee’s discretion, to act, require, demand, receive and give acquittance for any and all monies and claims for monies due or to become due to such Pledgor under or arising out of the Collateral, to
endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings and to execute any instrument which the Pledgee may deem reasonably necessary or advisable to accomplish
the purposes of this Agreement to the fullest extent permitted by applicable law, which appointment as attorney is coupled with an interest. 
 14. THE PLEDGEE AS COLLATERAL AGENT. The Pledgee will hold in accordance with this Agreement all items of the Collateral at any time received under this Agreement. It is expressly understood, acknowledged and agreed by each Secured Creditor
that by accepting the benefits of this Agreement each such Secured Creditor acknowledges and agrees that the obligations of the Pledgee as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise
under this Agreement, are only those 
  

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 expressly set forth in this Agreement and in Section 12 of the Credit Agreement. The Pledgee shall act hereunder on
the terms and conditions set forth herein and in Section 12 of the Credit Agreement. 
 15. TRANSFER BY THE PLEDGORS. Except as
permitted (i) prior to the date all Credit Document Obligations have been paid in full and all Commitments under the Credit Agreement have been terminated, pursuant to the Credit Agreement, and (ii) thereafter, pursuant to the other
Secured Debt Agreements, no Pledgor will sell or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein. 
 16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. (a) Each Pledgor represents, warrants and covenants as to itself and each of its
Subsidiaries that: 
 (i) it is the legal, beneficial and (except as to Securities credited on the books of a Clearing
Corporation or a Securities Intermediary) record owner of, and has good and valid title to, all of its Collateral consisting of one or more Securities, Partnership Interests and Limited Liability Company Interests and that it has sufficient interest
in all of its Collateral in which a security interest is purported to be created hereunder for such security interest to attach (subject, in each case, to no pledge, lien, mortgage, hypothecation, security interest, charge, option, Adverse Claim or
other encumbrance whatsoever, except the liens and security interests created by this Agreement or permitted under the Secured Debt Agreements); 
 (ii) it has full power, authority and legal right to pledge all the Collateral pledged by it pursuant to this Agreement; 
 (iii) this Agreement has been duly authorized, executed and delivered by such Pledgor and constitutes a legal, valid and binding obligation of such Pledgor enforceable against such Pledgor in accordance with its
terms, subject to (A) the effects of bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforcement is sought in equity
or at law) and (B) as it relates to the pledge of any capital stock of Foreign Subsidiaries of the U.S. Borrower, the effects of the possible judicial application of foreign laws or foreign governmental or judicial action affecting
creditors’ rights; 
 (iv) except for the approval of directors of the issuer of ULC Shares pursuant to the articles of
association thereof or to the extent already obtained or made, no consent of any other party (including, without limitation, any stockholder, partner, member or creditor of such Pledgor or any of its Subsidiaries) and no material consent, license,
permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required to be obtained by such Pledgor in connection with (a) the execution, delivery or
performance of this Agreement by such Pledgor, (b) the validity or enforceability of this Agreement against such Pledgor (except as set forth in clause (iii) above), (c) the perfection or enforceability of the Pledgee’s security
interest in such Pledgor’s Collateral or (d) except for compliance with 
  

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 or as may be required by applicable securities laws, the exercise by the Pledgee of any of its rights or remedies
provided herein; 
 (v) neither the execution, delivery or performance by such Pledgor of this Agreement, or any other Secured
Debt Agreement to which it is a party, nor compliance by it with the terms and provisions hereof and thereof nor the consummation of the transactions contemplated therein: (i) will contravene any provision of any applicable law, statute, rule
or regulation, or any applicable order, writ, injunction or decree of any court, arbitrator or governmental instrumentality, domestic or foreign, applicable to such Pledgor; (ii) will conflict or be inconsistent with or result in any breach of
any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the Security Documents) upon any of the
properties or assets of such Pledgor or any of its Subsidiaries pursuant to the terms of any indenture, lease, mortgage, deed of trust, credit agreement, loan agreement or any other material agreement, contract or other instrument to which such
Pledgor or any of its Subsidiaries is a party or is otherwise bound, or by which it or any of its properties or assets is bound or to which it may be subject (except, in the case of preceding clauses (i) and (ii), other than in the case of any
contravention or conflict as a result of the execution or performance of any Secured Debt Agreement, if such contraventions, breaches, defaults and/or conflicts, individually and in the aggregate would not reasonably be expected to have a Material
Adverse Effect); or (iii) will violate any provision of the certificate of incorporation, by-laws, certificate of partnership, partnership agreement, certificate of formation or limited liability company agreement (or equivalent organizational
or constating documents), as the case may be, of such Pledgor or any of its Subsidiaries; 
 (vi) all of such Pledgor’s
Collateral (consisting of Securities, Limited Liability Company Interests and Partnership Interests issued by any Pledgor or any Subsidiary of any Pledgor) has been duly and validly issued, is fully paid and (except in the case of ULC Shares insofar
as such are assessable pursuant to the NSCA) non-assessable and is subject to no options to purchase or similar rights; 
 (vii) each of such Pledgor’s Pledged Notes issued by any Pledgor or any Subsidiary of any Pledgor constitutes, or when executed by the obligor thereof will constitute, the legal, valid and binding obligation of such obligor,
enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by
general equitable principles (regardless of whether enforcement is sought in equity or at law); 
 (viii) the pledge,
collateral assignment and delivery to the Pledgee of such Pledgor’s Collateral consisting of Certificated Securities and Pledged Notes pursuant to this Agreement and the continued possession thereof by the Pledgee or an Affiliate creates a
valid and perfected first priority security interest in such Certificated Securities and Pledged Notes, and the proceeds thereof, subject to no prior Lien or encumbrance or to any agreement purporting to grant to any third party a Lien or
encumbrance on the property or assets of such Pledgor which would include the Securities (other than the 
  

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 liens and security interests permitted under the Secured Debt Agreements then in effect) and the Pledgee
is entitled to all the rights, priorities and benefits afforded by the UCC or other relevant law as enacted in any relevant jurisdiction to perfect security interests in respect of such Collateral; and 
 (ix) with respect to Collateral consisting of a Security Entitlement, the respective Pledgor shall have taken all steps in its control so
that the Pledgee obtains “control” (as defined in Section 8-106 of the UCC) over such Security Entitlement, except to the extent that the obligation of the applicable Pledgor to provide the Pledgee with “control” of such
Collateral has not yet arisen under this Agreement. 
 (b) Each Pledgor covenants and agrees that it will defend the Pledgee’s right,
title and security interest in and to such Pledgor’s Collateral and the proceeds thereof against the claims and demands of all persons whomsoever; and each Pledgor covenants and agrees that it will have like title to and right to pledge any
other property at any time hereafter pledged to the Pledgee by such Pledgor as Collateral hereunder and will likewise defend the right thereto and security interest therein of the Pledgee and the other Secured Creditors. 
 (c) Each Pledgor covenants and agrees that it will take no action which would violate any of the terms of any Secured Debt Agreement. 
 17. LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION;
ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. The exact legal name of each Pledgor, the type of organization of such Pledgor, whether or not such Pledgor is a Registered Organization, the jurisdiction of organization of such Pledgor,
such Pledgor’s Location, the organizational identification number (if any) of each Pledgor, and whether or not such Pledgor is a Transmitting Utility, is listed on Annex A hereto for such Pledgor. No Pledgor shall change its legal name, its
type of organization, its status as a Registered Organization (in the case of a Registered Organization), its status as a Transmitting Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization,
its Location, or its organizational identification number (if any), except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Secured Debt Agreements and so long as same do not involve
(x) a Registered Organization ceasing to constitute same or (y) any Pledgor changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be,
outside the United States or a State thereof) if (i) it shall have given to the Collateral Agent not less than 15 days’ prior written notice of each change to the information listed on Annex A (as adjusted for any subsequent changes
thereto previously made in accordance with this sentence), together with a supplement to Annex A which shall correct all information contained therein for such Pledgor, and (ii) in connection with the respective such change or changes, it shall
have taken all action reasonably requested by the Collateral Agent to maintain the security interests of the Collateral Agent in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. In addition, to
the extent that any Pledgor does not have an organizational identification number on the date hereof and later obtains one, such Pledgor shall promptly thereafter deliver a notification of the Collateral Agent of such organizational identification
number and shall take all actions 
  

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 reasonably satisfactory to the Collateral Agent to the extent necessary to maintain the security interest of the
Collateral Agent in the Collateral intended to be granted hereby fully perfected and in full force and effect. 
 18. PLEDGORS’
OBLIGATIONS ABSOLUTE, ETC. The obligations of each Pledgor under this Agreement shall be absolute and unconditional and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or
otherwise affected by, any circumstance or occurrence whatsoever (other than termination of this Agreement pursuant to Section 20 or, with respect to a specific Pledgor, release of such Pledgor pursuant to Section 32 hereof), including,
without limitation: 
 (i) any renewal, extension, amendment or modification of, or addition or supplement to or deletion from
any Secured Debt Agreement (other than this Agreement in accordance with its terms), or any other instrument or agreement referred to therein, or any assignment or transfer of any thereof; 
 (ii) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any such agreement or instrument
including, without limitation, this Agreement (other than a waiver, consent or extension with respect to this Agreement in accordance with its terms); 
 (iii) any furnishing of any additional security to the Pledgee or its assignee or any acceptance thereof or any release of any security by the Pledgee or its assignee; 
 (iv) any limitation on any party’s liability or obligations under any such instrument or agreement or any invalidity or
unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; or 
 (v) any bankruptcy,
insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to any Pledgor or any Subsidiary of any Pledgor, or any action taken with respect to this Agreement by any trustee or receiver, or by any
court, in any such proceeding, whether or not such Pledgor shall have notice or knowledge of any of the foregoing. 
 19. SALE OF COLLATERAL
WITHOUT REGISTRATION. (a) If the Pledgee shall determine to exercise its rights to sell any or all of the Collateral pursuant to Section 7, and if in the reasonable opinion of the Pledgee it is necessary or reasonably advisable to have the
Collateral, or that portion thereof to be sold, registered under the provisions of the federal or state securities laws, such Pledgor as soon as practicable and at its expense will use its reasonable best efforts to cause such registration to be
effected (and be kept effective) and will use its reasonable best efforts to cause such qualification and compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale and distribution of such
Collateral consisting of Securities, Limited Liability Company Interests or Partnership Interests, including, without limitation, registration under the Securities Act, as then in effect (or any similar statute then in effect), appropriate
qualifications under applicable blue sky or other state securities laws and appropriate compliance with any other governmental requirements; provided, that the Pledgee shall furnish to such Pledgor such information regarding the Pledgee as
such Pledgor 
  

 Page 22 

 may request in writing and as shall be required in connection with any such registration, qualification or compliance.
Each Pledgor will cause the Pledgee to be kept reasonably advised in writing as to the progress of each such registration, qualification or compliance and as to the completion thereof, will furnish to the Pledgee such number of prospectuses,
offering circulars and other documents incident thereto as the Pledgee from time to time may reasonably request, and will indemnify, to the extent permitted by law, the Pledgee and all other Secured Creditors participating in the distribution of
such Collateral consisting of Securities, Limited Liability Company Interests or Partnership Interests against all claims, losses, damages and liabilities caused by any untrue statement (or alleged untrue statement) of a material fact contained
therein (or in any related registration statement, notification or the like) or by any omission (or alleged omission) to state therein (or in any related registration statement, notification or the like) a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as the same may have been caused by an untrue statement or omission based upon information furnished in writing to such Pledgor by the Pledgee or such other Secured Creditor
expressly for use therein. 
 (b) If at any time when the Pledgee shall determine to exercise its right to sell all or any part of the
Collateral consisting of Securities, Limited Liability Company Interests or Partnership Interests pursuant to Section 7 hereof, and such Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered
under the Securities Act, as then in effect, the Pledgee may, in its sole and absolute discretion, sell such Collateral or part thereof by private sale in such manner and under such circumstances as the Pledgee may deem necessary or advisable in
order that such sale may legally be effected without such registration. Without limiting the generality of the foregoing, in any such event the Pledgee, in its sole and absolute discretion (i) may proceed to make such private sale
notwithstanding that a registration statement for the purpose of registering such Collateral or part thereof shall have been filed under such Securities Act, (ii) may approach and negotiate with a single possible purchaser to effect such sale,
and (iii) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In the event
of any such sale, the Pledgee shall incur no responsibility or liability for selling all or any part of the Collateral at a price which the Pledgee, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances,
notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until the registration as aforesaid. 
 20. TERMINATION; RELEASE . (a) On the Termination Date (as defined below), this Agreement shall terminate (provided that all indemnities set forth herein including, without limitation, in Section 11 hereof shall survive any such
termination) and the Pledgee, at the request and expense of such Pledgor, will execute and deliver to such Pledgor a proper instrument or instruments (including UCC termination statements) acknowledging the satisfaction and termination of this
Agreement (including, without limitation, UCC termination statements and instruments of satisfaction, discharge and/or reconveyance), and will duly release from the security interest created hereby and assign, transfer and deliver to such Pledgor
(without recourse and without any representation or warranty) such of the Collateral as may be in the possession of the Pledgee or any of its sub-agents hereunder and as has not theretofore been sold or otherwise applied or released pursuant to this
Agreement, together with any moneys at the time held by the Pledgee or any of its sub-agents hereunder and, with respect to any Collateral 
  

 Page 23 

 consisting of an Uncertificated Security, a Partnership Interest or a Limited Liability Company Interest (other than an
Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), a termination of the agreement relating thereto executed and delivered by the issuer of
such Uncertificated Security pursuant to Section 3.2(a)(ii) or by the respective partnership or limited liability company pursuant to Section 3.2(a)(iv)(2). As used in this Agreement, “Termination Date” shall mean the date
upon which the Commitments under the Credit Agreement have been terminated and all Interest Rate Protection Agreements entitled to the benefits of this Agreement have been terminated, no Letter of Credit or Note (as defined in the Credit Agreement)
is outstanding (and all Loans have been paid in full), all Letters of Credit have been terminated, and all other Obligations (other than indemnities described in Section 11 hereof and described in Section 13.01 of the Credit Agreement, and
any other indemnities set forth in any other Security Documents, in each case which are not then due and payable) then due and payable have been paid in full. 
 (b) In the event that any part of the Collateral is sold or otherwise disposed of (to a Person other than a Credit Party) (x) at any time prior to the time at which all Credit Document Obligations have been paid
in full and all Commitments and Letters of Credit under the Credit Agreement have been terminated, in connection with a sale or disposition permitted by Section 9.02 of the Credit Agreement or is otherwise released at the direction of the
Required Lenders (or all the Lenders if required by Section 13.12 of the Credit Agreement) or (y) at any time thereafter, to the extent permitted by the other Secured Debt Agreements, and in the case of clauses (x) and (y), the
proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Credit Agreement or such other Secured Debt Agreement, as the case may be, to the extent required to be so applied, the Pledgee, at the
request and expense of such Pledgor, will duly release from the security interest created hereby (and will execute and deliver such documentation, including termination or partial release statements and the like in connection therewith) and assign,
transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as is then being (or has been) so sold or released and as may be in the possession of the Pledgee (or, in the case of
Collateral held by any sub-agent designated pursuant to Section 4 hereto, such sub-agent) and has not theretofore been released pursuant to this Agreement. 
 (c) At any time that any Pledgor desires that Collateral be released as provided in the foregoing Section 20(a) or (b), it shall deliver to the Pledgee (and the relevant sub-agent, if any, designated pursuant to
Section 4 hereof) a certificate signed by an authorized officer of such Pledgor stating that the release of the respective Collateral is permitted pursuant to Section 20(a) or (b) hereof. If reasonably requested by the Pledgee
(although the Pledgee shall have no obligation to make any such request), the relevant Pledgor shall furnish appropriate legal opinions (from counsel, reasonably acceptable to the Pledgee) to the effect set forth in the immediately preceding
sentence. 
 (d) The Pledgee shall have no liability whatsoever to any other Secured Creditor as the result of any release of Collateral by
it in accordance with (or which the Collateral Agent in the absence of gross negligence and willful misconduct believes to be in accordance with) this Section 20. 
  

 Page 24 

 21. NOTICES, ETC. Except as otherwise specified herein, all notices, requests, demands or other
communications to or upon the respective parties hereto shall be sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled
or sent by courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Pledgee or any
Pledgor shall not be effective until received by the Pledgee or such Pledgor, as the case may be. All notices and other communications shall be in writing and addressed as follows: 
  

	 	(a)	if to any Pledgor, at its address set forth opposite its signature below; 

  

	 	(b)	if to the Pledgee, at: 

 Deutsche Bank
Trust Company Americas 
 222 South Riverside Plaza 
 MS-CH 105-2600 
 Chicago, IL 60606 
 Attention: Marla Heller 
 Telephone No.: 312-537-4231 
 Telecopier No.: 312-537-1324 
 (c) if to any Lender Creditor, either (x) to the Administrative Agent,
at the address of the Administrative Agent specified in the Credit Agreement, or (y) at such address as such Lender Creditor shall have specified in the Credit Agreement; and 
 (d) if to any Other Creditor, at such address as such Other Creditor shall have specified in writing to the Pledgors and the Pledgee; 
 or at such other address or addressed to such other individual as shall have been furnished in writing by any Person described above to the party required to give notice
hereunder. 
 22. WAIVER; AMENDMENT. Except as provided in Sections 30 and 32 hereof, none of the terms and conditions of this Agreement may
be changed, waived, modified or varied in any manner whatsoever except in accordance with the requirements specified in the U.S. Security Agreement. 
 23. SUCCESSORS AND ASSIGNS. This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect, subject to release and/or termination as set forth in
Section 20, (ii) be binding upon each Pledgor, its successors and assigns; provided, however, that no Pledgor shall assign any of its rights or obligations hereunder without the prior written consent of the Pledgee (with the
prior written consent of the Required Secured Creditors), and (iii) inure, together with the rights and remedies of the Pledgee hereunder, to the benefit of the Pledgee, the other Secured Creditors and their respective successors, transferees
and assigns. All agreements, statements, representations and warranties made by each Pledgor herein or in any certificate or other instrument delivered by such Pledgor or on its behalf under this Agreement shall be considered to have been relied
upon by the Secured Creditors and shall survive the execution and delivery of this Agreement and the other 
  

 Page 25 

 Secured Debt Agreements regardless of any investigation made by the Secured Creditors or on their behalf. 
 24. HEADINGS DESCRIPTIVE. The headings of the several Sections of this Agreement are inserted for convenience only and shall not in any way affect the
meaning or construction of any provision of this Agreement. 
 25. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY
TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR
ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH SUCH PARTY HEREBY FURTHER IRREVOCABLY WAIVES ANY
CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER IT, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT
LACKS PERSONAL JURISDICTION OVER IT. EACH SUCH PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL,
POSTAGE PREPAID, TO ANY SUCH PARTY AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 21 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH SUCH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND
FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT
OF ANY SUCH PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OTHER PARTY IN ANY OTHER JURISDICTION. 
 (b) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID
ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH
COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  

 Page 26 

 (c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 26. PLEDGOR’S DUTIES. It is expressly agreed, anything herein contained to the contrary notwithstanding, that each Pledgor shall remain liable to perform all of the obligations, if any, assumed by it with respect
to the Collateral and the Pledgee shall not have any obligations or liabilities with respect to any Collateral by reason of or arising out of this Agreement, except for the safekeeping of Collateral actually in Pledgor’s possession, nor shall
the Pledgee be required or obligated in any manner to perform or fulfill any of the obligations of any Pledgor under or with respect to any Collateral. 
 27. COUNTERPARTS. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all
of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with each Pledgor and the Pledgee. 
 28. 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. 
 29. RECOURSE. This Agreement is made with full recourse to each Pledgor and pursuant to and upon all the representations,
warranties, covenants and agreements on the part of such Pledgor contained herein and in the other Secured Debt Agreements and otherwise in writing in connection herewith or therewith. 
 30. ADDITIONAL PLEDGORS. It is understood and agreed that any Subsidiary of Holdings that is required to become a party to this Agreement after the date
hereof pursuant to the requirements of the Credit Agreement or any other Credit Document, shall become a Pledgor hereunder by (x) executing a counterpart hereof, or a joinder agreement in form satisfactory to the Pledgee, and delivering the
same to the Pledgee, (y) delivering supplements to Annexes A through G, hereto as are necessary to cause such annexes to be complete and accurate with respect to such additional Pledgor on such date and (z) taking all actions as specified
in this Agreement as would have been taken by such Pledgor had it been an original party to this Agreement, in each case with all documents required above to be delivered to the Pledgee and with all documents and actions required above to be taken
to the reasonable satisfaction of the Pledgee. 
 31. LIMITED OBLIGATIONS. It is the desire and intent of each Pledgor and the Secured
Creditors that this Agreement shall be enforced against each Pledgor to the fullest extent permissible under the laws applied in each jurisdiction in which enforcement is sought. Notwithstanding anything to the contrary contained herein, in
furtherance of the foregoing, it is 
  

 Page 27 

 noted that the obligations of each Pledgor constituting a U.S. Subsidiary Guarantor have been limited as provided in the
U.S. Subsidiaries Guaranty. 
 32. RELEASE OF PLEDGORS. If at any time all of the Equity Interests of any Pledgor owned by the U.S. Borrower
or any of its Subsidiaries are sold (to a Person other than a Credit Party) in a transaction permitted pursuant to the Credit Agreement (and which does not violate the terms of any other Secured Debt Agreement then in effect), then, such Pledgor
shall be released as a Pledgor pursuant to this Agreement without any further action hereunder (it being understood that the sale of all of the Equity Interests in any Person that owns, directly or indirectly, all of the Equity Interests in any
Pledgor shall be deemed to be a sale of all of the Equity Interests in such Pledgor for purposes of this Section), and the Pledgee is authorized and directed to execute and deliver such instruments of release as are reasonably satisfactory to it. At
any time that the U.S. Borrower desires that a Pledgor be released from this Agreement as provided in this Section 32, the U.S. Borrower shall deliver to the Pledgee a certificate signed by a principal executive officer of the U.S. Borrower
stating that the release of such Pledgor is permitted pursuant to this Section 32. If requested by Pledgee (although the Pledgee shall have no obligation to make any such request), the U.S. Borrower shall furnish legal opinions (from counsel
acceptable to the Pledgee) to the effect set forth in the immediately preceding sentence. The Pledgee shall have no liability whatsoever to any other Secured Creditor as a result of the release of any Pledgor by it in accordance with, or which it
believes to be in accordance with, this Section 32. 
 * * * * 
  

 Page 28 

 IN WITNESS WHEREOF, each Pledgor and the Pledgee have caused this Agreement to be executed by their duly
elected officers duly authorized as of the date first above written. 
 Address: 
  

					
	8607 Roberts Drive, Suite 250	 	BWAY CORPORATION,
	Atlanta, GA 30350	 	 as a Pledgor

	Tel: (770) 645-4800	 		 	
	Fax: (770) 645-4810	 		 	
		 	By:	 	 /s/ Jeffrey M. O’Connell

		 	Title:	 	Vice President, Treasurer and Secretary
		
		 	BCO HOLDING COMPANY,
		 	 as a Pledgor

			
		 	By:	 	 /s/ Jeffrey M. O’Connell

		 	Title:	 	Vice President, Treasurer and Secretary

			
	ARMSTRONG CONTAINERS, INC.
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Title:	 	Vice President and Secretary
	
	SC PLASTICS, LLC
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Title:	 	Vice President and Secretary
	
	NORTH AMERICA PACKAGING CORPORATION
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Title:	 	Vice President and Secretary
	
	NORTH AMERICA PACKAGING OF PUERTO RICO, INC.
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Title:	 	Vice President and Secretary

  

 Page 2 

			
	Accepted and Agreed to:
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Collateral Agent and Pledgee

		
	By:	 	 /s/ Evelyn Thierry

	Title:	 	Vice President
		
	By:	 	 /s/ Omayra Laucella

	Title:	 	Vice President

  

 Page 3 

 Table of Contents 
  

			
	 	  	Page
	 1. SECURITY FOR OBLIGATIONS
	  	2
		
	 2. DEFINITIONS
	  	3
		
	 3. PLEDGE OF SECURITIES, ETC.
	  	7
		
	 3.1 Pledge
	  	7
	 3.2 Procedures
	  	10
	 3.3 Subsequently Acquired Collateral
	  	11
	 3.4 Transfer Taxes
	  	12
	 3.5 Certain Representations and Warranties Regarding the Collateral
	  	12
		
	 4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC.
	  	12
		
	 5. VOTING, ETC., WHILE NO EVENT OF DEFAULT
	  	13
		
	 6. DIVIDENDS AND OTHER DISTRIBUTIONS
	  	13
		
	 7. REMEDIES IN CASE OF AN EVENT OF DEFAULT
	  	14
		
	 8. REMEDIES, CUMULATIVE, ETC.
	  	15
		
	 9. APPLICATION OF PROCEEDS
	  	16
		
	 10. PURCHASERS OF COLLATERAL
	  	16
		
	 11. INDEMNITY
	  	16
		
	 12. PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER
	  	17
		
	 13. FURTHER ASSURANCES; POWER-OF-ATTORNEY
	  	18
		
	 14. THE PLEDGEE AS COLLATERAL AGENT
	  	18
		
	 15. TRANSFER BY THE PLEDGORS
	  	19
		
	 16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS
	  	19

  

 i 

 Table of Contents 
 (continued) 
  

			
	 	  	Page
	 17. LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION;
LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC.
	  	21
		
	 18. PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC.
	  	22
		
	 19. SALE OF COLLATERAL WITHOUT REGISTRATION
	  	22
		
	 20. TERMINATION; RELEASE
	  	23
		
	 21. NOTICES, ETC.
	  	25
		
	 22. WAIVER; AMENDMENT.
	  	25
		
	 23. SUCCESSORS AND ASSIGNS
	  	25
		
	 24. HEADINGS DESCRIPTIVE
	  	26
		
	 25. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL
	  	26
		
	 26. PLEDGOR’S DUTIES
	  	27
		
	 27. COUNTERPARTS
	  	27
		
	 28. SEVERABILITY
	  	27
		
	 29. RECOURSE
	  	27
		
	 30. ADDITIONAL PLEDGORS
	  	27
		
	 31. LIMITED OBLIGATIONS
	  	27
		
	 32. RELEASE OF PLEDGORS
	  	28

  

					
	 ANNEX A
	  	-	  	SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION,

  

 ii 

 Table of Contents 
 (continued) 
  

							
	 	  	 	  	 	  	Page
		  		  	JURISDICTION OF ORGANIZATION, LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS	  	
	 ANNEX B
	  	-	  	SCHEDULE OF SUBSIDIARIES	  	
	 ANNEX C
	  	-	  	SCHEDULE OF STOCK	  	
	 ANNEX D
	  	-	  	SCHEDULE OF NOTES	  	
	 ANNEX E
	  	-	  	SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS	  	
	 ANNEX F
	  	-	  	SCHEDULE OF PARTNERSHIP INTERESTS	  	
	 ANNEX G
	  	-	  	SCHEDULE OF CHIEF EXECUTIVE OFFICES	  	
	 ANNEX H
	  	-	  	FORM OF AGREEMENT REGARDING UNCERTIFICATED	  	
		  		  	SECURITIES, LIMITED LIABILITY COMPANY INTERESTS AND PARTNERSHIP INTERESTS	  	

  

 iiiLease, 80241 Canada Ltd, ICL Industrial Containers, North Queen Street

 Exhibit 10.37 
 100 NORTH QUEEN STREET, TORONTO, ONTARIO 
 INDUSTRIAL LEASE 
 BETWEEN 
 80241 CANADA LTD.

 (The “Landlord”) 
 AND 
 ICL INDUSTRIAL CONTAINERS ULC 
 (The “Tenant”) 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	 ARTICLE 1
 BASIC TERMS, SCHEDULES, DEFINITIONS
	  	
			
	1.1	  	Basic Terms	  	1
			
	1.2	  	Schedules	  	2
			
	1.3	  	Definitions	  	2
			
		  	 ARTICLE 2
 PREMISES
	  	
			
	2.1	  	Premises	  	2
			
		  	 ARTICLE 3
 TERM
	  	
			
	3.1	  	Term	  	2
			
	3.2	  	Option to Extend	  	2
			
	3.3	  	Appraisals	  	3
			
		  	 ARTICLE 4
 RENT
	  	
			
	4.1	  	Rent	  	4
			
	4.2	  	Payment of Rent	  	4
			
	4.3	  	Rent for Irregular Periods	  	5
			
	4.4	  	Waiver of Offset	  	5
			
	4.5	  	Net Lease	  	5
			
		  	 ARTICLE 5
 TENANT’S COVENANTS
	  	
			
	5.1	  	Rent	  	5
			
	5.2	  	Permitted Use	  	5
			
	5.3	  	Waste and Nuisance	  	5
			
	5.4	  	Insurance Risks	  	6
			
	5.5	  	Cleanliness and Heating	  	6
			
	5.6	  	Compliance with Laws	  	6
			
	5.7	  	Overholding	  	6
			
	5.8	  	Signs	  	7
			
	5.9	  	Inspection and Access	  	7
			
	5.10	  	Showing Premises	  	7

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	5.11	  	Equipment	  	8
			
	5.12	  	Floor Loads	  	8
			
	5.13	  	Glass	  	8
			
		  	 ARTICLE 6
 LANDLORD’S COVENANTS
	  	
			
	6.1	  	Quiet Enjoyment	  	8
			
		  	 ARTICLE 7
 REPAIR, MAINTENANCE, DAMAGE AND DESTRUCTION
	  	
			
	7.1	  	Maintenance and Repairs	  	8
			
	7.2	  	Capital Repairs	  	10
			
	7.3	  	Damage, Destruction and Termination	  	10
			
		  	 ARTICLE 8
 TAXES AND OPERATING COSTS
	  	
			
	8.1	  	Tenant’s Tax Obligations	  	11
			
	8.2	  	Goods and Services Taxes	  	12
			
	8.3	  	Tenant’s Share	  	12
			
	8.4	  	Notices of Assessment etc	  	13
			
	8.5	  	Utility/Communication/Service Charges	  	13
			
		  	 ARTICLE 9
 ENVIRONMENTAL MATTERS
	  	
			
	9.1	  	Environmental Laws	  	14
			
	9.2	  	Tenant’s Responsibility	  	14
			
	9.3	  	Assessment of the Premises	  	15
			
	9.4	  	Contaminants at the End of the Term	  	16
			
	9.5	  	Landlord’s Indemnity and Covenant	  	16
			
		  	 ARTICLE 10
 TRANSFERS, ASSIGNMENTS AND SUBLETTINGS
	  	
			
	10.1	  	Consent Required	  	17
			
	10.2	  	Change of Control	  	18
			
	10.3	  	Leasehold Charges	  	19
			
	10.4	  	Permitted Transfers	  	20
			
	10.5	  	Transfer by Landlord	  	20

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
		  	 ARTICLE 11
 FIXTURES AND IMPROVEMENTS
	  	
			
	11.1	  	Alterations	  	21
			
	11.2	  	Liens and Encumbrances on Fixtures and Improvements	  	21
			
	11.3	  	Removal of Fixtures and Improvements	  	22
			
	11.4	  	Non-compliance	  	22
			
		  	 ARTICLE 12
 INSURANCE AND LIABILITY
	  	
			
	12.1	  	Landlord’s Insurance	  	22
			
	12.2	  	Tenant’s Insurance	  	23
			
	12.3	  	Limitation of Liability	  	25
			
	12.4	  	Indemnity	  	25
			
		  	 ARTICLE 13
 SALE OR FINANCING, SUBORDINATION, ATTORNMENT, REGISTRATION AND CERTIFICATES
	  	
			
	13.1	  	Sale or Financing of Building	  	26
			
	13.2	  	Subordination and Attornment	  	26
			
	13.3	  	Registration	  	26
			
	13.4	  	Certificates	  	26
			
		  	 ARTICLE 14
 DELAY; NO WAIVER
	  	
			
	14.1	  	Unavoidable Delay	  	27
			
	14.2	  	No Admission	  	27
			
	14.3	  	Part Payment	  	27
			
		  	 ARTICLE 15
 TENANT’S DEFAULT, REMEDIES OF LANDLORD AND SURRENDER
	  	
			
	15.1	  	Remedying by Landlord, Non-payment and Interest	  	27
			
	15.2	  	Remedies Cumulative	  	28
			
	15.3	  	Right of Re-entry on Default	  	28
			
	15.4	  	Termination and Re-entry	  	29
			
	15.5	  	Certain Consequences of Termination and Re-entry	  	29
			
	15.6	  	Waiver of Distress	  	30

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	15.7	  	Re-letting	  	30
			
	15.8	  	Surrender on Termination	  	30
			
		  	 ARTICLE 16
 EVENTS TERMINATING LEASE
	  	
			
	16.1	  	Cancellation of Insurance	  	30
			
	16.2	  	Prohibited Occupancy, Bankruptcy and Other Events	  	31
			
		  	 ARTICLE 17
 MISCELLANEOUS
	  	
			
	17.1	  	Notices	  	31
			
	17.2	  	Extraneous Agreements	  	32
			
	17.3	  	Time of Essence	  	32
			
	17.4	  	Successors and Assigns	  	32
			
	17.5	  	Waiver	  	32
			
	17.6	  	Governing Law and Severability	  	32
			
	17.7	  	Captions	  	33
			
	17.8	  	Expropriation	  	33
			
	17.9	  	Counterparts	  	33

  

 -iv- 

 LEASE 
 THIS LEASE dated the 17th day of July, 2006, is made and entered into by 80241 Canada Ltd. (the “Landlord”) and ICL Industrial Containers ULC (the “Tenant”) who, in consideration of the covenants
herein contained, agree as follows: 
 ARTICLE 1 
 BASIC TERMS, SCHEDULES, DEFINITIONS 
 1.1 Basic Terms 
  

					
	(a)	  	 Landlord
  
 (i)     Landlord:
 (ii)    Address of Landlord:
	  	 80241 Canada Ltd.
 167 Lord Seaton Road
 Willowdale, Ontario, M2P 1K8
 Attention: Stephen
Arshinoff

			
	(b)	  	Tenant	  	
			
		  	 (i)     Tenant:
 (ii)    Address of Tenant:
	  	 ICL Industrial Containers ULC
 8607 Roberts Drive, Suite
250
 Atlanta, Georgia 30350 - 2230
 Attention: Kevin C.
Kern

			
		  	 (iii)  Address of Premises:
	  	100 North Queen Street, Toronto, Ontario
			
	(c)	  	Indemnifier	  	
			
		  	 (i)     Indemnifier:
	  	BWAY Corporation
			
		  	 (ii)    Address of Indemnifier:
	  	 8607 Roberts Drive, Suite 250
 Atlanta, Georgia
30350-2230

			
	(d)	  	Rentable Area of Building	  	Approximately 72,764 square feet
			
	(e)	  	Term	  	
			
		  	 (i)     Term:
 (ii)    Commencement Date:
 (iii)  Lease Expiration Date:
	  	 ten (10) years
 July 17, 2006
 July 16, 2016

  

									
	(f)	  	 Annual Base Rent
  
 Year of the Term
 Years 1 - 5
	  	 Per Square Foot
 $4.75
	  	 Per Annum
 $345,629.00
	  	 Per Month
 $28,802.42

					
	(g)	  	 Annual Base Rent
  
 Year of the Term
 Years 6 - 10
	  	 Per Square Foot
 $5.3675
	  	 Per Annum
 $390,560.77
	  	 Per Month
 $32,546.73

	 	(h)	Permitted Use 

 Industrial and ancillary office use,
including without limitation: manufacturing industrial containers, including plastic pails, steel pails and steel drums; refurbishing containers and pallets; warehousing; office and ancillary uses. 
  

	 	(i)	Extension Term 

 Two (2) Extension Terms of five
(5) years each. 
 The foregoing Basic Terms are hereby approved by the parties and each reference in this Lease to any of the Basic
Terms shall be construed to include the provisions set forth above as well as all of the additional terms and conditions of the applicable sections of this Lease where such Basic Terms are more fully set forth. 
 1.2 Schedules 
 All Schedules to this Lease are
incorporated into and form an integral part of this Lease. 
 1.3 Definitions 
 In this Lease, the words, phrases and expressions set forth in Schedule B are used with the meanings defined therein. 
 ARTICLE 2 
 PREMISES 

2.1 Premises 
 In consideration of the
rents, covenants and agreements hereinafter reserved and contained on the part of the Tenant to be paid, observed and performed, the Landlord hereby demises and leases to the Tenant and the Tenant leases from the Landlord the Premises. 

ARTICLE 3 
 TERM 

3.1 Term 
 The Term of this Lease shall be
for the period set out in section l.l(e)(i), beginning on the Commencement Date. 
 3.2 Option to Extend 
  

	 	(a)	Provided that the Tenant is not then in default of its obligations under this Lease beyond any applicable cure or grace period, the Landlord shall at the expiration of the Term,
provided the Tenant has given the Landlord notice of its exercise of the option to extend at least twelve (12) months prior to the expiration of the Term, extend the Term for a further term of five (5) years (the “First Extension
Term”) from the expiration of the Term, upon the same terms and conditions contained in this Lease except extension options and the Annual Base Rent to be paid during the First Extension Term. 

  

 - 2 - 

	 	(b)	Provided that the Tenant is not then in default of its obligations under this Lease beyond any applicable cure or grace period, the Landlord shall at the expiration of the First
Extension Term, provided the Tenant has given the Landlord notice of its exercise of the option to extend at least twelve (12) months prior to the expiration of the First Extension Term, extend the First Extension Term for a further term of
five (5) years (the “Second Extension Term”) from the expiration of the Term, upon the same terms and conditions contained in this Lease except extension options and the Annual Base Rent to be paid during the Second Extension Term.

  

	 	(c)	The Annual Base Rent during any Extension Term shall be the Current Market Rent for the Premises. If the Landlord and the Tenant have not mutually agreed on the amount of the Annual
Base Rent at least three (3) months prior to the commencement of such Extension Term, then Annual Base Rent shall be decided in the manner set out in Section 3.3. Until the Annual Base Rent has been determined, the Tenant shall pay the
monthly Rent requested by the Landlord and, upon the determination of the Annual Base Rent, the Landlord and the Tenant shall make the appropriate adjustments together with interest at the Prime Rate. 

 3.3 Appraisals 
 If the Annual Base Rent
payable during an Extension Term is not agreed upon at least three (3) months prior to the commencement of such Extension Term, then each party shall, within thirty (30) days thereafter, mandate an appraiser licensed in the Province where
the Premises are located, to determine the Current Market Rent for the Premises. In the event that a party fails to appoint an appraiser within such thirty (30) days and has failed to remedy such failure within five (5) days of written
notice thereof from the other party, then the Annual Base Rent shall be the Current Market Rent for the Premises, as determined by the sole appraiser. If two appraisers are appointed, in the event that the higher of the amounts so determined by one
appraiser does not exceed the lower so determined by the other appraiser by more than 15%, then the Annual Base Rent shall be the average of the two, otherwise, the two appraisers shall jointly name a third appraiser licensed in the Province of
Ontario who shall be mandated to determine the Current Market Rent for the Premises. The Annual Base Rent shall be equal to such amount as so determined if it is no less than the lower of the first two nor no more than the higher of the first two,
otherwise, it shall be whichever of the first two amounts is closest in value to the third. Notwithstanding the foregoing, the Annual Base Rent during an Extension Term shall in no event be less than the Annual Base Rent during the initial Term or
Extension Term then ending, as the case may be. 
  

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 ARTICLE 4 
 RENT 
 4.1 Rent 
 The Tenant shall pay to the Landlord, at 167 Lord Seaton Road, Willowdale, Ontario, M2P 1K8, or at such other place as the Landlord may direct in writing, during the Term in lawful money of Canada without any demand,
set off, abatement, compensation or deduction whatsoever, on the days and at the times hereinafter specified, Rent, which shall include the aggregate of the sums specified in sections 4.1(a), 4.1(b) and 4.1(c) below: 
  

	 	(a)	Annual Base Rent – During each of the first five (5) Lease Years, Annual Base Rent in the amounts per annum for the respective years of the Term as more
particularly set out in section 1.1(f). During each of the next five (5) Lease Years, the Annual Base Rent shall be the Annual Base Rent as more particularly set out in section 1.1(g). 

  

	 	(b)	Additional Rent - Together with such other amounts, charges, costs and expenses as are required to be paid by the Tenant to the Landlord pursuant to this Lease in addition to
Annual Base Rent, whether or not such amounts are specifically designated elsewhere in this Lease as Additional Rent. 

  

	 	(c)	Management Fee – The Management Fee. 

 4.2 Payment of
Rent 
 The Annual Base Rent shall be paid in equal consecutive monthly instalments in advance on the first day of each and every
month during the Term. Subject to section 4.3, the first monthly instalment of the Annual Base Rent shall be paid by the Tenant on the Commencement Date of the Term. The Landlord shall remit to the Tenant, before each Lease Year, the estimated
amount of the Additional Rent (other than the portion thereof which the Tenant shall pay directly to third parties) and of the Management Fee for that period, and the monthly payments of Additional Rent and Management Fee which are payable to the
Landlord shall then be established for said Lease Year based on that estimate. The Landlord may from time to time during a Lease Year re-evaluate its estimate of such Additional Rent and of the Management Fee, and in such case shall notify the
Tenant in writing of the re-evaluation and establish monthly payments for the unexpired period of such Lease Year or of such part only of a Lease Year, so that after the Tenant is credited with the appropriate amounts paid by the Tenant in
accordance with the previous estimate, such Additional Rent and the Management Fee is paid in full during such Lease Year or during a part only of such Lease Year. After each Lease Year, the Landlord shall remit to the Tenant a statement indicating
the actual amount of the Additional Rent (other than the portion thereof which the Tenant has paid directly to third parties) and of the Management Fee for the said Lease Year. Should the amount of such Additional Rent and of the Management Fee then
determined by the Landlord be greater or less than the total of the amounts already paid by the Tenant to the Landlord, then appropriate adjustments will be made within thirty (30) days following the delivery of the above-mentioned statement.

  

 - 4 - 

 4.3 Rent for Irregular Periods 
 All Rent reserved herein shall be deemed to accrue from day to day, and if for any reason it shall become necessary to calculate Rent for irregular
periods of less than one (1) month a pro-rata adjustment, based on a per diem adjustment on the basis of a three hundred and sixty-five (365) day year, shall be made on a daily basis in order to compute Rent for such irregular period.

 4.4 Waiver of Offset 
 The
Tenant hereby waives and renounces any and all existing and future claims, offsets and compensation against any Rent and agrees to pay such Rent regardless of any claim, offset or compensation which may be asserted by the Tenant or on its behalf.

 4.5 Net Lease 
 The Tenant
acknowledges and agrees that it is intended that this Lease shall be a completely net lease for the Landlord except as shall be otherwise provided herein, and that the Landlord shall not be responsible during the Term for any costs, charges,
expenses and outlays of any nature whatsoever arising from or relating to the Premises, and the Tenant, except as shall be otherwise provided herein, shall pay all charges, impositions and costs of every nature and kind relating to the Premises.

 ARTICLE 5 
 TENANT’S COVENANTS 
 The Tenant covenants with the Landlord as follows: 
 5.1 Rent 
 To pay the Annual Base Rent,
Additional Rent and the Management Fee on the days and in the manner provided herein. 
 5.2 Permitted Use 
 To use the Premises only for the purpose set out in section 1.l(h) and not to use or permit to be used the Premises or any part thereof for any other
purpose without first obtaining the consent of the Landlord (which shall not be unreasonably withheld or delayed). 
 5.3 Waste and Nuisance

 Not to commit or permit any waste or injury to the Premises including the Leasehold Improvements and any overloading of the capacity of
a utility, electrical or mechanical facility in the Premises. 
  

 - 5 - 

 5.4 Insurance Risks 
 Not to do, omit to do or be done or permit to be done or omitted to be done upon the Premises anything that would cause any policy of insurance to be subject to cancellation. 
 5.5 Cleanliness and Heating 
  

	 	(a)	Not to permit the Premises to become untidy, unsightly or hazardous or permit unreasonable quantities of waste or refuse to accumulate therein. In addition, the Tenant shall
regulate the heating, ventilating and air-conditioning facilities serving the Premises so as to maintain reasonable conditions of temperature and humidity within the Premises so as to prevent any damage thereto by reason of frost, moisture or
otherwise, shall make all necessary maintenance, repairs and, subject to Section 7.2, replacements to said facilities, (reasonable wear and tear excepted). 

  

	 	(b)	The Tenant shall maintain, at the Tenant’s expense, a service contract for the HVAC system with a reputable third party contractor chosen by the Tenant and approved in advance
by Landlord in writing (such approval not to be unreasonably withheld or delayed), and shall ensure that the Landlord is at all times in possession of a copy of such service contract and shall promptly deliver to Landlord copies of regular
inspection reports and details of repairs. 

  

	 	(c)	Notwithstanding Section 5.5(b), so long as the Tenant is BWAY Corporation, or a direct or indirect wholly owned subsidiary of BWAY Corporation, the Tenant shall not be required
to enter into a service contract for the HVAC system with a third party contractor, provided that the Tenant covenants to maintain or cause to be maintained the HVAC system to the same standard as would a professional third party contractor
performing inspections at regular intervals in accordance with industry standards. In the event the Tenant breaches the foregoing covenant, the Tenant shall thereafter, for the balance of the Term, be required to enter into a service contract as
required under Section 5.5(b) and, without limiting the Tenant’s obligations under Section 7.1, shall be responsible for the cost of all repairs and replacements to the HVAC system resulting from said breach. 

5.6 Compliance with Laws 
 To comply at its
own expense with all municipal, federal, provincial, sanitary, fire and safety laws, bylaws, regulations and requirements pertaining to the operation and use of the Premises, signage, trade fixtures, furniture and equipment installed therein and the
making by the Tenant of any repairs, changes or improvements therein, provided that the Tenant’s obligations and covenants relating to compliance with Environmental Laws shall be governed by Article 9 below. 
 5.7 Overholding 
 That if the Tenant shall
continue to occupy the Premises after the expiration of this Lease without any further written agreement and without objection by the Landlord (which 
  

 - 6 - 

 shall not result in a tacit renewal of this Lease despite any legal presumption to the contrary) the Tenant shall be a
monthly tenant at a monthly rent equal to 150% of the Annual Base Rent payable in respect of the last month of the Term, such rent to be payable by the Tenant as set forth in Article 4 hereof and (except as to length of tenancy) on and subject to
the provisions and conditions herein set out, including the obligation to pay Additional Rent, the whole, without prejudice to the rights and recourses of the Landlord. 
 5.8 Signs 
 The Tenant shall be permitted to install, at its sole cost and expense, signage on
the Premises, including the Building, provided such signage complies with all applicable lawful governmental requirements. The Tenant shall remove such signage at the expiry or earlier termination of the Term and shall repair any damage caused by
the installation or removal of the signage. 
 5.9 Inspection and Access 
 To permit the Landlord, upon reasonable prior notice (which shall not in any event be less than 24 hours) and during normal business hours, from time to
time, or at any time in the event of an emergency, to enter and to have its authorized agents, employees and contractors enter the Premises for the purpose of inspection, maintenance, making those repairs which the Landlord is required to make
hereunder to the Premises; and the Tenant shall provide free and unimpeded access for the purpose, and shall not be entitled to compensation for any inconvenience, nuisance or discomfort caused thereby, but the Landlord in exercising its rights
hereunder shall proceed to the extent reasonably possible so as to minimize interference with the Tenant’s use and enjoyment of the Premises. 
 5.10
Showing Premises 
 The Tenant shall permit the Landlord and its authorized agents and employees, acting reasonably and without
interrupting the Tenant’s business, to show the Premises: 
  

	 	(a)	to prospective tenants during the hours of 8:00 a.m. to 6:00 p.m. Monday to Friday, inclusive, of the last six (6) months of the Term, or if the Tenant has exercised a right to
extend the Term under section 3.2, the last six (6) months of such Extension Term; and 

  

	 	(b)	to prospective purchasers and lenders during the hours set forth in section 5.10(a) throughout the Term and any Extension Terms. 

 The Landlord shall give the Tenant reasonable prior notice of any such showing, and at the request of the Tenant shall effect such showing in the company of a Tenant
representative (provided that the Tenant shall not unreasonably delay such showing by reason of making a Tenant representative available). 
  

 - 7 - 

 5.11 Equipment 
 The Tenant shall be responsible for and pay the cost of installation, operation, maintenance and replacement of the equipment required by its occupancy of the Premises including, without limitation, security systems,
sprinkler systems, racking, rail siding, fencing in and around the Premises, telephones, computers and other communications facilities and equipment. 
 5.12 Floor Loads 
 The Tenant shall not place a load upon any portion of any floor of the Premises which exceeds the
floor load which the area of such floor being loaded was designed to carry, having regard to the loading of adjacent areas and that which is allowed by applicable provincial building codes. The Tenant shall repair any damage done in the Premises by
reason of any excessive weight placed in the Premises or excessive vibration caused in the Premises. 
 5.13 Glass 
 The Tenant shall restore or replace forthwith, at its expense, any broken or damaged glass on, in or upon the Premises. 
 ARTICLE 6 
 LANDLORD’S COVENANTS

 6.1 Quiet Enjoyment 
 The
Landlord covenants with the Tenant that, provided the Tenant duly and punctually pays the rent hereby reserved and performs the covenants on its part contained, the Tenant shall and may peaceably possess and enjoy the Premises for the Term hereby
granted without any interruption or disturbance from the Landlord, its successors and assigns or any other persons lawfully claiming by, from, through or under it. 
 ARTICLE 7 
 REPAIR, MAINTENANCE, DAMAGE AND DESTRUCTION 
 7.1 Maintenance and Repairs 
  

	 	(a)	The Tenant shall keep the Premises as would a careful and prudent owner consistent with the general standards of industrial buildings of similar age, character and location in the
city in which the Building is located, including all Leasehold Improvements and all trade fixtures. This obligation includes, without limitation, the following: 

  

	 	(i)	repairs and, maintenance to the plumbing, electrical ventilating, heating, air conditioning and HVAC systems and other base building systems and equipment, including the systems
provided for bringing utilities to the Building, doors, door seals, rail siding, dock seals and levellers, the roof and all component parts thereof (including without limitation the repair 

  

 - 8 - 

 and maintenance of the waterproof membrane, to the extent that such repairs and maintenance expenses do
not constitute a capital cost in accordance with generally accepted accounting principles, which capital costs will be treated as capital repairs pursuant to Section 7.2 provided that they are not attributable to a breach by the Tenant under
Section 7.1(b)), plate glass, signs, hardware, partitions, mechanical, electrical, lighting and plumbing fixtures and systems, wiring, piping, water, sewers and gas connections, drains and mains attributable to the Property and which serve the
Building, ceilings, floors, stairs, platforms, walls, thresholds, and all operating equipment in the Premises, exterior walls, parking areas, driveways, entrances, glass windows, mouldings and all other machinery, operating equipment and facilities
belonging to, forming part of or connected with the Premises and the Building; 
  

	 	(ii)	normal levelling, grading and patching of yard and maintenance of asphalt and paving; and 

  

	 	(iii)	keeping the driveways, parking areas, entrances, walks, grounds, sidewalks and curbs forming part of the Property clean and free of snow and ice; 

  

	 	(b)	The Tenant shall maintain, at the Tenant’s expense, a service contract for the maintenance of the roof components with a reputable third party contractor chosen by the Tenant
and approved in advance by Landlord in writing (such approval not to be unreasonably withheld or delayed), and shall ensure that the Landlord is at all times in possession of a copy of such service contract and shall promptly deliver to Landlord
copies of regular inspection reports and details of repairs. 

  

	 	(c)	Notwithstanding anything herein, the Landlord shall carry out the repairs and replacements in respect of the identified costs for years 1 to 3 as set out in the Capital Reserve
Table annexed as Appendix B to the Property Condition report dated April 21, 2006 prepared by Golder Associates in favour of BWAY Corporation at the Landlord’s sole cost and expense within such time frames as would a prudent landlord and
in any event prior to the Lease Expiration Date set forth in Section l.1(e)(iii). 

  

	 	(d)	At the expiration of the Lease or any renewals or extensions thereof, the Tenant shall surrender the Premises to the Landlord in the manner provided for in section 15.8.

  

	 	(e)	The Landlord shall be responsible for and shall carry out, at its sole cost and expense, all repairs required as a result of: 

  

	 	(i)	inherent structural defects or weaknesses in the Premises; 

  

	 	(ii)	defects in repairs or construction performed or installations made by or on behalf of the Landlord; and 

  

	 	(iii)	the negligent acts or omissions of the Landlord. 

  

 - 9 - 

	 	(f)	Prior to or within thirty (30) days after occupation of the Premises by the Tenant, and prior to or within thirty (30) days following the departure from the Premises by
the Tenant, representatives of the Tenant and the Landlord shall make a joint inspection of the Premises and record the condition thereof on an inspection checklist. Within ten (10) days after said initial joint inspection, a copy of the
inspection checklist shall be sent to both the Landlord and the Tenant, and such inspection checklist shall form a part of this Lease. 

 7.2 Capital Repairs 
 Notwithstanding anything to the contrary contained in this Lease except for repairs and other work contemplated
by sections 7.1(c) and (e) and Article 9, to the extent that the cost of any repair or replacement to the Premises constitute a capital cost in accordance with generally accepted accounting principles, the Landlord shall make such repairs or
replacements, provided that all such repairs or replacements shall be consistent with the existing building standard and with the general standards of industrial buildings of similar age, character and location in the city in which the Building is
located. The cost of such repair or replacement shall be amortized over the useful life expectancy of the asset repaired or replaced on a straight line basis and the Tenant shall pay to the Landlord in each year of the Term the amortized amount of
such cost within thirty (30) days after receipt of an invoice therefor from the Landlord. Any replacement or repair to the Structure of the Building, replacement of any of the base building systems servicing the Building and replacement of
asphalt or other paving shall constitute a capital cost. 
 7.3 Damage, Destruction and Termination 
  

	 	(a)	If the Building becomes Untenantable such that the Building or any substantial part thereof is rendered not reasonably capable of use and occupancy by the Tenant for its use thereof
pursuant to this Lease then: 

  

	 	(i)	from and after the date of occurrence of the event rendering the Building Untenantable and until the Premises are again reasonably capable of use and occupancy as aforesaid, Rent
shall abate from time to time in proportion to the part or parts of the Building not reasonably capable of use and occupancy; and 

  

	 	(ii)	unless this Lease is terminated as hereinafter provided, the Landlord shall repair such damage with all reasonable diligence to the extent only of insurance proceeds actually
received by the Landlord (the “Landlord’s Work”). The Landlord’s obligation to rebuild and restore the Premises and the Building shall not include the obligation to rebuild, restore, replace or repair, without limitation, any
chattel, furniture, inventory, fixtures (including trade fixtures), Leasehold Improvements including, without limitation, any alterations constructed or installed for or on behalf of the Tenant or for its benefit, installations, additions or
partitions in respect of which the Tenant is required to maintain insurance under this Lease, or any other thing that is the property of the Tenant located on, in, under, above or which serve the Premises. Nothing herein shall require the

  

 - 10 - 

 Landlord to rebuild the Premises and the Building in the condition and state that existed before the
damage, but the Premises and the Building, as rebuilt, will have reasonably similar facilities and services to those that existed prior to the damage. 
  

	 	(b)	If the Building is substantially damaged or destroyed by any cause to the extent such that in the reasonable opinion of the Landlord’s architect or engineer (to be delivered to
the Landlord and Tenant within thirty (30) days after the damage or destruction) it cannot be repaired or rebuilt (based on standard hours of construction work) or if access cannot be restored within twelve (12) months after the occurrence
of the event rendering the Building Untenantable or the expiration of the Term (whichever is sooner), either the Landlord or the Tenant may at its option, exercisable by written notice to the other party given within ninety (90) days after the
occurrence of such damage or destruction, terminate this Lease, in which event the Landlord shall not be bound to repair, and the Tenant shall instead deliver up possession of the Premises to the Landlord with reasonable expedition but in any event
within sixty (60) days after delivery of such notice of termination, and Rent shall be apportioned and paid to the date upon which possession is so delivered up (but subject to any abatement to which the Tenant may be entitled under section
7.3(a) by reason of the Premises having been rendered in whole or in part not reasonably capable of use and occupancy), but otherwise the Landlord shall repair such damage with such reasonable diligence. 

  

	 	(c)	If neither party has elected to terminate this lease pursuant to section 7.3(b) and if the Landlord has not completed the repair or the rebuilding to such an extent that it is
substantially complete and ready for the Tenant’s occupancy within twelve (12) months after the occurrence of the event rendering the Building Untenantable (subject to any event of force majeure referred to in section 14.1 arising
after the occurrence of the original event rendering the Building Untenantable) then the Tenant may by notice to the Landlord elect to terminate this Lease effective as of the date of the notice or such later date as may be specified therein.

  

	 	(d)	The Tenant shall make available all proceeds of insurance with respect to the Building for the purposes of any such repairing or rebuilding. 

 ARTICLE 8 
 TAXES AND OPERATING COSTS

 8.1 Tenant’s Tax Obligations 
 During the Term, the Tenant shall be responsible to: 
  

	 	(a)	pay when due, all taxes, business taxes, property taxes, business licence fees, permit fees and other taxes, rates, duties or charges levied, imposed or assessed by lawful authority
in respect of the use and occupancy of the Premises by the Tenant, the business or businesses carried on therein by the Tenant, or the equipment, machinery or fixtures brought therein by or belonging to the Tenant, or to anyone occupying the
Premises with the Tenant’s consent, or from time to 

  

 - 11 - 

 time levied, imposed or assessed in the future in lieu thereof, and shall pay to the Landlord upon demand
the portion of any tax, rate, duty or charge levied or assessed upon the Land and Building that is attributable to any equipment, machinery or fixtures on the Premises which are not the property of the Landlord; and 
  

	 	(b)	(i) pay promptly directly to the relevant taxing authority as and when due all Taxes that are levied, rated, charged or assessed from time to time, in respect of the Premises
on the basis of any real property tax bill or assessment notice rendered by any lawful taxing authority; (ii) within ten (10) days after receipt of any such real property tax bill or assessment notice, provide a copy thereof to the
Landlord; and (iii) promptly deliver to the Landlord receipts evidencing the payment of all such Taxes and such other information in connection therewith as the Landlord reasonably requires. The Tenant will pay all Taxes when they become due
and payable, before any interest, penalty, fine or cost may be imposed for late or non-payment, to the department, office or bureau charged with their collection. If the Tenant should fail to pay any Taxes as required under this Section, the
Landlord shall have the right to pay such Taxes at the Tenant’s expense, and the Tenant shall pay to the Landlord as Additional Rent, upon demand, all costs and expenses incurred therefor. 

 8.2 Goods and Services Taxes 
 The Tenant shall
pay to the Landlord all Goods and Services Tax exigible under the relevant taxing statute in respect of the Rent payable by the Tenant under this Lease, or in respect of the rental of premises by the Tenant under this Lease. Goods and Services Tax
shall be payable at the same time as the Tenant pays Rent to the Landlord. Notwithstanding any other section of this Lease, the amount payable by the Tenant under this section shall be deemed not to be Rent, but the Landlord shall have the same
remedies for and rights of recovery of such amount as it has for recovery of Rent under this Lease. 
 8.3 Tenant’s Share 
 Upon expiry or earlier termination of the Term or, if the Term is extended, the last Extension Term, the Landlord shall pay to the Tenant any overpayment
or accrued credit balance of the Taxes paid by the Tenant to the taxing authority by the Tenant. Notwithstanding the foregoing, the Tenant acknowledges that there may be a delay in the invoicing of property taxes and business taxes for the Land for
the last year of the Term and that for the last year of the Term, the Tenant shall be responsible for payment of its pro-rata share of the actual Taxes. 
 In any calendar year of the Term in which the Tenant does not lease the Premises for the entire twelve month period, the Landlord may estimate the Taxes payable by the Tenant, and the Tenant agrees to pay to
the Landlord Taxes as so estimated, in monthly instalments, in advance, on the same dates and in the same manner as Annual Base Rent. The Landlord’s estimate of Taxes may be such that, by the due date of the last instalment of Taxes payable to
the relevant taxing authority, the Landlord may or may not have received from the Tenant the full amount of the Tenant’s share of Taxes for such calendar year. Promptly following receipt of the 
  

 - 12 - 

 final bill and/or assessment for Taxes for the period for which the estimated payments of Taxes have been made, the
Landlord will give notice to the Tenant of exact amount of Taxes (together with copies of the relevant tax bills and/or assessments) and, if necessary, an adjustment will be made between the parties within thirty (30) days after such notice.

 8.4 Notices of Assessment etc. 
  

	 	(a)	The Tenant shall, at the Landlord’s request, promptly deliver to the Landlord, 

  

	 	(i)	receipts for payment of all Taxes payable by the Tenant; 

  

	 	(ii)	notices of any assessments for Taxes or other assessments received by the Tenant that relate to the Premises, and 

  

	 	(iii)	whatever other information relating to Taxes in the Tenant’s possession that the Landlord reasonably requests from time to time. 

  

	 	(b)	The Tenant shall deliver to the Landlord, at least ten (10) days before the last date for filing appeals, notice of any appeal or contestation that the Tenant intends to
institute with respect to Taxes payable by the Tenant and obtain the prior written consent of the Landlord for the appeal or contestation, which consent shall not be unreasonably withheld. If the Tenant obtains the Landlord’s consent and does
not pay the Taxes before the appeal or contestation, the Tenant shall, 

  

	 	(i)	deliver to the Landlord such security for the payment of the Taxes as the Landlord reasonably requires; 

  

	 	(ii)	promptly and diligently prosecute the appeal or contestation; and 

  

	 	(iii)	keep the Landlord informed on all aspects of it. 

  

	 	(c)	The Tenant shall indemnify and save the Landlord harmless from all loss, cost, charges and expenses arising from Taxes payable by the Tenant whether against the Landlord or the
Tenant including, but not limited to increases in Taxes arising directly or indirectly out of an appeal or contestation by the Tenant. 

  

	 	(d)	The Landlord shall promptly deliver to the Tenant notices of any assessments or bills for Taxes or other assessments or bills received by the Landlord that relate to the Premises.
The Landlord shall not institute any tax appeal or other contestation of Taxes without first obtaining the consent of the Tenant which shall not be unreasonably withheld. 

 8.5 Utility/Communication/Service Charges 
 The Tenant shall pay all charges for services and
utilities including electricity, gas, air-conditioning, heating, fuel, water, sewer, telephone, rail siding leases and security, delivered or provided to or made available upon the Premises, and other costs which are metered, charged, levied or
rated directly to the Tenant in respect of the Premises, and if, at any time, for 
  

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 any reason, during the Term or any renewal or extension thereof, the Landlord is required to pay any or all of the
foregoing, then a sum equal to the amount so paid shall forthwith become due and be collectible upon demand, failing which such sums shall become Additional Rent and the Landlord shall have the same rights and remedies with respect to said sum as if
the same were Rent reserved hereunder. 
 ARTICLE 9 
 ENVIRONMENTAL MATTERS 
 9.1 Environmental Laws 
  

	 	(a)	In its use and occupation of the Premises, the Tenant shall comply with Environmental Law in all material respects. To the extent that the Premises or the Tenant are not in
compliance with applicable air approvals and related air emission matters under Environmental Law on the Commencement Date, the Tenant shall pursue diligently any approvals or certificates required by Environmental Law with respect to air emissions.

  

	 	(b)	Subject to compliance with Environmental Law, the Tenant may bring onto the Premises, store, handle, use and transport any substance, including any Contaminant or waste, that may
be, or has been, used in connection with its operations, including injection molding, silkscreen printing and chiller operations, and drum and pail reconditioning, cleaning, painting and sealing. 

  

	 	(c)	Subject to compliance with Environmental Law, the Tenant may continue to use any existing storage tanks at the Premises and may replace such tanks from time to time. In addition to
replacing existing tanks, the Tenant may install new above ground and underground storage and settling tanks provided that, in the case of new tanks, the Tenant shall first obtain the consent of the Landlord as to the location and installation of
any such tank in accordance with the provisions of section 11.1. 

  

	 	(d)	All Contaminants brought or permitted onto the Premises during the Term by the Tenant, its employees or a Transferee, despite any other provisions of this Lease to the contrary and
any expiry, termination or disclaimer of this Lease, shall be and remain the property and sole responsibility of the Tenant. 

 9.2
Tenant’s Responsibility 
  

	 	(a)	Except to the extent contributed to by a Landlord Party and except for those matters listed in Section 9.5(a) for which the Landlord shall be responsible, the Tenant shall be
solely responsible and liable for any work required by any governmental authority having jurisdiction with respect to any Contaminants on, in or under the Premises during the Term of the Lease. Except (i) as caused by or contributed to by a
Landlord Party, and (ii) for those matters listed in Section 9.5(a), the Tenant shall indemnify, defend (utilizing counsel satisfactory to the Landlord) and hold harmless the Landlord and the Landlord’s respective officers, directors,
beneficiaries, shareholders, partners, agents and employees from all 

  

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 Claims arising out of or in any way connected with any Release of any Contaminants that occurs during the
Term of this Lease, at, in, on, from, under, or about the Premises or the Building, or which arises at any time from the Tenant’s use or occupancy of the Premises, or from the Tenant’s failure to provide all information, make all
submissions, and take steps required by all authorities under Environmental Law. 
  

	 	(b)	Upon the occurrence of any material Release of a Contaminant at the Premises and upon the Tenant becoming aware of such Release, the Tenant shall immediately give written notice to
the Landlord. In any event, the Tenant shall immediately take all steps required by Environmental Law to remedy or otherwise address the situation giving rise to any Release. 

  

	 	(c)	If any work is required in accordance with this section 9.2 the Tenant shall prepare all necessary studies, plans and proposals and submit them to the Landlord for approval, which
approved shall not be unreasonably withheld, provide all bonds and other security required by any lawful governmental authorities and carry out the work required. In carrying out such work, the Tenant shall keep the Landlord fully informed of the
progress of the work. If the Landlord has reasonable grounds for believing that the Tenant will not promptly or properly carry out such work, the Landlord may, in its sole discretion, elect to carry out all such work, or any part of it, and if the
Landlord does so, the Tenant shall pay for all costs in connection therewith, within thirty (30) days after the Landlord has incurred the costs and made written demand to the Tenant. 

  

	 	(d)	The Tenant covenants, acknowledges and agrees that its obligations and liabilities under this Section shall survive the expiration or earlier termination of this Lease.

 9.3 Assessment of the Premises 
  

	 	(a)	Prior to the Commencement Date, or shortly thereafter, the Landlord will obtain, at its cost, a Phase II Environmental Site Assessment Report (the “Baseline Phase II”) to
identify those Contaminants, and the quantities thereof, present at, in or under the Premises as at the Commencement Date (the “Baseline Condition”). Prior to causing any such environmental assessment, the Landlord will obtain a written
proposal from its environmental consultant as to the recommended scope of the assessment for the Premises, which proposal is subject to the Tenant’s prior written approval, which approval shall not be unreasonably withheld (the “Baseline
Scope”). The Landlord will deliver a copy of the Baseline Phase II to the Tenant prior to the Commencement Date, or shortly thereafter. Without limiting any other provision herein, the Landlord and the Tenant shall, throughout the term,
maintain the Premises at the Baseline Condition in accordance with their respective obligations under this Article 9. 

  

	 	(b)	The Landlord may at any time during the Term, if it has reasonable grounds to believe that the Tenant has not complied with Environmental Law in any material respect, including if
it has in good faith reason to believe that there has been any 

  

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 Release of any Contaminant in, on, over, under or about the Promises that would reasonably be expected to
give rise to a material liability pursuant to Environmental Law, enter the Premises upon reasonable prior notice to the Tenant and cause an environmental assessment with respect to the suspected non-compliance with Environmental Law. In the case of
an assessment under this section 9.3(a) the Landlord shall consult with the Tenant as to when the assessment shall be carried out and shall minimize any interference with the Tenant’s business. 
  

	 	(c)	The scope and breadth of such environmental assessment shall be reasonable and shall not unduly interfere with the conduct of business by the Tenant in the Premises. The resulting
environmental assessment shall be addressed to both the Landlord and the Tenant and copies given to both. The Landlord shall be solely responsible for the cost of any such assessment unless such assessment reveals any material breach by the Tenant
of Tenant’s covenant contained in this Lease, in which event the Tenant shall reimburse the Landlord the cost of such assessment. 

  

	 	(d)	If any assessment reveals any breach by the Tenant of the Tenant’s covenant contained in this Lease, the Tenant shall take reasonable steps as are necessary so as to rectify
such breach. In carrying out such work, the Tenant shall keep the Landlord informed of the progress of the work. 

 9.4 Contaminants at
the End of the Term 
 Upon the expiry of the Term, or at such other times as may be required by any lawful governmental authority, the Tenant shall
remove or otherwise address as required by Environmental Law all Contaminants from the Premises which were placed, brought or permitted onto the Premises during the Term by the Tenant, and carry out all work necessary to address such Contaminants,
all at the Tenant’s sole cost and expense. The Tenant will, prior to the end of the Term, at its cost, deliver to the Landlord a Phase II Environmental Assessment prepared by a reputable consulting or engineering firm approved in advance by
Landlord in writing, evidencing the environmental condition of the Property (the “Term Phase II”). The scope of the Term Phase II shall be equivalent to the Baseline Scope. 
 9.5 Landlord’s Indemnity and Covenant 
  

	 	(a)	Except to the extent contributed to by a Tenant Party, the Landlord will indemnify, defend (utilizing counsel satisfactory to the Tenant) and hold harmless the Tenant and the
Tenant’s respective officers, directors, beneficiaries, shareholders, partners, agents and employees from all Claims, and shall be solely responsible and liable for any work required by any governmental authority having jurisdiction with
respect to any Contaminants that occur or arise as a result of: 

  

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	 	(i)	the existence of any Contaminant on, in or under the Premises as at the Commencement Date or arising after the expiry of the Term and following the completion of any remediation
and/or work for which the Tenant is responsible hereunder; or 

  

	 	(ii)	the migration, transfer or movement of any Contaminant onto, into or through the Premises from any other lands; or 

  

	 	(iii)	the existence of any Contaminant on, in or under the Premises contributed to or caused by a Landlord Party. 

 Upon the occurrence of any material quantity of a Contaminant at or from the Premises and upon the Landlord becoming aware of such Contaminant, the
Landlord shall immediately give written notice to the Tenant. In any event, the Landlord shall immediately take all steps required by Environmental Law to remedy the situation giving rise to any such Contaminant arising or resulting from the matters
listed in Subsections 9.5(a)(i), (ii) and (iii) above. 
  

	 	(b)	If any work is required under section 9.5(a), the Landlord shall prepare all necessary studies, plans and proposals and submit them to the Tenant for approval, which approval shall
not be unreasonably withheld, provide all bonds and other security required by any lawful governmental authorities and carry out the work required. In carrying out such work, the Landlord shall keep the Tenant fully informed of the progress of the
work. If the Tenant has reasonable grounds for believing that the Landlord will not promptly or properly carry out such work, the Tenant may, in its sole discretion, elect to carry out all such work, or any part of it, and if the Tenant does so, the
Landlord shall pay for all costs in connection therewith, within thirty (30) days after the Tenant has incurred the costs and made written demand to the Landlord. 

  

	 	(c)	The Landlord covenants, acknowledges and agrees that its obligations and liabilities under this Section shall survive the expiration or earlier termination of this Lease.

 ARTICLE 10 
 TRANSFERS, ASSIGNMENTS AND SUBLETTINGS 
 10.1 Consent Required 
  

	 	(a)	Subject to section 10.4, the Tenant shall not effect a Transfer without the prior written consent of the Landlord which consent may not be unreasonably withheld, delayed or
conditioned. In determining whether or not to grant its consent, it shall not be unreasonable for the Landlord to withhold its consent if: 

  

	 	(i)	the Transferee does not have a history of successful business operations in the business to be conducted in the Premises and a good credit rating; or 

  

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	 	(ii)	there is a history of defaults under commercial leases by the Transferee, or by companies or partnerships of which the Transferee was a principal shareholder or partner at the time
of the defaults. 

 The Tenant shall deliver to the Landlord such information as the Landlord may reasonably require to allow
the Landlord to satisfy itself as to the foregoing. 
  

	 	(b)	This prohibition against a Transfer shall be construed to include a prohibition against any Transfer by operation of law. If the Tenant effects a Transfer, the Landlord may collect
Rent from the Transferee and apply the net amount collected to the Rent reserved in this Lease, but no such collection shall be deemed to be a waiver of this covenant or the acceptance of the Transferee as Tenant or a release of the Tenant from its
obligations hereunder. Notwithstanding any Transfer, except as may be otherwise expressly agreed to in writing by the Landlord, the Tenant and any Indemnifier shall remain jointly and severally liable on this Lease and shall not be relieved of any
of their respective obligations hereunder. Any consent by the Landlord to any Transfer shall not constitute a waiver of the requirement for consent by the Landlord to any subsequent Transfer by either the Tenant or any Transferee.

  

	 	(c)	Any consent granted by the Landlord shall be subject to the Tenant causing the Transferee to execute an agreement directly with the Landlord agreeing: 

  

	 	(i)	if the Transferee is an assignee, to be bound by all of the terms contained in this Lease, as if the Transferee had originally executed this Lease as Tenant; or

  

	 	(ii)	if the Transferee is a subtenant or other occupant of the Premises, to do nothing, either by act or omission, that would cause the Tenant to be in default of its obligations under
this Lease. 

 Such agreement and the consent of the Landlord to a Transfer shall be prepared by the Landlord or its solicitors
and all reasonable legal and administrative costs with respect thereto shall be borne by the Tenant. 
 10.2 Change of Control 
 The prohibition against a Transfer set out in Section 10.01(a) applies to any change in the direct or indirect effective voting control of the Tenant
(if the Tenant is or becomes a corporation), unless (i) the Tenant is a public corporation whose shares are listed and traded on any recognized stock exchange in Canada or the United States, and (ii) the Landlord is satisfied that there
will be a continuity of business practices and policies, and management of the Tenant. If the Tenant is a partnership or is controlled by a partnership (either directly or indirectly), this prohibition against a Transfer also includes a change in
the constitution of the partnership resulting from the withdrawal or addition of any partners. The prohibition also applies to an assignment by operation of law. 
  

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 10.3 Leasehold Charges 
 The Tenant may, without the consent of the Landlord effect one or more Transfers to one or more lenders as security for a loan or loans from time to time (such Transfer being a “Leasehold Mortgage”). All
rights acquired by such a Transferee (a “Leasehold Lender”) under a Leasehold Mortgage shall be fully subordinate to the interest of the Landlord and to the interest of a Mortgagee and subject to the terms and conditions of this Lease.

 The Leasehold Lender shall execute and deliver, prior to such Leasehold Mortgage becoming effective, a landlord/lender agreement (the
“the Landlord/Lender Agreement”) in form and substance acceptable to the Landlord and the Leasehold Lender but which shall provide, inter alia, as follows: 
  

	 	(a)	the Leasehold Lender shall have the unrestricted right to assign, sell, participate, securitize and otherwise deal with its interest in the Leasehold Mortgage without the
Landlord’s consent provided that the holder of such interest is bound by the Landlord/Lender Agreement; 

  

	 	(b)	the Leasehold Lender shall not take any action against the Premises for breach or default without first giving the Landlord notice of any default by the Tenant under any Leasehold
Mortgage; 

  

	 	(c)	no voluntary surrender by the Tenant to the Landlord of this Lease or the Premises shall be valid or effective and there shall be no amendment to or cancellation of this Lease
without in each case the prior written consent of the Leasehold Lender; 

  

	 	(d)	the Landlord shall, concurrently with the delivery to the Tenant of any notice required or permitted under this Lease and prior to commencement of any enforcement proceedings
against the Tenant, deliver to the Leasehold Lender a copy of such notice and no such notice to the Tenant shall be effective against the Leasehold Lender until a copy of such notice is given in accordance with the notice provisions of this Lease to
such Leasehold Lender. If the Tenant fails to cure the default, the Leasehold Lender shall have a further period often (10) days to cure the defaults; 

  

	 	(e)	if the Leasehold Lender is enforcing its security under the Leasehold Mortgage it may effect a Transfer in accordance with the terms of this Lease; 

  

	 	(f)	if, in the context of enforcing its security under the Leasehold Mortgage, the Leasehold Lender takes possession of the Premises it shall be bound by the terms of the Lease until
such time as it shall effect a Transfer whereupon it shall be released; 

  

	 	(g)	upon the Leasehold Lender effecting a Transfer the Leasehold Lender shall be released from any obligations under this Lease; and 

  

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	 	(h)	if the Lease is terminated under any insolvency or bankruptcy proceedings or as a result of any default by the Tenant which is not susceptible to being cured by the Leasehold
Lender, then at the request of the Leasehold Lender made within ten (10) days after the date of such termination, the Landlord will enter into a new lease on the same terms and conditions as this lease for a term expiring on the date noted in
section l.l(e)(iii), subject to any rights of extension under section 3.2, provided, however, that all arrears of Rent shall have been paid to the Landlord and that an amount equal to the Rent that would have been payable under the Lease from the
date of such termination to the commencement date of the new lease shall have been paid to the Landlord. 

 The Landlord shall
postpone any right that it may have to distrain or right to remove the personal property of the Tenant in favour of any lender to the Tenant. The Landlord shall execute such waiver document as the lender may require, subject to such amendments and
changes as may be reasonably requested by the Landlord. 
 10.4 Permitted Transfers 
 Notwithstanding the provisions of section 10.1 and provided that the Tenant is BWAY Corporation or a direct or indirect wholly-owned subsidiary of BWAY
Corporation, the Landlord’s consent shall not be required in respect of any Transfer: 
  

	 	(a)	which is effected in conjunction with the sale of all or substantially all of the business of the Tenant; 

  

	 	(b)	a Transfer to an Affiliate of BWAY Corporation in connection with a bona fide corporate reorganization of the Tenant; 

  

	 	(c)	a sublease of the Premises;. 

 provided, however, that the
Landlord is given notice of such Transfer contemporaneously with the Transfer and that the transferee shall enter into an agreement under which it agrees to be bound by the Lease. 
 Notwithstanding any such Permitted Transfer, except as may be otherwise expressly agreed to in writing by the Landlord, the Tenant and any Indemnifier
shall remain jointly and severally liable on this Lease and shall not be relieved of any of their respective obligations hereunder. 
 10.5 Transfer by
Landlord 
 In the event of the sale, lease or disposition by the Landlord of the Premises or the assignment by the Landlord of this
Lease or any interest of the Landlord hereunder and to the extent that the purchaser or assignee agrees in writing in favour of the Tenant to be bound by the covenants and obligations of the Landlord hereunder, the Landlord shall without further
agreement be relieved of all liability with respect to such covenants and obligations. 
  

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 ARTICLE 11 
 FIXTURES AND IMPROVEMENTS 
 11.1 Alterations 
 The Tenant may make Alterations to the Premises without first obtaining the consent of the Landlord provided that such Alterations do not affect the
Structure or the base building systems. The Tenant will not make any Alterations to the Leased Premises without the Landlord’s prior written approval if such Alterations will affect the Structure or the base building systems. Such consent will
not be unreasonably withheld if: 
  

	 	(a)	the Alterations will equal or exceed the then current standard for the Building; 

  

	 	(b)	adequate plans and specifications are produced; and 

  

	 	(c)	the Tenant has obtained all requisite governmental approvals. 

 All
Alterations will be made in a good and workmanlike manner and, if applicable, in compliance with the plans and specifications approved by the Landlord. If the Tenant obtains the consent of the Landlord to any Alteration then, unless as a condition
of granting such consent, the Landlord requires that such Alteration be removed at the expiry or earlier termination of the Term the Tenant shall not be required to remove or make good any such Alteration at the expiry or earlier termination of the
Term. If the Landlord’s consent is not obtained then prior to the expiry or earlier termination of the Term, such Alteration shall be removed by the Tenant and all damage caused by the installation and removal of such Alteration be repaired
unless the Tenant receives written notice from the Landlord prior to the expiry of the term advising the Tenant that the Landlord will not require the Tenant to remove such Alterations. 
 11.2 Liens and Encumbrances on Fixtures and Improvements 
 In connection with any Alterations
to the Premises by the Tenant, the Tenant shall comply with all the provisions of the Construction Lien Act (Ontario) (or the equivalent statute in the jurisdiction in question) (the “Act”) and other statutes from time to time
applicable thereto (including any provision requiring or enabling the retention of portions of any sums payable by way of holdbacks), shall permit the Landlord to take all steps to enable the Landlord to obtain the benefit of the provisions of the
Act and except as to any lawful holdback, shall promptly pay all accounts relating thereto. If and when any builder’s or other lien for work, labour, services or materials supplied to or for the Tenant or for the cost of which the Tenant
may be in any way liable or claims therefor shall arise or be filed the Tenant shall within twenty (20) days after receipt of notice thereof procure the discharge thereof, including any certificate of action registered in respect of any lien,
by payment or giving security or in such other manner as may be required or permitted by law, and failing which the Landlord may in addition to all other remedies hereunder avail itself of its remedy under section 15.1 and may make any payments into
court (but not in any event to the lien claimant) required to procure the discharge of any such liens, shall be entitled to be reimbursed by the Tenant as provided in section 15.1, and its right to reimbursement shall not be affected or impaired if
the Tenant shall then or subsequently establish or claim that any lien so discharged was without merit or excessive or subject to any abatement, setoff or defence. 
  

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 11.3 Removal of Fixtures and Improvements 
 Subject to section 15.8, the Tenant may from time to time throughout the Term remove such of its trade fixtures, furniture and equipment from the Premises
as it sees fit. The Tenant shall, in the case of every removal either during or at the end of the Term, immediately make good any damage caused to the Premises by the installation and removal of such furniture and equipment and, to the extent
required pursuant to section 11.1, Leasehold Improvements. 
 11.4 Non-compliance 
 In the event that the Landlord determines that any alterations, additions or improvements made to the Premises or the Building systems serving the
Premises by the Tenant do not comply with all applicable statutes, regulations or bylaws of any municipal, provincial or other governmental authority, and the Tenant, after receipt of notice from the Landlord, does not rectify such non-compliance
with due diligence, then the Landlord may, at the Landlord’s option, rectify or repair said deficiency which shall be at the Tenant’s sole cost and expense, the same to be paid as Additional Rent by the Tenant to the Landlord upon demand.

 ARTICLE 12 
 INSURANCE
AND LIABILITY 
 12.1 Landlord’s Insurance 
  

	 	(a)	The Landlord shall, at all times throughout the Term, carry: (i) public liability insurance written on a comprehensive basis with coverage against third party claims for bodily
injury, including death, in such amounts as are normally carried by prudent landlords of similar premises from time to time, but in no event less than five million dollars ($5,000,000.00) per occurrence; (ii) rental income insurance; and
(iii) other forms of insurance as would be carried by a prudent owner of a similar building and considered advisable by the Landlord or any Mortgagee. The cost of such insurance shall be paid by the Tenant in accordance with
Section 12.1(c). The Landlord may satisfy the foregoing insurance requirements by carrying blanket insurance policies and through one or more insurance policies provided the premiums for such policy are allocated equitably among the properties
covered by such blanket insurance policy. 

  

	 	(b)	All Landlord’s insurers shall be registered and licensed to carry on the business of insurance in the Province in which the Premises are located and all insurance policies
shall: 

  

	 	(i)	contain a cross liability and/or severability of interest clause; and 

  

	 	(ii)	contain an undertaking by the insurers to notify the Tenant in writing not less than thirty (30) days prior to any material change, cancellation or termination thereof.

  

	 	(c)	The Tenant will pay to the Landlord the insurance premiums in respect of the insurance required to be carried by the Landlord under this section 12.1, as 

 

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 Additional Rent, and in the event of any loss or damage the Tenant shall pay directly to the Landlord any
deductible which the Landlord is required to pay toward or for any insured loss relating to the Premises as Additional Rent. The Landlord shall submit the invoice for such insurance premiums or deductibles to the Tenant as they come due and the
Tenant shall pay all such amounts within thirty (30) days after receipt of such invoice. In the event that the Tenant fails to pay any such premium prior to its due date, the Landlord may pay such premium and claim it from the Tenant as
Additional Rent. Notwithstanding any contribution by the Tenant to the cost of insurance premiums provided herein, the Tenant acknowledges and agrees that no insurable interest is conferred upon the Tenant under this Lease for purposes of any
policies of insurance carried by the Landlord and the Tenant has no right to receive any proceeds of any such insurance policies carried by the Landlord. 
 12.2 Tenant’s Insurance 
  

	 	(a)	The Tenant shall, at its expense, obtain and maintain in force throughout the Term and any Extension Term and any period when it is in possession of the Premises, in the name of the
Tenant with the Landlord and the Mortgagee (if any) as additional named insureds on all property insurance policies, save that the insurance policies referred to in sections 12.2(a)(i) and (ii) below shall name the Landlord as the insured with
the Mortgagee (if any), as additional named insured the following insurance: 

  

	 	(i)	insurance on the Building and the heating, ventilating and air conditioning, and other building equipment, machinery and systems, and boilers contained therein whether owned by the
Landlord or the Tenant against those risks covered by standard “all risks” (including flood and earthquake) property policies in an amount equal to the full replacement value thereof with such reasonable deductibles as would be carried by
a prudent owner of a reasonably similar industrial building, having regard to size, age and location; 

  

	 	(ii)	broad form boiler and machinery insurance on a blanket repair and replacement basis with limits for each accident in an amount of at least the replacement cost of the Premises and
of all boilers, pressure vessels, air-conditioning equipment and miscellaneous electrical apparatus relating to or serving the Premises; 

  

	 	(iii)	public liability insurance written on a comprehensive basis with coverage against third party claims for bodily injury, including death, in such amounts as are normally carried by
prudent tenants of similar premises from time to time, but in no event less than five million dollars ($5,000,000.00) per occurrence; 

  

	 	(iv)	standard owners form vehicle insurance providing third-party liability insurance with not less than three million dollars ($3,000,000.00) inclusive 

  

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 limits, and accident benefits insurance, covering all licensed vehicles owned or operated by or on
behalf of the Tenant; 
  

	 	(v)	business interruption insurance covering the Annual Base Rent, the Additional Rent and all other costs and expenses in connection with the Premises, all for a twelve (12) month
period; and 

  

	 	(vi)	such other forms of insurance and increases of the amount of coverage stipulated in the foregoing sections against such risks and in such amounts as may be customarily obtained by
tenants of premises similar to the Premises and any other forms of reasonable and customary insurance as the Landlord and/or a Mortgagee, reasonably requires from time to time, in forms and amounts and for risks against which a prudent tenant would
insure with a use similar to that of the Tenant. 

  

	 	(b)	All insurance policies provided for in this section 12.2 shall: 

  

	 	(i)	be taken out with insurers licenced to carry on the business of insurance in the Province in which the Premises are located; 

  

	 	(ii)	be non-contributing with and apply only as primary and not excess to any other insurance available to either or both of the Landlord and the Mortgagee; 

  

	 	(iii)	not be invalidated as respects the interests of all and any of the Landlord and the Mortgagee by reason of a breach or violation of warranties, representations declarations or
conditions contained in the policies; and 

  

	 	(iv)	contain an undertaking by the insurers to notify the Landlord and its Mortgagee in writing not less than thirty (30) days before any material change, cancellation, or
termination. 

 The Tenant may satisfy the foregoing insurance requirements by carrying blanket insurance policies and through
one or more insurance policies. 
  

	 	(c)	The proceeds of the insurance under Sections 12.2(a)(i) and 12.2(a)(ii) above shall be and are hereby assigned and made payable to the Landlord. 

  

	 	(d)	If the Tenant shall fail to take out, renew and keep in force such insurance the Landlord may do so as the agent of the Tenant and the Tenant shall repay to the Landlord any amounts
paid by the Landlord as premiums forthwith upon demand. 

  

	 	(e)	The Tenant shall furnish to the Landlord certificates or other evidence acceptable to the Landlord as to the insurance from time to time required to be effected by the Tenant
pursuant to this Lease and its renewal or continuation in force. No review or approval of any insurance certificate or insurance policy by the Landlord derogates from or diminishes the Landlord’s rights under this Lease.

  

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 12.3 Limitation of Liability 
  

	 	(a)	The Landlord releases each Tenant Party from all claims or liabilities in respect of any damage which is actually insured against by the Landlord or is required to be insured
against under section 12.1, but only to the extent of insurance proceeds actually received by the Landlord. The Landlord shall cause its insurer to deliver confirmation of such release or a waiver of subrogation to the Tenant.

  

	 	(b)	The Tenant releases each Landlord Party from all claims or liabilities in respect of any damage which is actually insured against by the Tenant or is required to be insured against
under section 12.2, but only to the extent of insurance proceeds actually received by the Tenant. The Tenant shall cause its insurer to deliver confirmation of such release or a waiver of subrogation to the Landlord. 

 12.4 Indemnity 
  

	 	(a)	Subject to section 12.3(a), the Tenant shall indemnify and save harmless the Landlord and each other Landlord Party from and against any and all liability, loss, claims, demands,
damages or expenses including legal expenses (on a substantial indemnity basis) in respect of, in connection with or resulting from any bodily injury or death or property damage occurring at, in or about the Premises or claims for other loss or
damage sustained by any Landlord Party arising from the conduct of any work by or any act or omission of the Tenant or any assignee, subtenant, agent, employee, contractor, invitee or licensee of the Tenant, and in respect of all costs, expenses and
liabilities incurred by any Landlord Party in connection with or arising out of all such claims, including the expenses of any action or proceeding pertaining thereto, and in respect of any loss, costs, expense or damage suffered or incurred by any
Landlord Party arising from any breach by the Tenant of any of its covenants and obligations under this Lease. The provisions of this section 12.4(a) shall survive the expiry or earlier termination of this Lease. 

  

	 	(b)	Subject to section 12.3(b), the Landlord shall indemnify and save harmless the Tenant and each other Tenant Party from and against any and all liability, loss, claims, demands,
damages or expenses including legal expenses (on a substantial indemnity basis) in respect of, in connection with or resulting from any bodily injury or death or property damage occurring at, in or about the Premises or claims for other loss or
damage sustained by any Tenant Party arising from the conduct of any work by or any act or omission of the Landlord or any assignee, agent, employee, or contractor of the Landlord, and in respect of all costs, expenses and liabilities incurred by
any Tenant Party in connection with or arising out of all such claims, including the expenses of any action or proceeding pertaining thereto, and in respect of any loss, costs, expense or damage suffered or incurred by any Tenant Party arising from
any breach by the Landlord of any of its covenants and obligations under this Lease. The provisions of this section 12.4(b) shall survive the expiry or earlier termination of this Lease. 

  

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 ARTICLE 13 
 SALE OR FINANCING, SUBORDINATION, ATTORNMENT, REGISTRATION AND 
 CERTIFICATES 
 13.1 Sale or Financing of Building 
 The rights
of the Landlord under this Lease may be mortgaged, charged, transferred or assigned to a purchaser or purchasers or to a mortgagee, lending institution or trustee for bond holders (the “Mortgagee”). In the event of a sale or of default by
the Landlord under any mortgage, trust deed or trust indenture (the “Mortgage”) and the purchaser or the Mortgagee, entering into possession of the Premises, the Tenant agrees to attorn to and become the tenant of the Mortgagee or the
Purchaser under the terms of this Lease. The Landlord shall provide the Tenant with a Non-Disturbance Agreement, in form and substance satisfactory to the Tenant, acting reasonably, from any Mortgagee who holds a Mortgage to which this Lease is
subordinate. 
 The Landlord may assign its rights under this Lease to a lending institution as collateral security for a loan or other
financing. 
 13.2 Subordination and Attornment 
 If required by any Mortgagee and, provided that such Mortgagee has first entered into a Non-Disturbance Agreement with the Tenant, this Lease and all rights of the Tenant hereunder shall be subject and subordinate to
all Mortgages now or hereafter existing which may now or hereafter affect the Premises and to all renewals, modifications, consolidations, replacements and extensions thereof. Subject to the foregoing, the Tenant agrees to execute and deliver
promptly whenever requested by the Landlord or by such Mortgagee an instrument of subordination or attornment, as the case may be. 
 13.3
Registration 
 The Landlord agrees that the Tenant may prepare and register, at the Tenant’s cost, a notice of this Lease
against title to the Premises, on terms and conditions acceptable to the Landlord. Such notice shall only describe the parties, the Premises, the Term, the Commencement Date, and any options to renew the Term. The Tenant covenants and agrees to
discharge the notice of lease, at its cost, upon the expiry or earlier termination of the Lease. 
 13.4 Certificates 
 Each of the Tenant and the Landlord, whenever requested by the other, shall from time to time execute and deliver to the party making the request and to
any other Person designated by the party making the request a certificate in writing as to the status of this Lease at that time, including as to whether it is in full force and effect, is modified or unmodified, confirming the rent payable
hereunder and the state of the accounts between the Landlord and Tenant, the existence or non-existence of defaults, and any other matters pertaining to this Lease as to which as may reasonably be requested. 
  

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 ARTICLE 14 
 DELAY; NO WAIVER 
 14.1 Unavoidable Delay 
 Notwithstanding the terms of this Lease, if the Landlord or the Tenant is, in good faith, delayed or prevented from doing anything required by this Lease,
because of a strike; labour trouble; inability to get materials or services; power failure; restrictive governmental laws or regulations; riots; insurrection; sabotage; rebellion; war; act of God; or any other similar reason, that is not the fault
of the party delayed, the doing of the thing is excused for the period of the delay and the party delayed will do what was delayed or prevented within the appropriate period after the delay. The preceding sentence does not excuse the Tenant from
payment of Rent in the amounts and at the times specified in this Lease. 
 14.2 No Admission 
 The acceptance of any Rent from or the performance of any obligation hereunder by a person other than the Tenant shall not be construed as an admission by
the Landlord of any right, title or interest of such person as a subtenant, assignee, transferee or otherwise in the place and stead of the Tenant. 
 14.3 Part Payment 
 The acceptance by the Landlord of a part payment of any sums required to be paid hereunder shall
not constitute waiver or release of the right of the Landlord to payment in full of such sums. 
 ARTICLE 15 
 TENANT’S DEFAULT, REMEDIES OF LANDLORD AND SURRENDER 
 15.1 Remedying by Landlord, Non-payment and Interest 
 In addition to all the rights and remedies of the Landlord
available to it in the event of any default hereunder by the Tenant either by any other provision of this Lease or by statute or the common law, the Landlord, provided it has given the Tenant at least five (5) Business Days’ prior written
notice in respect of monetary defaults and twenty (20) days’ prior written notice for non-monetary defaults (or such longer period as may be required under the circumstances provided that the Landlord’s interests are not prejudiced):

  

	 	(a)	shall have the right at all times to remedy or attempt to remedy any default of the Tenant, and in so doing may make any payments due or alleged to be due by the Tenant to third
parties and may enter upon the Premises to do any work or other things therein and in such event all expenses of the Landlord in remedying or attempting to remedy such default shall be payable by the Tenant to the Landlord forthwith upon demand;

  

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	 	(b)	shall have the same rights and remedies in the event of any non-payment by the Tenant of any amounts payable by the Tenant under any provision of this Lease as in the case of
non-payment of Rent; 

  

	 	(c)	if the Tenant shall fail to pay any Rent promptly when due, shall be entitled, if it shall demand it, to interest thereon at the Prime Rate plus 2% from the date upon which the same
was due until actual payment thereof; and 

  

	 	(d)	shall be entitled to be reimbursed by the Tenant, and the Tenant shall forthwith pay the Landlord, the amount of all costs and expenses (including, without limitation, legal costs
on a solicitor and own client basis) incurred by the Landlord in connection with the default or in efforts to enforce any of the rights, or to seek any of the remedies, to which the Landlord is or may be entitled hereunder. 

Notwithstanding the foregoing, in the event of an emergency, the Landlord may take such of the foregoing actions as are required to prevent damage to the Premises or
harm to individuals without first giving the above stated prior written notice provided that the Landlord shall give the Tenant as much notice as reasonably possible prior to taking such actions. 
 15.2 Remedies Cumulative 
 The Landlord may
from time to time resort to any or all of the rights and remedies available to it in the event of any default hereunder by the Tenant, either by any provision of this Lease or by statute or the general law, all of which rights and remedies are
intended to be cumulative and not alternative, as the express provisions hereunder as to certain rights and remedies are not to be interpreted as excluding any other or additional rights and remedies available to the Landlord by statute or the
common law. 
 15.3 Right of Re-entry on Default 
 Provided and it is expressly agreed that: 
  

	 	(a)	if and whenever the Rent hereby reserved or other monies payable by the Tenant or any part thereof, whether lawfully demanded or not, are unpaid and the Tenant shall have failed to
pay such Rent or other monies within five (5) Business Days after the Landlord shall have given to the Tenant notice requiring such payment; or 

  

	 	(b)	if the Tenant shall breach or fail to observe and perform any of the covenants, agreements, provisos, conditions, rules or regulations and other obligations on the part of the
Tenant to be kept, observed or performed hereunder, and such breach or failure continues for a period of twenty (20) days (or such longer period as shall reasonably be necessary to cure the default or failure under the circumstances provided
the Tenant is proceeding diligently to remedy same) after notice thereof by the Landlord to the Tenant; or 

  

	 	(c)	if the Landlord shall have become entitled to terminate this Lease or to re-enter the Premises pursuant to any provision hereof, 

  

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 then and in every such case it shall be lawful for the Landlord thereafter to enter into and upon the Premises or any
part thereof in the name of the whole and the same to have again, repossess and enjoy as of its former estate, anything in this Lease contained to the contrary notwithstanding. 
 15.4 Termination and Re-entry 
 If and whenever the Landlord becomes entitled to re-enter upon
the Premises under any provision of this Lease, the Landlord, in addition to all other rights and remedies, shall have the right to terminate this Lease forthwith by notice to the Tenant. Upon the giving by the Landlord of such notice, this Lease
and the Term shall terminate, and the Tenant shall immediately deliver up possession of the Premises to the Landlord in accordance with section 15.8, and the Landlord may re-enter and take possession of them. 
 15.5 Certain Consequences of Termination and Re-entry 
 If the Landlord re-enters the Premises or if this Lease is terminated other than by the passing or expiration of time, then: 
  

	 	(a)	notwithstanding any termination or the Term thereby becoming forfeited and void, the provisions of this Lease which relate to the consequences of termination, and the provisions of
this Lease as they apply with respect to acts, events and omissions which occurred prior to the termination, shall all survive such termination; 

  

	 	(b)	at the Landlord’s option, but without prejudice to the Landlord’s other rights and remedies with respect to recovery of costs, damages and expenses which relate to any
default by the Tenant, the Tenant shall pay to the Landlord on demand: 

  

	 	(i)	Rent and all other amounts payable under this Lease up to the time of re-entry or the date of termination, whichever is later, including any accelerated rent payable pursuant to
section 16.2; 

  

	 	(ii)	all damages the Landlord incurs in connection with the re-entering, terminating, re-letting, collecting sums due or payable by the Tenant and storing and realizing upon assets
seized, including without limitation, brokerage fees, legal fees and disbursements, the expenses of cleaning and making and keeping the Premises in good order, and the expenses of repairing the Premises and preparing them for re-letting and
including the worth at the time of such termination of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid pursuant to this Lease for the unexpired remainder of the Term, had it not been terminated, over the
then reasonable rental value of the Premises for the remainder of the Term, all of which amounts shall be immediately due and payable by the Tenant to the Landlord; and 

  

	 	(c)	the Landlord shall take all such actions as are available to it, acting in a commercially reasonable manner, to mitigate its damages. 

  

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 15.6 Waiver of Distress 
 The Tenant waives and renounces the benefit of any present or future statute taking away or limiting the Landlord’s right of distress and covenants and agrees that notwithstanding any such statute none of the
goods and chattels of the Tenant on the Premises at any time during the Term shall be exempt from levy by distress for rent in arrears. The Tenant will not sell, dispose of or remove any of the fixtures, goods or chattels of the Tenant from or out
of the Premises during the Term without the consent of the Landlord, unless the Tenant is substituting new fixtures, goods or chattels of equal value or is bona fide disposing of individual items which have become excess for the Tenant’s
purposes, and the Tenant will be the owner of its fixtures, goods and chattels and will not permit them to become subject to any lien, mortgage, charge or encumbrance. 
 15.7 Re-letting 
 Whenever the Landlord becomes entitled to re-enter upon the Premises under
any provision of this Lease, the Landlord in addition to all other rights it may have, shall have the right as agent of the Tenant to enter the Premises and re-let them (for a term or terms shorter or longer than the balance of the Term, granting
reasonable concessions in connection therewith) and to receive the rent therefor and to apply any rent derived from re-letting the Premises upon account of the rent due and to become due under this Lease and the Tenant shall be liable to the
Landlord for the deficiency, if any. 
 15.8 Surrender on Termination 
 Forthwith upon the termination of this Lease, whether by effluxion of time or otherwise, the Tenant shall vacate and deliver up possession of the Premises
in a neat and tidy state in accordance with the Tenant’s obligation under this Lease to repair the Premises, but subject to the Tenant’s rights and obligations in respect of removal in accordance with section 11.3. At the same time the
Tenant shall surrender to the Landlord at the place then fixed for the payment of Rent all keys and other devices which provide access to the Premises, the Building or any part thereof and shall inform the Landlord of all combinations to locks,
safes and vaults, if any, in the Premises. 
 ARTICLE 16 
 EVENTS TERMINATING LEASE 
 16.1 Cancellation of Insurance 
 If any policy of insurance upon the Building from time to time effected by the Tenant shall be cancelled or about to be cancelled by the insurer by reason
of the use or occupation of the Premises by the Tenant or any assignee, subtenant or licensee of the Tenant or anyone permitted by the Tenant to be upon the Premises, the Landlord shall give the Tenant notice thereof forthwith upon receipt of such
notice. The Tenant shall have a reasonable period of time after receipt of such notice either: 
  

	 	(a)	to take such steps in respect of such use or occupation as shall enable it to reinstate or avoid cancellation of (as the case may be) such policy of insurance; or

  

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	 	(b)	to acquire alternate insurance. 

 If the Tenant fails to take such steps
or to acquire alternate insurance then the Landlord may at its option either (i) terminate the Lease by giving notice of termination to the Tenant as required hereunder; or (ii) enter upon the Premises and remedy such condition and the
Tenant shall pay to the Landlord the costs thereof, as Additional Rent, and the Landlord shall not be liable for any loss or damage caused to any property of the Tenant or of other persons located on the Premises as a result of such entry. The
Tenant agrees that the exercise by the Landlord of its rights under this Section shall not be deemed to be a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. 
 16.2 Prohibited Occupancy, Bankruptcy and Other Events 
 If without the written consent of the Landlord the Premises shall be used by any other persons than the Tenant or its permitted assigns or permitted subtenants or for any purpose other than that for which the Premises were leased or
occupied by any persons whose occupancy is prohibited by this Lease, or if the Premises shall be vacated or abandoned or remain unoccupied for ten (10) consecutive days or more while capable of being occupied, or if the Term or any of the goods
and chattels of the Tenant shall at any time be seized in execution or attachment, or if a receiver or receiver-manager is appointed of the business or property of the Tenant, or if the Tenant or any Indemnifier shall make any assignment for the
benefit of creditors or any bulk sale, become bankrupt or insolvent or take the benefit of any statute now or hereafter in force for bankrupt or insolvent debtors or (if a corporation) shall take any steps or suffer any order to be made for its
winding-up or other termination of its corporate existence, then in any such case the Landlord may at its option terminate this Lease by notice to the Tenant and thereupon, in addition to the payment by the Tenant of Rent and other payments for
which the Tenant is liable under this Lease, Rent for the current month and the next ensuing three (3) months’ Rent shall immediately become due and be paid by the Tenant, or party then controlling the Tenant’s affairs. 
 ARTICLE 17 
 MISCELLANEOUS

 17.1 Notices 
 All notices,
demands and requests required or permitted to be given under this Lease must be in writing and must be delivered personally or by nationally recognized overnight courier or sent by United States certified mail or Canadian registered mail, as
applicable, return receipt requested, postage prepaid and addressed to the parties at their respective addresses set forth in section 1.1 or at such other addresses as the parties may designate from time to time by written notice in the manner
provided in this section. Notwithstanding the foregoing, if there is a mail strike, slowdown or other labour dispute which might affect delivery of such notice between the time of mailing and the actual receipt of notice, then such notice shall only
be effective if actually delivered. 
 Upon at least ten (10) days’ prior written notice, each party shall have the right to change
its address to any other address within the United States of America or Canada. Notices 
  

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 shall be deemed given on the date that such notices are deposited with a nationally recognized overnight courier,
deposited with the U.S. Postal Service or Canada Post, as applicable, or personally delivered. 
 17.2 Extraneous Agreements 
 The Tenant acknowledges that there are no covenants, representations, warranties, agreements or conditions expressed or implied relating to this Lease of
the Premises save as expressly set out in this Lease. This Lease may not be modified except by an agreement in writing executed by the Landlord and the Tenant. If there is any conflict between the provisions of this Lease and any such agreement to
lease, the provisions of this Lease shall prevail. 
 17.3 Time of Essence 
 Time shall be of the essence of this Lease. 
 17.4
Successors and Assigns 
 This Lease and everything herein contained shall enure to the benefit of and be binding upon the Landlord
and its successors and assigns and on the Tenant and its permitted successors and permitted assigns. References to the Tenant shall be read with such changes in gender as may be appropriate, depending upon whether the Tenant is a male or female
person or a firm or corporation. If the Tenant is comprised of more than one person or entity, then each such person and entity is joint and severally bound by the representations, warranties, agreements and covenants of the Tenant herein and any
notice given or deemed to have been given at any time to any such person or entity shall be deemed to have been given at the same time to each other such person and entity. 
 17.5 Waiver 
 No condoning, excusing or overlooking by the Landlord or the Tenant of any
default, breach or non-observance by the Tenant or the Landlord at any time or times in respect of any covenant, proviso or condition herein contained shall operate as a waiver of the Landlord’s or the Tenant’s rights hereunder in respect
of any continuing or subsequent default, breach or non-observance or so as to defeat or affect in any way the rights of the Landlord or the Tenant herein in respect of any such continuing or subsequent default or breach, no acceptance of Rent by the
Landlord subsequent to a default by the Tenant (whether or not the Landlord knows of the default) shall operate as a waiver by the Landlord, and no waiver shall be inferred from or implied by anything done or omitted by the Landlord or the Tenant
save only express waivers in writing. 
 17.6 Governing Law and Severability 
 This Lease shall be governed by and construed in accordance with the laws in force in the Province in which the Premises are located. Each of the
provisions contained in this Lease is distinct and severable and a declaration of invalidity or unenforceability of any provision or part of a provision by a court of competent jurisdiction shall not affect the validity or enforceability of any
other provision in this Lease. To the extent permitted by applicable law, 
  

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 the parties waive any provision of law that renders any provision of this Lease invalid or unenforceable in any respect.

 17.7 Captions 
 The captions
appearing in this Lease have been inserted as a matter of convenience and for reference only and in no way define, limit or enlarge the scope or meaning of this Lease or of any provision thereof. References to articles and sections in this Lease
refer to articles and sections of this Lease. This Lease includes all of the schedules attached to it. 
 17.8 Expropriation 
 If during the Term the Premises or any part thereof are taken by any lawful power or authority by the right of expropriation the Landlord and the Tenant
shall cooperate so that each may receive the maximum awarded to which it is entitled at law. 
 17.9 Counterparts 
 This Lease may be signed in counterparts and by electronic scanning or facsimile transmission with the same effect as if the parties had signed one
original copy of this Lease. All counterparts shall be construed as if they constitute one and the same original document. 
  

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 IN WITNESS WHEREOF the parties have executed this Lease as of the date first above written.

  

			
	80241 CANADA LTD.
		 	(Landlord)
		
	By:	 	 /s/ Morton Arshinoff

	Name:	 	Morton Arshinoff
	Title:	 	President
		
	By:	 	 /s/ Fred J. Arshinoff

	Name:	 	Fred J. Arshinoff
	Title:	 	Vice President
	
	ICL INDUSTRIAL CONTAINERS ULC
		 	(Tenant)
		
	By:	 	 /s/ Kevin C. Kern

	Name:	 	/s/ Kevin C. Kern
	Title:	 	Vice President & Treasurer
		
	By:	 	  

	Name:	 	
	Title:	 	

  

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 SCHEDULE A  
 LEGAL DESCRIPTION OF THE LAND 
 Lots 1 and 2, part of Lots 3 and 4, Plan 4941, as in Instrument No. EB521291,
City of Toronto 

 SCHEDULE B 
 DEFINITIONS 
 In this Lease the following expressions shall have the following meanings:

 “Additional Rent” means all sums of money to be paid by the Tenant whether to the Landlord or otherwise pursuant to this Lease except for Annual
Base Rent. 
 “Affiliate” has the meaning given to such term in the Business Corporations Act (Ontario) in force as of the date of this Lease.

 “Alterations” means any repairs, alterations, replacements, decorations or improvements to the Premises. 
 “Annual Base Rent” means the annual rent set out in section 1.1(f) or (g) and payable by the Tenant as set forth in section 4.1(a). 
 “Basic Terms” means those terms of this Lease set out in section 1.1 hereof. 
 “Building” means that certain building including all fixtures, improvements and amenities located on the Land more particularly described in section 1.1(b)(iii) hereof. 
 “Business Day” means any day other than a Saturday, Sunday or statutory holiday in either the province in which the Premises are located or in the state of
Georgia. 
 “Change of Control” means, in the case of any corporation or partnership, the transfer or issue by sale, assignment, subscription,
transmission on death, mortgage, charge, security interest direct or indirect by, operation of law or otherwise, of any shares, voting rights or interest which would result in any change in the effective control of such corporation or partnership.

 “Claim” means any claim made by a Person against another for any liabilities, damages, costs or expenses and any suits or actions involving any
such claim. 
 “Commencement Date” has the meaning set out in section 1.1(e)(i). 
 “Contaminants” means any pollutants, contaminants, deleterious substances, underground tanks, asbestos materials, mould, lead-based paint, hazardous, corrosive, or toxic substances, special waste or waste of
any kind, halon, radon, PCB’s, or other pollutants, contaminants or hazardous materials or any other substance which is now or hereafter prohibited, controlled, or regulated under Environmental Laws. 
 “Current Market Rent” means that rent that would be paid for improved industrial space in industrial buildings of similar age and class in the vicinity where
the Premises are located, as between persons dealing in good faith and at arms’ length, without reduction for any cash payment, leasehold improvement allowance, rent-free period or other inducement. 
 “Environment” means the ambient air, all layers of the atmosphere, surface water, underground water, all land, all living organisms and the interacting natural
systems that include components 

 of air, land, water, organic and inorganic matter and living organisms, and includes indoor spaces. 
 “Environmental Law” means all federal, provincial, municipal or local statutes, regulations, by-laws, Environmental Permits, orders or rules, and any policies
or guidelines of any governmental or regulatory body or agency, and any requirements or obligations arising under the common law, relating to the Environment and, the transportation of dangerous goods or wastes and occupational safety and health
law. 
 “Environmental Permits” means all permits, licences, approvals, consents, authorizations, registrations and certificates issued by or
provided to, as the case may be, any governmental body pursuant to an Environmental Law. 
 “Extension Term” means any extension of the Term
pursuant to a right granted to the Tenant under Article 3 or otherwise agreed to by the parties hereto. 
 “First Extension Term” has the meaning
ascribed thereto in section 3.2(a). 
 “Goods and Services Taxes” means and includes any and all goods and services taxes, sales taxes, value added
taxes, business transfer taxes, or any other taxes imposed on the Landlord or the Tenant from time to time in respect of the Rent payable by the Tenant to the Landlord under this Lease or the rental of the Premises or the provision of any goods,
services or utilities, whatsoever by the Landlord to the Tenant under this Lease, whether characterized as a goods and services tax, sales tax, value added tax, business transfer tax, or otherwise. 
 “Indemnifier” means the person who has executed or agreed to execute the Indemnity Agreement that is attached to this Lease as Schedule C. 
 “Land” means all and singular those certain parcels or tracts of land legally described in Schedule A hereto, comprising the acreage as shown on the site plan
in Schedule A hereto. 
 “Landlord/Lender Agreement” has meaning ascribed thereto in section 10.3. 
 “Landlord Party” means the Landlord, its employees, agents, invitees, contractors, or others for whom it is in law responsible. 
 “Lease” means this Lease and all Schedules attached hereto, as amended from time to time. 
 “Leasehold Improvements” means all fixtures, improvements, installations, Alterations and additions now or from time to time hereafter made, erected or installed, whether by the Tenant, the Landlord or
anyone else, in the Premises with the exception of trade fixtures, racking, and furniture and equipment not of the nature of fixtures, but includes all partitions however fixed (including movable partitions) and includes all wall-to-wall carpeting
with the exception of such carpeting where laid over vinyl tile or other finished floor and affixed so as to be readily removable without damage. 
 “Leasehold Lender” has meaning ascribed thereto in section 10.3. 
  

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 “Leasehold Mortgage” has meaning ascribed thereto in section 10.3. 
 “Lease Year” means the twelve (12) month period from the Commencement Date of the Lease and each twelve (12) month period thereafter during the Term
and any Extension Term. 
 “Management Fee” means an annual fee equal to one per cent (1%) of the Annual Base Rent. 
 “Mortgage” has the meaning ascribed thereto in section 13.1. 
 “Mortgagee” has meaning ascribed thereto in section 13.1. 
 “Non-Disturbance Agreement” means an agreement between the Tenant
and a Mortgagee pursuant to which the Mortgagee agrees that provided the Tenant is not in default of any of its obligations hereunder beyond any applicable grace or call period the Tenant shall have quiet enjoyment of the Premises undisturbed by the
Mortgagee or any Person claiming through or under the Mortgagee. 
 “Person” means any individual, partnership, limited partnership, joint venture,
syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or governmental
agency, authority or entity however designated or constituted. 
 “Premises” means the Land the Building and all improvements and equipment thereon
and therein. 
 “Prime Rate” means the commercial lending rate of interest, expressed as an annual rate, which the chartered bank designated by the
Landlord from time to time quotes from time to time in its principal office in Canada as the reference rate of interest and commonly known as its “prime rate”, and which serves as the basis upon which effective rates of interest are
calculated for Canadian dollar loans made in Canada to its commercial customers with interest payable as a function of its prime rate. 
 “Release”
means any release, discharge, emission, deposit, issuance, spray, escape, spill, leak and shall also have the various meanings under Environmental Laws. 
 “Rent” means and includes the Annual Base Rent, Additional Rent and all other sums payable by the Tenant to the Landlord or to other Persons under this Lease. 
 “Second Extension Term” has the meaning ascribed thereto in section 3.2(b). 
 “Structure” means the
structural elements of the Building including foundations, exterior wall assemblies including weather walls, load bearing walls, floor slab, roof, roof deck, structural columns. 
 “Taxes” means all taxes, rates, duties, levies and assessments whatsoever, whether municipal, parliamentary or otherwise, which are levied, imposed or assessed against or in respect of the Building, the Land
or upon the Landlord in respect thereof or which are from time to time levied, 
  

 - 3 - 

 imposed or assessed in the future in lieu thereof, including those levied, imposed or assessed for education, schools and
local improvements and including all costs and expenses (including legal and other professional fees and interest and penalties on deferred payments) incurred by the Landlord in good faith in contesting, resisting or appealing any taxes, rates,
duties, levies or assessments, and shall also include any and all taxes which may in future be levied in lieu of “Taxes” as hereinbefore defined, but excluding taxes and license fees in respect of any business carried on by tenants and
occupants of the Building (including the Landlord), income or profits taxes upon the income of the Landlord to the extent such taxes are not levied in lieu of taxes, rates, duties, levies and assessments against the Building or the Land or upon the
Landlord in respect thereof. 
 “Tenant Party” means the Tenant, its employees, agents, invitees, contractors, or others for whom it is in law
responsible. 
 ‘Term” means the term of this Lease set forth in section 1.1(e)(i) hereof and any extension or renewal thereof and any period of
permitted overholding. 
 “Transfer” means an assignment of this Lease in whole or in part, a sublease of all or any part of the Premises, any
transaction whereby the rights of the Tenant under this Lease or to the Premises are transferred to another, any transaction by which any right of use or occupancy of all or any part of the Premises is conferred upon anyone, any mortgage charge or
encumbrance of this Lease or the Premises or any part thereof or other arrangement under which either this Lease or the Premises become security for any indebtedness or other obligations and includes any transaction or occurrence whatsoever
(including, but not limited to receivership proceedings, seizure by legal process directly or indirectly and transfer by operation of law), which has changed or might change the identity of the persons having lawful use or occupancy of any part of
the Premises. The holding of possession of third party inventory and equipment does not constitute a Transfer. 
 “Transferee” means the Person to
whom a Transfer is or is to be made. 
 “Untenantable” means that the Building is not capable of being used and occupied for the purpose for which
it was intended whether by reason of damage or destruction to the Building by fire, tempest or other peril or a catastrophic event or by reason of access to the Building being cut off or impaired such that the Tenant is unable to access the Building
and the Premises in the ordinary course of its business. 
  

 - 4 - 

 SCHEDULE C 
 INDEMNITY AGREEMENT 
 THIS AGREEMENT is dated the 1^ day of 1^, 200^. 
 BETWEEN: 
 1^ 
 (the “Landlord”) 
 OF THE FIRST PART

 - and - 
 1^ 
 (the “Indemnifier”) 
 OF THE SECOND
PART 
 In order to induce the Landlord to enter into the lease (the “Lease”) dated the 1^ day of 1^ made between the Landlord and
1^, as tenant (the “Tenant”), and for other good and valuable consideration, the receipt and sufficiency whereof is hereby acknowledged, the Indemnifier, as principal and not as surety, hereby covenants and makes the following indemnity
agreement (the “Indemnity”) with and in favour of the Landlord: 
  

	1.	The Indemnifier hereby agrees with the Landlord that at all times during the Term and any extension or renewal of the Term it will: 

  

	 	(a)	make the due and punctual payment of all Base Rent and Additional Rent, monies, charges and other amounts of any kind whatsoever payable under the Lease by the Tenant whether to the
Landlord or otherwise and whether the Lease has been disaffirmed or disclaimed; 

  

	 	(b)	effect prompt and complete performance of all and singular the terms, covenants and conditions contained in the Lease on the part of the Tenant to be kept, observed and performed;
and 

  

	 	(c)	indemnify and save harmless the Landlord from any loss, costs or damages arising out of any failure by the Tenant to pay the aforesaid Base Rent and Additional Rent, monies,
charges, or other amounts due under the Lease or resulting from any failure by the Tenant to observe or perform any of the terms, covenants and conditions contained in the Lease. 

  

	2.	This Indemnity is absolute and unconditional and the obligations of the Indemnifier shall not be released, discharged, mitigated, impaired or affected by: 

 

	 	(a)	any extension of time, indulgences or modifications which the Landlord extends to or makes with the Tenant in respect of the performance of any of the obligations of the Tenant
under the Lease; 

	 	(b)	any waiver by or failure of the Landlord to enforce any of the terms, covenants and conditions contained in the Lease; 

  

	 	(c)	any Transfer of the Lease by the Tenant or by any trustee, receiver or liquidator; 

  

	 	(d)	any consent which the Landlord gives to any such Transfer; 

  

	 	(e)	any amendment to the Lease or any waiver by the Tenant of any of its rights under the Lease; or 

  

	 	(f)	the expiration of the Term. 

  

	3.	The Indemnifier hereby expressly waives notice of the acceptance of this Agreement and all notice of non-performance, non-payment or non-observance on the part of the Tenant of the
terms, covenants and conditions contained in the Lease. Without limiting the generality of the foregoing, any notice which the Landlord desires to give to the Indemnifier shall be sufficiently given if delivered personally to the Indemnifier or if
mailed by prepaid registered or certified post addressed to the Indemnifier at the Leased Premises, and every such notice is deemed to have been given upon the day it was so delivered personally, or if mailed forty-eight (48) hours following
the (date of mailing. The Indemnifier may designate by notice in writing a substitute address for that set forth above and thereafter notices shall be directed to such substitute address. If two or more Persons are named as Indemnifier, any notice
given hereunder or under the Lease shall be sufficiently given if delivered or mailed in the foregoing manner to any one of such Persons. 

  

	4.	In the event of a default under the Lease or under this Agreement, the Indemnifier waives any right to require the Landlord to: 

  

	 	(a)	proceed against the Tenant or pursue any rights or remedies against the Tenant with respect to the Lease; 

  

	 	(b)	proceed against or exhaust any security of the Tenant held by the Landlord; or 

  

	 	(c)	pursue any other remedy whatsoever in the Landlord’s power. 

  

	5.	The Landlord has the right to enforce this Indemnity regardless of the acceptance of additional security from the Tenant and regardless of any release or discharge of the Tenant by
the Landlord or by others or by operation of law. 

  

	6.	Without limiting the generality of the foregoing, the liability of the Indemnifier under this Indemnity is not and is not deemed to have been waived, released, discharged, impaired
or affected by reason of the release or discharge of the Tenant in any receivership, bankruptcy, winding-up or other creditors’ proceedings or the rejection, disaffirmance or disclaimer of the Lease in any proceeding, including any filing of a
proposal or notice of intention to file a proposal under the Bankruptcy and Insolvency Act or by repudiation of the Lease by the Tenant, and shall continue with respect to the periods prior thereto and thereafter, for and with respect to the Term as
if the Lease had not been disaffirmed or 

  

 - 2 - 

 disclaimed, and in furtherance hereof, the Indemnifier agrees, upon any such disclaimer, that the
Indemnifier shall, at the option of the Landlord, become the tenant of the Landlord upon the same terms and conditions as are contained in the Lease, applied mutatis mutandis. The liability of the Indemnifier shall not be affected by any
repossession of the Leased Premises by the Landlord, provided, however, that the net payments received by the Landlord after deducting all costs and expenses of repossessing and reletting the Leased Premises shall be credited from time to time by
the Landlord against the indebtedness of the Indemnifier hereunder and the Indemnifier shall pay any balance owing to the Landlord from time to time within five (5) business days after demand. 
  

	7.	No action or proceedings brought or instituted under this Indemnity and no recovery in pursuance thereof shall be a bar or defence to any further action or proceeding which may be
brought under this Indemnity by reason of any further default hereunder or in the performance and observance of the terms, covenants and conditions contained in the Lease. 

  

	8.	No modification of this Indemnity shall be effective unless the same is in writing and is executed by both the Indemnifier and the Landlord. 

  

	9.	The Indemnifier shall, without limiting the generality of the foregoing, be bound by this Indemnity in the same manner as though the Indemnifier were the Tenant named in the Lease.

  

	10.	If two or more individuals, corporations, partnerships or other business associations (or any combination of two or more thereof) execute this Indemnity as Indemnifier, the
liability of each such individual, corporation, partnership or other business association hereunder is joint and several. In like manner, if the Indemnifier named in the Indemnity is a partnership or other business association, the members of which
are, by virtue of statutory or general law, subject to personal liability, the liability of each such member is joint and several. 

  

	11.	All of the terms, covenants and conditions of this Indemnity extend to and are binding upon the Indemnifier, his or its heirs, executors, administrators, successors and assigns, as
the case may be, and enure to the benefit of and may be enforced by the Landlord, its successors and assigns, as the case may be, and any Mortgagee of all or any part of the Landlord or Building. 

  

	12.	The expressions “Landlord”, “Tenant”, “Base Rent”, “Building”, “Additional Rent”, “Term”, “Leased Premises”,
“Person”, “Lands”, “Transferee”, “Mortgagee” and other terms or expressions where used in this Indemnity, have the same meaning as in the Lease. 

  

	13.	This Indemnity shall be construed in accordance with the laws of the Province of Ontario. 

  

	14.	Wherever in this Indemnity reference is made to either the Landlord or the Tenant, the reference is deemed to apply also to the heirs, executors, administrators, successors and
assigns and transferees of the Tenant named in the Lease, and the successors and assigns 

  

 - 3 - 

 of the Landlord. Any assignment by the Landlord of any of its interests in the Lease operates
automatically as an assignment to such assignee of the benefit of this Indemnity. 
 IN WITNESS WHEREOF the Landlord and the Indemnifier have
signed and sealed this Indemnity. 
  

 - 4 - 

 INDEMNITY AGREEMENT 
 THIS AGREEMENT is dated the 17th day of July, 2006. 
 BETWEEN: 
 80241 CANADA LTD. 
 (the
“Landlord”) 
 OF THE FIRST PART 
 - and - 
 BWAY CORPORATION 
 (the “Indemnifier”) 
 OF THE SECOND PART 
 In order to induce the Landlord to enter into the lease (the “Lease”) dated the 17th day of July, 2006 made between the Landlord and ICL
Industrial Containers ULC, as tenant (the “Tenant”), for the premises located at 100 North Queen Street, Toronto, Ontario, and for other good and valuable consideration, the receipt and sufficiency whereof is hereby acknowledged, the
Indemnifier, as principal and not as surety, hereby covenants and makes the following indemnity agreement (the “Indemnity”) with and in favour of the Landlord: 
  

	1.	The Indemnifier hereby agrees with the Landlord that at all times during the Term and any extension or renewal of the Term it will: 

  

	 	(a)	make the due and punctual payment of all Base Rent and Additional Rent, monies, charges and other amounts of any kind whatsoever payable under the Lease by the Tenant whether to the
Landlord or otherwise and whether the Lease has been disaffirmed or disclaimed; 

  

	 	(b)	effect prompt and complete performance of all and singular the terms, covenants and conditions contained in the Lease on the part of the Tenant to be kept, observed and performed;
and 

  

	 	(c)	indemnify and save harmless the Landlord from any loss, costs or damages arising out of any failure by the Tenant to pay the aforesaid Base Rent and Additional Rent, monies,
charges, or other amounts due under the Lease or resulting from any failure by the Tenant to observe or perform any of the terms, covenants and conditions contained in the Lease. 

  

	2.	This Indemnity is absolute and unconditional and the obligations of the Indemnifier shall not be released, discharged, mitigated, impaired or affected by: 

 

	 	(a)	any extension of time, indulgences or modifications which the Landlord extends to or makes with the Tenant in respect of the performance of any of the obligations of the Tenant
under the Lease; 

  

	 	(b)	any waiver by or failure of the Landlord to enforce any of the terms, covenants and conditions contained in the Lease; 

	 	(c)	any Transfer of the Lease by the Tenant or by any trustee, receiver or liquidator; 

  

	 	(d)	any consent which the Landlord gives to any such Transfer; 

  

	 	(e)	any amendment to the Lease or any waiver by the Tenant of any of its rights under the Lease; or 

  

	 	(f)	the expiration of the Term. 

  

	3.	The Indemnifier hereby expressly waives notice of the acceptance of this Agreement and all notice of non-performance, non-payment or non-observance on the part of the Tenant of the
terms, covenants and conditions contained in the Lease. Without limiting the generality of the foregoing, any notice which the Landlord desires to give to the Indemnifier shall be sufficiently given if delivered personally to the Indemnifier or if
mailed by prepaid registered or certified post addressed to the Indemnifier at the Leased Premises, and every such notice is deemed to have been given upon the day it was so delivered personally, or if mailed forty-eight (48) hours following the
date of mailing. The Indemnifier may designate by notice in writing a substitute address for that set forth above and thereafter notices shall be directed to such substitute address. If two or more Persons are named as Indemnifier, any notice given
hereunder or under the Lease shall be sufficiently given if delivered or mailed in the foregoing manner to any one of such Persons. 

  

	4.	In the event of a default under the Lease or under this Agreement, the Indemnifier waives any right to require the Landlord to: 

  

	 	(a)	proceed against the Tenant or pursue any rights or remedies against the Tenant with respect to the Lease; 

  

	 	(b)	proceed against or exhaust any security of the Tenant held by the Landlord; or 

  

	 	(c)	pursue any other remedy whatsoever in the Landlord’s power. 

  

	5.	The Landlord has the right to enforce this Indemnity regardless of the acceptance of additional security from the Tenant and regardless of any release or discharge of the Tenant by
the Landlord or by others or by operation of law. 

  

	6.	Without limiting the generality of the foregoing, the liability of the Indemnifier under this Indemnity is not and is not deemed to have been waived, released, discharged, impaired
or affected by reason of the release or discharge of the Tenant in any receivership, bankruptcy, winding-up or other creditors’ proceedings or the rejection, disaffirmance or disclaimer of the Lease in any proceeding, including any filing of a
proposal or notice of intention to file a proposal under the Bankruptcy and Insolvency Act or by repudiation of the Lease by the Tenant, and shall continue with respect to the periods prior thereto and thereafter, for and with respect to the Term as
if the Lease had not been disaffirmed or disclaimed, and in furtherance hereof, the Indemnifier agrees, upon any such disclaimer, that the Indemnifier shall, at the option of the Landlord, become the tenant of the Landlord upon the same terms and
conditions as are contained in the Lease, applied 

  

 - 2 - 

 mutatis mutandis. The liability of the Indemnifier shall not be affected by any
repossession of the Leased Premises by the Landlord, provided, however, that the net payments received by the Landlord after deducting all costs and expenses of repossessing and reletting the Leased Premises shall be credited from time to time by
the Landlord against the indebtedness of the Indemnifier hereunder and the Indemnifier shall pay any balance owing to the Landlord from time to time within five (5) business days after demand. 
  

	7.	No action or proceedings brought or instituted under this Indemnity and no recovery in pursuance thereof shall be a bar or defence to any further action or proceeding which may be
brought under this Indemnity by reason of any further default hereunder or in the performance and observance of the terms, covenants and conditions contained in the Lease. 

  

	8.	No modification of this Indemnity shall be effective unless the same is in writing and is executed by both the Indemnifier and the Landlord. 

  

	9.	The Indemnifier shall, without limiting the generality of the foregoing, be bound by this Indemnity in the same manner as though the Indemnifier were the Tenant named in the Lease.

  

	10.	If two or more individuals, corporations, partnerships or other business associations (or any combination of two or more thereof) execute this Indemnity as Indemnifier, the
liability of each such individual, corporation, partnership or other business association hereunder is joint and several. In like manner, if the Indemnifier named in the Indemnity is a partnership or other business association, the members of which
are, by virtue of statutory or general law, subject to personal liability, the liability of each such member is joint and several. 

  

	11.	All of the terms, covenants and conditions of this Indemnity extend to and are binding upon the Indemnifier, his or its heirs, executors, administrators, successors and assigns, as
the case may be, and enure to the benefit of and may be enforced by the Landlord, its successors and assigns, as the case may be, and any Mortgagee of all or any part of the Landlord or Building. 

  

	12.	The expressions “Landlord”, “Tenant”, “Base Rent”, “Building”, “Additional Rent”, “Term”, “Leased Premises”,
“Person”, “Lands”, “Transferee”, “Mortgagee” and other terms or expressions where used in this Indemnity, have the same meaning as in the Lease. 

  

	13.	This Indemnity shall be construed in accordance with the laws of the Province of Ontario. 

  

	14.	Wherever in this Indemnity reference is made to either the Landlord or the Tenant, the reference is deemed to apply also to the heirs, executors, administrators, successors and
assigns and transferees of the Tenant named in the Lease, and the successors and assigns of the Landlord. Any assignment by the Landlord of any of its interests in the Lease operates automatically as an assignment to such assignee of the benefit of
his Indemnity. 

  

 - 3 - 

 IN WITNESS WHEREOF the Landlord and the Indemnifier have signed this Indemnity as of the
date above first written. 
  

			
	80241 CANADA LTD.
		
	By:	 	 /s/ Morton Arshinoff

	Title:	 	Morton Arshinoff, President
	
	BWAY CORPORATION
		
	By:	 	 /s/ Kevin C. Kern

	Title:	 	Vice President Administration & CFO

  

 - 4 -

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