Document:

EX-10.2

 Exhibit 10.2 
  

 
  

EVOGLIPTIN: LICENSE AGREEMENT 

DONG-A ST CO., LTD. 
 and

 TOBIRA THERAPEUTICS, INC. 

Dated as of April 11, 2016 
  

 
  

 

  
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 LICENSE AGREEMENT 

This License Agreement (“Agreement”), effective as of April 11, 2016 (the “Effective Date”), is between Dong-A ST Co.,
Ltd., a company incorporated under the laws of the Republic of Korea, with a place of business at 64 Cheonho-daero, Dongdaemun-gu, Seoul 02587, Republic of Korea (“Licensor”), and Tobira Therapeutics, Inc., a Delaware corporation,
with a place of business at 701 Gateway Blvd, Suite 300, South San Francisco, CA 94080, USA (“Licensee”). Licensee and Licensor are sometimes referred to herein individually as a “Party” and collectively as the
“Parties.” 
 RECITALS 

WHEREAS, each of Licensor and Licensee is a pharmaceutical company engaged in the research, development and commercialization of
products useful in the diagnosis, amelioration, treatment or prevention of human diseases and conditions; and 
 WHEREAS, Licensee
wishes to be granted, and Licensor desires to grant, a license in the Territory under certain patents, patent applications, know-how and other proprietary information for the Development, Manufacture and Commercialization of the Products in the
Field in the Territory. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth below, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE 1
– DEFINITIONS 
 For purposes of this Agreement, the following capitalized terms, whether used in the singular or plural, shall have the following
meanings: 
 1.1 “Affiliate” means, with respect to a Party, a person, corporation, partnership, or other entity that controls, is
controlled by or is under common control with such Party, but only so long as such control exists. For the purposes of this definition, the word “control” (including, with correlative meaning, the terms “controlled by” or
“under the common control with”) means the actual power, either directly or indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such entity, whether by the ownership of fifty
percent (50%) or more of the voting stock of such entity, by contract or otherwise. 
 1.2 “API” means any active pharmaceutical
ingredient. 

  
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 1.3 “Applicable Law” means all applicable statutes, ordinances, regulations, rules, or
orders of any kind whatsoever of any Governmental Authority, including the U.S. Food, Drug and Cosmetic Act, (21 U.S.C. §301 et seq.) (the “FDCA”), Prescription Drug Marketing Act, the Generic Drug Enforcement Act of 1992 (21
U.S.C. §335a et seq.), U.S. Patent Act (35 U.S.C. §1 et seq.), Federal Civil False Claims Act (31 U.S.C. §3729 et seq.), and the Anti-Kickback Statute (42 U.S.C. §1320a-7b et seq.), all as amended from time to time, together with
any rules, regulations, and compliance guidance promulgated thereunder. 
 1.4 “Bankruptcy Laws” has the meaning set forth in
Section 10.5(b). 
 1.5 “Bayh-Doyle Act” means the Patent and Trademark Law Amendments Act of 1980, as amended, codified at 35 U.S.C.
§§ 200-212, as well as any regulations promulgated pursuant thereto, including 37 C.F.R. Part 401, and any successor statutes or regulations. 

1.6 “Breaching Party” has the meaning set forth in Section 10.2(a). 

1.7 “Business Day” means a day other than Saturday, Sunday or any other day on which commercial banks located in San Francisco, CA, or Seoul,
South Korea, are authorized or obligated by Applicable Law to close. 
 1.8 “Calendar Quarter” means the respective periods of three
(3) consecutive calendar months ending on March 31, June 30, September 30 and December 31; provided, however, that (a) the first Calendar Quarter of the Term shall extend from the Effective Date to the end of
the first complete Calendar Quarter thereafter; and (b) the last Calendar Quarter of the Term shall end upon the expiration or termination of this Agreement. 

1.9 “Calendar Year” means the twelve (12) month period ending on December 31; provided however, that (a) the first Calendar
Year of the Term shall begin on the Effective Date and end on December 31, 2016; and (b) the last Calendar Year of the Term shall end on the date of expiration or termination of this Agreement. 

1.10 “Challenging Party” has the meaning set forth in Section 10.4. 

1.11 “Claim” has the meaning set forth in Section 12.1. 

1.12 “Clinical Trial” means any human clinical study or trial of a Product in the Field in the Territory. 

1.13 “Commercialization” means all activities undertaken in support of the promotion, marketing, sale and distribution (including importing,
exporting, transporting, customs clearance, warehousing, invoicing, handling and delivering the Products to customers) of the Products in the Field in the Territory. “Commercialize” means to engage in Commercialization activities.

 1.14 “Commercialization Plan” has the meaning set forth in Section 5.1. 

  
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 1.15 “Commercially Reasonable Efforts” means, with respect to the efforts to be expended, or
considerations to be undertaken, by a Party with respect to any objective, activity or decision to be undertaken hereunder, [***]. 
 1.16
“Compound” means Licensor’s DPP-4 inhibitor, evogliptin tartrate, having the chemical structure and specifications set forth in Exhibit B hereto, any analog or derivative thereof which is the subject of any claims in any
of the Licensor Patents, and any isomer, positional isomer, radioisomer, stereoisomer, racemate, solvate, salt form, base, anhydride, hydrate, polymorph, prodrug, metabolite, amorphous crystalline complex, co-crystal, clathrate, mesomorphic state
(liquid crystal) or ester form of any of the foregoing. 
 1.17 “Confidential Information” means all non-public or proprietary Information
disclosed by a Party to the other Party under this Agreement, without regard as to whether any of such Information is marked “confidential” or “proprietary,” or disclosed in oral, written, graphic, or electronic
form. Confidential Information shall include the terms and conditions of this Agreement. 
 1.18 “Control” means, with respect to any
Information, Patent, trademark or other intellectual property right, ownership or possession by a Party, or, where expressly provided, its Affiliates or Sublicensees, of the ability (without taking into account any rights granted by one Party to the
other Party under the terms of this Agreement) to grant access, a license or a sublicense thereto without violating the terms of any agreement or other arrangement with, or necessitating the consent of or any additional payment to, any Third Party,
at such time that the Party would be first required under this Agreement to grant the other Party such access, license or sublicense.
 1.19 “Cure
Period” has the meaning set forth in Section 10.2(a). 
 1.20 “CVC” means Licensee’s CCR2 and CCR5 inhibitor,
cenicriviroc, including any analog, derivative, isomer, positional isomer, radioisomer, stereoisomer, racemate, solvate, salt form, base, anhydride, hydrate, polymorph, prodrug, metabolite, amorphous crystalline complex, co-crystal, clathrate,
mesomorphic state (liquid crystal) or ester form thereof. 
 1.21 “CVC Combination Product” means any Combination Product that includes CVC
and the Compound as APIs. 
 1.22 “Development” means all non-clinical, pre-clinical and clinical drug development activities, including
toxicology, pharmacology, and other non-clinical efforts, statistical analysis, the performance of Clinical Trials, including the Manufacturing of the Product for use in the Clinical Trials, or other activities reasonably necessary in order to
obtain or maintain, Regulatory Approval of the Product in the Field in the Territory. “Develop” means to engage in Development activities. 

  
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 1.23 “Development Plan” means a detailed written plan prepared by Licensee for the
Development activities to which such plan relates, and which plan shall identify the Development objectives, projected timeline and activities to be conducted pursuant to this Agreement with respect to a Product during the Term, including as such
plan may be updated by Licensee from time to time in accordance with Section 3.4. An initial Development Plan as of the Effective Date is attached hereto as Exhibit D. 

1.24 “Disclosing Party” has the meaning set forth in Section 9.1. 

1.25 “Dispute” has the meaning set forth in Section 11.1. 

1.26 “Drug Master File” or “DMF” shall mean a drug master file document containing detailed information about the
manufacturing of Compound, including information describing the manufacturing site, the manufacturing facility, the operating procedures, the personnel, the manufacture, storage and control of the Compound, starting material and intermediates. 

1.27 “Exploit” or “Exploitation” means to research, make, have made, import, export, distribute, use, have used, sell, have
sold, or offer for sale, including to Develop, Manufacture, Commercialize, register, modify, enhance, improve or otherwise dispose of. 
 1.28
“FDA” means the U.S. Food and Drug Administration, or any successor agency thereto. 
 1.29 “Field” means any and all
applications and markets, for all Therapeutic Indications in humans. 
 1.30 “First Commercial Sale” means, on a country-by-country basis,
the first sale of a Product by Licensee (or its Affiliates or Sublicensees) to an end user or prescriber for use, consumption or resale of the Product in the Field, in a country within the Territory where Regulatory Approval of the Product has been
obtained. For the avoidance of doubt, First Commercial Sale does not include any transfer or disposition of any Product to any named patients or for compassionate use purposes in any country of the Territory prior to the receipt of Regulatory
Approval for such Product in such country. 
 1.31 “Force Majeure” means any event beyond the reasonable control of the affected Party
including, but not limited to, embargoes; war or acts of war, including terrorism; insurrections, riots, or civil unrest; strikes, lockouts or other labor disturbances; epidemics, fire, floods, earthquakes or other acts of nature; or acts, omissions
or delays in acting by any Governmental Authority (including, but not limited to, the refusal of the competent government agencies to issue required Regulatory Approvals due to reasons other than the affected Party’s negligence or willful
misconduct or any other cause within the reasonable control of the affected Party), and failure of plant or machinery (provided that such failure could not have been prevented by the exercise of skill, diligence, and prudence that would be
reasonably and ordinarily expected from a skilled and experienced person engaged in the same type of undertaking under the same or similar circumstances). 

  
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 1.32 “GAAP” means then current generally accepted accounting principles in the U.S.,
consistently applied. 
 1.33 “GCP” means the then-current standards, practices and procedures promulgated or endorsed by the FDA as set
forth in the guidelines adopted by the International Conference on Harmonization (“ICH”), titled “Guidance for Industry E6 Good Clinical Practice: Consolidated Guidance” (or any successor document), including related
regulatory requirements imposed by the FDA, as they may be updated from time to time. 
 1.34 “Generic Entry” means the end of [***] during
which one or more Third Parties have sold a number of units of a Generic Version of the Product in a certain country in the Territory equal to or greater than [***] of the total combined unit sales of such Product and such Generic Version in such
country in the same period. 
 1.35 “Generic Version” means, with regards to any Product, a product that includes the Compound as an API
(inactive ingredients may vary) and has received Regulatory Approval for the same Therapeutic Indication as such Product through an abbreviated filing or an application under Section 505(b)(2) of the FDCA, or foreign equivalent of the
foregoing, that references any Regulatory Approval of the Product in the applicable country in the Territory. 
 1.36 “GLP” means the
then-current standards, practices and procedures promulgated or endorsed by the FDA as set forth in 21 C.F.R. Part 58 (or any successor statute or regulation), including related regulatory requirements imposed by the FDA, including applicable
guidelines promulgated under the ICH, as they may be updated from time to time. 
 1.37 “Governmental Authority” means any multi-national,
federal, state, local, municipal or other government authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, court or other tribunal). 

1.38 “ICC Rules” has the meaning set forth in Section 11.3. 

1.39 “IND” means an investigational new drug application, filed in accordance with 21 C.F.R. Part 312, under which clinical investigation of
an experimental drug or biologic is performed in human subjects in the United States, (as outlined in 21 C.F.R. Section 314.72). References herein to IND shall include, to the extent applicable, any comparable applications filed in or for
jurisdictions outside the United States, such as a clinical trial authorization filed with the European Medicines Agency. 
 1.40 “IND Transfer
Date” has the meaning set forth in Section 4.1. 
 1.41 “Indemnitee” means a Licensor Indemnitee or Licensee Indemnitee, as
the context may require. 
 1.42 “Indemnifying Party” has the meaning set forth in Section 12.3(a). 

  
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 1.43 “Information” means information, inventions, concepts, discoveries, compounds,
compositions, formulations, formulas, practices, procedures, processes, methods, knowledge, know-how, trade secrets, technology, techniques, designs, drawings, correspondence, computer programs, documents, apparatus, results, strategies, regulatory
documentation, information and submissions pertaining to, or made in association with, filings with any Governmental Authority or patent office, data, including pharmacological, toxicological, non-clinical and clinical data, analytical and quality
control data, manufacturing data and descriptions, patent and legal data, market data, financial data or descriptions, devices, assays, chemical formulations, specifications, material, product samples and other samples, physical, chemical and
biological materials and compounds, and the like, in written, electronic, oral or other tangible or intangible form, now known or hereafter developed, whether or not patentable. 

1.44 “Inventions” means any and all inventions, discoveries and developments, whether or not patentable, made, conceived and/or reduced to
practice in the course of performance of this Agreement whether made, conceived and/or reduced to practice solely by, or on behalf of, Licensor, Licensee, the Parties jointly, or any Affiliate of the same. 

1.45 “Joint Know-How” means all Information and Inventions jointly created by Licensee or its Affiliates and Licensor or any of its
Affiliates under this Agreement and during the Term that is necessary or useful to Exploit the Compound or any Product in the Field. Joint Know-How excludes any Information or Inventions contained within a Joint Patent. 

1.46 “Joint Intellectual Property” means, collectively, Joint Know-How and Joint Patents. 

1.47 “Joint Inventions” has the meaning set forth in Section 7.1. 

1.48 “Joint Patents” means all Patents covering or claiming any invention that is a Joint Invention, and which is necessary or useful for
Exploitation of the Compound or any Product in the Field. 
 1.49 “JSC” has the meaning set forth in Section 3.5(a). 

1.50 “Knowledge” means, as applied to a Party, that such Party shall be deemed to have knowledge of a particular fact or other matter to the
extent that any officer or director of such Party (or any of its Affiliates) knew of such fact or other matter. 
 1.51 “Last Patient Out”
means the date following the last dosing of the last patient in a Clinical Trial. 
 1.52 “Licensee Compound Invention” has the meaning set
forth in Section 7.2(c). 
 1.53 “Licensee Data” means all reports, records, data and other information that are Controlled by
Licensee or its Affiliates or Sublicensees and which result from or otherwise describe Development activities related to the Compound and/or Product conducted by or for Licensee or its Affiliates or Sublicensees in the Territory. 

  
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 1.54 “Licensee Indemnitee” has the meaning set forth in Section 12. 2. 

1.55 “Licensee Intellectual Property” means, collectively, Licensee Data, Licensee’s Sole Inventions, and Licensee’s rights in any
Joint Intellectual Property, but expressly excluding any and all such intellectual property related to any CVC Combination Product. 
 1.56
“Licensing Party” has the meaning set forth in Section 10.7. 
 1.57 “Licensor Data” all reports, records, data and
other information that are Controlled by Licensor or its Affiliates, as of the Effective Date or at any other time during the Term, and which result from or otherwise describe pre-clinical and clinical activities related to the Compound in the Field
conducted by or for Licensor or its Affiliates, in any country (including without limitation, any Drug Master File or any similar or other submission to any Regulatory Authority). 

1.58 “Licensor Evogliptin Product” has the meaning set forth in Section 2.2. 

1.59 “Licensor Indemnitee” has the meaning set forth in Section 12.1. 

1.60 “Licensor Intellectual Property” means, collectively, Licensor Know-How and Licensor Patents, and also including Licensor’s rights
in any Joint Intellectual Property. 
 1.61 “Licensor Know-How” means all Information and Inventions Controlled by Licensor as of the
Effective Date or during the Term, that are necessary or useful in Exploiting the Compound or any Product in the Field in the Territory, including without limitation, Licensor Data. Licensor Know-How excludes any Information contained within a
Licensor Patent. 
 1.62 “Licensor Patents” means all Patents that are Controlled by Licensor as of the Effective Date or at any time
during the Term, and which cover the Compound (or any improvement thereto) or which are necessary to Exploit the Compound or any Product (including without limitation, any CVC Combination Product) in the Field in the Territory. The Licensor
Patents as of the Effective Date are set forth on Exhibit A. 
 1.63 “Losses” has the meaning set forth in Section 12.1. 

1.64 “Manufacture” or “Manufacturing” means all activities related to the manufacturing of any Compound or any Product in
the Field in the Territory, including manufacturing of any Product for Development and Commercialization, labeling, packaging, in-process and finished Product testing, release of the Compound or the Product or any ingredient thereof, quality
assurance activities related to manufacturing and release of the Product, ongoing stability tests and regulatory activities related to any of the foregoing. 

1.65 “Minimum Commercial Transfer Price” has the meaning set forth in Exhibit F. 

  
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 1.66 “NDA” means a New Drug Application or supplemental New Drug Application as contemplated
by Section 505(b) of the FDCA, as amended, and the regulations promulgated thereunder, submitted to the FDA pursuant to Part 314 of Title 21 of the U.S. C.F.R., including any amendments thereto. References herein to NDA shall include, to the
extent applicable, any comparable applications filed in or for jurisdictions outside the United States, such as a marketing authorization application (“M A A”) filed with the European Medicines Agency. 

1.67 “Net Sales” means the actual gross amount invoiced by Licensee (or its Affiliates or Sublicensees) for sales or other commercial
disposition of any Product to a Third Party wholesaler or customer (plus amounts to be added pursuant to Section 7.5(d)(i), Section 7.6(b)(i) and Section 7.7(b), as applicable), less the following deductions with respect to such
sales: 
 (a) Any rebates, quantity, trade and cash discounts, and other usual and customary discounts to customers; 

(b) Compulsory payments and rebates, actually paid or deducted; 

(c) Retroactive price reductions, credits or allowances actually granted upon rejections or returns of Products, including for recalls or
damaged goods; 
 (d) Deduction for actual bad debts if and when such debts could not be collected following issuance by Licensee (or its
Affiliate or Sublicensee) of invoice, despite applying Commercially Reasonable Efforts to the extent relating to the Product. Should Licensee be able to recover any part of such bad debt, such amount should be added to Net Sales without delay;

 (e) Freight, postage, shipping and insurance charges actually allowed or paid for delivery of Products, to the extent included in the
gross sales price; 
 (f) Sales taxes, excise taxes, use taxes, import/export duties or other governmental charges actually due or incurred
with respect to such sales, including without limitation, value added taxes; and 
 (g) Charge-back payments and rebates granted to managed
health care organizations or to foreign, federal, state and local governments, their respective agencies, purchasers or reimbursers; 
 all as incurred by
Licensee (or its Affiliates or Sublicensees) in the ordinary course of business in type and amount consistent with good industry practice and determined in accordance with GAAP consistently applied and only to the extent actually incurred by
Licensee (or its Affiliates or Sublicensees) in relation to the corresponding sales of the Product. For clarity and avoidance of doubt (i) any individual rebate, discount or other deductions should not be deducted twice in the calculation
of Net Sales, (ii) sale of Products among Licensee, its Affiliates and Sublicensees are not considered to be sales to Third Parties. Any Product used for promotional or advertising purposes or used for clinical or other research purposes
and for donations shall not be included in Net Sales. Net Sales may be adjusted as necessary at the end of each financial year in accord with GAAP consistently applied. 

  
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 1.68 “Non-breaching Party” has the meaning set forth in Section 10.2(a). 

1.69 “Non-Participating Party” has the meaning set forth in Section 7.3(a). 

1.70 “Patent Challenge” has the meaning set forth in Section 10.4. 

1.71 “Patents” means all: (a) patents, including any utility or design patent; (b) patent applications, including provisionals,
substitutions, divisionals, continuations, continuations in-part or renewals; (c) patents of addition, restorations, extensions, supplementary protection certificates, registration or confirmation patents, patents resulting from post-grant
proceedings, re-issues and re-examinations; (d) other patents or patent applications claiming priority directly or indirectly to (i) any such specified patent or patent application specified in (a) through (c), or (ii) any patent
or patent application from which a patent or patent application specified in (a) through (c) claim direct or indirect priority; (e) inventor’s certificates; (f) other rights issued from a Governmental Authority similar to
any of the foregoing specified in (a) through (e); and (g) in each of (a) through (f), whether such patent, patent application or other right arises in the U.S. or any other jurisdiction in the Territory. 

1.72 “Person” means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited
liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organization, including a government or political subdivision, department or agency of a government. 

1.73 “Phase 3 Clinical Trial” means a pivotal Clinical Trial of any Product, with a defined dose or a set of defined doses, which trial is
designed to ascertain efficacy and safety of such product, in a manner that is generally consistent with 21 CFR § 312.21(c), as amended (or its successor regulation), for the purpose of enabling the preparation and submission of an NDA with the
FDA or a foreign equivalent Regulatory Authority in the Territory. 
 1.74 “Product” means any pharmaceutical product (including all forms,
presentations, strengths, doses, formulations and methods of delivery) that contains a Compound, whether alone (a “Monotherapy Product”) or in combination with other active ingredients as part of a single or co-packaged product (a
“Combination Product”) in the Field. 
 1.75 “Product IND” means any IND filed in any country in the Territory for a
Product in the Field, including any supplements or amendments thereto. 
 1.76 “Product Infringement” has the meaning set forth in
Section 7.5(b)(i). 
 1.77 “Product Liabilities” means all losses, damages, fees, expenses and other liabilities incurred by, or on
behalf of, a Party, its Affiliate or its Sublicensee and resulting from or relating to human use of Products, including use in Clinical Trials or Commercialization of the Products, in the Territory after the Effective Date. Product Liabilities
include reasonable attorneys’ and experts’ fees and expenses relating to any claim or potential claim against a Party, its Affiliate, or its Sublicensee. Product Liabilities shall not include any losses, damages, fees, expenses and
other liabilities associated with recalls and/or the voluntary or involuntary withdrawal of Products. 

  
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 1.78 “Receiving Party” has the meaning set forth in Section 9.1. 

1.79 “Regulatory Approval” means all approvals (including supplement, amendment, or pre- and post-approval), licenses, registrations or
authorizations of any national, regional, state or local Regulatory Authority, department, bureau, commission, council or other Governmental Authority, that are necessary for the Commercialization of the Product in a country or countries in the
Territory (including approval of any application for pricing or reimbursement (e.g., inclusion of the Product on any relevant drug reimbursement list) or health technology assessment, as applicable, for the Product by any Governmental Authority).

 1.80 “Regulatory Authority” means any applicable Governmental Authority involved in granting Regulatory Approval, including in the U.S.,
the FDA and any other applicable Governmental Authority having jurisdiction over the Compound or any Product in the Territory. 
 1.81 “Regulatory
Exclusivity” means any exclusive marketing rights or data protection or other exclusivity rights conferred by any Regulatory Authority with respect to a Product in a country or jurisdiction in the Territory (other than a Patent right),
including orphan drug exclusivity, pediatric exclusivity, rights conferred in the U.S. under the Drug Price Competition and Patent Term Restoration Act, 21 U.S.C. 355, as amended (the “Hatch-Waxman Act”). 

1.82 “Regulatory Materials” means all regulatory applications, submissions, notifications, registrations, Regulatory Approvals or other
submissions, including any written correspondence or meeting minutes, made to, made with, or received from a Regulatory Authority in the Territory that are necessary or reasonably desirable in order to Develop, Manufacture, market, sell or otherwise
Commercialize a Product in the Territory. Regulatory Materials include Product INDs. 
 1.83 “Review Period” has the meaning set forth
in Section 9.7. 
 1.84 “Royalty Term” means, on a country-by-country and Product-by-Product basis, the period commencing on the First
Commercial Sale of a Product in such country and continuing until the later of: 
 (a) The twelfth anniversary of the First Commercial Sale
of such Product in such country or the Generic Entry, whichever is earlier; 
 (b) the expiration of the last to expire Valid Claim in a
Licensor Patent or Joint Patent covering the composition or use of such Product; and 
 (c) the expiration of the applicable Regulatory
Exclusivity. 
 1.85 “Sole Inventions” has the meaning set forth in Section 7.1. 

1.86 “Sublicensee” has the meaning set forth in Section 2.3(a). 

1.87 “Successful Completion” means [***] 

  
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 1.88 “Technical Failure” means the suspension, termination or discontinuation of Development
of a Product for technical, scientific, medical or regulatory reasons, such as but not limited to unacceptable preclinical toxicity, the inability to demonstrate sufficient effect in humans, demonstration of a side effect prof i le significantly
worse than currently marketed products, or inability to manufacture API in an acceptable purity or crystalline form. 
 1.89 “Territory”
means the United States, Canada, Australia, Lichtenstein and Switzerland as well as all countries in the European Union, as listed in Exhibit C. For clarity, in the event that any country which was a member of the European Union as of
the Effective Date ceases to be a member of the European Union at any time after the Effective Date, the definition of “Territory” shall be deemed to still include such country and Licensee shall retain the exclusive right and license to
use and practice the Licensor Intellectual Property in such country in accordance with the terms of this Agreement, notwithstanding the fact that such country is no longer a member of the European Union. Further, in the event that any country which
was not a member of the European Union as of the Effective Date becomes a member of the European Union after the Effective Date, the definition of “Territory”, the list of countries in Exhibit C, and the scope of the license grant
set forth in Section 2.1 shall not be deemed to be automatically amended to include such country, unless agreed in writing by the Parties to include such country within the definition of the “Territory”.

1.90 “Term” has the meaning set forth in Section 10.1. 

1.91 “Therapeutic Indication” means a health problem or disease that is identified as likely to be benefitted by a therapy studied in
clinical trials. 
 1.92 “Third Party” means a Person other than Licensor and Licensee and their respective Affiliates. 

1.93 “Third Party License” has the meaning set forth in Section 6.5(a). 

1.94 “Third Party Royalties” has the meaning set forth in Section 6.5(a). 

1.95 “Valid Claim” means (a) a claim of an issued and unexpired Patent included within the Licensor Patents or Joint Patents, to the
extent such claim has not been revoked, held invalid or unenforceable by a patent office, court or other governmental agency of competent jurisdiction in a final order, from which no further appeal can be taken, and which claim has not been
disclaimed, denied or admitted to be invalid or unenforceable through reissue, re-examination or disclaimer; or (b) a claim of any patent application (where such claim was filed in good faith) within the Licensor Patents or Joint Patents, to
the extent such claim has not been canceled, withdrawn, abandoned, or pending for more than [***] from its earliest priority date. 
 1.96 “Weighted
Average Net Sales Price” has the meaning set forth in Exhibit F. 

  
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 ARTICLE 2 – LICENSE 

2.1 License Grant to Licensee. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, and Licensee hereby accepts,
an exclusive (even as to Licensor and its Affiliates), non-transferable (except as provided in Section 13. 3) right and license in the Territory, with the right to grant sublicenses pursuant to Section 2.3, under all Licensor Intellectual
Property: to Develop, Manufacture, Commercialize and otherwise Exploit any and all Products; and to reference Licensor Data. Licensee’s rights and licenses under this Agreement are restricted to the Field and Territory, and Licensee agrees not
to undertake or engage (or authorize any Third Party to undertake or engage) in any activity under this Agreement outside the Field or Territory. 
 2.2
License Grant to Licensor. Subject to its full and continued compliance with the terms of this Section 2.2, Licensee hereby grants to Licensor, and Licensor hereby accepts, (a) an exclusive (even as to Licensee), perpetual,
non-transferable, royalty-free right and license, with the right to grant sublicenses, under all of Licensee’s rights in the Licensee Intellectual Property, to Exploit the Licensee Intellectual Property solely for purposes of and in connection
with Licensor’s Exploitation of any Monotherapy Product outside the Territory and (b) a non-exclusive, perpetual, non-transferable, royalty-free right and license, with the right to grant sublicenses, under all of Licensee’s rights in
the Licensee Intellectual Property, to Exploit the Licensee Intellectual Property solely for purposes of and in connection with Licensor’s Exploitation of any product (other than a Monotherapy Product) which contains the Compound
(“Licensor Evogliptin Product”) outside the Territory. Licensor shall not use or practice (or authorize the use or practice of) any of the Licensee Intellectual Property (a) in any country within the Territory,
(b) for purposes of Exploiting any product other than Monotherapy Products or Licensor Evogliptin Products, or (c) for purposes of obtaining rights to manufacture, develop or commercialize any product other than Monotherapy Products or
Licensor Evogliptin Products.
 2.3 Sublicensing.

(a) At its sole discretion, Licensee shall have the right to grant sublicenses, through multiple tiers, under the rights granted to Licensee
under Section 2.1 and to subcontract its obligations hereunder to its Affiliates and to one or more Third Parties (each such Affiliate or Third Party, a “Sublicensee”), in each case without Licensor’s consent. Licensee
shall provide Licensor with a written notice of any sublicense it has entered into with a Third Party reasonably in advance of, but no later than [***], prior to, any public announcement concerning such sublicense. Licensor acknowledges and
agrees that such notice provided by Licensee, including the content thereof and the existence of the sublicense agreement referenced therein, constitute Licensee’s Confidential Information until such time as such information falls into one of
the exceptions set forth in Section 9.2. 
 (b) Each sublicense and subcontract entered into by Licensee shall refer to and be
subordinate to this Agreement and, except to the extent the Parties otherwise agree in writing, any such sublicense and subcontract must be consistent in all material respects with the applicable terms and conditions of this Agreement. Licensee
shall secure all appropriate covenants, obligations and rights from any such Sublicensee, including, but not limited to, protection of intellectual property rights and confidentiality obligations, to ensure that such Sublicensee is

  
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subject to, and Licensee can comply with, all of Licensee’s covenants and obligations to Licensor under this Agreement. Without limiting the generality of the foregoing, Licensee shall
not grant any Sublicensee under this Agreement rights outside the Field or Territory. Licensee shall not be relieved of its obligations under this Agreement as a result of granting any sublicense or subcontracting any of its activities as permitted
under this Section 2.3, except to the extent such obligations are satisfactorily performed by the applicable Sublicensee in a manner consistent with Licensee’s obligations under this Agreement. Licensee shall remain responsible for the
performance of this Agreement and the performance of its Sublicensees hereunder. In the case of breach of any of Licensee’s material obligations hereunder by any Sublicensee, Licensor may elect to require Licensee to enforce its agreement
against such Sublicensee and/or Licensor may give written notice of material breach under Section 10.2(a). Without limiting the foregoing, Licensee shall ensure that any such Sublicensee affords Licensee rights in any Licensee Data Controlled
by such Sublicensee that is necessary or useful for the development of the Monotherapy Products or the Licensor Evogliptin Products outside the Territory, and shall use Commercially Reasonable Efforts to require any such Sublicensee to afford
Licensee rights in any Patents (i) developed by such Sublicensee in the course of conducting any activities in regards to Products, (ii) which are Controlled by such Sublicensee and (iii) that would be infringed by the marketing,
promotion, manufacturing, sale, use, importation or commercial exploitation by Licensor of the Monotherapy Products or the Licensor Evogliptin Products outside the Territory, which rights are sufficient for such Licensee Data or Patents to be
licensable by Licensee to Licensor pursuant to Section 2.2. 
 (c) Upon an early termination of Licensee’s license rights under
this Agreement pursuant to Sections 10.2, 10.3, 10.4 or 10.5, Licensor shall offer any Third Party Sublicensee under a sublicense granted by Licensee or its Affiliates pursuant to this Section 2.3 that was in effect on the effective date of
termination of Licensee’s license rights under this Agreement the right to enter into a license agreement directly with Licensor on substantially the same terms and conditions under which such rights and licenses were granted to such
Sublicensee, provided that such Sublicensee (i) is not then in breach of its sublicense, (ii) agrees to comply with all the terms of this Agreement to the extent applicable to the rights sublicensed to it by Licensee or its Affiliate, and
(iii) such agreement does not impose any obligations upon Licensor that exceed the obligations of Licensor under this Agreement. 
 2.4 No Implied
Licenses. Except for the rights and licenses expressly specified in this Agreement, no other right or license is or shall be created or granted hereunder (by implication, estoppel or otherwise). All rights not expressly granted by a Party
under this Agreement are reserved by the Party and may not be used by the other Party for any purpose. 
 2.5 Covenants. Licensee shall not, during
the Term, develop, promote, market, distribute, sell or otherwise commercialize, directly or indirectly (via Third Parties), (a) any DPP-4 inhibitor other than the Product in the Territory, (b) any compound having the same chemical
structure as the Compound or any product (other than a Product) that contains such compound, whether or not supplied by Licensor, within the Territory or (c) any compound having a chemical structure which is the same as or substantially similar
to the Compound or any product that contains such compound, outside of the Territory. The obligation concerning items (a) and (b) in the previous sentence shall survive any termination or expiration of the Term of this Agreement
through the [***] and the obligation concerning item (c) shall survive any termination or expiration of this Agreement [***]. 

  
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 ARTICLE 3 – DEVELOPMENT 

3.1 Overview. Licensee’s Development of Products shall be conducted in a manner consistent with the principle of seeking and maintaining
Regulatory Approvals in the Field and Territory that include the appropriate label for the Product in light of the data and results generated from the Clinical Trials. 

3.2 Licensee Development.
 (a) Licensee
shall use Commercially Reasonable Efforts to Develop one or more Products in the Territory. Licensee (itself or through its Affiliates or Sublicensees) shall be solely responsible for: (i) all activities related to the Development of
Products; and (ii) all costs and expenses, including Third Party costs and expenses, related to such Development activities. Licensee shall use Commercially Reasonable Efforts to conduct the Development of the Product in accordance with the
Development Plan, including as it may be amended from time to time during the Term in accordance with Section 3.4; provided, however, that except as expressly set forth in Section 3.2(b) or Section 3.2(c), any failure by Licensee to
undertake or successfully achieve any of the activities set forth in, or to otherwise strictly adhere to, any such Development Plan or amended Development Plan for any reason shall not, by itself, be deemed a breach of this Agreement. An
initial Development Plan as of the Effective Date is attached hereto as Exhibit D. Such initial Development Plan and any amended Development plans are for Licensor’s information only and shall be deemed to be the Confidential Information
of Licensee. 
 (b) In the event that Licensee elects to terminate or discontinue, or suspend for longer than twelve (12) months, the
Development of any Product which was expressly listed as a Product under Development in any Development Plan provided to Licensor hereunder, including any Clinical Trials involving such Product, and such suspension, termination or discontinuation is
not due to any Technical Failure, Force Majeure or requirement of Applicable Law, as determined by Licensee acting in good faith and as identified in writing to Licensor, then Licensee will be deemed in breach of its obligation under
Section 3.2(a). 
 (c) Without limiting its other obligations under this Section 3.2, Licensee shall obtain (i) [***] in any
country in the Territory for any Product within [***] after the Effective Date and (ii) an NDA approval in any country in the Territory for any Product within [***]; provided, however, that Licensee shall not be considered to be in breach of
any of its obligations under Section 3.2 or otherwise under this Agreement if it fails to meet one or both of the foregoing milestones as a result of a Technical Failure or Force Majeure with respect to the Product that was the subject of, or
contemplated to be the subject of, any such IND and/or NDA. 

  
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 3.3 Transfer of Know-How. Promptly (but in any event within [***]) following receipt of the license
fee specified in Section 6.1, Licensor shall commence transferring to Licensee copies (in electronic or other mutually agreed upon format) in the English language of all Licensor Data ( but, with respect to Licensor’s Drug Master File,
only the “open part”) and all other Licensor Know-How in its possession, and shall use its commercially reasonable efforts to complete all such transfer activities within [***] there after. Licensee shall be solely responsible for all
costs and expenses incurred for translation of such Licensor Data and other Licensor Know-How into any other language(s) besides English. In addition, Licensor will provide, at no charge to Licensee, (a) reasonable assistance and
cooperation in order to enable Licensee or its designee to implement and utilize such transferred Licensor Know-How, and (b) provide Licensee with reasonable access to Licensor’s employees and contractors with appropriate expertise to
answer Licensee’s questions related to such transfer. To the extent Licensor subsequently identifies any Licensor Know-How that should have been transferred as provided above, it will promptly provide or make available such additional
Licensor Know-How. During the Term, to the extent Licensor generates or Controls additional Licensor Know-How, including Licensor Data from completed clinical trials, it will promptly inform and make such new Licensor Know-How available to
Licensee. 
 3.4 Records; Reports. In conformity with standard pharmaceutical industry practices and the terms and conditions of this Agreement,
Licensee shall prepare and maintain, or shall cause to be prepared and maintained, complete and accurate written records of its Development of the Products, for a minimum of [***] following the end of the Calendar Year to which they pertain or such
longer period of time as may be required by Applicable Law in the Territory. Within [***] after the end of each Calendar Year, Licensee shall provide to Licensor, for its review, an updated version of the Development Plan consisting of
(a) an update on the progress of Licensee’s Development activities, including (i) key achievements or milestones to date in the reporting period, and (ii) studies that were run or are in process and (b) a summary of the
planned Development activities for the upcoming Calendar Year. Such updated Development Plan shall be accompanied by a copy of any Licensee Data generated during the course of prior Calendar Year, but only to the extent that such Licensee Data
was not previously provided to Licensor. Licensee will provide Licensor with an opportunity to review and comment on each updated Development Plan and Licensee will consider in good faith and incorporate the comments of Licensor into such
Development Plan to the extent reasonably acceptable to Licensee. 

  
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 3.5 Governance. 

(a) Joint Steering Committee. Within [***] after the Effective Date, the Parties shall establish the Joint Steering Committee (“
JSC”), which shall consist of two (2) members, with each Party designating one (1) of its employees as a member. Each Party may replace its representative on the JSC at any time, upon written notice to the other
Party. A Party may designate a substitute employee to temporarily attend and perform the functions of such Party’s designee at any meeting of the JSC. The JSC will meet annually and perform the following functions: serve as a
forum for discussion and communication regarding the overall strategy for Development and Commercialization of Products under this Agreement; review and monitor Development and Commercialization activities, including the then-current version of the
Development Plan, and results for the period since the last meeting of the JSC; and make any strategic recommendations. 
 (b) Joint
Development Committee. From time to time, the Parties may agree to form one or more committees to oversee particular Development activities. 

ARTICLE 4 – REGULATORY 
 4.1
Initial Disclosure of Data and Regulatory Materials. Within [***] after the Effective Date, Licensor shall timely make available to Licensee, at no charge to Licensee, English language copies of all Regulatory Materials (in electronic or
other mutually agreed upon format) it Controls related to the Development of any Product in the Field and Territory, including the Regulatory Materials specified in Exhibit E hereto. As soon as practicable after such disclosure and to
the extent necessary for Development of the Product in the Territory, Licensor shall perform those reasonable activities that are required to assign to Licensee all Product INDs filed by or on behalf of Licensor for such Product with the FDA,
European Medicines Agency or any other applicable Regulatory Authority, and provide Licensee with English language copies (which may be electronic unless otherwise required by Applicable Laws) of all other Regulatory Materials that support such
Product INDs or otherwise pertain to such Product, including all data contained therein and all supporting documents created for, submitted to or received from an applicable governmental agency or Regulatory Authority relating to such Regulatory
Materials (only to the extent not previously provided to Licensee pursuant to the first sentence of this Section 4.1), at no charge to Licensee. The date of such transfer shall be the “IND Transfer Date”. In addition,
Licensor will provide, at no charge to Licensee, reasonable assistance and cooperation and reasonable access to Licensor’s employees and contractors with appropriate expertise to answer Licensee’s questions related to such
transfer. Unless otherwise agreed to by the Parties, after Licensor completes the transfer to Licensee of the Regulatory Materials with respect to a particular Product, Licensee shall own, and hold in its name, the Product INDs and all other
Regulatory Materials (including all future Regulatory Approvals) for such Product in the Field and Territory. From time to time after the IND Transfer Date, and solely to the extent not previously disclosed, Licensor shall, and shall cause its
Affiliates to, without additional compensation, disclose and make available to Licensee, in whatever form Licensee may reasonably request, all Regulatory Materials Controlled by Licensor related to the Development of any Product. 

  
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 4.2 Preparation of Regulatory Materials. After the IND Transfer Date, Licensee shall have the sole
right and responsibility, and shall exercise Commercially Reasonable Efforts, to prepare and maintain, as applicable, the Regulatory Materials, including the Product INDs and other submissions, and to conduct communications with the relevant
Regulatory Authorities, for the Products in the Field in the Territory. All Product INDs and NDAs generated after the Effective Date, including any supplements or amendments to those Product INDs in existence as of the Effective Date, with
respect to the Product in the Field in the Territory under this Agreement shall be owned by, and shall be the sole property and held in the name of, Licensee or its designee. 

4.3 Regulatory Expenses. Licensee shall bear all expenses incurred related to the preparation, maintenance, formatting and filing of the
Regulatory Materials. 
 4.4 Drug Master File. Licensor shall be solely responsible for submission and maintenance of a Drug Master File to the
applicable Regulatory Authorities in the Territory, as well as all authorizations necessary for the manufacture of the Compound by or for it. 

ARTICLE 5 – COMMERCIALIZATION 
 5.1
Commercialization Activities. Licensee (itself or through its Affiliates and Sublicensees) shall use Commercially Reasonable Efforts to Commercialize a Product in the Field in the Territory throughout the Term. Within [***] prior to
Licensee’s submission of the first NDA for a Product to a Regulatory Authority in the Territory, Licensee shall submit to Licensor a marketing plan for the Commercialization of such Product in the Territory (“Commercialization
Plan”), including information regarding planned promotional and marketing activities and a non-binding, forward-looking [***] sales forecast for the Product in the country in the Territory where the aforementioned NDA is being submitted and
in all other countries of the Territory (subject to and following receipt of the requisite Regulatory Approval for such Product in such other countries), and the then-current market conditions for products similar to such Product in the Territory
(including information on competitive products). Licensee shall provide to Licensor an updated Commercialization Plan within [***] prior to the beginning of each Calendar Year during the Term which shall describe, at a minimum, the
Commercialization activities in regards to any approved Products anticipated to be performed by or on behalf of Licensee during such Calendar Year, including an updated non-binding, forward-looking [***] sales forecast for any approved Products, as
well as any anticipated commercial launches of Products in any country of the Territory. Licensee shall use Commercially Reasonable Efforts to Commercialize the Product in a manner consistent with its then-current Commercialization Plan,
including to achieve the estimated sales projections set forth in the then-current Commercialization Plan. For clarity, any failure by Licensee to undertake or successfully achieve any of the activities or forecasts set forth in, or to otherwise
strictly adhere to, any such Commercialization Plan or amended Commercialization Plan for any reason shall not, by itself, be deemed a breach of this Agreement. Without limiting the foregoing, Licensee shall seek to generate the First Commercial
Sale of each Product in a country in the Territory within [***] after receipt of the requisite Regulatory Approval for such Product in such country in the Territory. 

  
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 5.2 Supply Agreement. Within [***] following the Effective Date, the Parties shall negotiate, in good
faith, comprehensive and commercially reasonable terms and conditions for, and seek to enter into, a definitive clinical supply agreement pursuant to which Licensor shall be the exclusive supplier of the Compound to Licensee for use in its
Development and Clinical Trials of the Products in the Territory. In addition, at the appropriate time following the execution of the aforementioned clinical supply agreement the Parties shall commence good faith negotiations on comprehensive
and commercially reasonable terms and conditions for a definitive commercial supply agreement pursuant to which Licensor shall be the exclusive supplier of the Compound to Licensee for use in its Commercialization of the Products in the
Territory. The Parties acknowledge and agree that the goal will be to enter into the definitive commercial supply agreement at least [***] prior to the first NDA submission for any Product in the Territory. The definitive supply agreements will
be based on and consistent with the applicable terms, conditions and obligations of the Parties and other provisions set forth in Exhibit F attached hereto. 

5.3 Unauthorized Use. Notwithstanding anything to the contrary herein, Licensee shall not sell or dispose the Compound or any Product outside the
Territory nor sell or dispose the Compound or any Product to any Third Party within the Territory other than in connection with the exercise of the rights granted to it by Licensor in Article 2 or the performance of its obligations hereunder,
without Licensor’s prior written consent. For clarity, the sale, distribution (through multiple tiers), transfer or disposition by or on behalf of Licensee or any of its Affiliates or Sublicensees of any Product which is intended for the
treatment of any Therapeutic Indication within the Field of Use to Third Parties located in the Territory shall be considered an exercise of the rights granted to it under Article 2 and thus will not require the prior written consent of Licensor.
Licensee shall not promote, market, offer for sale, sell and distribute the Compound or any Product to any Person outside the Territory or to any Person within the Territory that Licensee knows is reasonably likely to promote, market, offer for
sale, sell or distribute the Compound or Product outside the Territory or assist any Person to do so. 

  
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 5.4 Site Visit; Audit. Upon reasonable prior written notice, Licensee shall permit Licensor to
visit or audit the site(s) of Licensee and any of its Affiliates, Sublicense e s or subcontractors (including any independent contract ors engaged by Licensee for the Manufacture of the Product) at which Manufacturing of the Product has been or is
being conducted. Any such audit shall be conducted (a) at reasonable frequency, and not more often than [***], (b) at Licensor’s expense, (c) during the regular business hours of the site being audited, (d) in a manner
that does not unduly disrupt the normal business operations of the audited site, and (e) for the sole purpose of verifying compliance by Licensee (and/or its designated sub-contractor, as applicable) with Applicable Laws in connection with the
Manufacturing of Products. During such visits or audits, Licensor shall have the right to examine all data, documents and records related directly to the Manufacturing of the Product, and all such data, documents and records will be considered
Licensee’s Confidential Information and will be treated by Licensor as such in accordance with Article 9. In addition, upon reasonable request and with reasonable frequency, Licensee will permit a representative of Licensor to accompany
Licensee on audits it conducts of sites (e.g., hospitals) conducting Clinical Trials on any Product; provided, however, that if Licensee is prohibited by Applicable Law or the rules of the applicable Clinical Trial site from allowing Licensor’s
representative to accompany it during such audit, Licensee will provide Licensor with a copy of any written report summarizing the results of such audit which Licensee creates. All data, documents, records, information and materials which
Licensor views, learns or receives in connection with any such audit or audit report will be considered Licensee’s Confidential Information and will be treated by Licensor as such in accordance with Article 9. 

5.5 Delivery of Existing Product. Within [***] following the Effective Date, Licensor will ship to Licensee [***]. Licensee shall use the Compound and
the finished drug product provided pursuant to this Section 5.5 for the purposes of conducting pre-clinical studies and research and Clinical Studies of Products. Licensor will supply the aforementioned Compound and finished drug product to
Licensee at no charge, except that Licensee shall pay the shipping and handling costs associated with the delivery thereof to its designated shipping location. 

5.6 Related Agreements. From time to time the Parties shall evaluate and discuss the need for additional agreements related to Licensor’s
supply of the Compound to Licensee, including a pharmacovigilance and quality agreement; provided, however, that no such agreement shall become binding on either Party until agreed to in writing and executed by both Parties. 

ARTICLE 6 – PAYMENT 
 6.1 License
Fee. Licensee shall pay Licensor a one-time license fee of US$1.5 Million contemporaneously with, but no later than thirty (30) days after, the Effective Date of this Agreement. 

  
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 6.2 Development, Regulatory and Commercial Milestones. Milestone payments shall accrue upon the
achievement of the events set forth below. Licensee shall promptly notify Licensor in writing following the achievement by Licensee or any of its Affiliates or Sublicensees of each milestone event described in subsections (a) and (b), and
promptly after the end of the Calendar Quarter in which each milestone event described in subsection (c) is achieved. After receipt of such notice, Licensor shall submit to Licensee an invoice for the corresponding milestone payment in the
applicable amount. Regardless of when the applicable invoice from Licensor is received, Licensee shall remit each milestone payment associated with the achievement of the milestone events described in subsections (a) and (b) within
[***] after the achievement thereof. Licensee shall remit the milestone payment associated with the achievement of the milestone events described in subsection (c) to Licensor within [***] after Licensee’s receipt of the applicable
invoice from Licensor. Each milestone payment by Licensee that is specified as being payable the “first” time shall be payable only once, regardless of the number of times that such milestone event is achieved, for the same or
different Products, in the same or different country. 
 (a) Development Milestone. 

 

			
	 Milestone Event
	  	 Payment Amount

	 [***]
	  	[***]

 (b) Regulatory Milestones. 
  

			
	 Milestone Event
	  	 Payment Amount

	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

  
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 (c) Annual Net Sales Milestones. 

 

			
	 Annual Net Sales Milestones
	  	 Payment Amount

	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 In the event [***] Annual Net Sales Milestone events are achieved in the same Calendar Year, Licensee shall pay to Licensor
each milestone payment corresponding to the respective milestone event. 
 6.3 Royalty. 

(a) Products. Subject to Sections 6.4 and 6.5 below, and only during the applicable Royalty Term, Licensee shall pay to Licensor a
running royalty at the following incremental royalty rates, which will be based on the portion of the aggregate Net Sales of Products occurring in the Territory during each Calendar Year. 

 

			
	 Net Sales in the Territory
	  	 Royalty Rate

	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 (b) Combination Products. Notwithstanding anything to the contrary herein, for the purposes of
calculating the royalty payable under Section 6.3(a), the Net Sales for any Combination Product shall be deemed to be equal to the applicable Net Sales amount multiplied by (1 / (the total number of APIs in that Combination Product)). A
non-limiting example of how Net Sales will be calculated per this formula is demonstrated by an example attached hereto as Exhibit G. 
 6.4
Royalty Term. Royalties under Section 6.3 shall be payable on Net Sales on a Product-by-Product and country-by-country basis beginning upon the First Commercial Sale of each Product in a country within the Territory until the expiration
of the Royalty Term in such country (at which time sales in such country shall be excluded from all calculations of aggregate Net Sales hereunder). 

  
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 6.5 Third Party Licenses. 

(a) If, following the Effective Date, it is necessary for Licensee to enter into an agreement with one or more Third Parties pursuant to which
Licensee licenses one or more Patents (other than any license granted in settlement of any litigation as contemplated under Section 7.6) from such Third Parties in order to Exploit a Product in the Field and any country in the Territory,
Licensee will have the right (at its sole discretion) to negotiate and obtain a license under such Patents (each such Third Party license is referred to herein as a “Third Party License”). A Third Party License will be deemed
“necessary” under this Section 6.5(a) if, in the absence of a license under such Third Party Patents, the Exploitation of the Compound in any Product would, in Licensee’s good faith assessment, upon advice of counsel, infringe
such Third Party Patents. Except as set forth in Section 6.5(b), or to the extent of any Claim for which Licensor provides indemnification under Section 12.2, or as the Parties may otherwise agree in writing, Licensee shall bear any
payments associated with any royalties owed to any Third Party for such Third Party License (collectively, the “Third Party Royalties”). 

(b) Licensee may credit up to [***] of the amount of any Third Party Royalties paid by Licensee under a Third Party License deemed
“necessary” pursuant to Section 6.5(a) during any Calendar Quarter against the royalties payable to Licensor under Section 6.3 in respect of the same Calendar Quarter; provided, in no event will the royalties payable to Licensor
for such Calendar Quarter be reduced by more than [***]
 6.6 Royalty Statement. Within [***] following the end of each Calendar Quarter, Licensee
shall provide Licensor with a written report containing the following information for the Calendar Quarter, in such reasonable detail as will permit Licensor to calculate and confirm royalty payments hereunder: an accounting of the number of
units and prices for the Products sold, by Product and by country; the amount of gross sales (specified in U.S. dollars) of the Products in the Territory, by Product and by country, including identification of any applicable exchange rate; an
itemized calculation of Net Sales in each country of the Territory showing deductions provided for in the definition of “Net Sales”; the application of any other reductions or corrections made in accordance with this Article 6 (including
any reductions under Section 6.3(b) or Section 6.5(b)); and calculation of the royalty payment due on such Net Sales, as adjusted. At the same time it provides the royalty statement, Licensee shall pay Licensor the corresponding
amount for the applicable Calendar Quarter. 
 6.7 Corrections. In the event that either Party determines that the calculation of Net Sales for
a Calendar Quarter deviates from the amounts previously reported to Licensor for any reason (such as, on account of additional amounts collected or Product returns), Licensee and Licensor shall reasonably cooperate to reconcile any such deviations
to the extent necessary under applicable legal or financial reporting requirements. 

  
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 6.8 Payment Terms. All payments due to Licensor hereunder shall be made in U.S. Dollars by wire
transfer of immediately available funds into an account designated by Licensor. If Licensor does not receive payment of any sum due to it on or before the due date, simple interest shall thereafter accrue on the sum due to until the date of
payment at the per annum rate of [***] over the then-current prime rate quo ted by Citibank in New York, New York or the maximum rate allowable by Applicable Law, whichever is lower. 

6.9 Exchange Rate. The rate of exchange to be used in computing the amount of currency equivalent in U.S. Dollars owed to a Party under this Agreement
shall be the monthly average exchange rate between each currency of origin and U.S. Dollars as reported by the Wall Street Journal East Coast Edition. The monthly average exchange rate shall be the average of (a) the exchange rate
published on the last day of the month; and (b) the exchange rate published on the last day of the preceding month. 
 6.10 Taxes 

(a) Payment of Tax. A Party receiving a payment pursuant to this Article 6 shall pay any and all taxes levied on such
payment. A Party making a payment pursuant to this Article 6 shall make a reasonable effort to obtain the lowest tax rate under Applicable Law for taxes required to be deducted and withheld. If Applicable Law require that taxes be deducted
and withheld from a payment made pursuant to this Article 6, after a Party making a payment makes a reasonable effort to obtain the lowest tax rate, the remitting Party shall: (i) deduct those taxes from the payment; (ii) pay the taxes to
the proper taxing authority; and (iii) send evidence of the obligation together with proof of payment to the other Party within [***] following that payment. 

(b) Tax Residence Certificate. A Party receiving a payment pursuant to this Article 6 shall provide the remitting Party
appropriate certification from relevant revenue authorities that such Party is a tax resident of that jurisdiction, if such receiving Party wishes to claim the benefits of an income tax treaty to which that jurisdiction is a party. Upon the
receipt thereof, any deduction and withholding of taxes shall be made at the appropriate treaty tax rate. 
 (c)
Assessment. Either Party may, at its own expense, protest any assessment, proposed assessment, or other claim by any Governmental Authority for any additional amount of taxes, interest or penalties or seek a refund of such amounts paid
if permitted to do so by Applicable Law. The Parties shall cooperate with each other in any protest by providing records and such additional information as may reasonably be necessary for a Party to pursue such protest. 

  
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 6.11 Audit. Licensee shall, and shall cause its Affiliates who are involved in the conduct of any
Development or Commercialization activities in regards to any Product and Sublicensees to, maintain complete and accurate records in accordance with GAAP and in sufficient detail to permit Licensor to confirm the accuracy of the calculation of
royalty and other payments under this Agreement. Upon reasonable prior notice, such records shall be available during regular business hours for a period of [***] from the end of the Calendar Year to which they pertain for examination at
Licensor’ s expense, and not more often than once each Calendar Year, by an independent certified public accountant selected by Licensor and reasonably acceptable to Licensee, for the sole purpose of verifying the accuracy of the financial
reports furnished by Licensee pursuant to this Agreement. Any such auditor shall not disclose any of the records or reports, including any of the information or data contained therein, which are made available to it by Licensee or any of its
Affiliates or Sublicensees, all of which shall be treated and handled as if it were a disclosure to Licensor of Licensee ‘ s Confidential Information pursuant to Article 9, except to the extent such disclosure is necessary to verify the
accuracy of the financial reports furnished by Licensee or the amount of payments due to Licensor under this Agreement during the prior thirty six (36) months. The auditor’s report shall be disclosed simultaneously to Licensee and
Licensor. Any amounts shown to be owed to Licensor but unpaid shall be paid within [***] from the accountant ‘ s report, plus interest (as set forth in Section 6.8) from the original due date. Any amounts shown to have been
overpaid shall be refunded within [***] after the accountant ‘ s report. Licensor shall bear the full expense of such audit unless such audit discloses an underpayment by Licensee of more than [***] of the amount due for the audited
period, in which case Licensee shall bear the reasonable out-of-pocket cost of such audit. 
 ARTICLE 7 – INTELLECTUAL PROPERTY
MATTERS 
 7.1 Ownership of Inventions. Inventorship shall be determined in accordance with U.S. patent laws. Each Party shall own any
and all inventions made solely by its own employees, agents, or independent contractors in the course of conducting any activities under this Agreement, together with all intellectual property rights therein (the “Sole
Inventions”). The Parties shall jointly own and, subject to the license grants in Sections 2.1 and 2.2, shall have an equal, undivided right, title and interest in and to and be free to use and commercially exploit any and all
inventions that are conceived by employees, agents or independent contractors of both Parties in the course of conducting any activities under this Agreement, together with all intellectual property rights therein (the “Joint
Inventions”), without any consultation with or accounting to the other Party, except as set forth below in this Article 7 with respect to protection and enforcement of such Joint Inventions and except, with respect to Licensee, its
obligation to pay royalties to Licensor pursuant to Article 6 for any Products covered by Valid Claims of any Joint Patent which is exclusively licensed to it under Section 2.1. Employees or agents of Licensor and Licensee that are named
as inventors on Joint Patents shall assign their interest in such Patents to the corresponding Party.

  
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 7.2 Disclosure of Inventions. 

(a) Joint Inventions. Each Party shall promptly disclose to the other Party any invention disclosures, or other similar documents,
submitted to it by its employees, agents or independent contractors describing inventions made during the Term that such Party believes are patentable Joint Inventions. 

(b) Licensor Sole Inventions. Licensor shall inform Licensee of any Sole Invention discovered or generated during the Term by its
employees, agents or independent contractors, and all Information relating to such inventions to the extent necessary for the use of such Invention in the Exploitation of any Product (including any CVC Combination Product) in the Field and, to the
extent patentable, for the preparation, filing and maintenance of any Patent with respect to such invention in accordance with Section 7.3. For avoidance of doubt, all Patents covering any such Sole Invention shall be deemed to be Licensor
Patents, and all Information related to any such Sole Invention shall be deemed to be Licensor Know-How (and Licensor Data, if applicable), under this Agreement. 

(c) Licensee Sole Inventions. Licensee shall inform Licensor of any Sole Invention discovered or generated by its employees,
agents or independent contractors during the Term that (i) covers or claims any improvement to the Compound or any use of only the Compound in any Therapeutic Indication and that (ii) does not cover or claim the Compound (or any
improvement thereto or use thereof) in combination with any other API (a “Licensee Compound Invention”). For avoidance of doubt, under this Agreement, Licensor obtains no right, title, license, option or other interest in or to
any Licensee Sole Invention, except as expressly provided under Section 10.7. 
 7.3 Prosecution of Patents. 

(a) Joint Inventions. The Parties will confer with each other as to the desirability of filing Patent applications on, and/or taking
such other steps as may be necessary to acquire and maintain Patent rights in the Joint Inventions, and the Parties shall share equally the expenses of any such filings and other steps and mutually agree upon an outside counsel firm to handle such
filings. In the event one Party notifies the other Party in writing that it does not wish to: (i) file for a Patent on the Joint Invention; (ii) file or maintain any Patent application or Patent previously filed or issued outside of
the Territory on any Joint Invention; or (iii) take such other steps as may be necessary to maintain Patent rights outside the Territory in the Joint Invention, the other Party will have the right to do so at its own expense. At the
request of the Party permitted under the prior sentence to file for a Patent, foreign file or maintain a Patent or Patent application outside of the Territory or take any such other steps outside the Territory with respect to the Joint Invention on
its own, the Party not filing or maintaining such Patent applications or Patents or taking such other steps (such Party, the “Non-Participating Party”) shall assign its entire interest in such Patent or Patent application to the
other Party, subject to retaining a non-exclusive, unrestricted, perpetual, irrevocable, paid-up, royalty-free license (with an unrestricted right to sublicense) under the Patents (including any patents which issue from such applications) to make,
have made, use, offer for sale, sell and import any products using the Joint Inventions outside the Territory, all without 

  
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further consent of the other Party and without accounting to the other Party. From and after the date that any such assignment occurs, the Patents or Patent applications assigned by the
Non-Participating Party shall cease to be considered a Joint Patent for all purposes during the Term of this Agreement and the Agreement will be deemed to be automatically amended, without any further action required of the Parties, to reflect the
change. 
 (b) Licensor Patents. Beginning on Effective Date, and except as otherwise provided in this Section 7.3(a),
Licensee shall have the sole right and authority during the Term to prepare, file, prosecute and maintain the Licensor Patents in the Territory. Licensee shall bear all expenses of preparation, filing, prosecution and maintenance of Licensor
Patents in the Territory. Licensee shall provide Licensor a reasonable opportunity to review and comment on material communications from any patent authority regarding the Licensor Patents and drafts of any material filings or responses to be made
to such patent authorities in advance of submitting such filings or responses. Licensee shall consider Licensor’s comments regarding such communications and drafts in good faith. If Licensee determines in its sole discretion to
abandon or not maintain any Licensor Patent(s) that is being prosecuted or maintained by Licensee in one or more countries in the Territory, then Licensee shall provide Licensor with written notice of such determination within a period of time
reasonably necessary to allow Licensor to determine, on a terminated country-by-country basis in its sole discretion, its interest in such Licensor Patent(s) (which notice by Licensee shall be given no later than [***] prior to the final deadline
for any pending action or response that may be due with respect to such Licensor’s Patent(s) with the applicable patent authority) in each terminated country. Thereafter, Licensor has the sole right and authority to prepare, file, prosecute and
maintain the applicable Licensor Patents in the terminated countries, Licensor shall provide Licensee a reasonable opportunity to review and comment on material communications from any patent authority regarding such Licensor Patents and drafts of
any material filings or responses to be made to such patent authorities in advance of submitting such filings or responses. Licensor shall consider Licensee’s comments regarding such communications and drafts in good faith. Licensee
shall reimburse Licensor its reasonable, documented, out-of-pocket expenses incurred by it during such period in the filing, prosecution and maintenance of the Licensor Patents, provided Licensee has agreed in advance to such filing generally and to
such filing in a given country. For the purposes of this Section 7.3(a), Licensor Patents shall be deemed to include all Joint Patents in the Territory. 

(c) Cooperation. Each Party shall provide the other Party reasonable assistance and cooperation in the Patent prosecution efforts
provided above in Section 7.3(b) during the Term and in Section 7.3(a) during and after the Term, including providing any necessary powers of attorney and executing any other required documents or instruments for such prosecution, as well
as further actions as set forth below. 
 (i) The Parties shall respectively prepare, file, maintain and prosecute the Licensor Patents and
Joint Patents as set forth in this Section 7.3. As used herein, “prosecution” of such Patents shall include all communication and other interaction with any patent office or patent authority having jurisdiction over a patent
application in connection with pre-grant proceedings. 

  
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 (ii) All communications between the Parties relating to the preparation, filing, prosecution
or maintenance of the Licensor Patents and Joint Patents, including copies of any draft or final documents or any communications received from or sent to patent offices or patenting authorities with respect to such Patents, shall be considered
Confidential Information and subject to the confidentiality provisions of Article 9. 
 7.4 Orange Book Listing. Subject to Section 7.3,
Licensee shall be solely responsible for listing and maintaining all appropriate Licensor Patents and Joint Patents on the Orange Book, including payment of all expenses related to such maintenance incurred after the Effective Date. Upon
request of Licensee, Licensor shall cooperate with Licensee to file appropriate information with the FDA for listing any Licensor Patents and any Joint Patents in the Orange Book. 

7.5 Enforcement against Third Parties. 

(a) Notification. Each Party shall promptly notify the other Party in writing of any existing, alleged or threatened infringement
of the Licensor Patents or Joint Patents in the Field and Territory of which it becomes aware, and shall provide all Information in such Party’s possession or control demonstrating such infringement. 

(b) Infringement Action. 

(i) Subject to the provisions of this Section 7.5(b), Licensee shall have the first right, but not the obligation, to bring suit or take
any other appropriate action against any Third Party engaged in any existing, alleged or threatened infringement of any Licensor Patent or Joint Patent related to making, using, importing, offering for sale or selling a Product in the Field and
Territory during the Term (a “Product Infringement”). 
 (ii) Licensee shall notify Licensor of its election to take any
action under Section 7.5(b)(i) within [***] before any time limit set forth in an Applicable Law or regulation, including the time limits set forth under the Hatch-Waxman Act (21 U.S.C. § 355). In the event Licensee does not give such
notice in a timely manner or notifies Licensor that it will not be taking action, Licensor shall have the right, but not the obligation, to commence a suit or take action to enforce the applicable Licensor Patent or Joint Patent against such Third
Party, at its own expense. If one Party elects to bring suit or take action against the Product Infringement, then the other Party shall have the right, prior to commencement of the trial, suit or action, to join any such suit or action. 

(iii) The other Party shall provide to the enforcing Party reasonable assistance in such enforcement, at the enforcing Party’s request
and expense, including joining such action as a party plaintiff if required by Applicable Law to pursue such action. The enforcing Party shall keep the other Party regularly informed of the status and progress of such enforcement efforts, and
shall reasonably consider the other Party’s comments on any such efforts. 

  
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 (iv) The enforcing Party shall be solely responsible for all costs and expenses arising from
a suit or action against a Product Infringement; provided, the enforcing Party shall not be responsible for the other Party ‘ s internal expenses (e.g., FTEs) incurred as a result of the other Party ‘ s cooperation with the enforcement
action as provided in Section 7. 5(b)(iii). The Party not bringing an action with respect to Product Infringement in the Territory under this Section 7. 5(b) shall be entitled to separate representation in such matter by counsel of
its own choice and at its own expense, but such Party shall at all times cooperate fully with the Party bringing such action. 
 (c)
Settlement. Neither Party shall settle any claim, suit or action that it brought under this Section 7.5 with respect to any Licensor Patent or Joint Patent without the prior written consent of the other Party, which consent shall
not be unreasonably withheld, conditioned or delayed.
 (d) Allocation of Proceeds. If either Party recovers monetary damages
from any Third Party under Section 7.5(b) or Section 7.5(c), or any royalties from a license agreement with a Third Party related to any alleged Product Infringement, whether such damages or royalties result from the infringement of
Licensor Patents or Joint Patents, such recovery shall be allocated first to the reimbursement of any expenses incurred by the Parties in such litigation, action or license, and any remaining amounts shall be split as follows: (i) if Licensee
is the enforcing party, then such amounts shall be retained by Licensee and treated as Net Sales for purposes of the royalties due to Licensor under this Agreement; or (ii) if Licensor is the enforcing party, then such amounts shall be retained
by Licensor. 
 (e) Enforcement of Joint Inventions. Neither Party is obligated to the other to incur any costs for policing any
Patent on any Joint Intellectual Property or for enforcing or defending any Patent covering any Joint Intellectual Property (or any part thereof) against any Third Party outside the Territory. Notwithstanding the foregoing, a Party will notify
the other Party in writing prior to commencing any enforcement action of intellectual property rights in Joint Inventions against any Third Party outside the Territory during the Term or inside the Territory after the Term. Any enforcement or
defense of any intellectual property rights involving Joint Intellectual Property that is mutually undertaken by both Parties pursuant to this Section 7.5(e) requires separate agreement between the Parties. If one of the Parties provides
the other Party written notice of its decision not to participate in an enforcement action of intellectual property rights in any Joint Intellectual Property and the other proceeds with such action, the proceeding Party has no obligation to account
to the non-participating Party for any amounts collected. 
 7.6 Infringement of Third Party Rights. 

(a) Notice. If any Product used or sold by Licensee, or its Affiliates or Sublicensees, becomes the subject of a claim or
assertion of infringement of a Third Party’s Patent granted in the Territory, the Party first having notice of the claim or assertion shall promptly notify the other Party, the Parties shall agree on and enter into an “identity of interest
agreement” wherein such Parties agree to their shared, mutual interest in the outcome of such potential dispute, and thereafter, the Parties shall promptly meet to consider the claim or assertion and the appropriate course of action. 

  
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 (b) Defense. Licensee shall have the first right, but not the obligation, to
defend any such Third Party claim or assertion of infringement described in Section 7. 6(a) above, at Licensee ‘ s expense. If Licensee does not commence any action to defend such claim within [***] after it receives notice thereof
(or within [***] after it should have given notice thereof to Licensor as required by Section 7. 6(a)), then to the extent allowed by Applicable Law, Licensor shall have the right, but not the obligation, to control the defense of such claim by
counsel of its choice, at Licensor’ s expense. The non-defending Party shall reasonably cooperate with the Party conducting the defense of the claim or assertion, including if required to conduct such defense, furnishing a power of
attorney. If the defending Party recovers monetary damages from any such Third Party asserting such a claim of infringement as a result of counter claims brought by such defending Party based on any Licensor Patent or Joint Patent, or any
royalties from a license agreement with such Third Party, such recovery shall be allocated first to the reimbursement of any expenses incurred by the defending Party in such litigation, action or license, and any remaining amounts shall be split as
follows: (i) if such suit or action is defended by Licensee, such amounts shall be retained by Licensee and treated as Net Sales for purposes of the royalties due to Licensor under this Agreement; or (ii) if such suit or action was
defended by Licensor, such amounts shall be retained by Licensor. 
 (c) Settlement; Licenses. Neither Party shall enter into
any settlement of any claim described in this Section 7.6 that is inconsistent with this Agreement or that affects the other Party’s rights or interests without the other Party’s written consent, which consent shall not be
unreasonably withheld, conditioned or delayed. Each Party shall have the right to decline to defend or to tender defense of any such claim to the other Party upon reasonable notice, including if the other Party fails to agree to a settlement
that such Party proposes. 
 7.7 Patent Oppositions and Other Proceedings. 

(a) Third-Party Patent Rights. If, during the Term, either Party desires to bring an opposition, action for declaratory judgment,
nullity action, interference, declaration for non-infringement, reexamination or other attack upon the validity, title or enforceability of a Patent owned or controlled by a Third Party and having one or more claims that cover (or purport to cover)
the Product, or the use, sale, offer for sale or importation of the Product (except insofar as such action is a counterclaim to or defense of, or accompanies a defense of, a Third Party’s claim or assertion of infringement under
Section 7.6, in which case the provisions of Section 7.6 shall govern), such Party shall so notify the other Party and the Parties shall promptly confer to determine whether to bring such action or the manner in which to settle such
action. Licensee shall have the exclusive right, but not the obligation, to bring at its own expense and in its sole control such action in the Territory. If Licensee does not bring such an action in the Territory, within [***] of
notification thereof pursuant to this Section 7.7(a) (or earlier, if required by the nature of the proceeding), then Licensor shall have the right, but not the obligation, to bring such action, at Licensor’s sole expense. The Party
not bringing an action under this Section 7.7(a) shall be entitled to separate representation in such proceeding by counsel of its own choice and at its own expense, and shall cooperate fully with the Party bringing such action. 

  
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 (b) Parties’ Patent Rights. If, during the Term, any Licensor Patent or
Joint Patent becomes the subject of any proceeding commenced by a Third Party within the Territory in connection with an opposition, reexamination request, action for declaratory judgment, nullity action, interference or other attack upon the
validity, title or enforceability thereof (except insofar as such action is a counterclaim to or defense of, or accompanies a defense of, an action for infringement against a Third Party under Section 7. 5, in which case the provisions of
Section 7. 5 shall govern), then the Party responsible for filing, preparing, prosecuting and maintaining such Patent as set forth in Section 7. 3 hereof, shall control such defense at its own expense. The controlling Party shall
permit the non-controlling Party to participate in the proceeding to the extent permissible under Applicable Law, and to be represented by its own counsel in such proceeding, at the non-controlling Party ‘ s expense. If either Party
decides that it does not wish to defend against such action, then the other Party shall have a backup right to assume defense of such Third-Party action at its own expense. Any awards or amounts received in defending any such Third-Party action
shall be allocated between the Parties as provided in Section 7. 5(d). 
 ARTICLE 8 – REPRESENTATIONS AND WARRANTIES 

8.1 Mutual. Each of the Parties hereby represents and warrants to the other Party as of the Effective Date and covenants that: 

(a) Organization. It is a corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction of its
organization, and has all requisite corporate power and authority to execute, deliver and perform this Agreement. 
 (b) Binding
Agreement. This Agreement is a legal and valid obligation binding upon such Party and enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of
creditor rights, judicial principles affecting the availability of specific performance and general principles of equity (whether enforceability is considered a proceeding at law or equity).

(c) Authorization. The execution, delivery and performance of this Agreement by such Party have been duly authorized by all necessary
corporate action and do not conflict with any agreement, instrument, or understanding, oral or written, to which it is a party or by which it is bound, nor violate any Applicable Law or any order, writ, judgment, injunction, decree, determination,
or award of any court or governmental body, or administrative or other agency presently in effect applicable to such Party. 

  
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 (d) No Further Approval. It is not aware of any government authorization, consent,
approval, license, exemption of or filing or registration with any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, under any Applicable Law, currently in effect, necessary for, or in
connection with, the transactions contemplated by this Agreement or any other agreement or instrument executed in connection herewith, or for the performance by it of its obligations under this Agreement and such other agreements (save for
Regulatory Approvals and similar authorizations from Regulatory Authorities necessary for the Exploitation of the Compound and Product s as contemplated hereunder). 

(e) No Inconsistent Obligations. Neither Party is under any obligation, contractual or otherwise, to any Person that conflicts with or
is inconsistent in any material respect with the terms of this Agreement, or that would impede the diligent and complete fulfillment of its obligations hereunder. 

(f) Transparency Reporting. Each Party shall be responsible for tracking and reporting transfers of value initiated and controlled
by its and its Affiliates’ employees, contractors and agents pursuant to the requirements of the marketing reporting laws of any Governmental Authority in the Territory, including Section 6002 of the Patient Protection and Affordable Care
Act, commonly referred to as the “Sunshine Act.” 
 8.2 Licensor. In addition, Licensor represents and warrants to Licensee as of the
Effective Date and covenants that: 
 (a) Licensor has all rights necessary to grant the licenses under the Licensor Intellectual Property
and rights of cross-reference under Licensor Data and Regulatory Materials that it grants to Licensee in this Agreement.
 (b) As of the
Effective Date, the Patents set forth in Exhibit A represent all Patents that Licensor or any of its Affiliates Controls that claim or disclose any Invention necessary for the Exploitation of the Compound or Products in the Field and
Territory. Licensor is the sole and exclusive owner of the entire right, title and interest in the Licensor Patents free of any encumbrance, lien, or claim of ownership by any Third Party.

(c) To Licensor’s Knowledge, there is no actual or threatened infringement or misappropriation of the Licensor Intellectual Property by
any Person in the Territory. 
 (d) The Licensor Patents are being diligently prosecuted in the Territory in accordance with Applicable
Law. To Licensor’s Knowledge, the Licensor Patents have been filed and maintained properly and correctly and all applicable fees have been paid on or before the due date for payment. 

(e) To Licensor’s Knowledge, each of the Licensor Patents properly identifies each and every inventor of the claims thereof as determined
in accordance with Applicable Law of the jurisdiction in which such Licensor Patent is issued or such application is pending. 

  
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 (f) To Licensor’ s Knowledge, the Licensor Know-How has been kept confidential or has
been disclosed to Third Parties only under terms of confidentiality. To the Knowledge of Licensor no breach of such confidentiality has been committed by any Third Party.

(g) The Inventions claimed or disclosed by the Licensor Patents (i) were not conceived, discovered, developed, or otherwise made in
connection with any research activities funded, in whole or in part, by the federal government of the U.S. or any agency thereof, (ii) are not a “subject invention” as that term is described in 35 U.S.C. Section 201(f) and
(iii) are not otherwise subject to the provisions of the Bayh-Dole Act. 
 (h) Neither Licensor nor any of its Affiliates has been
debarred by the FDA (or is subject to any similar sanction of other Regulatory Authorities in the Territory), and neither Licensor nor any of its Affiliates has used, or will engage, in any capacity, in connection with this Agreement or any
ancillary agreements (if any), any Person who either has been debarred by such a Regulatory Authority, or is the subject of a conviction described in Section 306 of the FDCA. Licensor shall inform Licensee in writing promptly if it or any
Person engaged by Licensor or any of its Affiliates who is performing any activities under or in connection with this Agreement or any ancillary agreements (if any) is debarred or is the subject of a conviction described in Section 306 of the
FDCA, or if any action, suit, claim, investigation or legal or administrative proceeding is pending or, to Licensor’s Knowledge, is threatened, relating to the debarment or conviction of Licensor, any of its Affiliates or any such Person
performing activities. 
 (i) To Licensor’s Knowledge, there are no material claims, judgments, or settlements against, or amounts with
respect thereto, owed by Licensor or any of its Affiliates to any Third Parties relating to the Regulatory Materials or the Licensor Intellectual Property in the Territory.

(j) No claim or litigation in the Territory has been brought or, to Licensor’s Knowledge, threatened by any Person alleging, and Licensor
has no Knowledge of any claim, whether or not asserted: (i) that any of the Licensor Patents is invalid or unenforceable, (ii) that the Regulatory Materials, the Licensor Intellectual Property, or the disclosing, copying, making,
assigning, or licensing of the Regulatory Materials or the Licensor Intellectual Property, violates, infringes, or otherwise conflicts or interferes with, or would violate, infringe, or otherwise conflict or interfere with, any intellectual property
or proprietary right of any Person; or (iii) related to the development of the Product, as of the Effective Date. 
 (k) To
Licensor’s Knowledge, Licensor and its Affiliates have provided or made available to Licensee prior to the Effective Date, true, complete and correct copies (as of the Effective Date) of all material adverse information known to Licensor with
respect to the safety and efficacy of any Compound, and all of the foregoing information and documents provided are true, correct and complete in all material respects. 

  
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 (l) Licensor owns all right, title and interest in and to the Licensor Data and Regulatory
Materials to be provided hereunder, and to Licensor’ s Knowledge, Licensor and its Affiliates have generated, prepared, maintained and retained all material Regulatory Materials in the Field that are required to be maintained or retained
pursuant to and in accordance with GCP, GLP and other Applicable Law, and all such information is true, complete and correct in all material respects and what it purports to be. 

8.3 Licensee. In addition, Licensee represents and warrants to Licensor as of the Effective Date and covenants that: 

(a) Licensee has not been debarred by the FDA (and is not subject to any similar sanction of other Regulatory Authorities in the Territory),
and Licensee has not used, and will not engage, in any capacity, in connection with this Agreement, any Person who either has been debarred by such a Regulatory Authority, or is the subject of a conviction described in Section 306 of the
FDCA. Licensee shall inform Licensor in writing promptly if it or any Person engaged by Licensee who is performing services under this Agreement is debarred or is the subject of a conviction described in Section 306 of the FDCA, or if any
action, suit, claim, investigation or legal or administrative proceeding is pending or, to Licensee’s Knowledge, is threatened, relating to the debarment or conviction of Licensee or any such Person performing services hereunder. 

(b) In performing its obligations under this Agreement, or any ancillary agreements (if any), Licensee shall, and shall cause its Affiliates
and Sublicensees to, comply with all Applicable Laws, including any applicable anti-corruption or anti-bribery laws or regulation, of any Governmental Authority with jurisdiction over the activities performed by Licensee or its Affiliates in
furtherance of such obligations. 
 8.4 No Other Representations or Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS ARTICLE 8, THE PARTIES
MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, EITHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND EACH PARTY SPECIFICALLY DISCLAIMS ALL OTHER WARRANTIES, INCLUDING ANY
EXPRESS OR IMPLIED WARRANTY OF QUALITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR WARRANTY OF NON-INFRINGEMENT OR AS TO THE VALIDITY OF ANY PATENTS IN THE TERRITORY. 

  
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 ARTICLE 9 – CONFIDENTIALITY 

9.1 Nondisclosure. Each Party agrees that, during the Term and for a period of [***] thereafter, a Party (the “Receiving Party”)
receiving Confidential Information of the other Party (the “Disclosing Party”) shall (a) maintain in confidence such Confidential Information using at least the level of care that the Receiving Party uses to maintain in
confidence its own confidential or proprietary information of similar kind and value (but not less than reasonable care), (b) not disclose such Confidential Information to any Third Party without the prior written consent of the Disclosing
Party, except for disclosures expressly permitted below, and (c) not use such Confidential Information for any purpose except those permitted by this Agreement (it being understood that this Section 9.1 shall not create or imply any rights
or licenses not expressly granted under this Agreement). Notwithstanding anything to the contrary in the foregoing, the obligations of confidentiality and non-use with respect to any Confidential Information that is a trade secret shall survive
such [***] period for so long as such Confidential Information remains a trade secret under Applicable Law. 
 9.2 Exceptions. The obligations in
Section 9.1 shall not apply with respect to any portion of the Confidential Information that the Receiving Party can show by competent evidence: 

(a) is publicly disclosed by the Disclosing Party, either before or after it is disclosed to the Receiving Party hereunder; 

(b) is rightfully known to the Receiving Party or any of its Affiliates, without any obligation to keep it confidential or any restriction on
its use, prior to disclosure by the Disclosing Party; 
 (c) is subsequently disclosed to the Receiving Party or any of its Affiliates on a
non-confidential basis by a Third Party that, to the Receiving Party’s Knowledge, is not bound by a similar duty of confidentiality or restriction on its use; 

(d) is now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party or any of its Affiliates, generally
known to the public, either before or after it is disclosed to the Receiving Party; 
 (e) is independently discovered or developed by or on
behalf of the Receiving Party or any of its Affiliates without the use of or access to Confidential Information belonging to the Disclosing Party; or 

(f) is the subject of written permission to disclose provided by the Disclosing Party. 

9.3 Authorized Disclosure. The Receiving Party may disclose Confidential Information belonging to the Disclosing Party only to the extent such
disclosure is reasonably necessary in the following instances: 
 (a) filing or prosecuting Patents as permitted by this Agreement; 

 

  
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 (b) filing Regulatory Materials in order to obtain or maintain Regulatory Approvals; 

(c) prosecuting or defending litigation, including responding to a subpoena in a Third Party litigation; 

(d) complying with Applicable Laws or court or administrative orders; 

(e) to its Affiliates, Sublicensees or prospective Sublicensees, subcontractors or prospective subcontractors, payors, consultants, agents and
advisors on a “need-to-know” basis in order for the Receiving Party to exercise its rights or fulfill its obligations under this Agreement, each of whom prior to disclosure must be bound by obligations of confidentiality and restrictions
on use of such Confidential Information that are no less restrictive (except for the duration of such restrictions, which shall be no less than [***]) than those set forth in this Article 9; provided, however, that, in each of the above situations,
the Receiving Party shall remain responsible for any failure by any Person who receives Confidential Information pursuant to this Section 9.3(e) to treat such Confidential Information as required under this Article 9; or 

(f) to its actual or prospective investors, acquirers, merger-partners, and to any investment advisors, each of whom prior to disclosure must
be bound by obligations of confidentiality and restrictions on use of such Confidential Information that are no less restrictive than those set forth in this Article 9 (except for the duration of such restrictions, which shall be no less than five
(5) years); provided, however, that, in each of the above situations, the Receiving Party shall remain responsible for any failure by any Person who receives Confidential Information pursuant to this Section 9.3(f) to treat such
Confidential Information as required under this Article 9. 
 If and whenever any Confidential Information is disclosed in accordance with this
Section 9.3, such disclosure shall not cause any such information to cease to be Confidential Information except to the extent that such disclosure results in a public disclosure of such information (other than by breach of this
Agreement). Notwithstanding the foregoing, in the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to clauses (a) through (d) of this Section 9.3, it shall, except where
impracticable, give reasonable advance notice to the other Party of such disclosure and use not less than the same efforts to secure confidential treatment of such information as it would to protect its own confidential information from disclosure
and shall be jointly and severally liable for any breach of this Article 9 by such Person. 
 9.4 Terms of this Agreement. The Parties acknowledge
that this Agreement and all of the respective terms of this Agreement shall be treated as Confidential Information of both Parties. 
  

  
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 9.5 Publicity. The Parties shall make a joint public announcement of the execution of this Agreement
in the form attached as Exhibit H, which shall be issued at a time to be mutually agreed by the Parties. Except as necessary to comply with any Applicable Law, e ach Party agrees not to issue any other press release or other public
statement disclosing other information relating to this Agreement or the transactions contemplated hereby that contains information not previously publicly disclosed in accordance with this Section 9. 5 without the prior written consent of the
other Party, not to be unreasonably withheld, conditioned or delayed.
 9.6 Securities Filings. Notwithstanding anything to the contrary in this
Article 9, in the event either Party proposes to file with the Securities and Exchange Commission or the securities regulators of any state or other jurisdiction a registration statement or any other disclosure document that describes or refers to
the terms and conditions of this Agreement or any related agreements between the Parties, such Party shall notify the other Party of such intention and shall provide the other Party with a copy of relevant portions of the proposed filing at least
[***] prior to such filing (and any revisions to such portions of the proposed filing a reasonable time prior to the filing thereof), including any exhibits thereto that refer to the other Party or the terms and conditions of this Agreement or any
related agreements between the Parties. The Party making such filing shall cooperate in good faith with the other Party to obtain confidential treatment of the terms and conditions of this Agreement or any related agreements between the Parties
that the other Party requests to be kept confidential or otherwise afforded confidential treatment, and shall only disclose Confidential Information that it is reasonably advised by legal counsel is legally required to be disclosed. No such
notice shall be required if the description of or reference to this Agreement or a related agreement between the Parties contained in the proposed filing has been included in any previous filing made by the either Party in accordance with this
Section 9.6 or otherwise approved by the other Party or disclosed in a prior press release by the Parties or other prior public disclosure made by a Party in accordance with the terms of this Article 9. 

9.7 Publication. Each Party shall submit to the other Party for its review any proposed academic, scientific or medical abstract, poster,
publication or public presentation (substantially in final form) that is related to the Compound or any Product, Joint Know-How or Joint Invention, at least [***] before submission for publication or presentation (the “Review
Period”). The publishing Party will reasonably consider comments submitted by the reviewing Party during the Review Period and delete any of the reviewing Party’s Confidential Information identified therein. In addition, the
publishing Party agrees to delay submission for at least [***] after the Review Period if the reviewing Party demonstrates reasonable need for such extension for the preparation and filing of patent applications on subject matter described in the
publication. Each Party will comply with standard academic practice regarding authorship of scientific publications and recognition of contribution of other parties in any publication governed by this Section 9.7, including International
Committee of Medical Journal Editors standards regarding authorship and contributions. 
  

  
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 9.8 Equitable Relief. Given the nature of the Confidential Information and the competitive damage that
could result to a Party upon unauthorized disclosure, use or transfer of its Confidential Information to any Third Party, the Parties agree that monetary damages may not be a sufficient remedy for any breach of this Article 9. In addition to all
other remedies, a Party shall be entitled to seek specific performance and injunctive and other equitable relief as a remedy for any breach or threatened breach of this Article 9. 

ARTICLE 10 – TERM AND TERMINATION 

10.1 Term. This Agreement shall become effective as of the Effective Date and shall continue in full force and effect until the expiration of this
Agreement as described in this Section 10.1, unless earlier terminated pursuant to this Article 10 (the “Term”). This Agreement shall expire as follows: 

(a) on a country-by-country and Product-by-Product basis, upon the expiration of the Royalty Term with respect to each Product in each country
in the Territory, as applicable; or 
 (b) in its entirety, upon the expiration of the Royalty Term with respect to the last Product
Commercialized in the last country in the Territory. 
 Following the expiration of the applicable Royalty Term, the license granted by Licensor to Licensee
in Section 2.1 with respect to such Product in such country shall become fully-paid up, royalty-free, exclusive and perpetual. 
 10.2 Termination
for Material Breach. 
 (a) Either Party (the “Non-breaching Party”) may terminate this Agreement in its entirety in
the event the other Party (the “Breaching Party”) has materially breached this Agreement, and such material breach has not been cured within [***] (other than any breach for failure to pay, which shall be [***] after receipt of
written notice of such breach by the Breaching Party from the Non-Breaching Party (the “Cure Period”); provided, however, to the extent termination is for uncured breach by Licensee, such termination shall apply only to those
countries in the Territory to which such breach relates. The written notice describing the alleged material breach shall provide sufficient detail to put the Breaching Party on notice of such material breach. Any termination of this Agreement
pursuant to this Section 10.2(a) shall become effective at the end of the Cure Period, unless the Breaching Party has cured any such material breach prior to the expiration of such Cure Period, or unless such allegedly breaching Party disputes
such breach pursuant to Section 10.2(b) in a timely manner. The right of either Party to terminate this Agreement as provided in this Section 10.2(a) shall not be affected in any way by such Party’s waiver of or failure to take
action with respect to any previous breach under this Agreement. 
  

  
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 (b) If the Parties reasonably and in good faith disagree as to whether there has been a
material breach, including whether such breach was material, the Party that disputes whether there has been a material breach may contest the allegation in accordance with Article 11. Notwithstanding anything to the contrary contained in
Section 10.2(a), the Cure Period for any Dispute shall run from the date that written notice was first provided to the Breaching Party by the Non-Breaching Party through the resolution of such Dispute pursuant to Article 11, and it is
understood and acknowledged that, during the pendency of a Dispute pursuant this Section 10.2(b), all of the terms and conditions of this Agreement shall remain in effect, and the Parties shall continue to perform all of their respective obli
gations under this Agreement, other than any obligation to make any payment hereunder to the extent it is the subject of such Dispute, which payment shall be tolled until the final outcome of such Dispute has been established in accordance with
Article 11. 
 10.3 Termination by Licensee. Licensee shall have the unilateral right to terminate this Agreement (in whole or in part) at any
time, for any reason or no reason, upon at least [***] prior written notice to Licensor. Licensee’s termination notice shall specify whether it applies only with respect to the entire Agreement or only certain Patents and/or countries.

10.4 Termination for Patent Challenge. Licensor may terminate this entire Agreement at any time upon providing written notice to Licensee, if
Licensee, or any of its Affiliates, or its or their Sublicensees (each, a “Challenging Party”), directly or indirectly (through assistance granted to a Third Party), commences any interference or opposition proceeding, challenges
the validity or enforceability of, or opposes any extension of or the grant of a supplementary protection certificate with respect to (a “Patent Challenge”) any Licensor Patent or any other Patent owned or controlled by Licensor
that claims or discloses the composition of matter or the method of making or using the Compound or any Product, anywhere in the Territory (except for a country in the Territory in which this Agreement has been terminated). However,
Licensor’s right to terminate this Agreement under this Section 10.4 shall not apply to in the case where the Challenging Party is (a) an Affiliate of Licensee that first becomes an Affiliate of Licensee after the Effective Date of
this Agreement in connection with a merger or acquisition event or (b) a Sublicensee, and where such Affiliate or Sublicensee was undertaking activities in connection with a Patent Challenge prior to such merger or acquisition event or the
grant of such sublicense. 
 10.5 Termination for Insolvency. 

(a) Either Party may terminate this Agreement in its entirety upon providing written notice to the other Party on or after the time that such
other Party makes a general assignment for the benefit of creditors, files an insolvency petition in bankruptcy, petitions for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or conserve its business or any
substantial part of its assets, commences under the laws of any jurisdiction any proceeding involving its insolvency, bankruptcy, reorganization, adjustment of debt, dissolution, liquidation or any other similar proceeding for the release of
financially distressed debtors, or becomes a party to any proceeding or action of the type described above, and such proceeding or action remains un-dismissed or un-stayed for a period of more than [***]. 

 

  
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 (b) All rights and licenses granted under or pursuant to this Agreement are, and shall
otherwise be deemed to be, for purposes of Section 365(n) of Title 11 of the United States Code and other similar laws in any other jurisdiction outside of the Territory (collectively, the “Bankruptcy Laws”), licenses of rights
to “intellectual property” as defined under the Bankruptcy Laws. If a case is commenced during the Term by or against a Party under Bankruptcy Laws then, unless and until this Agreement is rejected as provided pursuant to such
Bankruptcy Laws, such Party (in any capacity, including debtor-in-possession) and its successors and assigns (including a Title 11 trustee) shall perform all of the obligations in accordance with this Agreement. If a case is commenced during
the Term by or against a Party under the Bankruptcy Laws, and if this Agreement is rejected as provided for under the Bankruptcy Laws and the non-bankrupt Party elects to retain its rights hereunder as provided for under the Bankruptcy Laws, then
the Party subject to such case under the Bankruptcy Laws (in any capacity, including debtor-in-possession) and its successors and assigns (including a Title 11 trustee) shall provide to the non-bankrupt Party copies of all Patents and Information
necessary for the non-bankrupt Party to prosecute, maintain and enjoy its rights under the terms of this Agreement. All rights, powers and remedies of the non-bankrupt Party as provided herein are in addition to and not in substitution for any
and all other rights, powers and remedies now or hereafter existing at law or in equity (including the Bankruptcy Laws) in the event of the commencement of a case by or against a Party under the Bankruptcy Laws. In particular, it is the
intention and understanding of the Parties to this Agreement that the rights granted to the Parties under this Section 10.5 are essential to the Parties’ respective businesses and the Parties acknowledge that damages are not an adequate
remedy.
 10.6 Effects of Termination. All of the following effects of termination are in addition to the other rights and remedies that may be
available to either of the Parties under this Agreement and shall not be construed to limit any such rights or remedies. Upon the termination of this Agreement: 

(a) Notwithstanding anything contained in this Agreement to the contrary, all rights and licenses granted herein to Licensee shall terminate
in the terminated countries and Licensee shall cease any and all Development and Commercialization activities with respect to the Compound and Products in such terminated countries; 

(b) All payment obligations hereunder shall terminate, other than those that are accrued and unpaid as of the effective date of such
termination; 
 (c) Licensor shall thereafter have all rights, on a fully paid-up and royalty-free basis, previously licensed to Licensee
hereunder and the license granted to Licensor by Licensee under Section 2.2 shall remain in effect (except in the event of a termination of this Agreement by Licensee pursuant to Section 10.2 or Section 10.5, in which case such
license shall immediately cease to be of any further force or effect upon the effective date of termination of this Agreement); 
  

  
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 (d) Licensee shall in good faith coordinate the wind-down of Licensee’s efforts under
this Agreement with respect to such terminated countries, and Licensee, as soon as reasonably practical after the effective date of such termination, shall provide to Licensor, as applicable and to the extent permitted under any applicable Third
Party contract (i) any Information, including copies of all data and results generated from any Clinical Trial, and the like developed by or for the benefit of Licensee relating to the Product s (excluding any CVC Combination Product) in such
countries, and (ii) other documents to the extent relating to such Product that are necessary in the continued Development, Commercialization and Manufacture of any such Product (including material documents and agreements relating to the
sourcing and Manufacture for sale, promotion, distribution, or use of such Product) in such terminated countries. Licensee shall cooperate with Licensor to provide a transfer of such material Information and documents. At Licensor’s
request, Licensee shall assign to Licensor any and all agreements to which Licensee ( or its Affiliate) and a Third Party are parties, and that govern the Development, Commercialization and Manufacturing activities conducted in connection with the
Products (excluding any CVC Combination Product) prior to such termination, or if such assignment is not permitt ed under the relevant agreement: (A) grant to Licensor other rights to provide to Licensor the benefit of such non-assignable
agreement, at Licensor’s expense, to the extent permitted under the terms of such non-assignable agreement; or (B) to the extent not permitted under the terms of such non-assignable agreement, the Parties shall discuss in good faith an
alternative solution to enable Licensor to receive, at Licensor’ s expense, the benefit of the terms of such non-assignable agreement. In addition to the actions contemplated in this Section 10.6 (d), Licensee shall take such other actions
and execute such other instruments, assignments and documents as may be necessary to effect the transfer of rights to the Product hereunder to Licensor ; 

(e) Subject to the payment of all amounts required under Section 10.6(b) above, Licensee shall have the right to sell or otherwise
dispose of any inventory of Products on hand at the time of such termination or in the process of Manufacturing; provided, however, Licensee shall, at Licensor’s election, either destroy or return to Licensor any Product that has not been sold
or used within [***] following such termination;
 (f) Licensee shall transfer and assign to Licensor any and all Regulatory Materials and
Regulatory Approvals directly and solely related to any Product (excluding any CVC Combination Product or any other Combination Product containing an API not Controlled by Licensee) in such terminated countries, including any Regulatory Materials
previously assigned by Licensor to Licensee and Product INDs and, upon Licensor’s request, shall make available to Licensor any other relevant information reasonably related to such Regulatory Materials and Regulatory Approvals; 

(g) Licensor shall have the right to assume all prosecution, maintenance, and enforcement activities under Article 7 with respect to Licensor
Patents in such terminated countries. Licensee shall cooperate with Licensor and provide Licensor with reasonable assistance and cooperation with the prosecution, maintenance, and enforcement activities with respect to the Licensor Patents; and 

  
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 (h) The provisions in Section 2.3 (c) shall apply in the case of a termination of this
Agreement by Licensor pursuant to Sections 10.2, 10.3, 10.4 or 10.5. 
 10.7 Licensee Compound Invention; Joint Invention. Upon any expiration or
termination of this Agreement, Licensee agrees to assign and does hereby assign to Licensor all of Licensee’s rights, title and interests (including without limitation, Patent rights) in and to all Licensee Compound Inventions, if any, without
representation or warranty of any kind. Licensee agrees to reasonably cooperate with Licensor in transferring tangible Information related to Licensee Compound Inventions to Licensor. Automatically upon any expiration or termination of
this Agreement, without any further action required by the Parties, each Party (the “Licensing Party”) shall be deemed to grant to the other Party, and the other Party shall be deemed to accept, a non-exclusive, unrestricted,
sublicenseable, perpetual, irrevocable, paid-up, royalty-free, worldwide license under the Licensing Party’s joint ownership rights in the Joint Inventions (including under any Patent rights claiming such Invention) to Exploit the Joint
Inventions in all fields of use. 
 10.8 Remedies. Notwithstanding anything to the contrary in this Agreement, except as otherwise set
forth in this Agreement, termination or expiration of this Agreement shall not relieve the Parties of any liability or obligation which accrued hereunder prior to the effective date of such termination or expiration, nor prejudice either
Party’s right to obtain performance of any obligation. Each Party shall be free, pursuant to Article 11, to seek, without restriction as to the number of times it may seek, damages, expenses and remedies that may be available to it under
Applicable Law or in equity and shall be entitled to offset the amount of any damages and expenses obtained against the other Party in a final determination under Section 11.3, against any amounts otherwise due to such other Party under this
Agreement. 
 10.9 Survival. The following provisions shall survive any expiration or termination of this Agreement for the period of
time specified therein (or, if no such period is specified, indefinitely): Sections 2.5, 6.11, 7.1, 7.3(a), 7.3(c) (but only with respect to any Joint Patents), 7.5(c) and 7.6; Article 8 (Representations and Warranties); Article 9 (Confidentiality);
Article 10 (Term and Termination); Article 11 (Dispute Resolution); Article 12 (Indemnification); and Article 13 (Miscellaneous). 

ARTICLE 11 – DISPUTE RESOLUTION 

11.1 Exclusive Dispute Resolution Mechanism. Except as expressly provided in Section 9.8, the Parties agree that the procedures set forth
in this Article 11 shall be the exclusive mechanism for resolving any dispute, controversy, or claim between the Parties that may arise from time to time pursuant to this Agreement relating to either Party’s rights or obligations hereunder
(each, a “Dispute”) that is not resolved through good faith negotiation between the Parties. 
  

  
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 11.2 Resolution by Executive Officers. Except as otherwise provided in this Section 11. 2,
in the event of any Dispute, the Parties shall first attempt in good faith to resolve such Dispute by negotiation and consultation between themselves. In the event that such Dispute is not resolved on an informal basis within [***] after
receipt of written notice of such Dispute by a Party, the Parties shall refer the Dispute to their respective senior executive officers (or his/her delegate) for attempted resolution by good faith negotiation. In the event the Dispute is not
resolved the Parties’ senior executive officers (or his/her delegate) within [***] after the matter has been referred to them, then each Party may, in its sole discretion, seek resolution of such Dispute in accordance with Section 11.3.

 11.3 Litigation. Any unresolved Dispute which was subject to Section 11.2, shall be finally settled and resolved by binding
arbitration in accordance with the Rules of the International Chamber of Commerce (the “ICC Rules ”), as further agreed by the Parties as follows: the place of arbitration shall be New York, New York, USA and all proceedings,
evidence and communications shall be in English. The arbitral tribunal shall consist of three (3) arbitrators acceptable to the Parties who shall be fluent in English. In such a case, each Party shall select one (1) arbitrator within [***]
after giving or receiving the demand for arbitration. Such arbitrators shall be freely selected by each Party, and the Parties shall not be limited in their selection to any prescribed list. The third arbitrator shall be an independent
individual with appropriate subject matter expertise and not less than fifteen (15) years of relevant experience jointly appointed by the two (2) arbitrators within [***] after both arbitrators have been selected, or, failing agreement, as
provided in the ICC Rules. The governing law shall be as set forth in Section 13.10 without regard to principles of conflicts of law, excluding the Vienna Convention (1980) on the International Sale of Goods and any choice of law rules
which may direct the application of the laws of another state. The arbitration shall be completed within [***] after the third arbitrator is selected. The arbitration decision and award shall be in writing and comply with all terms and
conditions in this Agreement, and shall be final and binding upon all Parties without right to appeal, and all Parties agree to be bound by the terms of the decision and award, if any, and to act accordingly. The Parties acknowledge and agree
that this Agreement and any award rendered pursuant hereto shall be governed by the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards, and judgment on the arbitration award may be entered in any court having jurisdiction
thereof. Except to the extent necessary to confirm an award or as may be required by law, neither a Party nor an arbitrator may disclose the existence, content, or results of arbitration without the prior written consent of both Parties. Each Party
shall bear its own costs, expenses, attorneys’ fees, arbitrator’s fees and an equal share of the third arbitrator’s fees and any administrative fees of arbitration regardless of the outcome of such arbitration.

11.4 Preliminary Injunctions. Notwithstanding anything in Section 11.3 or elsewhere in this Agreement to the contrary, a Party may
seek a temporary restraining order or a preliminary injunction from any court of competent jurisdiction in order to prevent immediate and irreparable injury, loss, or damage on a provisional basis, pending the decision of the arbitrator(s) on the
ultimate merits of any Dispute. 
  

  
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 11.5 Confidentiality. Any and all activities conducted under Article 11, including any and all
proceedings and decisions under Section 11.3, shall be deemed Confidential Information of each of the Parties, and shall be subject to Article 9. 

11.6 WAIVER OF RIGHT TO JURY TRIAL. IN CONNECTION WITH THE PARTIES’ RIGHTS UNDER SECTION 11.3, EACH PARTY, TO THE EXTENT PERMITTED BY
APPLICABLE LAWS, KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR OTHER LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS IT CONTEMPLATES. THIS WAIVER APPLIES TO ANY
ACTION OR LEGAL PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. 
 ARTICLE 12 – INDEMNIFICATION

12.1 Indemnification by Licensee. Licensee hereby agrees to defend, indemnify and hold harmless Licensor and its Affiliates, and each of their
respective directors, officers, employees, agents and representatives (each, a “Licensor Indemnitee”) from and against any and all claims, suits, actions, demands, liabilities, expenses and/or loss, including reasonable legal
expenses and attorneys’ fees (collectively, the “Losses”), to which any Licensor Indemnitee may become subject as a result of any claim, demand, action or other proceeding by any Third Party (each, a “Claim”)
to the extent such Losses arise directly or indirectly out of: (a) the practice by Licensee or its Affiliate of any license granted to it under Article 2; (b) the use, handling, storage, sale or other disposition of the Compound or
Products by Licensee, or its Affiliate or Sublicensee, including any use of the Compound or Products for Development, Manufacture and Commercialization; (c) the breach by Licensee of any warranty, representation, covenant or agreement made by
Licensee in this Agreement; (d) the negligence, gross negligence or willful misconduct (including to the extent such negligence, gross negligence or willful misconduct gives rise to Product Liabilities under any legal theory) of Licensee, or
its Affiliate or Sublicensee, or any officer, director, employee, agent or representative thereof; except, with respect to each of subsections (a) through (d) above, to the extent such Losses arise directly or indirectly from (i) the
negligence, gross negligence or willful misconduct of any Licensor Indemnitee, (ii) the Manufacture by or on behalf of Licensor of the Compound giving rise to the Claim, or (iii) the breach by Licensor of any warranty, representation,
covenant or agreement made by Licensor in this Agreement. 
 12.2 Indemnification by Licensor. Licensor hereby agrees to defend, indemnify and
hold harmless Licensee and its Affiliates and each of their respective directors, officers, employees, agents and representatives (each, an “Licensee Indemnitee”) from and against any and all Losses to which any Licensee Indemnitee
may become subject as a result of any Claim to the extent such Losses arise directly or indirectly out of: (a) the breach by Licensor of any warranty, representation, covenant or agreement made by Licensor in this Agreement; or (b) the
negligence or willful misconduct of Licensor or any of its Affiliates or other licensees, or any officer, director, employee, agent or representative thereof; except, with respect to each of subsections (a) and (b) above, to the extent
such Losses arise directly or indirectly from the (i) negligence, gross negligence or willful misconduct of any Licensee Indemnitee or (ii) the breach by Licensee of any warranty, representation, covenant or agreement made by Licensee in
this Agreement. 
  

  
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 12.3 Indemnification Procedures. 

(a) Notice. Promptly after any Indemnitee receives notice of a pending or threatened Claim, such Indemnitee shall give written notice
of the Claim to the Party from whom the Indemnitee is entitled to receive indemnification pursuant to Sections 12.1 or 12.2, as applicable (the “Indemnifying Party”). However, an Indemnitee’s delay in providing or failure
to provide such notice shall not relieve the Indemnifying Party of its indemnification obligations, except to the extent it can demonstrate prejudice due to the delay or lack of notice. 

(b) Defense. Upon receipt of notice under Section 12.3(a) from the Indemnitee, the Indemnifying Party shall have the duty to
either compromise or defend, at its own expense and by counsel (reasonably satisfactory to Indemnitee), such Claim. The Indemnifying Party shall promptly (and in any event not more than [***] after receipt of the Indemnitee’s original
notice) notify the Indemnitee in writing that it acknowledges its obligation to indemnify the Indemnitee with respect to the Claim pursuant to this Article 12 and of its intention either to compromise or defend such Claim. Once the Indemnifying
Party gives such notice to the Indemnitee, the Indemnifying Party is not liable to the Indemnitee for the fees of other counsel or any other expenses subsequently incurred by the Indemnitee in connection with such defense, other than the
Indemnitee’s reasonable expenses of investigation and cooperation. However, the Indemnitee shall have the right to employ separate counsel and to control the defense of a Claim at its own expense. 

(c) Cooperation. The Indemnitee shall cooperate fully with the Indemnifying Party and its legal representatives in the investigation
and defense of any Claim. The Indemnifying Party shall keep the Indemnitee informed on a reasonable and timely basis as to the status of such Claim (to the extent the Indemnitee is not participating in the defense of such Claim) and conduct the
defense of such Claim in a prudent manner. 
 (d) Settlement. If an Indemnifying Party assumes the defense of a Claim, no compromise
or settlement of such Claim may be effected by the Indemnifying Party without the Indemnitee’s written consent (which consent shall not be unreasonably withheld, conditioned or delayed), unless: (i) there is no finding or admission of any
violation of law or any violation of the rights of any person and no effect on any other claims that may be made against the Indemnitee; (ii) the sole relief provided is monetary damages that are paid in full by the Indemnifying Party; and
(iii) the Indemnitee’s rights under this Agreement are not adversely affected. If the Indemnifying Party fails to assume defense of a Claim within a reasonable time, the Indemnitee may settle such Claim on such terms as it deems
appropriate with the consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed), and the Indemnifying Party shall be obligated to indemnify the Indemnitee for such settlement as provided in this
Article 12. 
 12.4 Limitation of Liability. EXCEPT FOR A PARTY’S OBLIGATIONS SET FORTH IN THIS ARTICLE 12, AND ANY BREACH OF ARTICLE 9
(CONFIDENTIALITY), IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY (OR THE OTHER PARTY’S AFFILIATES OR SUBLICENSEES) IN CONNECTION WITH THIS AGREEMENT 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
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FOR LOST REVENUE, LOST PROFITS, LOST SAVINGS, LOSS OF USE, DAMAGE TO GOODWILL, OR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR INDIRECT DAMAGES UNDER ANY THEORY, INCLUDING
CONTRACT, NEGLIGENCE, OR STRICT LIABILITY, EVEN IF THAT PARTY HAS BEEN PLACED ON NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. 
 ARTICLE 13
– MISCELLANEOUS 
 13.1 Notice. Any notice, request, or other communication permitted or required under this Agreement shall be
in writing, shall refer specifically to this Agreement and shall be hand delivered or sent by a recognized overnight delivery service, expenses prepaid, or by facsimile (with transmission confirmed), to the following addresses or to such other
addresses as a Party may designate by written notice in accordance with this Section 13.1: 
 If to Licensor: 

Dong-A ST Co., Ltd. 
 64
Cheonho-daero 
 Dongdaemun-gu 

Seoul 02587 
 Republic of Korea

			
	Attention:	  	[***]
		  	Head of Business Development and Out-licensing Team
	Facsimile:	  	[***]

 Copy to: 

Dong-A ST Co., Ltd. 
 64
Cheonho-daero 
 Dongdaemun-gu 

Seoul 02587 
 Republic of Korea

			
	Attention:	  	[***]
		  	Head of International Legal Affairs
	Facsimile:	  	[***]

 If to Licensee: 

Tobira Therapeutics, Inc. 
 701
Gateway Blvd, Suite 300 
 South San Francisco, CA 94080 

USA 

			
	Attention:	  	[***]
		  	Chief Financial Officer
	Facsimile:	  	[***]

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
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 Copy to: 

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP 

One Marina Park Drive, Suite 900 

Boston, MA 02210 
 USA 

			
	Attention:	  	[***]
	Facsimile:	  	[***]

 13.2 Force Majeure. Both Parties shall be excused from the performance of their obligations under this Agreement
to the extent that such performance is prevented by Force Majeure and the nonperforming Party promptly provides notice of the prevention to the other Party. Such excuse shall be continued so long as the condition constituting Force Majeure
continues and the nonperforming Party takes reasonable efforts to remove the condition. Notwithstanding the foregoing, a Party shall not be excused from making payments owed hereunder because of a Force Majeure affecting such Party. If a
Force Majeure persists for more than [***], then the Parties shall discuss in good faith the modification of the Parties’ obligations under this Agreement in order to mitigate the delays caused by such Force Majeure. 

13.3 Assignment. Each Party may assign or transfer this Agreement or any rights or obligations hereunder to any of its Affiliate, without the other
Party’s prior written consent. Each Party may assign or transfer this Agreement to a successor to all or substantially all of its business or assets that relate to this Agreement (whether by sale of stock or assets, merger, consolidation
or otherwise) with prior written notice to, but without the consent of, the other Party. Upon reasonable request of the non-assigning Party, but without conditioning or limiting the assigning Party’s otherwise unqualified rights of assignment
and transfer under the prior two sentences, the assigning Party shall provide to the non-assigning Party such non-public information (subject to Article 9 hereof) about the assignee which is contained in such request, provided that such information
(a) is in the assigning Party’s possession at the time it receives such request from the non-assigning Party, (b) may be provided by the assigning Party to the non-assigning Party without violating any legal or contractual obligation
that the assigning Party has to the assignee and (c) is reasonably related to the assignee’s capabilities to fulfill the assigning Party’s obligations under this Agreement. Any other assignment or transfer shall require the prior
written consent of the other Party. Any assignee permitted hereunder shall, in writing to the other Party, expressly assume performance of all of the assigning Party’s rights and/or obligations. Any permitted assignment shall be
binding on the successors of the assigning Party. Any assignment or attempted assignment by either Party in violation of the terms of this Section 13.3 shall be null, void and of no legal effect. 

13.4 Severability. If any one or more of the provisions of this Agreement is held to be invalid or unenforceable by any court of competent jurisdiction
from which no appeal can be or is taken, the provision shall be considered severed from this Agreement and shall not serve to invalidate any remaining provisions hereof. The Parties shall make a good faith effort to replace any invalid or
unenforceable provision with a valid and enforceable one such that the objectives contemplated by the Parties when entering this Agreement may be realized. 
  

  
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document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
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 13.5 Waiver and Non-Exclusion of Remedies. Any term or condition of this Agreement may be waived at
any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition. The waiver by either Party
hereto of any right hereunder or of the failure to perform or of a breach by the other Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by such other Party whether of a similar nature or
otherwise. The rights and remedies provided herein are cumulative and do not exclude any other right or remedy provided by Applicable Law or otherwise available except as expressly set forth herein. 

13.6 Further Assurance. Each Party shall duly execute and deliver, or cause to be duly executed and delivered, such further instruments and do and
cause to be done such further acts and things, including the filing of such assignments, agreements, documents, and instruments, as may be necessary or as the other Party may reasonably request in connection with this Agreement or to carry out more
effectively the provisions and purposes hereof. 
 13.7 Relationship of the Parties. It is expressly agreed that Licensor, on the one hand, and
Licensee, on the other hand, shall be independent contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture or agency. Neither Licensor nor Licensee shall have the authority to make any
statements, representations or commitments of any kind, or to take any action which shall be binding on the other, without the prior written consent of the other Party to do so. All persons employed by a Party shall be employees of that Party
and not of the other Party and all expenses and obligations incurred by reason of such employment shall be for the account and expense of such Party. 

13.8 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. This Agreement may be executed by facsimile, .pdf or other electronically transmitted signatures and such signatures shall be deemed to bind each Party hereto as if they were the
original signatures. 
 13.9 Construction. Except where the context otherwise requires, wherever used, the singular shall include the plural, the
plural the singular, and the use of any gender shall be applicable to all genders. Whenever this Agreement refers to a number of days, such number refers to calendar days. The captions of this Agreement are for the convenience of reference
only and in no way define, describe, extend, or limit the scope or intent of this Agreement or the intent of any provision contained in this Agreement. The terms “including,” “include,” or “includes” as used herein
shall mean “including, but not limited to,” and shall not limit the generality of any description preceding such term. The language of this Agreement shall be deemed to be the language mutually chosen by the Parties and no rule of
strict construction shall be applied against either Party hereto. Each Party represents that it has been represented by legal counsel in connection with this Agreement and acknowledges that it has participated in the drafting hereof. In
interpreting and applying the terms and provisions of this Agreement, the Parties agree that no presumption will apply against the Party which drafted such terms and provision. 

 

  
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document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
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 13.10 Governing Laws. This Agreement was prepared in the English language, which language shall govern
the interpretation of, and any dispute regarding, the terms of this Agreement. This Agreement and all disputes arising out of or related to this Agreement or any breach hereof shall be governed by and construed under the laws of the State of
New York, USA, without giving effect to any choice of law principles that would require the application of the laws of a different state. 
 13.11 Entire
Agreement. This Agreement, including the Exhibits hereto, sets forth the complete, final and exclusive agreement and all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties hereto
with respect to the subject matter hereof and supersedes, as of the Effective Date, all prior agreements and understandings between the Parties with respect to the subject matter hereof. There are no covenants, promises, agreements, warranties,
representations, conditions or understandings, either oral or written, between the Parties other than as are set forth herein and therein. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the
Parties unless reduced to writing and signed by an authorized officer of each Party. In the event of any inconsistency between the body of this Agreement and the Exhibits to this Agreement or any subsequent agreements ancillary to this
Agreement, unless otherwise expressly stated to the contrary in such Exhibit or subsequent ancillary agreement, the terms contained in this Agreement shall control. 

13.12 Headings. The headings of each Section, Article and Exhibit in this Agreement have been inserted for convenience of reference only and are not
intended to limit or expand on the meaning of the language contained therein.
 SIGNATURE PAGE FOLLOWS 

 

  
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 IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the Effective Date. 

 

			
	DONG-A ST CO., LTD.
		
	By:	 	             [***]

	Name:	 	            [***]
	Title:	 	            [***]
	
	TOBIRA THERAPEUTICS, INC.
		
	By:	 	             [***]

	Name:	 	            [***]
	Title:	 	            [***]

  

  
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 APPENDIX A 

LIST OF EXHIBITS 
 Exhibit A Licensor
Patents 
 Exhibit B Compound – Chemical Structure and Compound Specifications 

Exhibit C Territory – List of Countries in EU 
 Exhibit D
Initial Development Plan 
 Exhibit E List of Transferred Regulatory Materials 

Exhibit F Supply Terms 
 Exhibit G Example of Royalty
Calculation 
 Exhibit H Form of Press Release 

  
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 EXHIBIT A 

LICENSOR PATENTS 
 (as
of the Effective Date) 
  

											
	 Title
	  	 Jurisdiction
	  	Application No.	  	Application Date	  	Patent No.	  	Issue Date
	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  		  	
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]

  

											
	 Title
	  	 Jurisdiction
	  	Application No.	  	Application Date	  	Patent No.	  	Issue Date
	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  		  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  		  	[***]	  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]

  

  
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 EXHIBIT B 

COMPOUND 
 Chemical
Structure and Compound Specifications 
 [***] 
  

  
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 Compound Specifications 

 

					
	 Items
	 	 	  	 Specification

	[***]	 		  	[***]
	[***]	 		  	[***]
		 		  	[***]
		 		  	[***]
	[***]	 		  	[***]
	[***]	 		  	[***]
	[***]	 		  	[***]
	[***]	 		  	[***]
		 		  	[***]
		 		  	[***]
		 		  	[***]
		 		  	[***]
		 		  	[***]
	[***]	 		  	[***]
	[***]	 		  	[***]
	[***]	 		  	[***]
	[***]	 		  	[***]
	[***]	 		  	

  

  
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 EXHIBIT C 

TERRITORY 
 List of
Countries in EU 
 Austria 
 Belgium 

Bulgaria 
 Croatia 

Republic of Cyprus 
 Czech Republic 

Denmark 
 Estonia 

Finland 
 France 

Germany 
 Greece 

Hungary 
 Ireland 

Italy 
 Latvia 

Lithuania 
 Luxembourg 

Malta 
 Netherlands 

Poland 
 Portugal 

Romania 
 Slovakia 

Slovenia 
 Spain 

Sweden 
 UK 

 

  
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 EXHIBIT D 

INITIAL DEVELOPMENT PLAN 

[***] 
  

  
 [***] Certain information in this
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 EXHIBIT E 

LIST OF TRANSFERRED REGULATORY MATERIALS 
  

  
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 EXHIBIT F 

SUPPLY TERMS 
  

			
	Compound:	  	Licensor will supply the Compound to Licensee in accordance with its purchase orders.
		
	Forecasts:	  	[***] prior to the beginning of each Calendar Quarter during the term of the Parties’ commercial supply agreement, Licensee will provide Licensor with an updated rolling, non-binding, good faith forecast of its requirements
for Compound for the following [***]period.
		
	Exclusivity	  	During the term of the clinical supply agreement and the commercial supply agreement, Licensee will purchase all of its requirements of the Compound for use in Clinical Trials and Commercialization of Products exclusively from
Licensor, unless and to the extent that an “Exclusivity Exception” exists or the relevant supply agreement is terminated by Licensee for cause or by mutual agreement of the Parties. An “Exclusivity Exception” means that
[***]. In the event that Licensee is allowed to obtain the Compound from an alternative supplier, Licensor will provide reasonable assistance and information to Licensee or its Third Party designee, at Licensee’s cost and request, to
enable Licensee to transfer the manufacture of the Compound to Licensee’s designated supplier.
		
	Costs and Expenses:	  	Each of Licensee and Licensor will be responsible for all costs and expenses it incurs in performing its obligations under the supply agreements.
		
	Transfer Price:	  	Licensor will supply the Compound for use in Clinical Trials at the transfer price of [***], plus applicable shipping costs. Licensor will supply the Compound for use in approved Products to be sold in the Territory at a transfer
price equal to t[***]. The commercial supply agreement will include a mechanism for calculating the transfer price of the Compound purchased by Licensee which will be consistent with the foregoing principles. Payment will be made within [***]
after receipt of a correct invoice. [***]
		
	Delivery:	  	Licensor shall deliver the Compound FCA or FOB (Incoterms 2010), on the delivery date(s) set forth in the applicable purchase order.

  
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	Warranty:	  	Licensor shall warrant that the Compound will conform to the agreed-to specifications, and will be manufactured and tested in accordance with all applicable laws, regulations and rules (including current GMP), and the quality
agreement which will be entered into by the Parties as of or prior to the execution of each of the supply agreements.
		
	Term and Termination:	  	Once executed by the Parties, the clinical supply agreement will continue in effect at least until the effective date of the commercial supply agreement. Once executed by the Parties, the commercial supply agreement will
continue in effect for the remainder of the Term of the Agreement. Each supply agreement may be earlier terminated by either Party for the other’s uncured material breach or the other’s insolvency or bankruptcy. Each supply agreement
will terminate upon expiration or termination of the Agreement.
		
	Territory:	  	Except for sales to Licensee or to Licensee’s designated recipients (e.g., any Sublicensee) under the supply agreements, Licensor shall not sell (or permit any third to sell) the Compound to any Third Party within the
Territory or to any Third Party that it knows (or should have known) intends to use or distribute the Compound in the Territory.
		
	Assignment:	  	Neither Party may assign either of the supply agreements without the written consent of the other Party, which consent shall not be unreasonably withheld; provided, either Party may assign the supply agreements to any of its
Affiliates or to any successor to all or substantially all of its business that concerns the applicable manufacturing facility (by sale of assets or equity, divestiture, merger, consolidation or otherwise).
		
	Governing Law:	  	New York, USA.
		
	Other:	  	Both of the supply agreements will include other usual and customary terms and conditions for arrangements of that nature, such as, for example, acceptance, supply issues, confidentiality, and indemnification.

  
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 EXHIBIT G 

EXAMPLE OF ROYALTY CALCULATION 
 The
following table provides non-limiting examples of how the royalties payable by Licensee to Licensor pursuant to Section 6.3 will be calculated, including examples of how Net Sales would be adjusted to account for the sale of Combination
Products: 
  

							
	 Annual Net

Sales in Territory
	 	 Number of APIs in

Product (including the

Compound)
	 	 Annual Net Sales

Attributed to the

Compound
	 	 Royalty

Calculation*

	 [***]
	 	[***]	 	[***]	 	[***]
	 [***]
	 	[***]	 	[***]	 	[***]
	 [***]
	 	[***]	 	[***]	 	[***]
	 [***]
	 	[***]	 	[***]	 	[***]

  

	*	This example assumes that there are no other adjustments to the Net Sales amounts used to calculate the royalty payments to Licensor, including any of the adjustments referenced in Section 6.5 of the Agreement.

  

  
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 EXHIBIT H 

FORM OF PRESS RELEASE 

Tobira Therapeutics and Dong-A ST Enter Into License Agreements for Evogliptin and Cenicriviroc 

Tobira gains rights to second asset for NASH in North America, Europe & Australia 

First combination study with cenicriviroc to begin late 2016 

Conference Call Scheduled for today at 8:30 a.m. ET 

South San Francisco, Calif., and Seoul, Republic of Korea, April 11, 2016— Tobira Therapeutics, Inc. (NASDAQ: TBRA) and Dong-A ST Co., Ltd.
(170900: Korea SE), today announced that the companies have entered into two separate licensing agreements. Tobira has acquired exclusive rights to develop and market evogliptin in combination with cenicriviroc (CVC) and as a single agent in the
United States, Canada, Europe and Australia for all therapeutic indications. Dong-A has received an exclusive license to develop and market CVC, as both a single agent and in combination with evogliptin in the Republic of Korea for all therapeutic
indications. Both companies plan to initiate development programs for the combination of the two agents for the treatment of patients with non-alcoholic steatohepatitis (NASH) and also plan to collaborate on a global Phase 3 program for CVC single
agent for NASH. 
 Under the terms of the agreement, Dong-A received an upfront cash payment of $1.5 million and is eligible to receive up to an additional
$25 million in payments linked to the achievement of Phase 3 completion and approval milestones for the first indication and up to an additional $10 million for additional indications. Dong-A may receive up to an additional $35 million for
commercial milestones. Tobira received an upfront cash payment of $0.5 million and is eligible to receive up to an additional $2.5 million in payments linked to the achievement of similar milestones per indication in the Republic of Korea. In
addition, each party will receive tiered royalty payments based on net sales. Each company is responsible for its own development costs incurred within its respective territory. 

“This relationship with Dong-A is an important step toward our goal of developing much needed combination therapies for the millions of patients
suffering from NASH and to become the preferred partner for companies seeking to develop NASH therapies,” said Laurent Fischer, M.D., chief executive officer of Tobira. “While incretin therapies are already standard of care for diabetes,
they also have the potential to impact the metabolic issues that play a role in NASH disease progression. Evogliptin is a potent DPP-4 inhibitor administered as a small 5mg once-daily tablet and has demonstrated compelling preclinical and
clinical activity. It complements the anti-inflammatory and anti-fibrotic effects of cenicriviroc and has the potential to be combined in a fixed dose combination tablet.” 

 

  
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 Evogliptin (Suganon®) was launched in the Republic
of Korea in March of this year for blood glucose control in patients with type 2 diabetes mellitus. There is a substantial amount of data suggesting that the incretin/GLP-1 pathways targeted by evogliptin are implicated in the progression of
non-alcoholic fatty liver disease (NAFLD) and NASH. The combination of agents is intended to simultaneously address the metabolic pathogenesis of NASH and the inflammation and fibrosis that cause liver damage and often lead to cirrhosis, liver
cancer or liver failure. The ultimate goal is to achieve greater improvement of liver-related outcomes. 
 “We are pleased to be working with Tobira to
further the development of evogliptin in combination with CVC,” said Soo-Hyoung Kang, president & CEO of Dong-A ST Co., Ltd. “Their focus and experience in liver disease will allow us to explore the potential of our drugs to help
patients suffering from non-alcoholic steatohepatitis. NASH is an epidemic that affects millions of people globally, including many people in South Korea, and we are excited to be combining two potentially best-in-class products to develop a much
needed therapy for these patients.” 
 Tobira plans to conduct preclinical toxicology and pharmacokinetics studies with evogliptin required prior to
initiating a Phase 1 study of the CVC-evogliptin combination in late 2016. 
 Conference Call Information 

Tobira will host a conference call today to review details of the agreement beginning at 5:30 a.m. Pacific Time /8:30 a.m. Eastern Time. Analysts and investors
can participate in the conference call by dialing +1 (855) 638-8858 for domestic callers and +1 (707) 294-1299 for international callers, using the conference ID# 87699634. The webcast can be accessed live on the Investor Relations page of
Tobira’s website, http://ir.tobiratx.com, and will be available for replay for 30 days following the call. 
 About Cenicriviroc (CVC) and
Non-alcoholic Steatohepatitis (NASH) 
 CVC is an oral, once-daily, potent immunomodulator that blocks two chemokine receptors, CCR2 and CCR5, which are
intricately involved in the inflammatory and fibrogenic pathways in NASH that cause liver damage and often lead to cirrhosis, liver cancer or liver failure. Tobira believes this novel approach will establish CVC as both a single-agent and as a
cornerstone treatment in multi-therapy regimens for NASH, for which there is currently no approved drug. 
 CVC is currently being evaluated in
Tobira’s fully enrolled global Phase 2b CENTAUR study (identifier NCT02217475) and the company expects to announce the study’s primary endpoint in the third quarter of 2016. CENTAUR is comparing CVC to placebo in 289 patients with
NASH and liver fibrosis. CVC has been granted Fast Track status in patients with NASH and liver fibrosis, the patient population at highest risk of progression to cirrhosis. The CENTAUR study includes surrogate endpoints identified as suitable for
registrational studies in findings of an FDA-AASLD workshop reported in Hepatology. To date, approximately 600 subjects have been dosed with CVC in Phase 1 and Phase 2b clinical studies, including 115 HIV infected subjects on treatment for up to 48
weeks. 
  

  
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 NASH is an emerging health crisis impacting 3% to 5% of the U.S. population and 2% to 4% globally. It is the
fastest growing cause of liver cancer and liver transplant in the U.S. due to the rise in obesity. Additionally, this population is estimated to be three to five times larger than the size of the population with hepatitis C in the U.S. 

About Evogliptin 
 Evogliptin (Suganon®, evogliptin 5mg) is an orally bioavailable, selective dipeptidyl peptidase-4 (DPP-4; CD26 antigen) inhibitor. DPP-4 inhibitors control glucose levels by preventing the breakdown of the incretin
hormones glucose-dependent insulinotropic polypeptide (GIP) and glucagon-like peptide-1 (GLP-1), which stimulate insulin secretion in response to the increased levels of glucose in the period following meals. In October 2015, evogliptin received its
first global approval in the Republic of Korea for blood glucose control in patients with type 2 diabetes mellitus. Evogliptin is not currently approved by the FDA. 

About Dong-A ST 
 Dong-A ST Co., Ltd. specializes in the
discovery, development, manufacture and sales of ethical drugs. It is listed on the Korean stock exchange. For more information, visit http://www.donga-st.com. 

About Tobira Therapeutics 
 Tobira is a clinical-stage
biopharmaceutical company focused on the development and commercialization of therapies to treat liver disease, inflammation, fibrosis and HIV. The company’s lead product candidate, cenicriviroc (CVC), is a first-in-class immunomodulator and
dual inhibitor of CCR2 and CCR5 being evaluated for the treatment of non-alcoholic steatohepatitis (NASH) and HIV. Learn more about Tobira at http://www.tobiratx.com/. 

Tobira® is a registered trademark owned by Tobira Therapeutics, Inc. 

©2016 Tobira Therapeutics, Inc. All Rights Reserved. 

Forward Looking Statements 
 This release contains
forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current knowledge, assumptions, judgment and expectations regarding
future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual results could
differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties including, but not limited to, the company’s clinical development of cenicriviroc (CVC) and
evogliptin; the potential timing and outcomes of clinical studies of CVC and evogliptin undertaken now or in the future; the ability of the company to timely source adequate supply of its 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 63 

			
	Evogliptin	  	
	CONFIDENTIAL	  	Execution Copy

  

 
development products from third party manufacturers on whom the company depends; the company’s limited cash reserves and its ability to obtain additional capital on acceptable terms, or at
all; the company’s ability to successfully progress, partner or complete further development of its programs; the uncertainties inherent in clinical testing; the timing, cost and uncertainty of obtaining regulatory approvals; the company’s
ability to protect the company’s intellectual property; competition; changes in the regulatory landscape or the imposition of regulations that affect the company’s products; and other factors listed under “Risk Factors” in the
company’s other filings with the Securities and Exchange Commission. 
 Tobira Investor & Media Contact: 

Ian Clements, PhD 
 +1 (650) 351-5013 

ir@tobiratx.com 
 Canale Communications Media Contact:

 Pam Lord 
 +1 (619) 849-6003 

pam@canalecomm.com 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 64EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
  

 
 

 
 CREDIT AGREEMENT 

dated as of 
 July 18, 2016 

among 
 GLOBAL BRASS AND COPPER,
INC., 
 as the Borrower 
 GLOBAL
BRASS AND COPPER HOLDINGS, INC., 
 as Holdings 

The Loan Guarantors Party Hereto 

The Lenders Party Hereto 
 BANK OF
AMERICA, N.A. and WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Co-Syndication Agents 

and 
 JPMORGAN CHASE BANK, N.A.,

 as Administrative Agent 
  

 
 JPMORGAN CHASE
BANK, N.A., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED AND WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Joint Bookrunners and
Joint Lead Arrangers 
   

 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
		
	 ARTICLE I – Definitions
	  	 	1	  
	 SECTION 1.01. Defined Terms
	  	 	1	 
	 SECTION 1.02. Classification of Loans and Borrowings
	  	 	40	 
	 SECTION 1.03. Terms Generally
	  	 	40	 
	 SECTION 1.04. Accounting Terms; GAAP
	  	 	41	 
	 SECTION 1.05. Pro Forma Adjustments for Acquisitions and Dispositions
	  	 	41	 
	 SECTION 1.06. Status of Obligations
	  	 	42	 
	 ARTICLE II – The Credits
	  	 	42	 
	 SECTION 2.01. Commitments
	  	 	42	 
	 SECTION 2.02. Loans and Borrowings
	  	 	42	 
	 SECTION 2.03. Requests for Revolving Borrowings
	  	 	43	 
	 SECTION 2.04. Protective Advances
	  	 	44	 
	 SECTION 2.05. Swingline Loans
	  	 	44	 
	 SECTION 2.06. Letters of Credit
	  	 	46	 
	 SECTION 2.07. Funding of Borrowings
	  	 	51	 
	 SECTION 2.08. Interest Elections
	  	 	52	 
	 SECTION 2.09. Termination and Reduction of Commitments; Increase in Revolving
Commitments
	  	 	53	 
	 SECTION 2.10. Repayment of Loans; Evidence of Debt
	  	 	55	 
	 SECTION 2.11. Prepayment of Loans
	  	 	56	 
	 SECTION 2.12. Fees
	  	 	58	 
	 SECTION 2.13. Interest
	  	 	59	 
	 SECTION 2.14. Alternate Rate of Interest
	  	 	59	 
	 SECTION 2.15. Increased Costs
	  	 	60	 
	 SECTION 2.16. Break Funding Payments
	  	 	61	 
	 SECTION 2.17. Withholding of Taxes; Gross-Up
	  	 	62	 
	 SECTION 2.18. Payments Generally; Allocation of Proceeds; Sharing of Set-offs
	  	 	65	 
	 SECTION 2.19. Mitigation Obligations; Replacement of Lenders
	  	 	68	 
	 SECTION 2.20. Defaulting Lenders
	  	 	69	 
	 SECTION 2.21. Returned Payments
	  	 	71	 
	 SECTION 2.22. Banking Services and Swap Agreements
	  	 	71	 
	 ARTICLE III – Representations and Warranties
	  	 	72	 
	 SECTION 3.01. Organization; Powers
	  	 	72	 
	 SECTION 3.02. Authorization; Enforceability
	  	 	72	 
	 SECTION 3.03. Governmental Approvals; No Conflicts
	  	 	72	 
	 SECTION 3.04. Financial Condition; No Material Adverse Change
	  	 	72	 
	 SECTION 3.05. Properties
	  	 	73	 
	 SECTION 3.06. Litigation and Environmental Matters
	  	 	73	 
	 SECTION 3.07. Compliance with Laws and Agreements
	  	 	73	 
	 SECTION 3.08. Investment Company Status
	  	 	73	 
	 SECTION 3.09. Taxes
	  	 	74	 

					
	 SECTION 3.10. ERISA
	  	 	74	 
	 SECTION 3.11. Disclosure
	  	 	74	 
	 SECTION 3.12. Material Agreements
	  	 	74	 
	 SECTION 3.13. Solvency
	  	 	74	 
	 SECTION 3.14. Insurance
	  	 	75	 
	 SECTION 3.15. Capitalization and Subsidiaries
	  	 	75	 
	 SECTION 3.16. Security Interest in Collateral
	  	 	75	 
	 SECTION 3.17. Employment Matters
	  	 	75	 
	 SECTION 3.18. Federal Reserve Regulations
	  	 	76	 
	 SECTION 3.19. Use of Proceeds
	  	 	76	 
	 SECTION 3.20. No Burdensome Restrictions
	  	 	76	 
	 SECTION 3.21. Anti-Corruption Laws and Sanctions
	  	 	76	 
	 SECTION 3.22. EEA Financial Institutions
	  	 	76	 
	 SECTION 3.23. Status as Senior Debt
	  	 	76	 
	 SECTION 3.24. No Default
	  	 	76	 
	 SECTION 3.25. Business of Holdings
	  	 	76	 
	 ARTICLE IV – Conditions
	  	 	77	 
	 SECTION 4.01. Effective Date
	  	 	77	 
	 SECTION 4.02. Each Credit Event
	  	 	81	 
	 ARTICLE V – Affirmative Covenants
	  	 	82	 
	 SECTION 5.01. Financial Statements; Borrowing Base and Other Information
	  	 	82	 
	 SECTION 5.02. Notices of Material Events
	  	 	86	 
	 SECTION 5.03. Existence; Conduct of Business
	  	 	87	 
	 SECTION 5.04. [Reserved]
	  	 	87	 
	 SECTION 5.05. Maintenance of Properties
	  	 	87	 
	 SECTION 5.06. Books and Records; Inspection Rights
	  	 	87	 
	 SECTION 5.07. Compliance with Laws
	  	 	88	 
	 SECTION 5.08. Use of Proceeds
	  	 	88	 
	 SECTION 5.09. Accuracy of Information
	  	 	88	 
	 SECTION 5.10. Insurance
	  	 	88	 
	 SECTION 5.11. Casualty and Condemnation
	  	 	89	 
	 SECTION 5.12. Appraisals
	  	 	89	 
	 SECTION 5.13. Depository Banks
	  	 	89	 
	 SECTION 5.14. Additional Collateral; Further Assurances
	  	 	89	 
	 SECTION 5.15. Post-Closing Matters
	  	 	91	 
	 ARTICLE VI – Negative Covenants
	  	 	91	 
	 SECTION 6.01. Indebtedness
	  	 	91	 
	 SECTION 6.02. Liens
	  	 	94	 
	 SECTION 6.03. Fundamental Changes
	  	 	96	 
	 SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions
	  	 	97	 
	 SECTION 6.05. Asset Sales
	  	 	99	 
	 SECTION 6.06. Sale and Leaseback Transactions
	  	 	101	 
	 SECTION 6.07. Swap Agreements
	  	 	101	 
	 SECTION 6.08. Restricted Payments; Certain Payments of Indebtedness
	  	 	101	 
	 SECTION 6.09. Transactions with Affiliates
	  	 	102	 
	 SECTION 6.10. Restrictive Agreements
	  	 	103	 
	 SECTION 6.11. Amendment of Material Documents
	  	 	104	 

					
	 SECTION 6.12. Fixed Charge Coverage Ratio
	  	 	104	 
	 SECTION 6.13. Holding Company
	  	 	104	 
	 ARTICLE VII – Events of Default
	  	 	104	 
	 ARTICLE VIII – The Administrative Agent
	  	 	107	 
	 SECTION 8.01. Appointment
	  	 	107	 
	 SECTION 8.02. Rights as a Lender
	  	 	108	 
	 SECTION 8.03. Duties and Obligations
	  	 	108	 
	 SECTION 8.04. Reliance
	  	 	109	 
	 SECTION 8.05. Actions through Sub-Agents
	  	 	109	 
	 SECTION 8.06. Resignation
	  	 	109	 
	 SECTION 8.07. Non-Reliance
	  	 	110	 
	 SECTION 8.08. Other Agency Titles
	  	 	111	 
	 SECTION 8.09. Not Partners or Co-Venturers; Administrative Agent as Representative of the
Secured Parties Bankruptcy; Credit Bidding
	  	 	111	 
	 SECTION 8.10. Flood Laws
	  	 	113	 
	 ARTICLE IX – Miscellaneous
	  	 	113	 
	 SECTION 9.01. Notices
	  	 	113	 
	 SECTION 9.02. Waivers; Amendments
	  	 	115	 
	 SECTION 9.03. Expenses; Indemnity; Damage Waiver
	  	 	118	 
	 SECTION 9.04. Successors and Assigns
	  	 	120	 
	 SECTION 9.05. Survival
	  	 	124	 
	 SECTION 9.06. Counterparts; Integration; Effectiveness
	  	 	124	 
	 SECTION 9.07. Severability
	  	 	125	 
	 SECTION 9.08. Right of Setoff
	  	 	125	 
	 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	125	 
	 SECTION 9.10. WAIVER OF JURY TRIAL
	  	 	126	 
	 SECTION 9.11. Headings
	  	 	126	 
	 SECTION 9.12. Confidentiality
	  	 	126	 
	 SECTION 9.13. Several Obligations; Nonreliance; Violation of Law
	  	 	127	 
	 SECTION 9.14. USA PATRIOT Act
	  	 	127	 
	 SECTION 9.15. Disclosure
	  	 	127	 
	 SECTION 9.16. Appointment for Perfection
	  	 	128	 
	 SECTION 9.17. Interest Rate Limitation
	  	 	128	 
	 SECTION 9.18. Marketing Consent
	  	 	129	 
	 SECTION 9.19. Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	  	 	129	 
	 SECTION 9.20. Intercreditor Agreement
	  	 	129	 
	 SECTION 9.21. No Advisory or Fiduciary Responsibility
	  	 	130	 
	 ARTICLE X – Loan Guaranty
	  	 	130	 
	 SECTION 10.01. Guaranty
	  	 	130	 
	 SECTION 10.02. Guaranty of Payment
	  	 	131	 
	 SECTION 10.03. No Discharge or Diminishment of Loan Guaranty
	  	 	131	 
	 SECTION 10.04. Defenses Waived
	  	 	132	 
	 SECTION 10.05. Rights of Subrogation
	  	 	132	 
	 SECTION 10.06. Reinstatement; Stay of Acceleration
	  	 	132	 
	 SECTION 10.07. Information
	  	 	132	 
	 SECTION 10.08. Termination
	  	 	133	 
	 SECTION 10.09. [Reserved]
	  	 	133	 

					
	 SECTION 10.10. Maximum Liability
	  	 	133	 
	 SECTION 10.11. Contribution
	  	 	133	 
	 SECTION 10.12. Liability Cumulative
	  	 	134	 
	 SECTION 10.13. Keepwell
	  	 	134	 

 SCHEDULES: 

Commitment Schedule 
 Schedule 3.05 — Properties 

Schedule 3.06 — Disclosed Matters 
 Schedule 3.14 —
Insurance 
 Schedule 3.15 — Capitalization and Subsidiaries 

Schedule 5.01 — Effective Date Schedule of Metal Value 

Schedule 6.01 — Existing Indebtedness 
 Schedule 6.02 —
Existing Liens 
 Schedule 6.04 — Existing Investments 

Schedule 6.09 — Transactions with Affiliates 
 Schedule 6.10
— Existing Restrictions 
 EXHIBITS: 

Exhibit A — Form of Assignment and Assumption 
 Exhibit B
— Form of Opinion of Loan Parties’ Counsel 
 Exhibit C — Form of Borrowing Base Certificate 

Exhibit D — Form of Compliance Certificate 
 Exhibit E —
Joinder Agreement 
 Exhibit F-1 — U.S. Tax Certificate (For Foreign Lenders that are not Partnerships for U.S. Federal Income Tax Purposes) 

Exhibit F-2 — U.S. Tax Certificate (For Foreign Participants that are not Partnerships for U.S. Federal Income Tax Purposes) 

Exhibit F-3 — U.S. Tax Certificate (For Foreign Participants that are Partnerships for U.S. Federal Income Tax Purposes) 

Exhibit F-4 — U.S. Tax Certificate (For Foreign Lenders that are Partnerships for U.S. Federal Income Tax Purposes) 

 CREDIT AGREEMENT dated as of July 18, 2016 (as it may be amended or modified from time to time,
this “Agreement”) among Global Brass and Copper, Inc., as the Borrower, Global Brass and Copper Holdings, Inc., as Holdings, the other Loan Parties party hereto, the Lenders party hereto, and JPMORGAN CHASE BANK, N.A., as
Administrative Agent. 
 The parties hereto agree as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified
below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, bear interest at a rate determined by reference to the Alternate Base Rate. 
 “Account” has the meaning
assigned to such term in the Security Agreement. 
 “Account Debtor” means any Person obligated on an Account. 

“Acquisition” means any transaction, or any series of related transactions, consummated on or after the Effective Date, by
which any Loan Party or any Subsidiary (a) acquires any going business or all or substantially all of the assets of any Person, whether through purchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as
the most recent transaction in a series of transactions) at least a majority (in number of votes) of the Equity Interests of a Person which has ordinary voting power for the election of directors or other similar management personnel of a Person
(other than Equity Interests having such power only by reason of the happening of a contingency) or a majority of the outstanding Equity Interests of a Person. 

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period or for any ABR Borrowing, an
interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means JPMorgan Chase Bank, N.A. (including its branches and Affiliates), in its capacity as
administrative agent for the Lenders hereunder.
 “Administrative Questionnaire” means an Administrative Questionnaire in a
form supplied by the Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the specified Person. 

  
 1 

 “Aggregate Revolving Commitment” means, at any time, the aggregate of the
Revolving Commitments of all of the Lenders, as increased or reduced from time to time pursuant to the terms and conditions hereof. As of the Effective Date, the Aggregate Revolving Commitment is $200,000,000. 

“Aggregate Revolving Exposure” means, at any time, the aggregate Revolving Exposure of all the Lenders at such time (with the
Swingline Exposure of each Lender calculated assuming that all of the Lenders have funded their participations in all Swingline Loans outstanding at such time). 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day,
(b) the NYFRB Rate in effect on such day plus  1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a
Business Day, the immediately preceding Business Day) plus 1%, provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such
one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day, subject to the interest rate floors set forth therein. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB
Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of
interest pursuant to Section 2.14 hereof, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to Holdings or any of its
Affiliates from time to time concerning or relating to bribery or corruption. 
 “Applicable Fee Rate” means, with respect
to the commitment fees payable hereunder (x) 0.375% if the average daily Aggregate Revolving Exposure for the calendar month then most recently ended is less than 25% of the total Aggregate Revolving Commitment or (y) 0.25% if the average daily
Aggregate Revolving Exposure for the calendar month then most recently ended is greater than or equal to 25% of the total Aggregate Revolving Commitment. 

“Applicable Percentage” means, with respect to any Lender, (a) with respect to Revolving Loans, LC Exposure or Swingline
Loans, a percentage equal to a fraction the numerator of which is such Lender’s Revolving Commitment and the denominator of which is the Aggregate Revolving Commitment (provided that, if the Revolving Commitments have terminated or expired, the
Applicable Percentages shall be determined based upon such Lender’s share of the Aggregate Revolving Exposure at that time), and (b) with respect to Protective Advances or with respect to the Aggregate Revolving Exposure, a percentage based
upon its share of the Aggregate Revolving Exposure (with the Swingline Exposure of each Lender calculated assuming that all of the Lenders have funded their participations in all Swingline Loans outstanding at such time) and the unused Commitments;
provided that, in accordance with Section 2.20, so long as any Lender shall be a Defaulting Lender, such Defaulting Lender’s Commitment shall be disregarded in the calculations under clauses (a) and (b) above.

  
 2 

 “Applicable Rate” means, for any day, with respect to any Loan, or with
respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Revolver ABR Spread”, or “Revolver Eurodollar Spread”, as the case may be, based upon the
Average Quarterly Availability during the most recent calendar quarter ending on March 31, June 30, September 30 and December 31; provided that the “Applicable Rate” shall be the applicable rates per annum set
forth below in Category 1 during the period from the Effective Date to, and including, February 1, 2017 (unless the Borrowing Base Certificate delivered for the last calendar month of the calendar quarter then most recently ended demonstrates
that Category 2 or 3 should have been applicable during such period, in which case such other Pricing Level shall be deemed to be applicable during such period): 
  

									
	 Average Quarterly Availability
	  	Revolver
ABR
Spread	 	 	Revolver
Eurodollar
Spread	 
	 Category 1

> $100,000,000
	  	 	0.25	% 	 	 	1.25	% 
			
	 Category 2

£ $100,000,000

but

3 $50,000,000
	  	 	0.50	% 	 	 	1.50	% 
			
	 Category 3

< $50,000,000
	  	 	0.75	% 	 	 	1.75	% 

 For purposes of the foregoing, (a) the Applicable Rate shall be determined based upon the Borrowing
Base Certificates and related information that are delivered from time to time pursuant to Section 5.01 and (b) each change in the Applicable Rate resulting from a change in Average Quarterly Availability shall be effective for the period beginning
on the first day of the immediately succeeding calendar month after the Administrative Agent has received the applicable Borrowing Base Certificate for each of the months ended March 31, June 30, September 30 and December 31 occurring
during the term of this Agreement and ending on the date immediately preceding the effective date of the next such change, provided that the Average Quarterly Availability shall be deemed to be in Category 3 if the Borrower fails to
deliver any Borrowing Base Certificate or related information required to be delivered by it pursuant to Section 5.01, during the period from the expiration of the time for delivery thereof until five days after each such Borrowing Base
Certificate and related information is so delivered. 
 “Approved Fund” has the meaning assigned to such term in Section
9.04. 
 “Assignment and Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee
(with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

  
 3 

 “Availability” means, at any time, an amount equal to (a) the lesser of (i) the
Aggregate Revolving Commitment and (ii) the Borrowing Base minus (b) the Aggregate Revolving Exposure (calculated, with respect to any Defaulting Lender, as if such Defaulting Lender had funded its Applicable Percentage of all
outstanding Borrowings). 
 “Availability Period” means the period from and including the Effective Date to but excluding
the earlier of the Maturity Date and the date of termination of the Commitments. 
 “Available Revolving Commitment” means,
at any time, the Aggregate Revolving Commitment minus the Aggregate Revolving Exposure (calculated, with respect to any Defaulting Lender, as if such Defaulting Lender had funded its Applicable Percentage of all outstanding
Borrowings). 
 “Average Quarterly Availability” means, for any calendar quarter ending on March 31, June 30,
September 30 and December 31, an amount equal to the average daily Availability during such calendar quarter period. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in
respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member
Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “Banking Services” means each and any of the following bank services provided to any Loan Party or its
Subsidiaries by any Lender or any of its Affiliates: (a) credit cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value cards, (c) merchant processing services, and
(d) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate depository network services). 

“Banking Services Obligations” means any and all obligations of the Loan Parties or their Subsidiaries, whether absolute or
contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services. 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now or hereafter in effect, or
any successor thereto, as hereafter amended. 
 “Bankruptcy Event” means, with respect to any Person, when such Person
becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the

  
 4 

 
reorganization or liquidation of its business, appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent
to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a
Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the U.S. or from the enforcement of judgments or writs of attachment on its
assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Beneficial Owner” means, with respect to any U.S. Federal withholding Tax, the beneficial owner, for U.S. Federal income tax
purposes, to whom such Tax relates. 
 “Board” means the Board of Governors of the Federal Reserve System of the U.S. 

“Borrower” means Global Brass and Copper, Inc., a Delaware corporation. 

“Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of
Eurodollar Loans, as to which a single Interest Period is in effect, (b) a Swingline Loan, and (c) a Protective Advance. 

“Borrowing Base” means, at any time, the sum of (a) 85% of the Loan Parties’ Eligible Accounts at such time, plus
(b) the product of 85% multiplied by the Net Orderly Liquidation Value percentage identified in the most recent Inventory appraisal ordered by the Administrative Agent multiplied by the Value of the Loan Parties’ Eligible
Inventory; provided that, (i) prior to the completion of satisfactory field examinations and Inventory appraisals by the Administrative Agent of acquired Accounts and acquired Inventory that the Borrower reasonably determines in good faith
will qualify as Eligible Accounts and Eligible Inventory after the Administrative Agent completes its Inventory appraisal and field examination thereof shall be included in the Borrowing Base in an aggregate amount not to exceed the lesser of (x)
$50,000,000 or (y) the sum of 75% of the face amount of all such non-examined acquired Accounts plus 50% of the Value (as determined by the Borrower in good faith), of all such non-appraised acquired Inventory; (ii) after such field examinations and
Inventory appraisals have been performed, the acquired Accounts and Inventory will be included in the Borrowing Base in the manner set forth above, and (iii) notwithstanding the foregoing or anything to the contrary contained herein, with respect to
any Loan Party not acquired pursuant to a Permitted Acquisition whose Accounts and Inventory have not been subjected to a field examination and Inventory appraisal satisfactory to the Administrative Agent in its Permitted Discretion, such Accounts
and Inventory shall not receive any Borrowing Base credit until such field examinations and Inventory appraisals are completed; minus (c) Reserves. The Administrative Agent may, when determining the Borrowing Base, in its
Permitted Discretion, adjust Reserves or Net Orderly Liquidation Value. 
 “Borrowing Base Certificate” means a
certificate, signed and certified as accurate and complete by a Financial Officer, in substantially the form of Exhibit C or another form which is acceptable to the Administrative Agent in its sole discretion. 

“Borrowing Base Collateral” means all Collateral consisting of the Accounts and/or Inventory, respectively, of the applicable
Loan Parties. 

  
 5 

 “Borrowing Request” means a request by the Borrower for a Borrowing in
accordance with Section 2.03. 
 “Burdensome Restrictions” means any consensual encumbrance or restriction of the type
described in clause (a) or (b) of Section 6.10. 
 “Business Day” means any day that is not a Saturday, Sunday or other day
on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks
are not open for general business in London. 
 “Capital Expenditures” means, without duplication, any expenditure or
commitment to expend money for any purchase or other acquisition of any asset which would be classified as a capital expenditure on a consolidated statement of cash flows of Holdings and its Subsidiaries prepared in accordance with GAAP. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Cash Dominion
Period” means any period (a) commencing on the day after five (5) consecutive Business Days during which period Availability has been less than the greater of (i) $20,000,000 and (ii) 10% of the Aggregate Revolving Commitment and (b)
continuing until Availability shall have been at least equal to, for a period of 30 consecutive days, the greater of (i) $20,000,000 and (ii) 10% of the Aggregate Revolving Commitment. 

“cash equivalents” means, as at any date of determination, (a) securities (i) issued or directly and
unconditionally guaranteed or insured as to interest and principal by the U.S. government or (ii) issued by any agency or instrumentality of the U.S., the obligations of which are backed by the full faith and credit of the U.S., in each case
maturing within one year after such date and, in each case, repurchase agreements and reverse repurchase agreements relating thereto; (b) direct obligations issued by any state of the U.S., or any political subdivision of any such state or any
public instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-2 from S&P or at least P-2 from Moody’s (or, if at any time neither S&P nor
Moody’s shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating organization) and, in each case, repurchase agreements and reverse repurchase agreements relating thereto; (c) commercial
paper maturing no more than one year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-2 from S&P or at least P-2 from Moody’s (or, if at any time neither S&P nor Moody’s
shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency); (d) deposits, money market deposits, time deposit accounts, certificates of deposit or bankers’ acceptances (or similar
instruments) maturing within one year after such date and issued or accepted by any Lender or by any bank or trust 

  
 6 

 
company organized under, or authorized to operate as a bank or trust company under, the laws of the U.S., any state thereof or the District of Columbia or any political subdivision thereof and
that has capital and surplus of not less than $500,000,000 and, in each case, repurchase agreements and reverse repurchase agreements relating thereto; and (e) shares of any money market mutual fund that has (i) substantially all of its
assets invested in the types of investments referred to in clauses (a) through (d) above, (ii) net assets of not less than $500,000,000 and (iii) a rating of at least A-2 from S&P or at least P-2 from Moody’s. 

“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person
or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued
and outstanding voting Equity Interests of Holdings; (b) Holdings shall cease to beneficially own, directly or indirectly, free and clear of all Liens or other encumbrances (other than Liens granted under the Loan Documents or the Term Loan
Documents) 100% of the issued and outstanding Equity Interests of the Borrower; or (c) other than in connection with a merger, amalgamation or consolidation permitted by this Agreement (including Section 6.03), the Borrower shall cease to
beneficially own, directly or indirectly, free and clear of all Liens or other encumbrances (other than Liens granted under the Loan Documents or the Term Loan Documents) 100% of the issued and outstanding voting Equity Interests of each Loan Party
(other than Holdings), 
 “Change in Law” means the occurrence after the date of this Agreement (or, with respect to any
Lender, such later date on which such Lender becomes a party to this Agreement) of any of the following: (a) the adoption of or taking effect of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation or application thereof by any Governmental Authority; or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or the
Issuing Bank’s holding company, if any) with any request, guideline, requirement or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in the implementation thereof, and (y)
all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented. 

“Charges” has the meaning assigned to such term in Section 9.17. 

“CFC” means any existing or future direct or indirect subsidiary of the Borrower that is a controlled foreign corporation for
purposes of section 957 of the Code. 
 “Class”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are Revolving Loans, Swingline Loans or Protective Advances. 

  
 7 

 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 “Collateral” means any and all property owned, leased or operated by a Person covered by the Collateral Documents and
any and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be, become or be intended to be, subject to a security interest or Lien in favor of the Administrative Agent, on behalf of itself and the Lenders
and other Secured Parties, to secure the Secured Obligations; provided, that Excluded Property shall be excluded from the definition of Collateral. 

“Collateral Access Agreement” has the meaning assigned to such term in the Security Agreement. 

“Collateral Documents” means, collectively, the Security Agreement and any other agreements, instruments and documents
executed in connection with this Agreement that are intended to create, perfect or evidence Liens to secure the Secured Obligations, including, without limitation, all other security agreements, pledge agreements, loan agreements, notes, guarantees,
subordination agreements, pledges, powers of attorney, consents, assignments, contracts, fee letters, notices, leases, financing statements and all other written matter whether theretofore, now or hereafter executed by any Loan Party and delivered
to the Administrative Agent in connection with this Agreement or any other Loan Document. 
 “Collection Account” has the
meaning assigned to such term in the Security Agreement. 
 “Commitment” means, with respect to each Lender, the sum of
such Lender’s Revolving Commitment, together with the commitment of such Lender to acquire participations in Protective Advances hereunder. The initial amount of each Lender’s Commitment is set forth on the Commitment Schedule,
or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. 
 “Commitment
Schedule” means the Schedule attached hereto identified as such. 
 “Commodity Exchange Act” means the Commodity
Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 
 “Commodity Swap
Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving or related to the conduct of the Borrower’s operations, or settled by reference to one or more
metal commodities, energy commodities, interest rate derivatives, or foreign currency arrangements, in each case, entered in the ordinary course of business consistent with past practice and not for any speculative purposes. 

“Communications” has the meaning assigned to such term in Section 9.01(d). 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Consolidated Adjusted EBITDA” means, for any period, Net Income for
such period plus, the sum, without duplication, during such period of: 
  

	 	(i)	Net Interest Expense (Income); 

  
 8 

	 	(ii)	plus income tax expense as recorded in Holdings’ statement of consolidated operations; 

  

	 	(iii)	plus all amounts attributable to depreciation and amortization expense; 

  

	 	(iv)	(a) minus any extraordinary income or (b) plus any extraordinary expense; 

  

	 	(v)	plus any other net expenses or charges that do not constitute reserves, whether or not otherwise includable as a separate item in the statement of such Net Income, including the following: 

 

	 	(1)	(a) minus any gains or (b) plus any losses, in each case, due to the depletion of a last-in-first-out layer of Inventory; 

 

	 	(2)	(a) minus any gains or (b) plus any losses, in each case, due to recording lower of cost or market adjustments to Inventory; 

 

	 	(3)	(a) minus any gains or (b) plus any losses, in each case, incurred due to restructuring and other business transformation charges, including severance, and net losses from disposed, abandoned, transferred,
closed, or discontinued operations; provided that the amounts added back to Net Income pursuant to this clause (v)(3) shall not exceed $10,000,000 in the aggregate during any trailing twelve calendar month period; and 

 

	 	(4)	plus non-cash share-based compensation activity from stock compensation awards to employees and board of director members permitted under this Agreement; 

 

	 	(vi)	(a) minus any unrealized profits or (b) plus any unrealized losses, in each case, arising from Swap Agreements (including Commodity Swap Agreements) of the Borrower and its Subsidiaries; 

 

	 	(vii)	(a) minus any income or gain or (b) plus any expenses or charges incurred, in each case, as a result of the early extinguishment of Indebtedness to the extent included within the Borrower’s statement
of operations (excluding Swap Agreements, Commodity Swap Agreements or other derivative instruments); 

  

	 	(viii)	plus charges or expenses related to the Transactions; 

  

	 	(ix)	plus expenses incurred in connection with the prepayment, amendment, modification or refinancing of Indebtedness during such period; 

 

	 	(x)	plus any transaction costs or charges incurred during such period in connection with an actual or proposed incurrence of Indebtedness, including a refinancing, prepayment or amendment thereof, or any issuance of
Equity Interests, investment, Acquisition (whether or not consummated), disposition, abandonment, divestiture or recapitalization (in each case whether or not consummated) outside the ordinary course of business; and 

 

	 	(xi)	plus for each period ending on or prior to December 31, 2017, excessive audit, consulting, board of director and other expenses incurred to operate Holdings as a public company in an aggregate amount not to
exceed $1,500,000 during the trailing twelve calendar month period then ended; 

 all calculated for Holdings and its Subsidiaries on a
consolidated basis in accordance with GAAP. 

  
 9 

 “Consolidated Total Assets” means, as of the date of any determination thereof,
total assets of Holdings and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Control Investment Affiliate” means, as to any Person, any other Person that (a) directly or indirectly, is in control of,
is controlled by, or is under common control with, such Person and (b) is organized by such Person primarily for the purpose of making equity or debt investments in one or more companies. 

“Covenant Trigger Period” means any period (a) commencing on the day Availability is less than the greater of (i) $20,000,000
and (ii) 10% of the Aggregate Revolving Commitment and (b) continuing until Availability shall have been at least equal to, for a period of 30 consecutive days, the greater of (i) $20,000,000 and (ii) 10% of the Aggregate Revolving Commitment. 

“Credit Party” means the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender that (a) has failed,
within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount
required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to
funding (specifically identified and including the particular Default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement, to the effect that it does not intend or expect to
comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and
including the particular Default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit
Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in
then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and
substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action. 

  
 10 

 “Disclosed Matters” means the actions, suits, proceedings and environmental
matters disclosed in Schedule 3.06. 
 “Disregarded Domestic Subsidiary” means a Domestic
Subsidiary that is disregarded as an entity separate from its owner under § 301.7701-3 of the United States Treasury Regulations and owns Equity Interests of a CFC (directly or indirectly through another entity disregarded as an entity separate
from its owner under § 301.7701-3 of the United States Treasury Regulations). 
 “Document” has the meaning assigned
to such term in the Security Agreement. 
 “dollars” or “$” refers to lawful money of the U.S. 

“Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction located in the U.S. 

“Domestic Subsidiary Holding Company” means (i) any Domestic Subsidiary substantially all of the assets of which consist of
Equity Interests and/or debt interests of one or more CFCs, so long as such Domestic Subsidiary does not conduct any business or activity other than the ownership of such Equity Interests and/or debt interests and does not incur, and is not
otherwise liable for, any indebtedness or other liabilities or (ii) any Disregarded Domestic Subsidiary; provided that no Person that is a Subsidiary of Holdings on the Effective Date shall be a Domestic Subsidiary Holding Company. 

“ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any
regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC. 

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

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

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

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance
with Section 9.02). 
 “Effective Date Debt Repayments” means, collectively, the repayment in full on the Effective
Date of all of the existing Indebtedness outstanding and the termination of any remaining commitments and obligations with respect thereto as of the Effective Date under the Borrower’s 

  
 11 

 
(a) existing amended and restated asset based revolving credit facility, dated as of August 15, 2010, and (b) existing 9.50% Senior Secured Notes due 2019 (the “Senior Secured
Notes”), issued under that certain Indenture, dated as June 1, 2012, in each case as amended, supplemented or otherwise modified from time to time prior to the date hereof. 

“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other
record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 
 “Electronic
System” means any electronic system, including e-mail, e-fax, web portal access for the Borrower, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or
extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Bank and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or
other security system. 
 “Eligible Accounts” means, at any time, the Accounts of the Loan Parties; provided that,
Eligible Accounts shall not include any Account: 
 (a) which is not subject to a first priority perfected security interest
in favor of the Administrative Agent; 
 (b) which is subject to any Lien other than a Permitted Encumbrance; 

(c) (i) which is unpaid more than 90 days after the date of the original invoice therefor or more than 60 days after the
original due date therefor, or (ii) which has been written off the books of the Loan Parties or otherwise designated as uncollectible; 

(d) which is owing by an Account Debtor for which more than 50% of the aggregate amount owing under the Accounts from such
Account Debtor and its Affiliates are ineligible pursuant to clause (c) above; 
 (e) which is owing by an Account Debtor to
the extent the aggregate amount of Accounts owing from such Account Debtor and its Affiliates to the Loan Parties exceeds 20% of the aggregate Eligible Accounts; 

(f) with respect to which any covenant, representation or warranty contained in this Agreement or in the Security Agreement
has been breached or is not true; 
 (g) which (i) does not arise from the sale of goods (including scrap sales) or
performance of services in the ordinary course of business, (ii) is not evidenced by an invoice or documentation satisfactory to the Administrative Agent, it being understood and agreed that any documentation which is substantially similar to (x)
the documentation supporting eligibility of certain Accounts pursuant to the Borrowing Base Certificate delivered pursuant to Section 4.01(m) on the Effective Date or (y) the documentation that was provided during the field examinations referred to
in Section 4.01(v) and which supported the eligibility established in the Borrowing Base Certificate delivered pursuant to Section 4.01(m) on the Effective Date shall be deemed satisfactory to the Administrative Agent with respect to this clause
(ii), (iii) represents a progress billing, (iv) is contingent 

  
 12 

 
upon any Loan Party’s completion of any further performance, (v) represents a sale on a bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment, cash-on-delivery or
any other repurchase or return basis or (vi) relates to payments of interest to the extent the aggregate amount of such interest is in excess of $1,000,000 in which case the amount in excess of $1,000,000 will be excluded from eligibility; 

(h) for which the goods giving rise to such Account have not been shipped to the Account Debtor or for which the services
giving rise to such Account have not been performed by the applicable Loan Party or if such Account was invoiced more than once; 

(i) with respect to which any check or other instrument of payment has been returned uncollected for any reason; 

(j) which is owed by an Account Debtor which has (i) applied for, suffered, or consented to the appointment of any receiver,
custodian, trustee, or liquidator of its assets, (ii) had possession of all or a material part of its property taken by any receiver, custodian, trustee or liquidator, (iii) filed, or had filed against it, any request or petition for liquidation,
reorganization, arrangement, adjustment of debts, adjudication as bankrupt, winding-up, or voluntary or involuntary case under any state or federal bankruptcy laws, (iv) admitted in writing its inability, or is generally unable to, pay its debts as
they become due, (v) become insolvent, or (vi) ceased operation of its business, in each case only to the extent such condition is continuing; 

(k) which is owed by any Account Debtor which has sold all or substantially all of its assets (it being understood that the
foregoing shall not preclude such Accounts from being Eligible Accounts if owned by a successor Account Debtor who otherwise meets the requirements set forth herein); 

(l) which is owed by an Account Debtor which (i) does not maintain its chief executive office in the U.S. (including Puerto
Rico) or Canada or (ii) is not organized under applicable law of the U.S., any state of the U.S., or the District of Columbia, Canada, or any province of Canada unless, in any such case, such Account is backed by a letter of credit acceptable to the
Administrative Agent which is in the possession of, and is directly drawable by, the Administrative Agent; provided that up to $5,000,000 of the aggregate face amount of Accounts shall not be ineligible under this clause (l) so long as the
Account Debtors are organized in jurisdictions acceptable to the Administrative Agent in its Permitted Discretion; 
 (m)
which is owed in any currency other than U.S. dollars or Canadian dollars; 
 (n) which is owed by (i) any Governmental
Authority of any country other than the U.S. unless such Account is backed by a letter of credit acceptable to the Administrative Agent which is in the possession of, and is directly drawable by, the Administrative Agent, or (ii) any Governmental
Authority of the U.S., or any department, agency, public corporation, or instrumentality thereof, unless the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et seq. and 41 U.S.C. § 15 et
seq.), and any other steps necessary to perfect the Lien of the Administrative Agent in such Account 

  
 13 

 
have been complied with to the Administrative Agent’s satisfaction; provided that, so long as no Covenant Trigger Period has occurred and is continuing no Accounts of such
Governmental Authority of the U.S. shall be ineligible under this clause (n)(ii) as a result of the failure of any Person to take any step necessary to require such Governmental Authority of the U.S., or any department, agency, public corporation,
or instrumentality thereof to make payments under such Accounts to the Administrative Agent directly during the continuance of an Event of Default; 

(o) which is owed by any Affiliate of any Loan Party or any employee, officer, director, agent or stockholder of any Loan
Party or any of its Affiliates; 
 (p) any Account that is transferred, disposed, pledged or otherwise subject to any
Permitted Factoring Facility; 
 (q) which is owed by an Account Debtor or any Affiliate of such Account Debtor to which any
Loan Party is indebted, but only to the extent of such indebtedness, or is subject to any security, deposit, progress payment, retainage or other similar advance made by or for the benefit of an Account Debtor, in each case to the extent thereof;
provided, that no Account that otherwise constitutes an Eligible Account shall be rendered ineligible by virtue of this clause (q) to the extent, but only to the extent, that the Account Debtor’s right of setoff is limited by an
agreement that is satisfactory to the Administrative Agent in its Permitted Discretion; 
 (r) which is subject to any
counterclaim, deduction, defense, setoff or dispute but only to the extent of any such counterclaim, deduction, defense, setoff or dispute; provided, that no Account that otherwise constitutes an Eligible Account shall be rendered ineligible
by virtue of this clause (r) to the extent, but only to the extent, that the Account Debtor’s right of setoff is limited by an agreement that is satisfactory to the Administrative Agent in its Permitted Discretion; 

(s) which is evidenced by any promissory note, chattel paper or instrument; 

(t) which is owed by an Account Debtor (i) located in any jurisdiction which requires filing of a “Notice of Business
Activities Report” or other similar report in order to permit the applicable Loan Party to seek judicial enforcement in such jurisdiction of payment of such Account, unless such Loan Party has filed such report or qualified to do business in
such jurisdiction or (ii) which is a Sanctioned Person; 
 (u) with respect to which a Loan Party has made any agreement
with the Account Debtor for any reduction thereof, other than discounts and adjustments given in the ordinary course of business but only to the extent of any such reduction, or any Account which was partially paid and such Loan Party created a new
receivable for the unpaid portion of such Account; 
 (v) which does not comply in all material respects with the
requirements of all applicable laws and regulations, whether Federal, state or local, including without limitation the Federal Consumer Credit Protection Act, the Federal Truth in Lending Act and Regulation Z of the Board; 

  
 14 

 (w) which is for goods that have been sold under a purchase order or pursuant to
the terms of a contract or other agreement or understanding (written or oral) that indicates or purports that any Person other than a Loan Party has or has had an ownership interest in such goods, or which indicates any party other than a Loan Party
as payee or remittance party; or 
 (x) which was created on cash on delivery terms. 

In the event that an Account which was previously an Eligible Account ceases to be an Eligible Account hereunder, the Borrower shall notify
the Administrative Agent thereof on and at the time of submission to the Administrative Agent of the next Borrowing Base Certificate. In determining the amount of an Eligible Account, the face amount of an Account may, in the Administrative
Agent’s Permitted Discretion, be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price
adjustments, finance charges or other allowances (including any amount that a Loan Party may be obligated to rebate to an Account Debtor pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all
cash received in respect of such Account but not yet applied by the applicable Loan Party to reduce the amount of such Account. 
 The
criteria for Eligible Accounts set forth above may only be changed, and any new criteria for Eligible Accounts may only be established, by the Administrative Agent in good faith on either (i) an event, condition or other circumstance arising after
the date hereof (including, without limitation, the Administrative Agent’s receipt of the results of any field examinations or appraisals), or (ii) an event, condition or other circumstance existing on the Effective Date to the extent the
Administrative Agent has no written notice thereof from a Loan Party prior to the Effective Date, in either case under clause (i) or (ii), which adversely affects or could reasonably be expected to adversely affect the Accounts in the Permitted
Discretion of the Administrative Agent. 
 “Eligible Assignee” means (a) any Lender, (b) any commercial bank, insurance
company, or finance company, financial institution, any fund that invests in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act), (c) any Affiliate of any Lender and (d) any Approved Fund of any
Lender; provided that in no event shall an Ineligible Institution constitute an Eligible Assignee. 
 “Eligible
Inventory” means, at any time, the Inventory of the Loan Parties; provided that Eligible Inventory shall not include any Inventory: 

(a) which is not subject to a first priority perfected Lien in favor of the Administrative Agent (it being understood that
such Lien may be junior in priority to (i) landlord Liens on Inventory granted by statute as to which a Reserve has been established and (ii) Liens of the type described in clauses (a) and (b) in the definition of Permitted Encumbrances); 

  
 15 

 (b) which is subject to any Lien other than a Permitted Encumbrance; 

(c) which is, in the Administrative Agent’s Permitted Discretion, slow moving, obsolete, unmerchantable, defective, or
unfit for sale; 
 (d) with respect to which any covenant, representation or warranty contained in this Agreement or in the
Security Agreement has been breached or is not true in any material respect; 
 (e) in which any Person other than any Loan
Party shall have any ownership or title; 
 (f) which is not finished goods (other than raw materials and work-in-process
for such finished goods) or which constitutes spare or replacement parts or other similar items dedicated for the internal use by the Loan Parties, bill-and-hold or ship-in-place goods, goods held on consignment by a Loan Party, or goods which are
not of a type held for sale in the ordinary course of business; 
 (g) which (i) is not located in the U.S. (including
Puerto Rico) or (ii) (A) is in transit to a location other than the contiguous United States or Puerto Rico or (B) is in transit from a location other than the contiguous United States or Puerto Rico; 

(h) which is located in any location leased by a Loan Party unless (i) the lessor has delivered to the Administrative Agent a
Collateral Access Agreement or (ii) a Reserve for rent (not to exceed three (3) months), charges and other amounts due or to become due with respect to such facility has been established by the Administrative Agent in its Permitted Discretion;
provided, that Inventory located at the properties leased by the Loan Parties as of the Effective Date in Yorba Linda, California, Warwick, Rhode Island and Los Angeles, California shall not be rendered ineligible pursuant to this clause (h);
provided, further, that with respect to such leased locations at Yorba Linda, California, Warwick, Rhode Island and the Los Angeles, California, the Administrative Agent may establish an appropriate Reserve with respect to any past due
rent or other past due amounts owing under such leases; 
 (i) which is located in any third party warehouse or is in the
possession of a bailee (other than a third party processor) and is not evidenced by a Document (other than bills of lading to the extent permitted pursuant to clause (g) above), unless (i) such warehouseman or bailee has delivered to the
Administrative Agent a Collateral Access Agreement and such other documentation as the Administrative Agent may require or (ii) an appropriate Reserve has been established by the Administrative Agent in its Permitted Discretion; provided,
that no Reserve shall be established and such Inventory shall not be rendered ineligible pursuant to this clause (i) unless such Collateral Access Agreement and such other documentation has not been delivered to the Administrative Agent on or prior
to 180 days after the Effective Date; 

  
 16 

 (j) which is being processed offsite at a third party location or outside
processor, or is in-transit to or from such third party location or outside processor (other than to the extent permitted pursuant to clause (g) or (i) above); provided that such Inventory shall not be excluded from “Eligible
Inventory” pursuant to this clause (j) so long as (i) such third party or outside processor has delivered to the Administrative Agent a Collateral Access Agreement and such other documentation as the Administrative Agent may require or (ii) an
appropriate Reserve has been established by the Administrative Agent in its Permitted Discretion; provided, further that no Reserve shall be established and such Inventory shall not be rendered ineligible pursuant to this clause (j)
unless such Collateral Access Agreement and such other documentation has not been delivered to the Administrative Agent on or prior to 180 days after the Effective Date; 

(k) which is a discontinued product or component thereof; 

(l) which is the subject of a consignment by a Loan Party as consignor, unless such consignee has delivered to the
Administrative Agent a Collateral Access Agreement and such other documentation as the Administrative Agent may require; 

(m) [reserved]; 

(n) [reserved]; 

(o) which is not reflected as Inventory in the most recent schedule delivered to the Administrative Agent pursuant to Section
5.01(h)(ii) (or prior to the delivery of the first schedule pursuant to Section 5.01(h)(ii), in the reports delivered to the Administrative Agent with respect to the field examinations referred to in Section 4.01(v)); 

(p) for which reclamation rights have been asserted in writing by the seller under either the UCC or the Bankruptcy Code; 

(q) which has been acquired from a Sanctioned Person; or 

(r) which is located at any location where the aggregate value of all Eligible Inventory of the Loan Parties at such location
is less than $50,000. 
 In the event that Inventory which was previously Eligible Inventory ceases to be Eligible Inventory hereunder, the
Borrower shall notify the Administrative Agent thereof on and at the time of submission to the Administrative Agent of the next Borrowing Base Certificate.

The criteria for Eligible Inventory set forth above may only be changed, and any new criteria for Eligible Inventory may only be established,
by the Administrative Agent in good faith on either (i) an event, condition or other circumstance arising after the Effective Date (including, without limitation, the Administrative Agent’s receipt of the results of any field examinations or
appraisals), or (ii) an event, condition or other circumstance existing on the date hereof to the extent the Administrative Agent has no written notice thereof from a Loan Party prior to the Effective Date hereof, in either case under clause (i) or
(ii), which adversely affects or could reasonably be expected to adversely affect the Inventory in the Permitted Discretion of the Administrative Agent. 

  
 17 

 “Environmental Laws” means all laws, rules, regulations, codes, ordinances,
orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management,
Release or threatened Release of any Hazardous Material or to health and safety matters. 
 “Environmental Liability” means
any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of Holdings or any Subsidiary directly or indirectly resulting from or based upon (a) any
violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) any exposure to any Hazardous Materials, (d) the Release or threatened Release of
any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equipment” has the meaning assigned to such term in the Security Agreement. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with any Loan Party, is treated as
a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations
issued thereunder, with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure to satisfy the “minimum funding standard” (as defined in
Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with
respect to any Plan; (d) the incurrence by any Loan Party or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any Loan Party or any ERISA Affiliate from the
PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by any Loan Party or any ERISA Affiliate of any liability with respect to the
withdrawal or partial withdrawal of any Loan Party or any ERISA Affiliate from any Multiemployer Plan; or (g) the receipt by any Loan Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Loan Party or
any ERISA Affiliate of any notice, concerning the imposition upon any Loan Party or any ERISA Affiliate of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning
of Title IV of ERISA. 

  
 18 

 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule
published by the Loan Market Association (or any successor Person), as in effect from time to time. 
 “Eurodollar”, when
used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to the Adjusted LIBO Rate. 

“Event of Default” has the meaning assigned to such term in Article VII. 

“Excluded Domestic Subsidiary” means (a) any Domestic Subsidiary Holding Company and (b) any Domestic Subsidiary
that is a direct or indirect subsidiary of a Foreign Subsidiary. 
 “Excluded Property” has the meaning assigned to such
term in the Security Agreement. 
 “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if,
and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act
or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an ECP at the time the Guarantee of
such Guarantor or the grant of such security interest becomes or would become effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to
the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or
having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a Lender, U.S.
Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such
interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section
2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its
lending office; (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f); and (d) any U.S. Federal withholding Taxes imposed under FATCA. 

  
 19 

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of
this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to
Section 1471(b)(1) of the Code, any intergovernmental agreements implementing any of the foregoing, and any laws with respect to such intergovernmental agreements. 

“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds
transactions by depositary institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate. For
the avoidance of doubt, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower
or Holdings. 
 “Fixed Charge Coverage Ratio” means, at any date, the ratio of (a) Consolidated Adjusted EBITDA
minus Unfinanced Capital Expenditures (excluding capitalized interest) minus expenses for Taxes paid in cash to (b) Fixed Charges, all calculated for the Test Period ended on such date (or, if such date is not the last
day of a fiscal quarter, ended on the last day of the fiscal quarter most recently ended prior to such date). 
 “Fixed
Charges” means, for any period, without duplication, Interest Expense paid in cash, plus scheduled principal payments on Indebtedness paid or payable in cash minus interest income received in cash, all calculated
for Holdings and its Subsidiaries on a consolidated basis in accordance with GAAP.
 “Fixtures” has the meaning assigned to
such term in the Security Agreement. 
 “Flood Laws” has the meaning assigned to such term in Section 8.10. 

“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is
not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for Tax purposes.

“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary. 

“Funding Account” has the meaning assigned to such term in Section 4.01(i). 

“GAAP” means generally accepted accounting principles in the U.S. 

“Governmental Authority” means the government of the U.S., any other nation or any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

  
 20 

 “Guarantee” of or by any Person (the “guarantor”) means any
obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply
funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 

“Guaranteed Obligations” has the meaning assigned to such term in Section 10.01. 

“Guarantors” means all Loan Guarantors and all non-Loan Parties who have delivered an Obligation Guaranty, and the term
“Guarantor” means each or any one of them individually. For the avoidance of doubt, no Excluded Domestic Subsidiary (except a Domestic Subsidiary Holding Company) shall serve as a Guarantor. 

“Hazardous Materials” means: (a) any substance, material, or waste that is included within the definitions of
“hazardous substances,” “hazardous materials,” “hazardous waste,” “toxic substances,” “toxic materials,” “toxic waste,” or words of similar import in any Environmental Law; (b) those
substances listed as hazardous substances by the United States Department of Transportation (or any successor agency) (49 C.F.R. 172.101 and amendments thereto) or by the Environmental Protection Agency (or any successor agency) (40 C.F.R. Part 302
and amendments thereto); and (c) any substance, material, or waste that is petroleum, petroleum-related, or a petroleum by-product, asbestos or asbestos-containing material, polychlorinated biphenyls, flammable, explosive, radioactive, freon gas,
radon, or a pesticide, herbicide, or any other agricultural chemical. 
 “Holdings” means Global Brass and Copper Holdings,
Inc., a Delaware corporation. 
 “Impacted Interest Period” has the meaning assigned to such term in the definition of
“LIBO Rate.” 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person
for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are
customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of
property or services (excluding accounts payable incurred in the ordinary course of business which are not more than 90 days past due), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all
Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an 

  
 21 

 
account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) obligations under
any earnout that has become due and payable (but has not been paid) pursuant to an Acquisition and as reflected on the balance sheet of such Person in accordance with GAAP, (l) any other Off-Balance Sheet Liability and (m) obligations, whether
absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all Swap Agreements (other than any Commodity
Swap Agreements), and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction (other than any Commodity Swap Agreement transaction). The Indebtedness of any Person shall include the
Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity,
except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.
 “Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by, or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in the foregoing clause (a)
hereof, Other Taxes. 
 “Indemnitee” has the meaning assigned to such term in Section 9.03(b). 

“Ineligible Institution” has the meaning assigned to such term in Section 9.04(b). 

“Information” has the meaning assigned to such term in Section 9.12. 

“Information Memorandum” means the Confidential Information Memorandum dated June 16, 2016 relating to the Borrower and the
Transactions. 
 “Intercreditor Agreement” means that certain Intercreditor Agreement, dated as of the date hereof, by and
among the Administrative Agent, the TLB Administrative Agent, the Borrower and the other Loan Parties. 
 “Interest Election
Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08. 

“Interest Expense” means, for any period, total interest expense (including that attributable to Capital Lease Obligations)
of Holdings and its Subsidiaries for such period with respect to all outstanding Indebtedness of Holdings and its Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’
acceptances and net costs under Swap Agreements (other than any Commodity Swap Agreements) in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP), calculated on a consolidated basis for
Holdings and its Subsidiaries for such period in accordance with GAAP. 
 “Interest Payment Date” means (a) with
respect to any ABR Loan (other than a Swingline Loan), the first day of each calendar month and the Maturity Date, (b) with respect to any 

  
 22 

 
Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part (and, in the case of a Eurodollar Borrowing with an Interest Period of more than
three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period) and the Maturity Date, and (c) with respect to any Swingline
Loan, the day that such Swingline Loan is required to be repaid and the Maturity Date. 
 “Interest Period” means, with
respect to any Eurodollar Borrowing, the period commencing on the date of such Eurodollar Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three, six or twelve months thereafter, as the Borrower may
elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar
month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the
last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in
the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen
Rate for the longest period (for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is available) that exceeds the Impacted
Interest Period, in each case, at such time.
 “Inventory” has the meaning assigned to such term in the Security Agreement.

 “IRS” means the United States Internal Revenue Service. 

“Issuing Bank” means, individually and collectively, each of JPMCB, in its capacity as the issuer of Letters of Credit
hereunder, and any other Revolving Lender from time to time designated by the Borrower as an Issuing Bank, with the consent of such Revolving Lender and the Administrative Agent, and their respective successors in such capacity as provided in
Section 2.06(i). Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by its Affiliates, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of
Credit issued by such Affiliate (it being agreed that such Issuing Bank shall, or shall cause such Affiliate to, comply with the requirements of Section 2.06 with respect to such Letters of Credit). At any time there is more than one Issuing
Bank, all singular references to the Issuing Bank shall mean any Issuing Bank, either Issuing Bank, each Issuing Bank, the Issuing Bank that has issued the applicable Letter of Credit, or both (or all) Issuing Banks, as the context may require. 

  
 23 

 “Issuing Bank Sublimits” means such amount as shall be designated to the
Administrative Agent and the Borrower in writing by an Issuing Bank; provided that any Issuing Bank shall be permitted at any time to increase or reduce its Issuing Bank Sublimit upon providing five (5) days’ prior written notice thereof to the
Administrative Agent and the Borrower. 
 “Joinder Agreement” means a Joinder Agreement in substantially the form of
Exhibit E. 
 “Joint Lead Arrangers” means JPMCB, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells
Fargo Bank, National Association, in their capacities as joint lead arrangers and joint bookrunners. 
 “JPMCB” means
JPMorgan Chase Bank, N.A., a national banking association, in its individual capacity, and its successors. 
 “LC Collateral
Account” has the meaning assigned to such term in Section 2.06(j). 
 “LC Disbursement” means any payment made by
an Issuing Bank pursuant to a Letter of Credit. 
 “LC Exposure” means, at any time, the sum of (a) the aggregate
undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Revolving Lender
at any time shall be its Applicable Percentage of the aggregate LC Exposure at such time. 
 “Lenders” means the Persons
listed on the Commitment Schedule and any other Person that shall have become a Lender hereunder pursuant to Section 2.09 or an Assignment and Assumption, other than any such Person that ceases to be a Lender hereunder pursuant to an
Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender and the Issuing Bank. 

“Letters of Credit” means the letters of credit issued pursuant to this Agreement, and the term “Letter of
Credit” means any one of them or each of them singularly, as the context may require. 
 “LIBO Rate” means, with
respect to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not
be available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be the Interpolated Rate. It is understood and agreed that all of the terms and conditions of this definition of
“LIBO Rate” shall be subject to Section 2.14. Notwithstanding the above, to the extent that “LIBO Rate” or “Adjusted LIBO Rate” is used in connection with an ABR Borrowing, such rate shall be determined as modified
by the definition of Alternate Base Rate. 
 “LIBO Screen Rate” means, for any day and time, with respect to any Eurodollar
Borrowing for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for dollars) for a period equal in length to such Interest
Period as displayed on such day and time on 

  
 24 

 
pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen
that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion) provided that if the LIBO Screen Rate shall
be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 
 “License Agreement” has the
meaning assigned to such term in the Security Agreement. 
 “Lien” means, with respect to any asset, (a) any mortgage,
deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any
financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Liquidity Condition Period” means any period (a) commencing on the day after five (5) consecutive Business Days during which
period Availability has been below 12.5% of the Aggregate Revolving Commitment and (b) continuing until Availability shall have been at least equal to 12.5% of the Aggregate Revolving Commitment, for a period of 30 consecutive days. 

“Loan Documents” means, collectively, this Agreement, any promissory notes delivered pursuant to this Agreement, any Letter
of Credit applications, the Collateral Documents, the Loan Guaranty, any Obligation Guaranty, the Intercreditor Agreement and all other agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in
favor of, the Administrative Agent or any Lender and including all other pledges, powers of attorney, consents, assignments, contracts, notices, letter of credit agreements, legal opinions issued in connection with the other Loan Documents, UCC
filings, letter of credit applications and any agreements between the Borrower and the Issuing Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights and obligations between the Borrower and the Issuing Bank in
connection with the issuance of Letters of Credit, and any other documents prepared in connection with the other Loan Documents, if any and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or
any employee of any Loan Party, and delivered to the Administrative Agent or any Lender in connection with this Agreement or the transactions contemplated hereby. Any reference in this Agreement or any other Loan Document to a Loan Document
shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such
reference becomes operative. 
 “Loan Guarantor” means each Loan Party. 

“Loan Guaranty” means Article X of this Agreement. 

“Loan Parties” means, collectively, Holdings, the Borrower, the Subsidiary Guarantors and any other Person who becomes a
party to this Agreement pursuant to a Joinder Agreement and their successors and assigns, and the term “Loan Party” shall mean any one of them or all of them individually, as the context may require. 

  
 25 

 “Loans” means the loans and advances made by the Lenders pursuant to this
Agreement, including Swingline Loans and Protective Advances. 
 “Material Adverse Effect” means a material adverse effect
on (a) the business, assets, operations or financial condition of Holdings and its Subsidiaries taken as a whole, (b) the ability of any Loan Party to perform any of its obligations under the Loan Documents to which it is a party, (c) the
Collateral, or the Administrative Agent’s Liens (on behalf of itself and other Secured Parties) on the Collateral or the priority of such Liens, or (d) the rights of or benefits available to the Administrative Agent, the Issuing Bank or
the Lenders under any of the Loan Documents. 
 “Material Contract” means any contract or other arrangement to which
Holdings or any of its Subsidiaries is a party (other than the Loan Documents and the Term Loan Documents) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect. 

“Material Domestic Subsidiary” means each Domestic Subsidiary (i) which, as of the most recent fiscal quarter of
Holdings, for the period of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to Section 5.01(a) or (b) (or, if prior to the date of the delivery of the first financial statements to be
delivered pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a)), contributed greater than five percent (5%) of Consolidated Adjusted EBITDA for such period or (ii) which contributed greater than
five percent (5%) of Consolidated Total Assets as of such date; provided that, if at any time the aggregate amount of Consolidated Adjusted EBITDA or Consolidated Total Assets attributable to all Domestic Subsidiaries that are not Material Domestic
Subsidiaries exceeds five percent (5%) of Consolidated Adjusted EBITDA for any such period or five percent (5%) of Consolidated Total Assets as of the end of any such fiscal quarter, the Borrower (or, in the event the Borrower has failed to do so
within ten (10) days, the Administrative Agent) shall designate sufficient Domestic Subsidiaries as “Material Domestic Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement
constitute Material Domestic Subsidiaries. 
 “Material Indebtedness” means Indebtedness (other than the Loans and Letters
of Credit), or obligations in respect of one or more Swap Agreements (other than Commodity Swap Agreements), of any one or more of Holdings and its Subsidiaries in an aggregate principal amount exceeding $10,000,000. For purposes of determining
Material Indebtedness, the “principal amount” of the obligations of Holdings or any Subsidiary in respect of any Swap Agreement (other than any Commodity Swap Agreement) at any time shall be the maximum aggregate amount (giving effect to
any netting agreements) that Holdings or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 

“Maturity Date” means July 19, 2021 or any earlier date on which the Commitments are reduced to zero or otherwise terminated
pursuant to the terms hereof. 
 “Maximum Rate” has the meaning assigned to such term in Section 9.17. 

“Moody’s” means Moody’s Investors Service, Inc. 

  
 26 

 “Multiemployer Plan” means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA. 
 “Net Income” means, for any period, the consolidated net income (or loss) attributable
to Holdings and its Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is merged into or
consolidated with Holdings or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Subsidiary) in which Holdings or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually
received by Holdings or such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is
not at the time permitted by the terms of any contractual obligation (other than under any Loan Document) or Requirement of Law applicable to such Subsidiary. 

“Net Interest Expense (Income)” means, for any period, an amount (which may be negative) equal to the excess of (x) Interest
Expense over (y) total interest income of Holdings and its Subsidiaries for such period, calculated on a consolidated basis for Holdings and its Subsidiaries for such period in accordance with GAAP. 

“Net Orderly Liquidation Value” means, with respect to Inventory of any Person, the orderly liquidation value thereof as
determined in a manner reasonably acceptable to the Administrative Agent by an appraiser reasonably acceptable to the Administrative Agent, net of all costs of liquidation thereof. 

“Net Proceeds” means, with respect to any event, (a) the cash proceeds received in respect of such event including
(i) any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but
excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds and (iii) in the case of a condemnation or similar event, condemnation awards and similar payments, minus
(b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such event, (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant
to a sale and leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of all payments required to be made as a result of such event to repay Indebtedness (other than Loans) secured by such asset or otherwise subject
to mandatory prepayment as a result of such event and (iii) the amount of all Taxes paid (or reasonably estimated to be payable) and the amount of any reserves established to fund contingent liabilities reasonably estimated to be payable, in
each case during the year that such event occurred or the next succeeding year and that are directly attributable to such event (as determined reasonably and in good faith by a Financial Officer). 

“Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(d). 

“NYFRB” means the Federal Reserve Bank of New York. 

  
 27 

 “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective
Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day(or for any day that is not a Banking Day, for the immediately preceding Banking Day); provided that if none of such rates are published for any day that is a
Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further,
that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Obligated Party” has the meaning assigned to such term in Section 10.02. 

“Obligation Guaranty” means any Guarantee of all or any portion of the Secured Obligations executed and delivered to the
Administrative Agent for the benefit of the Secured Parties by a guarantor who is not a Loan Party. 
 “Obligations” means
all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest, expenses and fees accruing
during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the Loan Parties to any of the Lenders, the
Administrative Agent, the Issuing Bank or any indemnified party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or
unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations incurred
or any of the Letters of Credit or other instruments at any time evidencing any thereof. 
 “OFAC” means the Office of
Foreign Assets Control of the United States Department of the Treasury. 
 “Off-Balance Sheet Liability” of a Person means
(a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered into by
such Person, or (c) any indebtedness, liability or obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such
Person (other than operating leases). 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a
result of a present or former connection between such Recipient and the jurisdiction imposing such Taxes (other than a connection arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received
payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit or any Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security 

  
 28 

 
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made
pursuant to Section 2.19). 
 “Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight
federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next
succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate). 

“Payment Conditions” shall be deemed to be satisfied in connection with an applicable transaction if: 

 

	 	(A)	no Default has occurred and is continuing or would result immediately after giving effect to such transaction; and 

  

	 	(B)	the Borrower shall have Availability both (x) at all times during the 30-day period immediately prior to such transaction and (y) immediately after giving effect to such transaction (calculated on a pro forma basis on
the date of such proposed transaction to include any Loans or issuance of any Letters of Credit under this Agreement in connection with the proposed transaction and to give effect to such transaction (including with respect to any assets that are
acquired in such proposed transaction that would be included in the Borrowing Base in accordance with the definition thereof)), in each case, greater than 20% of the Aggregate Revolving Commitment. 

“Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary. 

“Participant” has the meaning assigned to such term in Section 9.04(c). 

“Participant Register” has the meaning assigned to such term in Section 9.04(c). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Permitted Acquisition” means any Acquisition by any Loan Party (other than Holdings) in a
transaction that satisfies each of the following requirements: 
 (a) such Acquisition is not a hostile or contested
acquisition; 
 (b) the business acquired in connection with such Acquisition is not engaged, directly or indirectly, in any
line of business other than the businesses in which the Loan Parties are engaged on the Effective Date and any business activities that are substantially similar, complementary, related, or incidental thereto; 

(c) both before and after giving effect to such Acquisition and the Loans (if any) requested to be made in connection
therewith, each of the representations and 

  
 29 

 
warranties in the Loan Documents is true and correct as of the date of such Acquisition (except any such representation or warranty which relates to a specified prior date, which shall be true
and correct as of such prior date) and no Default exists, will exist, or would result therefrom; 
 (d) other than in
connection with any Acquisition for which the total consideration paid or payable (including any earnout or deferred purchase price obligations) is less than $10,000,000, as soon as available, but not less than ten (10) days prior to such
Acquisition, the Borrower has provided the Administrative Agent (i) notice of such Acquisition and (ii) a copy of all business and financial information reasonably requested by the Administrative Agent including pro forma financial statements,
statements of cash flow, and Availability projections; 
 (e) if such Acquisition is an acquisition of the Equity Interests
of a Person, such Acquisition is structured so that the acquired Person shall become a direct or indirect wholly-owned Subsidiary of the Borrower; 

(f) if such Acquisition is an acquisition of assets located in the United States (or its territories), such Acquisition is
structured so that the Borrower or another Subsidiary Guarantor shall acquire such assets; 
 (g) if such Acquisition is an
acquisition of Equity Interests, such Acquisition will not result in any violation of Regulation U; 
 (h) if such
Acquisition involves a merger or a consolidation involving the Borrower or a Subsidiary Guarantor, the Borrower or such Subsidiary Guarantor, as applicable, shall be the surviving entity; 

(i) no Loan Party shall, as a result of or in connection with any such Acquisition, assume or incur any direct or contingent
liabilities (whether relating to environmental, Tax, litigation, or other matters) that could have a Material Adverse Effect; 

(j) the Payment Conditions shall have been satisfied and the Borrower shall certify to the Administrative Agent to that effect
(and provide the Administrative Agent and the Lenders with a pro forma Borrowing Base Certificate in form and substance reasonably satisfactory to the Administrative Agent); provided that so long as no Default has occurred and is continuing
or would result immediately after giving effect to such transaction, this clause (j) shall not be required to be complied with in connection with one (1) Acquisition during the term of this Agreement for which the total consideration paid or payable
(including any earnout or deferred purchase price obligations) is less than $10,000,000; 
 (k) all actions required to be
taken with respect to any newly acquired or formed wholly-owned Subsidiary of the Borrower or a Loan Party, as applicable, required under Section 5.14 shall have been taken; and 

(l) promptly upon the consummation thereof, the Borrower shall have delivered to the Administrative Agent the final executed
material documentation relating to such Acquisition. 

  
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 “Permitted Discretion” means a determination made in good faith and in the
exercise of reasonable (from the perspective of a secured asset-based lender) business judgment. 
 “Permitted
Encumbrances” means: 
 (a) Liens imposed by law for Taxes that are not yet due or (i) the validity or amount
thereof is being contested in good faith by appropriate proceedings, (ii) such Loan Party or Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (iii) the failure to make payment pending such
contest could not reasonably be expected to result in a Material Adverse Effect; provided, however, that each Loan Party will, and will cause each Subsidiary to, remit withholding taxes and other payroll taxes to appropriate
Governmental Authorities as and when claimed to be due, notwithstanding the foregoing exception. 
 (b) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or (i) the
validity or amount thereof is being contested in good faith by appropriate proceedings, (ii) such Loan Party or Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (iii) the failure to make
payment pending such contest could not reasonably be expected to result in a Material Adverse Effect; 
 (c) pledges and
deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 

(d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
 (e) judgment
Liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; and 
 (f)
easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the
affected property or interfere with the ordinary conduct of business of Holdings or any Subsidiary; 
 provided that the term “Permitted
Encumbrances” shall not include any Lien securing Indebtedness, except with respect to clause (e) above. 
 “Permitted
Factoring Facility” means any factoring program facility with respect to certain Accounts of the Loan Parties or their Subsidiaries; provided, that the aggregate maximum amount outstanding under all such factoring program facilities
shall not be greater than $2,000,000 at any time. 

  
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 “Permitted Investments” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the U.S.
(or by any agency thereof to the extent such obligations are backed by the full faith and credit of the U.S.), in each case maturing within one year from the date of acquisition thereof; 

(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of
acquisition, the highest credit rating obtainable from S&P or from Moody’s; 
 (c) investments in certificates of
deposit, bankers’ acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the U.S. or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 

(d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in
clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and 

(e) money market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under
the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which any Loan Party or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Platform”
means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system. 
 “Prepayment Event”
means: 
 (a) any sale, transfer or other disposition (including pursuant to a Sale and Leaseback transaction) of any
property or asset of any Loan Party, other than in the ordinary course of business or otherwise in a manner not permitted under this Agreement; or 

(b) any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar
proceeding of, any property or asset of any Loan Party or any Subsidiary with a fair value immediately prior to such event equal to or greater than $25,000,000. 

  
 32 

 “Prime Rate” means the rate of interest per annum publicly announced from time
to time by JPMCB as its prime rate in effect at its principal offices in New York City. Each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

“Projections” has the meaning assigned to such term in Section 5.01(f). 

“Protective Advance” has the meaning assigned to such term in Section 2.04. 

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding
$10,000,000 at the time the relevant Loan Guaranty or grant of the relevant security interest becomes or would become effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant”
under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act. 
 “Recipient” means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any
Issuing Bank, or any combination thereof (as the context requires). 
 “Refinance Indebtedness” has the meaning assigned to
such term in Section 6.01(f). 
 “Register” has the meaning assigned to such term in Section 9.04(b). 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, partners, members, trustees, employees, agents, administrators, managers, representatives and advisors of such Person and such Person’s Affiliates. 

“Release” means any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping,
leaching, migrating, disposing or dumping of any substance into the environment. 
 “Report” means reports prepared by the
Administrative Agent or another Person showing the results of appraisals, field examinations or audits pertaining to the assets of the Loan Parties from information furnished by or on behalf of the Borrower, after the Administrative Agent has
exercised its rights of inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by the Administrative Agent. 

“Required Lenders” means, at any time, Lenders (other than Defaulting Lenders) having Revolving Exposures and unused
Commitments representing more than 50% of the sum of the Aggregate Revolving Exposure and unused Commitments at such time; provided that, for purposes of declaring the Loans to be due and payable pursuant to Article VII, and for all
purposes after the 

  
 33 

 
Loans become due and payable pursuant to Article VII or the Commitments expire or terminate, then, as to each Lender, clause (a) of the definition of Swingline Exposure shall only be
applicable for purposes of determining its Revolving Exposure to the extent such Lender shall have funded its participation in the outstanding Swingline Loans; provided, further that at any time there are two (2) or more unaffiliated
Lenders, at least two (2) of such unaffiliated Lenders must approve any amendment or modification requiring the consent of the Required Lenders. For purposes of determining the number of unaffiliated Lenders under this definition, a Lender and
any other Lenders that are Affiliates or Approved Funds of such Lender shall be counted as a single Lender.
 “Requirement of
Law” means, with respect to any Person, (a) the charter, articles or certificate of organization or incorporation and bylaws or other organizational or governing documents of such Person and (b) any statute, law (including common law),
treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or determination of any arbitrator or court or other Governmental Authority (including Environmental Laws), in each case applicable to or binding upon such Person
or any of its property or to which such Person or any of its property is subject. 
 “Reserves” means as of any date of
determination, any and all reserves which the Administrative Agent may from time to time establish and revise in the exercise of its Permitted Discretion with the information then available to it (a) to reflect events, conditions, contingencies or
risks which, as determined by the Administrative Agent in good faith, adversely affect, or would have a reasonable likelihood of adversely affecting, either (i) the Collateral or any other property which is security for the Secured Obligations, its
value or the amount that might be received by the Administrative Agent from the sale or other disposition or realization upon such Collateral, or (ii) the assets or business of any Loan Party or (iii) the security interests and other rights of the
Administrative Agent in the Collateral (including the enforceability, perfection and priority thereof) or (b) to reflect the Administrative Agent’s good faith belief that any collateral report or financial information furnished by or on behalf
of any Loan Party to the Administrative Agent is or may have been incomplete, inaccurate or misleading in any material respect or (c) in respect of any state of facts which the Administrative Agent determines in good faith constitutes a Default or
an Event of Default. Without limiting the generality of the foregoing, Reserves may, at the Administrative Agent’s option, be established to reflect: (i) dilution with respect to the Accounts (based on the ratio of the aggregate amount of
non-cash reductions in Accounts for any period to the aggregate dollar amount of the sales of such Loan Party for such period) as calculated by the Administrative Agent for any period is or is reasonably anticipated to be greater than five (5%)
percent; (ii) returns, discounts, claims, credits and allowances of any nature that are not paid pursuant to the reduction of Accounts (to the extent such Accounts have not already been made ineligible hereunder); (iii) sales, excise or similar
Taxes included in the amount of any Accounts reported to the Administrative Agent; (iv) [reserved]; (v) amounts due or to become due to owners and lessors of premises where any Collateral is located, other than for those locations where the
Administrative Agent has received a Collateral Access Agreement; (vi) variances between the Inventory records of a Loan Party and the results of test counts or physical counts of Inventory with respect thereto; (vii) amounts due or to become due in
respect of sales, excise, use and/or withholding Taxes; (viii) obligations (contingent or otherwise) of a Loan Party arising under or in connection with any Swap Agreement of such Loan Party as such Swap Agreement counterparty may require in
connection therewith to the extent that (1) such obligations constitute Secured Obligations or otherwise receive the benefit of the security interest of the Administrative Agent in 

  
 34 

 
any Collateral and (2) solely with respect to a Commodity Swap Agreement, such counterparty has indicated pursuant to the written notice provided to the Administrative Agent pursuant to Section
2.22, that Reserves should be established with respect to the Secured Obligations under such Commodity Swap Agreement. The amount of any Reserve established by the Administrative Agent shall have a reasonable relationship to the event,
condition or other matter which is the basis for such reserve as determined by the Administrative Agent in good faith. The Administrative Agent shall provide notice to the Borrower of any new categories of Reserves that may be established after the
date hereof and will be available to consult with the Borrower in connection with the basis for such new categories of Reserves. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interests in Holdings or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such Equity Interests in any Loan Party or any option, warrant or other right to acquire any such Equity Interests in any Loan Party. 

“Revolving Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans and
to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s Revolving Exposure hereunder, as such commitment may be reduced or
increased from time to time pursuant to (a) Section 2.09 and (b) assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Revolving Commitment is set forth on the Commitment Schedule, or in the
Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable.
 “Revolving
Exposure” means, with respect to any Lender at any time, the sum of (a) the outstanding principal amount of such Lender’s Revolving Loans, its LC Exposure and its Swingline Exposure at such time, plus (b) an amount equal
to its Applicable Percentage of the aggregate principal amount of Protective Advances outstanding at such time. 
 “Revolving
Lender” means, as of any date of determination, a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Exposure. 

“Revolving Loan” means a Loan made pursuant to Section 2.01. 

“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.

 “Sale and Leaseback Transaction” has the meaning assigned to such term in Section 6.06. 

“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any
Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 
 “Sanctioned Person” means,
at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department 

  
 35 

 
of the Treasury, the U.S. Department of State or by the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or
other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time
by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European
Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority. 
 “Schedule of Metal
Value” means a schedule setting forth the Loan Parties’ metals and basis used to arrive at a price per pound underlying and constituting Eligible Inventory as of the Effective Date and attached hereto as Schedule 5.01 as updated
from time to time by the most recent update to such schedule delivered pursuant to Section 5.01(h)(ii). 
 “SEC” means the
Securities and Exchange Commission of the U.S. 
 “Secured Obligations” means all Obligations, together with all (i)
Banking Services Obligations and (ii) Swap Agreement Obligations owing to one or more Lenders or their respective Affiliates; provided, however, that the definition of “Secured Obligations” shall not create any guarantee by any
Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor. 

“Secured Parties” means (a) the Administrative Agent, (b) the Lenders, (c) each Issuing Bank, (d) each provider of Banking
Services, to the extent the Banking Services Obligations in respect thereof constitute Secured Obligations, (e) each counterparty to any Swap Agreement, to the extent the Swap Agreement Obligations thereunder constitute Secured Obligations, (f) the
beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document, and (g) the successors and assigns of each of the foregoing.

“Securities Act” means the Securities Act of 1933 and the rules and regulations of the SEC promulgated thereunder. 

“Security Agreement” means that certain Pledge and Security Agreement (including any and all supplements thereto), dated as
of the date hereof, among the Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security agreement entered into, after the date of this Agreement by any
other Loan Party (as required by this Agreement or any other Loan Document) or any other Person for the benefit of the Administrative Agent and the other Secured Parties, as the same may be amended, restated, supplemented or otherwise modified from
time to time. 
 “Specified Indebtedness” means the Indebtedness evidenced by the Term Loan Credit Agreement, any
Subordinated Indebtedness, any Indebtedness incurred pursuant to clauses (j), (q) or (r), of Section 6.01 and, to the extent reflecting a refinancing of any other Indebtedness described above, Indebtedness incurred pursuant to Section 6.01(f). 

  
 36 

 “Statements” has the meaning assigned to such term in Section 2.18(g). 

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the
denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) established by the Board to which the Administrative Agent is subject with
respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such
Regulation D of the Board. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time
to time to any Lender under such Regulation D of the Board or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subordinated Indebtedness” of a Person means any Indebtedness of such Person the payment of which is subordinated to payment
of the Secured Obligations to the written satisfaction of the Administrative Agent.
 “subsidiary” means, with respect to
any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership
interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that
is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary” means any direct or indirect subsidiary of Holdings or a Loan Party, as applicable. 

“Subsidiary Guarantor” means each Material Domestic Subsidiary (except any Excluded Domestic Subsidiary (other than a
Domestic Subsidiary Holding Company)) that is a party to the Loan Guaranty. The Subsidiary Guarantors on the Effective Date are identified as such in Schedule 3.15 hereto. 

“Swap Agreement” means any agreement with respect to any swap, forward, spot, future, credit default or derivative
transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or
pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers,
employees or consultants of Holdings or the Subsidiaries shall be a Swap Agreement. 

  
 37 

 “Swap Agreement Obligations” means any and all obligations of the Loan Parties
and their Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap
Agreements permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction. 

“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder. 

“Swingline Commitment” means the amount set forth opposite JPMCB’s name on the Commitment Schedule as Swingline
Commitment. 
 “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding
at such time. The Swingline Exposure of any Revolving Lender at any time shall be the sum of (a) its Applicable Percentage of the total Swingline Exposure at such time other than with respect to any Swingline Loans made by such Revolving Lender
in its capacity as the Swingline Lender and (b) the principal amount of all Swingline Loans made by such Revolving Lender in its capacity as the Swingline Lender outstanding at such time (less the amount of participations funded by the other Lenders
in such Swingline Loans). 
 “Swingline Lender” means JPMCB in its capacity as lender of Swingline Loans
hereunder. Any consent required of the Administrative Agent or the Issuing Bank shall be deemed to be required of the Swingline Lender and any consent given by JPMCB in its capacity as Administrative Agent or Issuing Bank shall be deemed given
by JPMCB in its capacity as Swingline Lender. 
 “Swingline Loan” means a Loan made pursuant to Section 2.05. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), value added taxes, or any other goods and services, use or sales taxes, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan Credit Agreement” means that certain Term Loan Credit Agreement, dated as of the date hereof, by and among the
Borrower, Holdings, the other loan parties party thereto, the financial institutions party thereto as lenders and JPMCB, in its capacity as administrative agent (in such capacity, the “TLB Administrative Agent”), as amended,
restated, supplemented or otherwise modified from time to time to the extent not prohibited by the Intercreditor Agreement. 
 “Term
Loan Documents” means the Term Loan Credit Agreement, the Intercreditor Agreement and any agreements (including, without limitation, any guarantee agreements or security agreements), instruments and documents executed from time to time in
connection therewith, as the same may be amended, restated, supplemented or otherwise modified from time to time to the extent not prohibited by the Intercreditor Agreement. 

  
 38 

 “Term Loan Obligations” has the meaning set forth in the Intercreditor
Agreement. 
 “Term Loan Priority Collateral” has the meaning set forth in the Intercreditor Agreement. 

“Test Period” means, on any date, the most recent four fiscal quarter period ending on or prior to such date for which
financial statements were required to have been delivered pursuant to Section 5.01(a) or (b). 
 “TLB Administrative Agent”
has the meaning set forth in the definition of Term Loan Credit Agreement. 
 “Transactions” means the execution, delivery
and performance by the Loan Parties of (i) this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder, (ii) the Effective Date Debt
Repayments and (iii) the Term Loan Credit Agreement and the other TLB Loan Documents, the borrowing of loans and other credit extensions thereunder and the use of the proceeds thereof. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “UCC” means
the Uniform Commercial Code as in effect from time to time in the State of New York or in any other state the laws of which are required to be applied in connection with the issue of perfection of security interests.

“Unfinanced Capital Expenditures” means, for any period, Capital Expenditures made during such period which are not financed
from the proceeds of any Indebtedness (other than the Revolving Loans; it being understood and agreed that, to the extent any Capital Expenditures are financed with Revolving Loans, such Capital Expenditures shall be deemed Unfinanced Capital
Expenditures). 
 “Unliquidated Obligations” means, at any time, any Secured Obligations (or portion thereof) that are
contingent in nature or unliquidated at such time, including any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any other obligation (including any guarantee)
that is contingent in nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations. 

“U.S.” means the United States of America. 

“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 

  
 39 

 “U.S. Tax Compliance Certificate” has the meaning assigned to
such term in Section 2.17(f)(ii)(B)(3). 
 “USA PATRIOT Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001. 
 “Value” means, as determined by the
Administrative Agent in good faith, with respect to “Eligible Inventory”: 
  

	 	(a)	The metal and conversion components valued at lower of cost, as calculated on a first-in-first-out basis, or market with; 

  

	 	(b)	Metal value calculated using the then price per pound of such Inventory based on the methods as set forth on the Schedule of Metal Value attached hereto and as updated from time to time solely (i) for additional metals
not currently included or (ii) as otherwise approved by the Administrative Agent; and 

  

	 	(c)	Conversion value calculated based on the capitalized cost of purchasing and converting a metal to a finished good as determined by GAAP. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Write-Down and
Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 SECTION 1.02. Classification of Loans and
Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a
“Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g.,
a “Eurodollar Revolving Borrowing”). 
 SECTION 1.03. Terms Generally. The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”. The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official
rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply) and all judgments, orders and decrees of all Governmental Authorities. The word “will” shall be construed to have the
same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument
or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any
statute, rule or regulation 

  
 40 

 
shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any
Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignments set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded
to any or all functions thereof, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (f) any reference in any definition to the phrase “at any time”
or “for any period” shall refer to the same time or period for all calculations or determinations within such definition, and (g) the words “asset” and “property” shall be construed to have the same meaning and effect
and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial
nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if after the date hereof there occurs any change in GAAP or in the application thereof on the operation of any provision hereof and the Borrower
notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of such change in GAAP or in the application thereof (or if the Administrative Agent notifies the Borrower that the Required
Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP
as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of
an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Financial Accounting Standards Board Accounting Standards
Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of Holdings, the Borrower or any Subsidiary at “fair
value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Financial Accounting Standards Board Accounting Standards Codification 470-20 (or any other Accounting
Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated
principal amount thereof. 
 SECTION 1.05. Pro Forma Adjustments for Acquisitions and Dispositions. To the extent the
Borrower or any Subsidiary makes any acquisition permitted pursuant to Section 6.04 or disposition of assets outside the ordinary course of business permitted by Section 6.05 during the period of four fiscal quarters of Holdings most recently ended,
the Fixed Charge Coverage Ratio shall be calculated after giving pro forma effect thereto (including pro forma adjustments which (i) arise out of events which are directly attributable to the acquisition or the disposition of assets, (ii) (X) are
supportable and are expected to have a continuing impact, in each case as determined on a basis consistent with Article 11 of Regulation S-X of the Securities Act of 1933, as amended, as interpreted by the SEC or (Y) otherwise reasonably acceptable
to the Required Lenders, and (iii) 

  
 41 

 
are certified by a Financial Officer), as if such acquisition or such disposition (and any related incurrence, repayment or assumption of Indebtedness) had occurred in the first day of such
four-quarter period. 
 SECTION 1.06. Status of Obligations. In the event that the Borrower or any other Loan Party shall
at any time issue or have outstanding any Subordinated Indebtedness, the Borrower shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the Secured Obligations to constitute senior indebtedness (however
denominated) in respect of such Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under
the terms of such Subordinated Indebtedness. Without limiting the foregoing, the Secured Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import under
and in respect of any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness
in order that the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. 

ARTICLE II 
 The Credits

 SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender severally (and not
jointly) agrees to make Revolving Loans in dollars to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result (after giving effect to any application of proceeds of such Borrowing pursuant
to Section 2.10(a)) in (i) such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment or (ii) the Aggregate Revolving Exposure exceeding the lesser of (x) the Aggregate Revolving Commitment and (y) the Borrowing
Base, subject to the Administrative Agent’s authority, in its Permitted Discretion, to make Protective Advances pursuant to the terms of Section 2.04, in each case by making immediately available funds available to the Administrative
Agent’s designated account, not later than 2:00 p.m., Chicago time on the date of the requested Borrowing. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow
Revolving Loans. 
 SECTION 2.02. Loans and Borrowings. (a) Each Loan (other than a Swingline Loan) shall be made as
part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall
not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Protective Advance and any
Swingline Loan shall be made in accordance with the procedures set forth in Sections 2.04 and 2.05.
 (b) Subject to Section 2.14, each
Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith, provided 

  
 42 

 
that all Borrowings made on the Effective Date must be made as ABR Borrowings but may be converted into Eurodollar Borrowings in accordance with Section 2.08. Each Swingline Loan shall be an
ABR Loan. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17
shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

(c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an
integral multiple of $100,000 and not less than $1,000,000. ABR Revolving Borrowings and Swingline Loans shall not be subject to a minimum aggregate Borrowing amount. Borrowings of more than one Type and Class may be outstanding at the
same time; provided that there shall not at any time be more than a total of eight (8) Eurodollar Borrowings outstanding.
 (d)
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 

SECTION 2.03. Requests for Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify the
Administrative Agent (which shall promptly notify the Lenders) of such request either in writing (delivered by hand or facsimile) in a form approved by the Administrative Agent and signed by the Borrower or by telephone or through Electronic System,
if arrangements for doing so have been approved by the Administrative Agent, not later than (a) in the case of a Eurodollar Borrowing, noon, Chicago time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case of
an ABR Borrowing, noon, Chicago time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and, if requested by the Administrative Agent, shall be confirmed promptly by hand delivery, facsimile or a
communication through Electronic System to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the
following information in compliance with Section 2.02:
 (i) the aggregate amount of the requested Revolving Borrowing and a breakdown
of the separate wires comprising such Borrowing; 
 (ii) the date of such Revolving Borrowing, which shall be a Business Day; 

(iii) whether such Revolving Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period.” 
 If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving
Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any 

  
 43 

 
requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing
Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

SECTION 2.04. Protective Advances. (a) Subject to the limitations set forth below, the Administrative Agent is
authorized by the Borrower and the Lenders, from time to time in the Administrative Agent’s Permitted Discretion (but shall have absolutely no obligation to), to make Loans to the Borrower, on behalf of all Lenders, which the Administrative
Agent, in its Permitted Discretion, deems necessary (i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations, or (iii) to pay any
other amount chargeable to or required to be paid by the Borrower pursuant to the terms of this Agreement, including payments of reimbursable expenses (including costs, fees, and expenses as described in Section 9.03) and other sums payable under
the Loan Documents (any of such Loans are herein referred to as “Protective Advances”); provided that, the aggregate amount of Protective Advances outstanding at any time shall not at any time exceed five percent (5%) of the
Borrowing Base as determined on the date of such proposed Protective Advance; provided further that, the Aggregate Revolving Exposure after giving effect to the Protective Advances being made shall not exceed the Aggregate Revolving
Commitment. Protective Advances may be made even if the conditions precedent set forth in Section 4.02 have not been satisfied. The Protective Advances shall be secured by the Liens in favor of the Administrative Agent in and to the
Collateral and shall constitute Obligations hereunder. All Protective Advances shall be ABR Borrowings. The Administrative Agent’s authorization to make Protective Advances may be revoked at any time by the Required Lenders. Any
such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. At any time that there is sufficient Availability and the conditions precedent set forth in Section 4.02 have been
satisfied, the Administrative Agent may request the Revolving Lenders to make a Revolving Loan to repay a Protective Advance. At any other time the Administrative Agent may require the Lenders to fund their risk participations described in
Section 2.04(b). 
 (b) Upon the making of a Protective Advance by the Administrative Agent (whether before or after the occurrence of a
Default), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Administrative Agent, without recourse or warranty, an undivided interest and participation in such
Protective Advance in proportion to its Applicable Percentage. From and after the date, if any, on which any Lender is required to fund its participation in any Protective Advance purchased hereunder, the Administrative Agent shall promptly
distribute to such Lender, such Lender’s Applicable Percentage of all payments of principal and interest and all proceeds of Collateral received by the Administrative Agent in respect of such Protective Advance.

SECTION 2.05. Swingline Loans.

(a) Subject to the terms and conditions set forth herein, from time to time during the Availability Period, the Swingline Lender agrees
to make Swingline Loans to the Borrower in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding the Swingline Lender’s Swingline

  
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Commitment, (ii) the Swingline Lender’s Revolving Exposure exceeding its Revolving Commitment, or (iii) the Aggregate Revolving Exposure exceeding the lesser of the Aggregate Revolving
Commitment and the Borrowing Base; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set
forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by facsimile) or through Electronic System, if
arrangements for doing so have been approved by the Administrative Agent, not later than noon, Chicago time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a
Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to
the Borrower by advancing funds to the Funding Account (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the Issuing Bank, and in the case of repayment
of another Loan or fees or expenses as provided by Section 2.18(c), by remittance to the Administrative Agent to be distributed to the Lenders) by 3:00 p.m., Chicago time, on the requested date of such Swingline Loan. 

(b) The Swingline Lender may by written notice given to the Administrative Agent require the Revolving Lenders to acquire participations on
such Business Day in all or a portion of the Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which the Revolving Lenders will participate. Promptly upon receipt of such notice, the
Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Revolving Lender hereby absolutely and unconditionally agrees,
promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by noon, Chicago time, on a Business Day no later than 4:00 p.m., Chicago time on such Business Day and if received after noon, Chicago
time, “on a Business Day” shall mean no later than 9:00 a.m. Chicago time on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of
such Swingline Loan or Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance
whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each
Revolving Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply,
mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent
shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any
amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted
to the Administrative Agent; any such amounts received by the Administrative Agent shall be 

  
 45 

 
promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear;
provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of
participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

SECTION 2.06. Letters of Credit. (a) General. Subject to the terms and conditions set forth herein,
the Borrower may request the issuance of Letters of Credit denominated in dollars as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to the Administrative Agent and the Issuing
Bank, at any time and from time to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other
agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. The Borrower unconditionally and irrevocably agrees that,
in connection with any Letter of Credit issued for the support of any Subsidiary’s obligations as provided in the first sentence of this paragraph, the Borrower will be fully responsible for the reimbursement of LC Disbursements in accordance
with the terms hereof, the payment of interest thereon and the payment of fees due under Section 2.12(b) to the same extent as if it were the sole account party in respect of such Letter of Credit (the Borrower hereby irrevocably waiving any
defenses that might otherwise be available to it as a guarantor or surety of the obligations of such Subsidiary that is an account party in respect of any such Letter of Credit). Notwithstanding anything herein to the contrary, the Issuing Bank
shall have no obligation hereunder to issue, and shall not issue, any Letter of Credit (i) the proceeds of which would be made available to any Person (A) to fund any activity or business of or with any Sanctioned Person, or in any country or
territory that, at the time of such funding, is the subject of any Sanctions or (B) in any manner that would result in a violation of any Sanctions by any party to this Agreement, (ii) if any order, judgment or decree of any Governmental Authority
or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or any Requirement of Law relating to the Issuing Bank or any request or directive (whether or not having the force of law) from any
Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuing Bank
with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuing Bank any unreimbursed
loss, cost or expense which was not applicable on the Effective Date and which the Issuing Bank in good faith deems material to it, or (iii) if the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable
to letters of credit generally; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in
connection therewith or in the implementation thereof, and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed not to be in effect on the Effective Date for purposes of clause (ii) above, regardless of the date enacted, adopted,
issued or implemented. 

  
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 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request
the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall deliver by hand or facsimile (or transmit through Electronic System, if arrangements for doing so have been approved
by the Issuing Bank) to the Issuing Bank and the Administrative Agent (prior to 9:00 am, Chicago time, at least three Business Days prior to the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a
Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire
(which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of
Credit. If requested by the Issuing Bank, the Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued,
amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension
(i) the aggregate LC Exposure shall not exceed $20,000,000, (ii) no Revolving Lender’s Revolving Exposure shall exceed its Revolving Commitment and (iii) the Aggregate Revolving Exposure shall not exceed the lesser of (x) the
Aggregate Revolving Commitment and (y) the Borrowing Base. Notwithstanding the foregoing or anything to the contrary contained herein, no Issuing Bank shall be obligated to issue or modify any Letter of Credit if, immediately after giving
effect thereto, the outstanding LC Exposure in respect of all Letters of Credit issued by such Person and its Affiliates would exceed such Issuing Bank’s Issuing Bank Sublimit. Without limiting the foregoing and without affecting the
limitations contained herein, it is understood and agreed that the Borrower may from time to time request that an Issuing Bank issue Letters of Credit in excess of its individual Issuing Bank Sublimit in effect at the time of such request, and each
Issuing Bank agrees to consider any such request in good faith. Any Letter of Credit so issued by an Issuing Bank in excess of its individual Issuing Bank Sublimit then in effect shall nonetheless constitute a Letter of Credit for all purposes
of the Credit Agreement, and shall not affect the Issuing Bank Sublimit of any other Issuing Bank, subject to the limitations on the aggregate LC Exposure set forth in clause (i) of this Section 2.06(b). 

(c) Expiration Date. Each Letter of Credit shall expire (or be subject to termination or non-renewal by notice from the Issuing
Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, including, without
limitation, any automatic renewal provision, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Maturity Date); provided that a Letter of Credit may expire up to one year after the
Maturity Date (A) on terms and conditions acceptable to the Borrower, the Administrative Agent and the applicable Issuing Bank and (B) if such Letter of Credit has been cash collateralized in an LC Collateral Account in accordance with the
procedures set forth in Section 2.06(j). 
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a
Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the
Issuing Bank, a participation in such Letter of 

  
 47 

 
Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each
Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by
the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire
participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence
and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

(e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall
reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement (i) not later than noon, Chicago time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC
Disbursement prior to 9:00 a.m., Chicago time, on such date, or, (ii) if such notice has not been received by the Borrower prior to such time on such date, then not later than noon, Chicago time, on (a) the Business Day that the Borrower receives
such notice, if such notice is received prior to 9:00 a.m., Chicago time, on the day of receipt, or (b) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, on the
day of receipt; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Revolving Borrowing or Swingline Loan in an
equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan. If the Borrower fails to make such payment when
due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of
such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and
Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving
Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Revolving Lenders
have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank, as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing
Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 

(f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this
Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all 

  
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circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein or herein, (ii) any draft or
other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) any payment by the Issuing Bank under a Letter of Credit against
presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this
Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. None of the Administrative Agent, the Revolving Lenders, or the Issuing Bank or any of their Related Parties
shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the
preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing
thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the
Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that
are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of
gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the
foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole
discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are
not in strict compliance with the terms of such Letter of Credit.
 (g) Disbursement Procedures. The Issuing Bank shall,
promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by
facsimile) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to
reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.
 (h) Interim Interest. If the
Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date
such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement is
payable; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this 

  
 49 

 
Section, then Section 2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of
payment by any Revolving Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 

(i) Replacement of the Issuing Bank. (A) The Issuing Bank may be replaced at any time by written agreement among the Borrower, the
Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become
effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the
rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous
Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights
and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

(B) Subject to the appointment and acceptance of a successor Issuing Bank, the Issuing Bank may resign as an Issuing Bank at any time upon
thirty days’ prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such Issuing Bank shall be replaced in accordance with Section 2.06(i)(A) above. 

(j) Cash Collateralization. If any Default shall occur and be continuing, on the Business Day that the Borrower receives notice
from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposure representing greater than 50% of the aggregate LC Exposure) demanding the deposit of cash collateral
pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the “LC Collateral Account”), an amount in
cash equal to 103% of the amount of the LC Exposure as of such date plus accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become
immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII. Such deposit shall be held by the
Administrative Agent as collateral for the payment and performance of the Secured Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the LC Collateral Account and
the Borrower hereby grants the Administrative Agent a security interest in the LC Collateral Account and all money or other assets on deposit therein or credited thereto. Other than any interest earned on the investment of such deposits, which
investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in the
LC Collateral Account. Moneys in the LC Collateral Account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for
the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of 

  
 50 

 
the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing greater than 50% of the aggregate LC Exposure), be applied to satisfy other Secured
Obligations. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of a Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3)
Business Days after all such Defaults have been cured or waived as confirmed in writing by the Administrative Agent. 
 (k) Issuing Bank
Reports to the Administrative Agent. Unless otherwise agreed by the Administrative Agent, each Issuing Bank shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative
Agent (i) periodic activity (for such period or recurrent periods as shall be requested by the Administrative Agent) in respect of Letters of Credit issued by such Issuing Bank, including all issuances, extensions, amendments and renewals, all
expirations and cancelations and all disbursements and reimbursements, (ii) reasonably prior to the time that such Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or extension, and
the stated amount of the Letters of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business
Day on which such Issuing Bank makes any LC Disbursement, the date and amount of such LC Disbursement, (iv) on any Business Day on which the Borrower fails to reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on such day,
the date of such failure and the amount of such LC Disbursement, and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank. 

(l) LC Exposure Determination. For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the
terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such
maximum stated amount is in effect at the time of determination.
 SECTION 2.07. Funding of Borrowings. (a) Each
Lender shall make each Loan to be made by such Lender hereunder on the proposed date thereof solely by wire transfer of immediately available funds by 2:00 p.m., Chicago time, to the account of the Administrative Agent most recently designated by it
for such purpose by notice to the Lenders in an amount equal to such Lender’s Applicable Percentage; provided that, Swingline Loans shall be made as provided in Section 2.05. The Administrative Agent will make such Loans
available to the Borrower by promptly advancing funds so received to the Funding Account; provided that ABR Revolving Loans made to finance the reimbursement of (i) an LC Disbursement as provided in Section 2.06(e) shall be remitted by the
Administrative Agent to the Issuing Bank and (ii) a Protective Advance shall be retained by the Administrative Agent. 
 (b) Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has
not in fact made its share of the applicable 

  
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Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with
interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 
 SECTION
2.08. Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such
Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this
Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the
Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings or Protective Advances, which may not be converted or continued. 

(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone or through
Electronic System, if arrangements for doing so have been approved by the Administrative Agent, by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such
election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, Electronic System or facsimile to the Administrative Agent of a
written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to elect an Interest Period for
Eurodollar Loans that does not comply with Section 2.02(d). 
 (c) Each telephonic and written Interest Election Request (including requests
submitted through Electronic System) shall specify the following information in compliance with Section 2.02: 
 (i)
the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to
be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
 (ii) the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
 (iii)
whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 
 (iv) if the resulting Borrowing
is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 

  
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 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period,
then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of an
Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the
Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if a Default
has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as a Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar
Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 

SECTION 2.09. Termination and Reduction of Commitments; Increase in Revolving Commitments. (a) Unless previously
terminated, the Revolving Commitments shall terminate on the Maturity Date.
 (b) The Borrower may at any time terminate the Revolving
Commitments upon (i) the payment in full of all outstanding Revolving Loans, together with accrued and unpaid interest thereon and on any LC Exposure, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with
respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit (or at the discretion of the Administrative Agent a back up standby letter of credit satisfactory to the Administrative Agent and the Issuing Bank)
in an amount equal to 103% of the LC Exposure as of such date), (iii) the payment in full of the accrued and unpaid fees, and (iv) the payment in full of all reimbursable expenses and other Obligations, together with accrued and unpaid interest
thereon. 
 (c) The Borrower may from time to time reduce the Revolving Commitments; provided that (i) each reduction of the
Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment
of the Revolving Loans in accordance with Section 2.11, the Aggregate Revolving Exposure would exceed the lesser of the Aggregate Revolving Commitment and the Borrowing Base.

(d) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under
paragraph (b) or (c) of this Section at least five (5) 

  
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Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by
the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if
such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Lenders in accordance with their respective
Revolving Commitments. 
 (e) The Borrower shall have the right to increase the Revolving Commitments by obtaining additional Revolving
Commitments, either from one or more of the Lenders or another Eligible Assignee provided that (i) any such request for an increase shall be in a minimum amount of $25,000,000, (ii) the Borrower may make a maximum of seven (7) such requests,
(iii) after giving effect thereto, the sum of the total of the additional Commitments does not exceed $200,000,000 (and the Aggregate Revolving Commitment shall not exceed $400,000,000 after giving effect to all such increases), (iv) the
Administrative Agent and the Issuing Bank have approved the identity of any such new Lender, such approvals not to be unreasonably withheld, (v) any such new Lender assumes all of the rights and obligations of a “Lender” hereunder, and
(vi) the procedure described in Section 2.09(f) have been satisfied. Nothing contained in this Section 2.09 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder at any time.

 (f) Any amendment hereto for such an increase or addition shall be in form and substance satisfactory to the Administrative Agent and
shall only require the written signatures of the Administrative Agent, the Borrower and each Lender being added or increasing its Commitment, subject only to the approval of all Lenders if any such increase or addition would cause the Aggregate
Revolving Commitments to exceed $400,000,000. As a condition precedent to such an increase or addition, the Borrower shall deliver to the Administrative Agent (i) a certificate of each Loan Party signed by an authorized officer of such Loan
Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (B) in the case of the Borrower, certifying that, before and after giving effect to such increase or addition, (1) the
representations and warranties contained in Article III and the other Loan Documents are true and correct, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct
as of such earlier date, (2) no Default exists and (3) if either before or after giving effect to such an increase in the Aggregate Revolving Commitments, a Covenant Trigger Period has occurred or is continuing, the Loan Parties are in compliance
(on a pro forma basis) with the covenant contained in Section 6.12 and (ii) legal opinions and documents consistent with those delivered on the Effective Date, to the extent requested by the Administrative Agent. 

(g) On the effective date of any such increase or addition, (i) any Lender increasing (or, in the case of any newly added Lender, extending)
its Revolving Commitment shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after
giving effect to such increase or addition and the use of such amounts to make payments to 

  
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such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its revised Applicable Percentage of such outstanding Revolving Loans, and the
Administrative Agent shall make such other adjustments among the Lenders with respect to the Revolving Loans then outstanding and amounts of principal, interest, commitment fees and other amounts paid or payable with respect thereto as shall be
necessary, in the opinion of the Administrative Agent, in order to effect such reallocation and (ii) the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase (or addition) in the
Revolving Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of
Section 2.03). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Eurodollar Loan, shall be
subject to indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related Interest Periods. Within a reasonable time after the effective date of any
increase or addition, the Administrative Agent shall, and is hereby authorized and directed to, revise the Commitment Schedule to reflect such increase or addition and shall distribute such revised Commitment Schedule to each of the
Lenders and the Borrower, whereupon such revised Commitment Schedule shall replace the old Commitment Schedule and become part of this Agreement.

SECTION 2.10. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the
Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, (ii) to the Administrative Agent the then unpaid amount of each Protective Advance on the earlier of the
Maturity Date and demand by the Administrative Agent, and (iii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the fifth Business Day after such Swingline Loan is made;
provided that on each date that a Revolving Loan is made, the Borrower shall repay all Swingline Loans then outstanding and the proceeds of any such Revolving Loan shall be applied by the Administrative Agent to repay any Swingline Loans
outstanding.
 (b) At all times that a Cash Dominion Period is in effect pursuant to Section 7.3 of the Security Agreement, on each Business
Day, the Administrative Agent shall apply all funds credited to the Collection Account on such Business Day or the immediately preceding Business Day (at the discretion of the Administrative Agent, whether or not immediately available) first
to prepay any Protective Advances that may be outstanding, pro rata, and second to prepay the Revolving Loans (including Swingline Loans) and to cash collateralize outstanding LC Exposure. Notwithstanding the foregoing, to the extent any
funds credited to the Collection Account constitute Net Proceeds, the application of such Net Proceeds shall be subject to Section 2.11(c). 

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

(d) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type
thereof and the Interest Period 

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

(f) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute
and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such
promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form. 

SECTION 2.11. Prepayment of Loans. (a) The Borrower shall have the right at any time and from time to time to prepay
any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (f) of this Section and, if applicable, payment of any break funding expenses under Section 2.16. 

(b) In the event and on such occasion that the Aggregate Revolving Exposure exceeds the lesser of (A) the Aggregate Revolving Commitment and
(B) the Borrowing Base, the Borrower shall prepay the Revolving Loans, LC Exposure and/or Swingline Loans or cash collateralize the LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable in an aggregate
amount equal to such excess. 
 (c) In the event and on each occasion that any Net Proceeds are received by or on behalf of Holdings or any
other Loan Party or any Subsidiary in respect of any Prepayment Event, the Borrower shall, immediately after such Net Proceeds are received by Holdings or any other Loan Party or Subsidiary, prepay the Obligations and cash collateralize the LC
Exposure as set forth in Section 2.11(e) below in an aggregate amount equal to 100% of such Net Proceeds; provided that to the extent such Net Proceeds constitute proceeds of Term Loan Priority Collateral and so long as the Term Loan
Obligations remain subject to the Intercreditor Agreement, then such Net Proceeds shall be applied first to prepay in full the Term Loan Obligations, with any excess to be applied as set forth above; provided further that, if the Borrower
shall deliver to the Administrative Agent a certificate of a Financial Officer to the effect that the Loan Parties intend to apply the Net Proceeds from such event (or a portion thereof specified in such certificate), within 180 days after
receipt of such Net Proceeds, to acquire (or replace or rebuild) real property, equipment or other tangible assets (excluding Inventory) to be used in the business of the Loan Parties, and certifying that no Default has occurred and is continuing,
then either (i) so long as a Cash Dominion Period is not in effect, no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds specified in such certificate or (ii) if a Cash Dominion Period is in effect, then such Net
Proceeds shall be applied by the Administrative Agent to reduce the outstanding principal balance of the Revolving Loans (without a permanent reduction of the 

  
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Revolving Commitment) and upon such application, the Administrative Agent shall establish a Reserve against the Borrowing Base in an amount equal to the amount of such proceeds so applied and,
thereafter, such funds shall be made available to the applicable Loan Party as follows: 
 (1) Borrower shall request a
Revolving Borrowing (specifying that the request is to use Net Proceeds pursuant to this Section) or the applicable Loan Party shall request a release from the cash collateral account be made in the amount needed; 

(2) so long as the conditions set forth in Section 4.02 have been met, the Revolving Lenders shall make such Revolving
Borrowing or the Administrative Agent shall release funds from the cash collateral account; and 
 (3) the Reserve
established with respect to such insurance proceeds shall be reduced by the amount of such Revolving Borrowing; 
 provided that to the extent of any
such Net Proceeds therefrom that have not been so applied by the end of such 180-day period, a prepayment shall be required at such time in an amount equal to such Net Proceeds that have not been so applied.

 (d) [Reserved].
 (e) All
such amounts pursuant to Section 2.11(c) (as to any insurance or condemnation proceeds, to the extent they arise from casualties or losses to Equipment, Fixtures and real property) shall be applied, first to prepay any Protective Advances
that may be outstanding, pro rata and second to prepay the Revolving Loans (including Swingline Loans) without a corresponding reduction in the Revolving Commitments and to cash collateralize outstanding LC Exposure. All such amounts pursuant
to Section 2.11(c) (as to any insurance or condemnation proceeds, to the extent they arise from casualties or losses to cash or Inventory) shall be applied, first to prepay any Protective Advances that may be outstanding, pro rata, and
second to prepay the Revolving Loans (including Swingline Loans) without a corresponding reduction in the Revolving Commitments and to cash collateralize outstanding LC Exposure. If the precise amount of insurance or condemnation
proceeds allocable to Inventory as compared to Equipment, Fixtures and real property is not otherwise determined, the allocation and application of those proceeds shall be determined by the Administrative Agent, in its Permitted Discretion.

(f) The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone
(confirmed by facsimile) or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent, of any prepayment hereunder not later than (i) 10:00 a.m., Chicago time, (A) in the case of prepayment of a
Eurodollar Revolving Borrowing, three (3) Business Days before the date of prepayment, or (B) in the case of prepayment of an ABR Revolving Borrowing, one (1) Business Day before the date of prepayment or (ii) 11:00 a.m., Chicago time, on the
date of prepayment, in the case of prepayment of a Swingline Loan. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if
a notice of prepayment is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in
accordance with 

  
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Section 2.09. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial
prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to
the Revolving Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16. 

SECTION 2.12. Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a
commitment fee, which shall accrue at the Applicable Fee Rate on the average daily amount of the Available Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which the Revolving
Commitments terminate. Accrued commitment fees shall be payable in arrears on the first day of each calendar month and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the date hereof. All
commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of this Section 2.12(a), Available Revolving
Commitment of each Lender shall be calculated based on the Swingline Exposure of such Lender calculated assuming that all of the Lenders have funded their participations in all Swingline Loans outstanding at such time. 

(b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to
its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion
thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender
ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC
Disbursements) attributable to Letters of Credit issued by the Issuing Bank during the period from and including the Effective Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases
to be any LC Exposure, as well as the Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings
thereunder. Participation fees and fronting fees accrued through and including the last day of each calendar month shall be payable on the first day of each calendar month following such last day, commencing on the first such date to occur after the
Effective Date; provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other
fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number
of days elapsed (including the first day but excluding the last day). 
 (c) The Borrower agrees to pay to the Administrative Agent, for its
own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
 (d)
All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation
fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 

  
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 SECTION 2.13. Interest. (a) The Loans comprising ABR Borrowings
(including Swingline Loans) shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b) The Loans comprising each
Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

(c) Each Protective Advance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans. 

(d) Notwithstanding the foregoing, during the occurrence and continuance of an Event of Default, the Administrative Agent or the Required
Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions
in interest rates), declare that (i) all Loans shall bear interest at 2% plus the rate otherwise applicable to such Loans as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount outstanding hereunder, such
amount shall accrue at 2% plus the rate applicable to such fee or other obligation as provided hereunder. 
 (e) Accrued interest on each
Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to
paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be
payable on the effective date of such conversion. 
 (f) All interest hereunder shall be computed on the basis of a year of 360 days, except
that interest computed by reference to the Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.14. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 (a) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that
adequate and reasonable means do not exist for ascertaining (including, without limitation, by means of an Interpolated Rate) the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 

(b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable,
for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans included in such Borrowing for such Interest Period; 

  
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 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders through Electronic System
as provided in Section 9.01 as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that
requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar Borrowing shall be repaid on the last day of the then current Interest Period applicable thereto,
and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 
 SECTION
2.15. Increased Costs. (a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any
reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such
reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; 
 (ii) impose on any Lender or the Issuing
Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or 

(iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of
the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 

and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting into or
maintaining any Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount
of any sum received or receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, the Issuing Bank or such other Recipient, as the case may
be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

(b) If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the
effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the 

  
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Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments of, or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such
Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to
such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 

(c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank
or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as
the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.
 (d) Failure or delay on
the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not
be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of
the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.16. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on
the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest
Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.09(d) and is
revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19 or 9.02(d), then, in any
such event, the Borrower shall compensate each Lender for the amount required to make such Lender whole as a result of such event. In the case of a Eurodollar Loan, such amount to any Lender shall be deemed to include an amount determined by
such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Eurodollar Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Eurodollar
Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Eurodollar
Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid 

  
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were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth
any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent demonstrable error. The Borrower shall pay such Lender the amount shown as due on any such
certificate within ten (10) days after receipt thereof. 
 SECTION 2.17. Withholding of Taxes; Gross-Up. (a) Payments Free of
Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as
determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction
or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be
increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum
it would have received had no such deduction or withholding been made. 
 (b) Payment of Other Taxes by the Loan
Parties. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes. 

(c) Evidence of Payment. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority
pursuant to this Section 2.17, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (d) Indemnification by the Loan
Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Loan Party by a Lender (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (e) Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not
already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c)
relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the 

  
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Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to such Lender from any other source against any amount due to the Administrative
Agent under this paragraph (e). 
 (f) Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction
of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and
executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the
Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of
the foregoing, in the event that the Borrower is a U.S. Person, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and
the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an executed IRS Form W-9
certifying that such Lender is exempt from U.S. Federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is
legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, an executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest”
article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to
the “business profits” or “other income” article of such tax treaty; 

  
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 (2) in the case of a Foreign Lender claiming that its extension of credit
will generate U.S. effectively connected income, an executed IRS Form W-8ECI; 
 (3) in the case of a Foreign Lender
claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section
881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax
Compliance Certificate”) and (y) an executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or 

(4) to the extent a Foreign Lender is not the Beneficial Owner, an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-3, IRS Form W-9, and/or other certification documents from each Beneficial Owner, as applicable;
provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate
substantially in the form of Exhibit C-4 on behalf of each such direct and indirect partner; 
 (C) any Foreign Lender shall, to the
extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

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

  
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 Each Lender agrees that if any form or certification it previously delivered expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g)
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in
this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than
the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had
never been paid. This paragraph (g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other
Person. 
 (h) Survival. Each party’s obligations under this Section 2.17 shall survive the resignation or replacement
of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

(i) Defined Terms. For purposes of this Section 2.17, the term “Lender” includes any Issuing Bank and the term
“applicable law” includes FATCA. 
 SECTION 2.18. Payments Generally; Allocation of Proceeds; Sharing of
Set-offs. (a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or
otherwise) prior to 2:00 p.m., Chicago time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion
of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 10 South Dearborn
Street, Floor L2, Chicago, Illinois, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the
Persons entitled thereto. The Administrative Agent shall distribute 

  
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any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is
not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall
be made in dollars.
 (b) Any proceeds of Collateral received by the Administrative Agent (i) not constituting either (A) a specific payment
of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower), (B) a mandatory prepayment (which shall be applied in accordance with Section 2.11) or (C) amounts to be applied from
the Collection Account when a Cash Dominion Period is in effect (which shall be applied in accordance with Section 2.10(b)) or (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required
Lenders so direct, shall be applied ratably first, to pay any fees, indemnities, or expense reimbursements including amounts then due to the Administrative Agent and the Issuing Bank from the Borrower (other than in connection with Banking
Services Obligations or Swap Agreement Obligations), second, to pay any fees or expense reimbursements then due to the Lenders from the Borrower (other than in connection with Banking Services Obligations or Swap Agreement Obligations),
third, to pay interest due in respect of the Protective Advances, fourth, to pay the principal of the Protective Advances, fifth, to pay interest then due and payable on the Loans (other than the Protective Advances) ratably,
sixth, to prepay principal on the Loans (other than the Protective Advances) and unreimbursed LC Disbursements and to pay any amounts owing with respect to Swap Agreement Obligations up to and including the amount most recently provided to
the Administrative Agent pursuant to Section 2.22, for which Reserves have been established, ratably, seventh, to pay an amount to the Administrative Agent equal to one hundred three percent (103%) of the aggregate undrawn face amount of all
outstanding Letters of Credit and the aggregate amount of any unpaid LC Disbursements, to be held as cash collateral for such Obligations, eighth, to payment of any amounts owing with respect to Banking Services Obligations and Swap Agreement
Obligations up to and including the amount most recently provided to the Administrative Agent pursuant to Section 2.22 and to the extent not paid pursuant to clause sixth above, and ninth, to the payment of any other Secured Obligation due to
the Administrative Agent or any Lender by the Borrower. Notwithstanding the foregoing, amounts received from any Loan Party shall not be applied to any Excluded Swap Obligation of such Loan Party. Notwithstanding anything to the contrary
contained in this Agreement, unless so directed by the Borrower, or unless a Default is in existence, neither the Administrative Agent nor any Lender shall apply any payment which it receives to any Eurodollar Loan of a Class, except (a) on the
expiration date of the Interest Period applicable thereto or (b) in the event, and only to the extent, that there are no outstanding ABR Loans of the same Class and, in any such event, the Borrower shall pay the break funding payment required in
accordance with Section 2.16. The Administrative Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations.

(c) At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses
(including, without limitation, all reimbursement for fees, costs and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made following a request by
the Borrower pursuant to Section 2.03 or a deemed request as 

  
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provided in this Section or may be deducted from any deposit account of the Borrower maintained with the Administrative Agent. The Borrower hereby irrevocably authorizes (i) the
Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such amounts charged shall constitute
Loans (including Swingline Loans, but such a Borrowing may only constitute a Protective Advance if it is to reimburse costs, fees and expenses as described in Section 9.03) and that all such Borrowings shall be deemed to have been requested pursuant
to Section 2.03, 2.04 or 2.05, as applicable, and (ii) the Administrative Agent to charge any deposit account of the Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or
any other amount due under the Loan Documents. 
 (d) If, except as otherwise expressly provided herein, any Lender shall, by exercising any
right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in such Lender receiving payment of
a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other similarly situated Lender, then the Lender receiving such
greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by
all such Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are
purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph
shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any
of its Loans or participations in LC Disbursements or Swingline Loans to any assignee or participant, other than to Holdings or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to
the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect
to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
 (e) Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such
payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount
due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such
Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

  
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 (f) If any Lender shall fail to make any payment required to be made by it hereunder, then the
Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent, the
Swingline Lender or the Issuing Bank to satisfy such Lender’s obligations hereunder until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account over which the Administrative Agent shall have
exclusive control as cash collateral for, and application to, any future funding obligations of such Lender hereunder. Application of amounts pursuant to (i) and (ii) above shall be made in any order determined by the Administrative Agent in
its discretion. 
 (g) The Administrative Agent may from time to time provide the Borrower with account statements or invoices with respect
to any of the Secured Obligations (the “Statements”). The Administrative Agent is under no duty or obligation to provide Statements, which, if provided, will be solely for the Borrower’s convenience. Statements may contain
estimates of the amounts owed during the relevant billing period, whether of principal, interest, fees or other Secured Obligations. If the Borrower pays the full amount indicated on a Statement on or before the due date indicated on such Statement,
the Borrower shall not be in default of payment with respect to the billing period indicated on such Statement; provided, that acceptance by the Administrative Agent, on behalf of the Lenders, of any payment that is less than the total amount
actually due at that time (including but not limited to any past due amounts) shall not constitute a waiver of the Administrative Agent’s or the Lenders’ right to receive payment in full at another time. 

SECTION 2.19. Mitigation Obligations; Replacement of Lenders.

(a) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to
assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the
case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any
Lender in connection with any such designation or assignment. 
 (b) If any Lender requests compensation under Section 2.15, or if the
Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender becomes a Defaulting Lender, then the Borrower may, at
its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its
interests, rights (other than its existing rights to payments pursuant to Section 2.15 or 2.17) and obligations under this Agreement and other Loan Documents to an Eligible Assignee that shall assume such obligations (which Eligible Assignee may be
another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and in circumstances where its consent would be required under Section 9.04,

  
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the Issuing Bank and the Swingline Lender), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its
Loans and funded participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the Eligible Assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17,
such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrower to require such assignment and delegation cease to apply. 
 SECTION 2.20. Defaulting Lenders.
Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) fees shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.12(a); 

(b) such Defaulting Lender shall not have the right to vote on any issue on which voting is required (other than to the extent expressly
provided in Section 9.02(b)) and the Commitment and Revolving Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment,
waiver or other modification pursuant to Section 9.02) or under any other Loan Document; provided, that, except as otherwise provided in Section 9.02, this clause (b) shall not apply to the vote of a Defaulting Lender in the
case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby; 
 (c) if
any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 
 (i) all or any
part of the Swingline Exposure and LC Exposure of such Defaulting Lender (other than the portion of such Swingline Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in accordance
with their respective Applicable Percentages but only (x) to the extent that the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at
such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time) and (y) to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting
Lender’s Revolving Exposure to exceed its Revolving Commitment; 
 (ii) if the reallocation described in clause (i)
above cannot, or can only partially, be effected, the Borrower shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize, for the benefit
of the Issuing Bank, the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section
2.06(j) for so long as such LC Exposure is outstanding; 

  
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 (iii) if the Borrower cash collateralizes any portion of such Defaulting
Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such
Defaulting Lender’s LC Exposure is cash collateralized; 
 (iv) if the LC Exposure of the non-Defaulting Lenders is
reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.12(a) and 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and 

(v) if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant
to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all commitment fees payable under Section 2.12(a) that otherwise would have been payable to such Defaulting Lender
(solely with respect to the portion of such Defaulting Lender’s Revolving Commitment that was utilized by such LC Exposure) and all letter of credit fees payable under Section 2.12(b) with
respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and 

(d) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank
shall not be required to issue, amend, renew, extend or increase any Letter of Credit, unless it is satisfied that the related exposure and such Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the
non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.20(c), and Swingline Exposure related to any such newly made Swingline Loan or LC Exposure related to any newly issued or increased Letter of
Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.20(c)(i) (and such Defaulting Lender shall not participate therein). 

If (i) a Bankruptcy Event or a Bail-In Action with respect to the Parent of any Lender shall occur following the date hereof and for so long
as such event shall continue or (ii) the Swingline Lender or the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the
Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or the Issuing Bank, as the case may be, shall have entered
into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder. 

In the event that each of the Administrative Agent, the Borrower, the Swingline Lender and the Issuing Bank agrees that a Defaulting Lender
has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the 

  
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Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Commitment and on the date of such readjustment such Lender shall purchase at par such of the Loans of the
other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage. 

SECTION 2.21. Returned Payments. If after receipt of any payment which is applied to the payment of all or any part of the
Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds
is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason (including pursuant to any settlement entered into by the Administrative
Agent or such Lender in its discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the
Administrative Agent or such Lender. The provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or
application of proceeds. The provisions of this Section 2.21 shall survive the termination of this Agreement. 
 SECTION
2.22. Banking Services and Swap Agreements. Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the
Administrative Agent promptly after the last Business Day of each calendar month a written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate
thereof to such Lender or Affiliate (whether matured or unmatured, absolute or contingent). In addition, each such Lender or Affiliate thereof shall deliver to the Administrative Agent, following the end of each calendar month (or promptly upon
the Administrative Agent’s request therefor), a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations. The most recent information provided to the Administrative Agent
shall be used in determining the amounts to be applied in respect of such Banking Services Obligations and/or Swap Agreement Obligations pursuant to Section 2.18(b) and which tier of the waterfall, contained in Section 2.18(b), such Banking Services
Obligations and/or Swap Agreement Obligations will be placed. Notwithstanding the foregoing, solely with respect to Commodity Swap Agreements, in addition to the ability to provide notice to the Administrative Agent of Swap Agreement
Obligations set forth above, in the event that the Administrative Agent shall apply proceeds of Collateral received by the Administrative Agent pursuant to the waterfall contained in Section 2.18(b), any Swap Agreement Obligations under Commodity
Swap Agreements shall be applied pursuant to the sixth tier or eighth tier of the waterfall (as applicable) so long as the Administrative Agent shall have received prior written notice of such Commodity Swap Agreement (and a summary of the amounts
due thereunder) by such Lender or Affiliate thereof at least one (1) Business Day prior to the application of such proceeds of Collateral by the Administrative Agent; provided that the ability to provide the notice described in this sentence
shall not apply if such notice is received on a date that is more than thirty (30) days after the effectiveness of such Commodity Swap Agreement. 

  
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 ARTICLE III 

Representations and Warranties 

Each Loan Party represents and warrants to the Lenders that: 

SECTION 3.01. Organization; Powers. Each Loan Party and each Subsidiary is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, is qualified to do business, and is in good standing, in every jurisdiction where such qualification is required.

SECTION 3.02. Authorization; Enforceability. The Transactions are within each Loan Party’s organizational powers
and have been duly authorized by all necessary organizational actions and, if required, actions by equity holders. Each Loan Document to which each Loan Party is a party has been duly executed and delivered by such Loan Party and constitutes a
legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to
general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION 3.03. Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and
effect and except for filings necessary to perfect Liens created pursuant to the Loan Documents, (b) will not violate any Requirement of Law applicable to any Loan Party or any Subsidiary, (c) will not violate or result in a default under any
indenture, agreement or other instrument binding upon any Loan Party or any Subsidiary or the assets of any Loan Party or any Subsidiary, or give rise to a right thereunder to require any payment to be made by any Loan Party or any Subsidiary,
and (d) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any Subsidiary, except Liens created pursuant to the Loan Documents. 

SECTION 3.04. Financial Condition; No Material Adverse Change. (a) Holdings has heretofore furnished to the
Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2015, reported on by PricewaterhouseCoopers LLP, independent public accountants, and (ii) as of
and for the fiscal quarter and the portion of the fiscal year ended March 31, 2016, certified by its Financial Officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and
cash flows of Holdings and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to normal year-end audit adjustments (all of which, when taken as a whole, would
not be materially adverse) and the absence of footnotes in the case of the statements referred to in clause (ii) above. 
 (b) No event,
change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect, since December 31, 2015. 

  
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 SECTION 3.05. Properties. (a) As of the date of this Agreement,
Schedule 3.05 sets forth the address of each parcel of real property that is owned or leased by any Loan Party. Each of such leases and subleases is valid and enforceable in accordance with its terms and is in full force and effect, and
no default by any party to any such lease or sublease exists. Each of the Loan Parties and each of its Subsidiaries has good and indefeasible title to, or valid leasehold interests in, all of its real and material personal property, free of all
Liens other than those permitted by Section 6.02.
 (b) Each Loan Party and each Subsidiary owns, or is licensed to use, all trademarks,
tradenames, copyrights, patents and other intellectual property necessary to its business as currently conducted, a correct and complete list of which, as of the date of this Agreement, is set forth on Schedule 3.05, and the use thereof by
each Loan Party and each Subsidiary does not infringe in any material respect upon the rights of any other Person, and each Loan Party’s and each Subsidiary’s rights thereto are not subject to any licensing agreement or similar
arrangement. 
 SECTION 3.06. Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by
or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Loan Party, threatened against or affecting any Loan Party or any Subsidiary (i) as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve any Loan Document or the
Transactions. 
 (b) Except for the Disclosed Matters, and except with respect to any other matters that, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, (i) no Loan Party or any Subsidiary has received notice of any claim with respect to any Environmental Liability or knows of any basis for any Environmental Liability and (ii),
no Loan Party or any Subsidiary (A) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (B) has become subject to any
Environmental Liability, (C) has received notice of any claim with respect to any Environmental Liability or (D) knows of any basis for any Environmental Liability. 

(c) Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate,
has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
 SECTION 3.07. Compliance with Laws and
Agreements. Except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, each Loan Party and each Subsidiary is in compliance with (i) all Requirement of Law
applicable to it or its property and (ii) all indentures, agreements and other instruments binding upon it or its property.
 SECTION
3.08. Investment Company Status. No Loan Party or any Subsidiary is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

  
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 SECTION 3.09. Taxes. Each Loan Party and each Subsidiary has timely filed or
caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which
such Loan Party or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not be expected to result in a Material Adverse Effect. No tax liens have been filed and no
claims are being asserted with respect to any such Taxes, other than those set forth in clause (a) of Permitted Encumbrances. 
 SECTION
3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to
result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the
most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan such that it could reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.11. Disclosure. The Loan Parties have disclosed to the Lenders all agreements, instruments and corporate or other
restrictions to which any Loan Party or any Subsidiary is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. Neither the Information
Memorandum nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of any Loan Party or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation of this
Agreement or any other Loan Document (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Loan Parties represent only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time delivered and, if such projected financial information was delivered prior to the Effective Date, as of the Effective Date. 

SECTION 3.12. Material Contracts. No Loan Party or any Subsidiary is in breach or in default of or under any Material
Contract and has not received any notice of the intention of any other party thereto to terminate any Material Contract, in each case, where such breach, default or termination could be reasonably likely to result in a Material Adverse Effect. 

SECTION 3.13. Solvency. (a) Immediately after the consummation of the Transactions to occur on the Effective Date, (i)
the fair value of the assets of each Loan Party, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of the property of each Loan Party will be greater than the
amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) each Loan Party will be able to pay its
debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) no Loan Party will have unreasonably small capital with which to conduct the business in which it is engaged as such
business is now conducted and is proposed to be conducted after the Effective Date. 
 (b) No Loan Party intends to, nor will permit any
Subsidiary to, and no Loan Party believes that it or any Subsidiary will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Subsidiary and the
timing of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary. 

  
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 SECTION 3.14. Insurance. Schedule 3.14 sets forth a
description of all insurance maintained by or on behalf of the Loan Parties and their Subsidiaries as of the Effective Date. As of the Effective Date, all premiums in respect of such insurance have been paid. The Loan Parties maintain, and
have caused each Subsidiary to maintain, with financially sound and reputable insurance companies, insurance on all their real and personal property in such amounts, subject to such deductibles and self-insurance retentions and covering such
properties and risks as are adequate and customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.

SECTION 3.15. Capitalization and Subsidiaries. As of the Effective Date, Schedule 3.15 sets forth (a) a correct and
complete list of the name and relationship to Holdings of each Subsidiary, noting whether such Subsidiary is a Material Domestic Subsidiary, (b) the type of entity of Holdings and each Subsidiary and (c) as of the date hereof, any joint venture or
partnership interests held by Holdings or its Subsidiaries. All of the issued and outstanding Equity Interests owned by any Loan Party have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized
and issued and are fully paid and non-assessable. There are no outstanding commitments or other obligations of any Loan Party to issue, and no options, warrants or other rights of any Person to acquire,
any shares of any class of capital stock or other equity interests of any Loan Party. 
 SECTION 3.16. Security Interest in
Collateral. The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all of the Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, and such Liens constitute
perfected and continuing Liens on the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the Collateral except in the case of (a) Permitted
Encumbrances, to the extent any such Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law or agreement, and (b) Liens perfected only by possession (including possession of
any certificate of title), to the extent the Administrative Agent has not obtained or does not maintain possession of such Collateral. 

SECTION 3.17. Employment Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against any Loan Party or
any Subsidiary pending or, to the knowledge of any Loan Party, threatened that could be reasonably likely to result in a Material Adverse Effect. The hours worked by and payments made to employees of the Loan Parties and their Subsidiaries have
not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters except where such violation could not be reasonably likely to result in a Material Adverse Effect. 

  
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 SECTION 3.18. Federal Reserve Regulations. No part of the proceeds of any
Loan or Letter of Credit has been used or will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 

SECTION 3.19. Use of Proceeds. The proceeds of the Loans have been used and will be used, whether directly or
indirectly as set forth in Section 5.08. 
 SECTION 3.20. No Burdensome Restrictions. No Loan Party is subject to
any Burdensome Restrictions except Burdensome Restrictions permitted under Section 6.10. 
 SECTION 3.21. Anti-Corruption
Laws and Sanctions. Each Loan Party has implemented and maintains in effect policies and procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with
Anti-Corruption Laws and applicable Sanctions, and such Loan Party, its Subsidiaries and their respective officers and directors and, to the knowledge of such Loan Party, its employees and agents, are in compliance with Anti-Corruption Laws and
applicable Sanctions in all material respects. None of (a) any Loan Party, any Subsidiary or, to the knowledge of any such Loan Party or Subsidiary, any of their respective directors, officers or employees, or (b) to the knowledge of any such
Loan Party or Subsidiary, any agent of such Loan Party or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds, Transaction or other transaction contemplated by this Agreement or the other Loan Documents will violate Anti-Corruption Laws or applicable Sanctions.

 SECTION 3.22. EEA Financial Institutions. No Loan Party is an EEA Financial Institution. 

SECTION 3.23. Status as Senior Debt. The Loans and other Obligations of the Loan Parties constitute senior Indebtedness of the
Loan Parties ranking at least pari passu in right of payment with all other Indebtedness of the Loan Parties. 
 SECTION 3.24. No
Default. No Default or Event of Default has occurred and is continuing. 
 SECTION 3.25. Business of Holdings. Except as
expressly permitted by Section 6.13, Holdings has not (i) engaged in any business or business activities or owned any property or asset other than (x) ownership of 100% of the Equity Interests of the Borrower, (y) activities and contractual rights
incidental to maintenance of its corporate existence and (z) performance of its obligations under the Loan Documents and Term Loan Documents to which it is a party, and (ii) sold, pledged or otherwise transferred any the Equity Interests of the
Borrower to any Person (other than to the Administrative Agent as Collateral or, subject in all respects to the Intercreditor Agreement, the TLB Administrative Agent to secure the obligations under the Term Loan Documents). 

  
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 ARTICLE IV 

Conditions 
 SECTION
4.01. Effective Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied
(or waived in accordance with Section 9.02): 
 (a) Credit Agreement and Other Loan Documents. The
Administrative Agent (or its counsel) shall have received (i) from each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include
facsimile or other electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement, (ii) either (A) a counterpart of each other Loan Document (including, without limitation, the
Intercreditor Agreement) signed on behalf of each party thereto or (B) written evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmission of a signed signature page thereof) that each such party
has signed a counterpart of such Loan Document and (iii) such other certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement and the
other Loan Documents, including any promissory notes requested by a Lender pursuant to Section 2.10 payable to such requesting Lender and a written opinion of the Loan Parties’ counsel, addressed to the Administrative Agent, the Issuing Bank
and the Lenders in substantially the form of Exhibit B, all in form and substance satisfactory to the Administrative Agent and its counsel. 

(b) Financial Statements and Projections. The Lenders shall have received (i) audited consolidated financial
statements of Holdings for the 2014 and 2015 fiscal years, (ii) unaudited interim consolidated financial statements of Holdings for each fiscal quarter ended after the date of the latest applicable financial statements delivered pursuant to clause
(i) of this paragraph as to which such financial statements are available, and such financial statements shall not, in the reasonable judgment of the Administrative Agent, reflect any material adverse change in the consolidated financial condition
of Holdings, as reflected in the audited, consolidated financial statements described in clause (i) of this paragraph and (iii) satisfactory projections for the five-year period beginning with the fiscal year ending December 31, 2016 and ending with
the fiscal year ending December 31, 2021; provided, that the Borrower shall be deemed to have delivered the foregoing to the Administrative Agent and the Lenders if prior to the Effective Date, such information has been filed with the SEC and
is available on the EDGAR site at www.sec.gov or any successor government site that is freely and readily available to the Administrative Agent and the Lenders without charge. 

(c) Closing Certificates; Certified Certificate of Incorporation; Good Standing Certificates. The Administrative
Agent shall have received (i) a certificate of each Loan Party, dated the Effective Date and executed by its Secretary or Assistant Secretary, which shall (A) certify the resolutions of its board of directors, members or other body authorizing the
execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the officers of such Loan Party authorized to sign the Loan Documents to which it is a party and, in the case
of the Borrower and Holdings, its Financial Officers, and (C) contain appropriate attachments, 

  
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including the certificate or articles of incorporation or organization of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and
correct copy of its by-laws or operating, management or partnership agreement, or other organizational or governing documents, and (ii) a good standing certificate for each Loan Party from its jurisdiction of
organization or the substantive equivalent available in the jurisdiction of organization for each Loan Party from the appropriate governmental officer in such jurisdiction. 

(d) No Default Certificate. The Administrative Agent shall have received a certificate, signed by a Financial
Officer of Holdings and each other Loan Party, dated as of the Effective Date (i) stating that no Default has occurred and is continuing, (ii) stating that the representations and warranties contained in the Loan Documents are true and correct as of
such date, and (iii) certifying as to any other factual matters as may be reasonably requested by the Administrative Agent. 

(e) Fees. The Lenders, JPMCB and the Administrative Agent shall have received all fees required to be paid, and
all expenses for which invoices have been presented (including the reasonable fees and expenses of legal counsel), on or before the Effective Date. All such amounts will be paid with proceeds of Loans made on the Effective Date and will be
reflected in the funding instructions given by the Borrower to the Administrative Agent on or before the Effective Date. 

(f) Lien Searches. The Administrative Agent shall have received the results of a recent lien search in each
jurisdiction where the Loan Parties are organized and where the assets of the Loan Parties are located, and such search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by Section 6.02 or discharged on or
prior to the Effective Date pursuant to a pay-off letter or other documentation satisfactory to the Administrative Agent. 

(g) Pay-Off Letter; Effective Date Debt Repayments. The Administrative Agent shall have received (x)
fully-executed customary payoff letters related to each Effective Date Debt Repayment reasonably satisfactory to it and (y) reasonably satisfactory evidence of arrangement for the concurrent termination of all Liens securing the obligations under
existing credit facilities to be repaid in connection with each Effective Date Debt Repayment. After the application of the proceeds of the term loans under the Term Loan Credit Agreement and any Loans made under the Agreement on the Effective Date,
the Effective Date Debt Repayments shall have been completed in a manner reasonably satisfactory to the Administrative Agent. 

(h) Term Loan Credit Agreement. The Borrower shall have received all of the net proceeds from the issuance of term
loans under the Term Loan Credit Agreement on the Effective Date, on terms and conditions reasonably satisfactory to the Borrower, Administrative Agent and the Lenders, which proceeds shall be used for the Effective Date Debt Repayment of the Senior
Secured Notes. 
 (i) Funding Account. The Administrative Agent shall have received a notice setting forth the
deposit account of the Borrower at an institution reasonably satisfactory to 

  
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the Administrative Agent (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or
authorized pursuant to this Agreement. 
 (j) Customer List. The Administrative Agent shall have received a true
and complete customer list for the Borrower and its Subsidiaries, which list shall state the customer’s name, mailing address. 

(k) [Reserved].

(l) Solvency. The Administrative Agent shall have received a solvency certificate signed by a Financial Officer
dated the Effective Date. 
 (m) Borrowing Base Certificate. The Administrative Agent shall have received a
Borrowing Base Certificate which calculates the Borrowing Base as of the end of the calendar month immediately preceding the Effective Date. 

(n) Closing Availability. After giving effect to all Borrowings to be made on the Effective Date, the issuance of
any Letters of Credit on the Effective Date, and the payment of all fees and expenses due hereunder, and with all of the Loan Parties’ indebtedness, liabilities, and obligations current, Availability shall not be less than $75,000,000. 

(o) Pledged Equity Interests; Stock Powers; Pledged Notes. The Administrative Agent shall have received copies of
(i) the certificates representing the Equity Interests pledged pursuant to the Security Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof and (ii) each
promissory note (if any) pledged to the Administrative Agent pursuant to the Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof. 

(p) Filings, Registrations and Recordings. Each document (including any Uniform Commercial Code financing
statement) required by the Collateral Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of itself, the Lenders
and the other Secured Parties, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted by Section 6.02), shall be in proper form for filing,
registration and/or recordation. 
 (q) Approvals. All governmental and third party approvals necessary in connection
with the financing contemplated hereby and the continuing operations of Holdings and its Subsidiaries (including shareholder approvals, if any) shall have been obtained on satisfactory terms and shall be in full force and effect. 

(r) Insurance. The Administrative Agent shall have received evidence of insurance coverage in form, scope, and
substance reasonably satisfactory to the Administrative Agent and otherwise in compliance with the terms of Section 5.10 hereof and the other Loan Documents. 

  
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 (s) Letter of Credit Application. If a Letter of Credit is requested
to be issued on the Effective Date, the Administrative Agent shall have received a properly completed letter of credit application. 

(t) Tax Withholding. The Administrative Agent shall have received a properly completed and signed IRS Form W-8 or W-9, as applicable, for each Loan Party. 
 (u) Corporate
Structure. The corporate structure, capital structure and other material debt instruments, material accounts and governing documents of Holdings and its Affiliates shall be acceptable to the Administrative Agent in its sole discretion. 

(v) Field Examination. The Administrative Agent or its designee shall have conducted a normal and customary field
examination of the Accounts and Inventory of the Loan Parties for which the Borrower seeks to receive Borrowing Base credit on the Effective Date, related working capital matters and Holdings’ and the Borrower’s related data processing and
other systems, the results of which shall be satisfactory to the Administrative Agent in its sole discretion. 

(w) Legal Due Diligence. The Administrative Agent and its counsel shall have completed all legal due diligence,
the results of which shall be satisfactory to Administrative Agent in its sole discretion. 

(x) Appraisal(s). The Administrative Agent shall have received appraisals of the Inventory of the Loan
Parties for which the Borrower seeks to receive Borrowing Base credit on the Effective Date from one or more firms satisfactory to the Administrative Agent, which appraisals shall be satisfactory to the Administrative Agent in its sole discretion.

 (y) USA PATRIOT Act, Etc. The Administrative Agent and the Lenders shall have received all documentation
and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, for each Loan Party. 

(z) Other Documents. The Administrative Agent shall have received such other documents as the Administrative
Agent, the Issuing Bank, any Lender or their respective counsel may have reasonably requested. 
 The Administrative Agent shall notify the Borrower, the
Lenders and the Issuing Bank of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall
not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 2:00 p.m., Chicago time, on July 18, 2016 (and, in the event such conditions are not so satisfied or waived, the
Commitments shall terminate at such time). 

  
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 SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on
the occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 

(a) The representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in
all material respects with the same effect as though made on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable (it being understood and agreed that any
representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any
materiality qualifier shall be required to be true and correct in all respects). 
 (b) At the time of and immediately
after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, (i) no Default shall have occurred and be continuing, and (ii) no Protective Advance shall be outstanding. 

(c) After giving effect to any Borrowing or the issuance, amendment, renewal or extension of any Letter of Credit,
Availability shall not be less than zero. 
 Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to
constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a), (b) and (c) of this Section. 

Notwithstanding the failure to satisfy the conditions precedent set forth in paragraphs (a) or (b) of this Section, unless otherwise directed by the Required
Lenders, the Administrative Agent may, but shall have no obligation to, continue to make Loans and an Issuing Bank may, but shall have no obligation to, issue, amend, renew or extend, or cause to be issued, amended, renewed or extended, any Letter
of Credit for the ratable account and risk of Lenders from time to time if the Administrative Agent believes that making such Loans or issuing, amending, renewing or extending, or causing the issuance, amendment, renewal or extension of, any
such Letter of Credit is in the best interests of the Lenders. 

  
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 ARTICLE V 

Affirmative Covenants 

Until the Commitments shall have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder
shall have been paid in full and all Letters of Credit shall have expired or terminated in each case without any pending draw, and all LC Disbursements shall have been reimbursed, each Loan Party executing this Agreement covenants and agrees,
jointly and severally with all of the other Loan Parties, with the Lenders that: 
 SECTION 5.01. Financial Statements; Borrowing
Base and Other Information. The Borrower will furnish or caused to be furnished to the Administrative Agent and each Lender: 

(a) within ninety (90) days after the end of each fiscal year of Holdings, its audited consolidated balance sheet and
related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by independent public accountants
of recognized national standing (without a “going concern” or like qualification (other than any such qualification with respect to the Obligations being treated as short-term indebtedness resulting solely from the Maturity Date occurring
one year from the time such opinion is delivered), commentary or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects
the financial condition and results of operations of Holdings and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; provided, that the Borrower shall be deemed to have delivered the foregoing
to the Administrative Agent and the Lenders if such information has been filed with the SEC and is available on the EDGAR site at www.sec.gov or any successor government site that is freely and readily available to the Administrative Agent
and the Lenders without charge, or has been made freely and readily available to the Administrative Agent and the Lenders without charge on Holdings’ website www.gbcholdings.com, and the delivery date therefor shall be deemed to be the
first day on which such information is available to the Administrative Agent and the Lenders on one of such web pages; 

(b) within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of Holdings,
its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of such fiscal year, setting forth in each case in comparative
form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by a Financial Officer as presenting fairly in all material respects the financial condition
and results of operations of Holdings and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; provided, that the
Borrower shall be deemed to have delivered the foregoing to the Administrative Agent and the Lenders if such information has been filed with the SEC and is available on the EDGAR site at www.sec.gov or any successor government site that is freely
and readily available to the Administrative Agent and the Lenders without charge, or has been made freely and readily available to the Administrative Agent and the Lenders without charge on Holdings’ website www.gbcholdings.com, and the
delivery date therefor shall be deemed to be the first day on which such information is available to the Administrative Agent and the Lenders on one of such web pages; 

(c) Upon the occurrence and during the continuance of an Event of Default, within thirty (30) days after the end of each
fiscal month of Holdings, commencing with the first fiscal month ending immediately after the occurrence of such Event of Default, its consolidated balance sheet and related statements of operations and cash flows as of the end of and for such
fiscal month, all certified by a Financial Officer as being consistent with its past interim reporting practices; provided, that the Borrower shall be deemed to 

  
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have delivered the foregoing to the Administrative Agent and the Lenders if such information has been filed with the SEC and is available on the EDGAR site at www.sec.gov or any successor
government site that is freely and readily available to the Administrative Agent and the Lenders without charge, or has been made freely and readily available to the Administrative Agent and the Lenders without charge on Holdings’ website
www.gbcholdings.com, and the delivery date therefor shall be deemed to be the first day on which such information is available to the Administrative Agent and the Lenders on one of such web pages; 

(d) no later than seven (7) Business Days after any delivery of financial statements under clause (a) or (b) above, a
certificate of a Financial Officer in substantially the form of Exhibit D (i) certifying, in the case of the financial statements delivered under clause (b), as presenting fairly in all material respects the financial condition and
results of operations of Holdings and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes, (ii) certifying as to whether a Default has occurred and,
if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations of the Fixed Charge Coverage Ratio and, during any Covenant
Trigger Period, demonstrating compliance with Section 6.12, (iv) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such
change has occurred, specifying the effect of such change on the financial statements accompanying such certificate, and (v) certifying if any Subsidiaries have, as of the delivery of the last the last certificate under this clause (d),
qualified independently as, or are being designated by the Borrower to become, Material Domestic Subsidiaries; 
 (e)
concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of
such financial statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines); 

(f) as soon as available but in any event no later than sixty (60) days after the end of each fiscal year of Holdings, a copy
of the plan and forecast (including a projected consolidated and consolidating balance sheet, income statement and cash flow statement) of Holdings for each month of the upcoming fiscal year (the “Projections”) in form reasonably
satisfactory to the Administrative Agent; 
 (g) as soon as available but in any event within twenty (20) days of the end of
each calendar month (or, within three (3) Business Days of the end of each calendar week (it being understood that a calendar week ends on Sunday), during any Liquidity Condition Period), commencing with the calendar month ending July 31, 2016), as
of the period then ended, a Borrowing Base Certificate and supporting information in connection therewith (including, in respect of any Borrowing Base Certificate delivered for a month which is also the end of any calendar quarter, a calculation of
Average Quarterly Availability for such quarter then ended and an indication of what the Applicable Rate is as a result of such Average Quarterly Availability), together with any additional reports with respect to the Borrowing Base as the
Administrative Agent may reasonably request; 

  
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 (h) as soon as available but in any event within twenty (20) days of the end of
each calendar month (or, solely with respect to clause (i) below, within three (3) Business Days of the end of each calendar week (it being understood that a calendar week ends on Sunday), during any Liquidity Condition Period), all delivered
electronically in a text formatted file acceptable to the Administrative Agent; 
 (i) a detailed aging of the Accounts of
the Loan Parties that are providing Borrowing Base credit as of such date, including all invoices aged by invoice date or due date, prepared in a manner reasonably acceptable to the Administrative Agent, together with a summary specifying the name
and balance due for each Account Debtor; 
 (ii) a schedule detailing the Inventory of the Loan Parties that are providing
Borrowing Base credit as of such date (including any updates to the Schedule of Metal Value pursuant to clause (b) of the definition of Value), in form satisfactory to the Administrative Agent, showing Inventory by location, by product type, and by
volume on hand, which Inventory shall be valued at the lower of cost (determined on a first-in, first-out basis) or market and adjusted for Reserves as the Administrative Agent has previously indicated to the Borrower are deemed by the
Administrative Agent to be appropriate; 
 (iii) a worksheet of calculations prepared by the Borrower to determine Eligible
Accounts and Eligible Inventory, such worksheets detailing the Accounts and Inventory excluded from Eligible Accounts and Eligible Inventory and the reason for such exclusion; 

(iv) a reconciliation of the Accounts and Inventory of the Loan Parties that are providing Borrowing Base credit as of such
date between (A) the amounts shown in the Borrower’s general ledger and financial statements and the reports delivered pursuant to clauses (i) and (ii) above and (B) the amounts and dates shown in the reports delivered pursuant to clauses (i)
and (ii) above and the Borrowing Base Certificate delivered pursuant to clause (g) above as of such date; and 
 (v) a
reconciliation of the loan balance per the Borrower’s general ledger to the loan balance under this Agreement. 
 (i)
as soon as available but in any event within twenty (20) days of the end of each calendar month and at such other times as may be reasonably requested by the Administrative Agent, as of the period then ended, a summary of the accounts payable of the
Loan Parties that are providing Borrowing Base credit as of such date, delivered electronically to the Administrative Agent; 

  
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 (j) promptly upon the Administrative Agent’s request, an updated customer
list for the Loan Parties that are providing Borrowing Base credit as of such date, which list shall state the customer’s name, mailing address and phone number, delivered electronically in a text formatted file acceptable to the Administrative
Agent; provided that, unless an Event of Default has occurred and is continuing, the Administrative Agent shall not request such information more than one (1) time per calendar year; 

(k) promptly upon the Administrative Agent’s reasonable request, the following information shall be made available to the
Administrative Agent in the offices of the Loan Parties during normal business hours: 
 (i) invoices issued by the Loan
Parties that are providing Borrowing Base credit as of the date of such request in connection with any Accounts, credit memos, shipping and delivery documents, and other information related thereto; 

(ii) purchase orders, invoices, and shipping and delivery documents in connection with any Inventory or Equipment purchased by
any Loan Party that is providing Borrowing Base credit as of the date of such request; 
 (iii) a schedule detailing the
balance of all intercompany accounts of the Loan Parties; 
 (iv) a certificate of good standing or the substantive
equivalent available in the jurisdiction of incorporation, formation or organization for each Loan Party from the appropriate governmental officer in such jurisdiction; and 

(v) copies of the most recent tax return filed by any Loan Party with the U.S. Internal Revenue Service. 

(l) promptly upon the Administrative Agent request, as of the period then ended, the Borrower’s sales journal, cash
receipts journal and debit memo/credit memo journal as maintained by the Loan Parties in their normal course of business for the calendar week then most recently ended; 

(m) [reserved]; 

(p) promptly after any request therefor by the Administrative Agent or any Lender, copies of (i) any documents described in
Section 101(k)(1) of ERISA that the Borrower or any ERISA Affiliate may request with respect to any Multiemployer Plan and (ii) any notices described in Section 101(l)(1) of ERISA that the Borrower or any ERISA Affiliate may request with respect to
any Multiemployer Plan; provided that if the Borrower or any ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, the Borrower or the applicable ERISA Affiliate shall
promptly make a request for such documents and notices from such administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof; and

(q) promptly following any request therefor, such other information regarding the operations, material changes in ownership of
Equity Interests, business affairs and financial condition of any Loan Party or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request. 

  
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 SECTION 5.02. Notices of Material Events. Each of the Borrower and Holdings will
furnish to the Administrative Agent and each Lender prompt (but in any event within any time period that may be specified below) written notice of the following: 

(a) the occurrence of any Event of Default; 

(b) receipt of any notice of any investigation by a Governmental Authority or any litigation or proceeding commenced or threatened against any
Loan Party or any Subsidiary that (i) seeks damages in excess of $10,000,000, (ii) seeks injunctive relief which is reasonably like to result in a Material Adverse Effect, (iii) is asserted or instituted against any Plan, its fiduciaries or its
assets which is reasonably like to result in a Material Adverse Effect, (iv) alleges criminal misconduct by any Loan Party or any Subsidiary, (v) asserts liability on the part of any Loan Party or any Subsidiary in excess of $10,000,000 in
respect of any Tax, fee, assessment, or other governmental charge, or (vi) involves any product recall which is reasonably likely to result in a reduction to Consolidated Adjusted EBITDA in excess of $10,000,000; 

(c) any Lien (other than Permitted Encumbrances) or claim made or asserted against any of the Collateral in excess of $5,000,000; 

(d) any loss, damage, or destruction to the Collateral in the amount of $10,000,000 or more, whether or not covered by insurance; 

(e) within two (2) Business Days of receipt thereof, any and all default notices received under or with respect to any leased location or
public warehouse where Collateral in excess of $5,000,000 is located; 
 (f) any filing with the SEC that pertains to any Material Contract;

 (g) within five (5) Business Days after the occurrence thereof, any Loan Party entering into a Swap Agreement (other than a Commodity
Swap Agreement) or an amendment thereto, together with copies of all agreements evidencing such Swap Agreement (other than a Commodity Swap Agreement) or amendment; 

(h) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be
expected to result in liability of the Loan Parties and their Subsidiaries in an aggregate amount exceeding $10,000,000; 
 (i) any other
development that results, or could reasonably be expected to result, in a Material Adverse Effect; 
 (j) within five (5) Business Days
of the occurrence thereof (after giving effect to any applicable cure or grace period with respect to such payment), the failure of any Loan Party to pay when due rent or any other amounts owing under any lease with regards to the properties leased
by the Loan Parties as of the Effective Date in Yorba Linda, California, Warwick, Rhode Island and Los Angeles, California; and 
 (k) any
amendment or modification to the Term Loan Credit Agreement (together with an executed copy of such amendment or modification) within five (5) Business Days after the effectiveness thereof. 

  
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 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other
executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.03. Existence; Conduct of Business. Each Loan Party will, and will cause each Subsidiary to, (a) do or cause to be
done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, permits, franchises, governmental authorizations, intellectual property rights, licenses and permits
material to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted, provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 6.03, and (b) carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted. 

SECTION 5.04. [Reserved].

SECTION 5.05. Maintenance of Properties. Each Loan Party will, and will cause each Subsidiary to, keep and maintain all
property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted. 
 SECTION
5.06. Books and Records; Inspection Rights. Each Loan Party will, and will cause each Subsidiary to, (a) keep proper books of record and accounts in a manner which is in compliance with the most recent SEC guidelines and regulations
with respect to its business and activities and (b) permit any representatives designated by the Administrative Agent (or if an Event of Default has occurred and is continuing, any Lender) (including employees of the Administrative Agent, any Lender
or any consultants, accountants, lawyers, agents and appraisers retained by the Administrative Agent), upon reasonable prior notice, to visit and inspect its properties, to conduct at such Loan Party’s premises field examinations of such Loan
Party’s assets, liabilities, books and records, including examining and making extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times
and as often as reasonably requested. The Administrative Agent shall have the right to conduct and the Loan Parties shall be responsible for the costs of expenses of one (1) field examination
during any 12-month period and one (1) additional field examination (for the total of two (2) such field examinations during any 12-month period) conducted at any time when a Liquidity Condition Period has occurred and is
continuing. Additionally, there shall be no limitation on the number or frequency of field examinations if an Event of Default has occurred and is continuing, and the Loan Parties shall be responsible for the costs and expenses of any field
examinations conducted while an Event of Default has occurred and is continuing. After the occurrence and during the continuance of any Event of Default, each 

  
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Loan Party shall provide the Administrative Agent and each Lender with access to its suppliers. Each Loan Party acknowledges that the Administrative Agent, after exercising its rights of
inspection, may prepare and distribute to the Lenders certain Reports pertaining to each Loan Party’s assets for internal use by the Administrative Agent and the Lenders. 

SECTION 5.07. Compliance with Laws. Each Loan Party will, and will cause each Subsidiary to comply with each Requirement of
Law applicable to it or its property (including without limitation Environmental Laws), except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Each Loan
Party will maintain in effect and enforce policies and procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions.
 SECTION 5.08. Use of Proceeds.

(a) The proceeds of the Loans and the Letters of Credit will be used only for the general corporate purpose of the Borrower
and its Subsidiaries in the ordinary course of business (including, without limitation, to finance Permitted Acquisitions) and the Effective Date Debt Repayments. No part of the proceeds of any Loan and no Letter of Credit will be used, whether
directly or indirectly for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.

(b) The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that
its Subsidiaries and its and their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or
giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any
Sanctioned Country, to the extent that such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or the European Union, or (c) in any manner that would result in the
violation of any Sanctions applicable to any party hereto.
 SECTION 5.09. Accuracy of Information. The Loan Parties will ensure
that any information, including financial statements or other documents, furnished to the Administrative Agent or the Lenders in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver
hereunder or thereunder contains no material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading, and the
furnishing of such information shall be deemed to be a representation and warranty by the Borrower on the date thereof as to the matters specified in this Section 5.09; provided that, with respect to projected financial information, the Loan
Parties will only ensure that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 

SECTION 5.10. Insurance. Each Loan Party will, and will cause each Loan Party to, maintain with financially sound and reputable
carriers customarily utilized by companies with 

  
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similar financial capacity and engaged in similar businesses and owning similar properties as the Borrower and the other Loan Parties (a) insurance in such amounts (with no greater risk
retention) and against such risks (including, without limitation: loss or damage by fire and loss in transit; theft, burglary, pilferage, larceny, embezzlement, and other criminal activities; business interruption; and general liability) and such
other hazards, as is customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations and (b) all insurance required pursuant to the Collateral Documents. The
Borrower will furnish to the Lenders, upon request of the Administrative Agent, information in reasonable detail as to the insurance so maintained. 

SECTION 5.11. Casualty and Condemnation. The Borrower will (a) furnish to the Administrative Agent and the Lenders
prompt written notice of any casualty or other insured damage in excess of $5,000,000 to any Collateral or the commencement of any action or proceeding for the taking of any Collateral in excess of $5,000,000 or interest therein under power of
eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with the
applicable provisions of this Agreement and the Collateral Documents. 
 SECTION 5.12. Appraisals. Subject to the
foregoing, at any time that the Administrative Agent requests, each Loan Party that is providing Borrowing Base credit as of the date of such request will provide the Administrative Agent with appraisals or updates thereof of their Inventory from an
appraiser selected and engaged by the Administrative Agent, and prepared on a basis satisfactory to the Administrative Agent, such appraisals and updates to include, without limitation, information required by any applicable Requirement of
Law. The Administrative Agent shall have the right to request and the Loan Parties shall be responsible for the costs of expenses of one (1) Inventory appraisal during any 12-month period and one (1) additional appraisal (for the total of two
(2) such Inventory appraisals during any 12-month period) conducted at any time when a Liquidity Condition Period has occurred and is continuing. Additionally, there shall be no limitation on the number or frequency of Inventory appraisals if
an Event of Default has occurred and is continuing, and the Loan Parties shall be responsible for the costs and expenses of any such appraisals conducted while an Event of Default has occurred and is continuing. 

SECTION 5.13. Depository Banks. Holdings and each Subsidiary will maintain with the Administrative Agent a bank or banks
acceptable to the Administrative Agent as its principal depository and/or disbursement bank or banks, including for the maintenance of operating, administrative, cash management, collection activity and other deposit accounts for the conduct of its
business; provided that JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Bank of America, N.A. shall be deemed acceptable to the Administrative Agent for the purposes of this Section 5.13. 

SECTION 5.14. Additional Collateral; Further Assurances. 

(a) Subject to applicable Requirement of Law, each Loan Party will cause each Subsidiary that is (i) formed, (ii) acquired or (iii) that
qualifies independently as, or is designated by the Borrower or the Administrative Agent as a Material Domestic Subsidiary pursuant to the 

  
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definition of “Material Domestic Subsidiary”, in each case after the date of this Agreement to become a Loan Party by executing a Joinder Agreement. Upon execution and delivery thereof,
each such Person (i) shall automatically become a Loan Guarantor hereunder and thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under the Loan Documents and (ii) will grant Liens to the Administrative Agent,
for the benefit of the Administrative Agent and the other Secured Parties, in any property of such Loan Party which constitutes Collateral. 

(b) Each Loan Party will cause (i) 100% of the issued and outstanding Equity Interests of each of its Domestic Subsidiaries (except any
Excluded Domestic Subsidiary) and (ii) 65% of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interests not entitled to vote (within
the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each Domestic Subsidiary Holding Company and in each Foreign Subsidiary directly owned by any Loan Party (except any such Foreign Subsidiary owned by a Domestic Subsidiary Holding Company) to be
subject at all times to a first priority, perfected Lien in favor of the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, pursuant to the terms and conditions of the Loan Documents or other security
documents as the Administrative Agent shall reasonably request. Each Domestic Subsidiary Holding Company that is a Loan Party will cause 100% of the issued and outstanding Equity Interests of each of its Domestic Subsidiaries (except any Excluded
Domestic Subsidiary) to be subject at all times to a first priority, perfected Lien in favor of the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, pursuant to the terms and conditions of the Loan
Documents or other security documents as the Administrative Agent shall reasonably request. 
 (c) Without limiting the foregoing, each
Loan Party will, and will cause each Subsidiary to, execute and deliver, or cause to be executed and delivered, to the Administrative Agent such documents, agreements and instruments, and will take or cause to be taken such further actions
(including the filing and recording of financing statements, fixture filings, and other documents and such other actions or deliveries of the type required by Section 4.01, as applicable), which may be required by any Requirement of Law or which the
Administrative Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to be created by the
Collateral Documents, all in form and substance reasonably satisfactory to the Administrative Agent and all at the expense of the Loan Parties.

(d) If any assets (excluding any real property or improvements thereto or any interest therein) are acquired by any Loan Party after the
Effective Date (other than assets constituting Collateral under the Security Agreement that become subject to the Lien under the Security Agreement upon acquisition thereof), the Borrower will (i) notify the Administrative Agent and the Lenders
thereof, and, if requested by the Administrative Agent or the Required Lenders, cause such assets (other than with respect to any real property or improvements thereto or any interest therein) to be subjected to a Lien securing the Secured
Obligations and (ii) take, and cause each applicable Loan Party to take, such actions (other than with respect to any real property or improvements thereto or any interest therein) as shall be necessary or reasonably requested by the
Administrative Agent to grant and perfect such Liens, including actions described in clause (c) of this Section, all at the expense of the Loan Parties. 

(e) During the continuance of a Covenant Trigger Period and upon the request of the Administrative Agent or the Required Lenders, each Loan
Party shall take all actions necessary with respect to any requested Account owed to it by any Governmental Authority of the U.S., or any department, agency, public corporation, or instrumentality thereof to require such Person to make payments
under such Accounts to the Administrative Agent directly during the continuance of an Event of Default, including without limitation, any actions required under the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727
et seq. and 41 U.S.C. § 15 et seq.) 

  
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 SECTION 5.15. Post-Closing Matters. Notwithstanding anything to the contrary set
forth herein or in any other Loan Document, to the extent not delivered on the Effective Date: 
 (a) within one hundred and twenty (120)
days of the Effective Date (as such period may be extended by the Administrative Agent in its sole discretion), the Loan Parties shall deliver or cause to be delivered to the Administrative Agent (x) each Collateral Access Agreement required to be
provided pursuant to Section 4.13 of the Security Agreement and (y) evidence reasonably satisfactory to the Administrative Agent of the termination of all existing collateral access agreements entered into in connection with any prior Indebtedness
that was repaid on or prior to the Effective Date; 
 (b) within ninety (90) days of the Effective Date (as such period may be extended by
the Administrative Agent in its sole discretion), the Loan Parties shall deliver or cause to be delivered to the Administrative Agent each Deposit Account Control Agreement (as defined in the Security Agreement) required to be provided pursuant to
Sections 4.14 and 7.1 of the Security Agreement; 
 (c) within forty-five (45) days of the Effective Date (as such period may be
extended by the Administrative Agent in its sole discretion), the Loan Parties shall deliver or cause to be delivered to the Administrative Agent each insurance endorsement and any other certificates, instruments, documents or other agreements with
respect to the Loan Parties insurance policies required to be provided pursuant to Section 4.12 of the Security Agreement; and 

(d) within five (5) Business Days of the Effective Date (as such period may be extended by the Administrative Agent in its sole
discretion), the Loan Parties shall deliver or cause to be delivered to the Administrative Agent evidence of the termination and release (and, where applicable, evidence of the filings of such termination and release) of all mortgages, leasehold
mortgages, deeds of trust and any other similar document or agreement encumbering any of the leasehold real property or real property owned in fee by any Loan Party, in each case in a form and manner reasonably satisfactory to the Administrative
Agent. 
 ARTICLE VI 

Negative Covenants 
 Until
the Commitments shall have expired or been terminated and the principal of and interest on each Loan and all fees, expenses and other amounts payable under any Loan Document shall have been paid in full and all Letters of Credit shall have expired
or terminated, in each case without any pending draw, and all LC Disbursements shall have been reimbursed, each Loan Party executing this Agreement covenants and agrees, jointly and severally with all of the other Loan Parties, with the Lenders
that: 
 SECTION 6.01. Indebtedness. No Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or suffer
to exist any Indebtedness, except: 
 (a) the Secured Obligations; 

  
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 (b) Indebtedness existing on the date hereof and set forth in
Schedule 6.01 and any extensions, renewals, refinancings and replacements of any such Indebtedness in accordance with clause (f) hereof; 

(c) Indebtedness of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary, provided that (i)
Indebtedness of any Subsidiary that is not a Loan Party to the Borrower or any other Loan Party shall be subject to Section 6.04 and (ii) Indebtedness of any Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the
Secured Obligations on terms reasonably satisfactory to the Administrative Agent; 
 (d) Guarantees by the Borrower of Indebtedness of any
Subsidiary and by any Subsidiary of Indebtedness of the Borrower or any other Subsidiary, provided that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01, (ii) Guarantees by the Borrower or any other Loan Party of
Indebtedness of any Subsidiary that is not a Loan Party shall be subject to Section 6.04 and (iii) Guarantees permitted under this clause (d) shall be subordinated to the Secured Obligations on the same terms as the Indebtedness so
Guaranteed is subordinated to the Secured Obligations; 
 (e) Indebtedness of the Borrower or any Subsidiary incurred to finance the
acquisition, construction or improvement of any fixed or capital assets (whether or not constituting purchase money Indebtedness), including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets
or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness in accordance with clause (f) below; provided that (i) such Indebtedness is incurred prior to or within 90
days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (e) together with any Refinance Indebtedness in respect thereof permitted by clause
(f) below, shall not exceed $50,000,000 at any time outstanding; 
 (f) Indebtedness which represents extensions, renewals, refinancing
or replacements (such Indebtedness being so extended, renewed, refinanced or replaced being referred to herein as the “Refinance Indebtedness”) of any of the Indebtedness described in clauses (b), (e), (i), (j), (k), (n), (o) and
(q) hereof (such Indebtedness being referred to herein as the “Original Indebtedness”); provided that (i) such Refinance Indebtedness does not increase the principal amount or interest rate of the Original Indebtedness, (ii) any Liens
securing such Refinance Indebtedness are not extended to any additional property of any Loan Party or any Subsidiary, (iii) no Loan Party or any Subsidiary that is not originally obligated with respect to repayment of such Original Indebtedness is
required to become obligated with respect to such Refinance Indebtedness, (iv) such Refinance Indebtedness does not result in a shortening of the average weighted maturity of such Original 

  
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Indebtedness, (v) the terms of such Refinance Indebtedness other than fees and interests are not less favorable to the obligor thereunder than the original terms of such Original Indebtedness and
(vi) if such Original Indebtedness was subordinated in right of payment to the Secured Obligations, then the terms and conditions of such Refinance Indebtedness must include subordination terms and conditions that are at least as favorable to the
Administrative Agent and the Lenders as those that were applicable to such Original Indebtedness; 
 (g) Indebtedness owed to (i) any Person
providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course
of business and (ii) any participant in a self-insured health and welfare plan maintained by any Loan Party or Subsidiary, as a result of claims for benefits; 

(h) Indebtedness of any Loan Party in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each
case provided in the ordinary course of business; 
 (i) Subordinated Indebtedness in an aggregate principal amount not exceeding
$50,000,000 at any time outstanding; 
 (j) Indebtedness of any Person that becomes a Subsidiary after the date hereof; provided that (i)
such Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and (ii) the aggregate principal amount of Indebtedness permitted by this clause
(j), together with any Refinance Indebtedness in respect thereof permitted by clause (f) above, shall not exceed $50,000,000 at any time outstanding; 

(k) unsecured Indebtedness consisting of seller debt or notes, bona fide purchase price adjustments, indemnifications, earnouts or other
similar obligations in connection with any Acquisition or disposition of a line of business or Subsidiary permitted hereunder; 
 (l) Swap
Agreements permitted in accordance with Section 6.07; 
 (m) Indebtedness in connection with overdraft protection arrangements with
financial institutions in respect of disbursement accounts of Borrower or its Subsidiaries maintained in the ordinary course of business, so long as the aggregate principal amount thereof does not at any time exceed $15,000,000; 

(n) Indebtedness of Foreign Subsidiaries and other Subsidiaries that are not Material Domestic Subsidiaries owed to a Person that is not an
Affiliate with any Loan Party, so long as the aggregate principal amount thereof does not at any time exceed the dollar equivalent of $25,000,000; provided, that no Loan Party may Guarantee or have any other obligation under such
Indebtedness; 
 (o) Indebtedness under the Term Loan Credit Agreement outstanding on the Effective Date after giving effect to the
Transactions, together with any extension, renewal, increase or “Replacement Term Loan Agreement” (as defined in the Intercreditor Agreement) thereof not prohibited by the Intercreditor Agreement; 

  
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 (p) Indebtedness of Holdings and its Subsidiaries consisting of the financing of insurance
premiums in the ordinary course of business; 
 (q) Indebtedness under any Permitted Factoring Facility; provided, that the aggregate
principal amount of Indebtedness outstanding under all such Permitted Factoring Facilities shall not exceed $2,000,000 at any time; and 

(r) other Indebtedness in an aggregate principal amount not exceeding $25,000,000 at any time outstanding. 

SECTION 6.02. Liens. No Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or permit to exist any
Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including Accounts) or rights in respect of any thereof, except: 

(a) Liens created pursuant to any Loan Document; 

(b) Permitted Encumbrances; 

(c) any Lien on any property or asset of Holdings or any Subsidiary existing on the date hereof and set forth in
Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of Holdings or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof, and
extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 
 (d) Liens on
fixed or capital assets acquired, constructed or improved by the Borrower or any Subsidiary; provided that (i) such Liens secure Indebtedness permitted by clause (e) of Section 6.01, (ii) such Liens and the Indebtedness
secured thereby are incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement, and (iii) such Liens shall not apply to any other property or assets of the Borrower or any Subsidiary;

 (e) any Lien existing on any property or asset (other than Accounts and Inventory) prior to the acquisition thereof by
the Borrower or any Subsidiary or existing on any property or asset (other than Accounts and Inventory) of any Person that becomes a Loan Party after the date hereof prior to the time such Person becomes a Loan Party; provided that
(i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Loan Party, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Loan Party and (iii)
such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Loan Party, as the case may be, and extensions, renewals and replacements thereof that do not increase the outstanding
principal amount thereof; 

  
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 (f) Liens of a collecting bank arising in the ordinary course of business under Section 4-208 of the UCC in effect in the relevant jurisdiction covering only the items being collected upon; 

(g) Liens arising out of Sale and Leaseback Transactions permitted by Section 6.06; 

(h) Liens granted by a Subsidiary that is not a Loan Party in favor of the Borrower or another Loan Party in respect of
Indebtedness owed by such Subsidiary; 
 (i) License Agreements entered into by any Loan Party or their Subsidiaries as of
the date hereof as in effect on the date hereof and licenses with respect to Intellectual Property (including amendments and other modifications to existing License Agreements) to the extent permitted under Section 6.05(i); 

(j) Liens solely on any cash earnest money deposits and cash advances made by a Loan Party or any of its Subsidiaries in
connection with any letter of intent of an acquisition or purchase agreement permitted hereunder; 
 (k) Liens arising from
(i) precautionary UCC financing statements, including in respect of any operating lease or disposition permitted by this Agreement and (ii) Equipment or other assets not owned by any Loan Party or Subsidiary located on the premises of such Loan
Party or Subsidiary (but not in connection with, or as part of, the financing thereof) from time to time in the ordinary course of business and consistent with current practices of such Loan Party or Subsidiary and the precautionary UCC financing
statement filings in respect thereof; 
 (l) Liens arising solely by virtue of any statutory or common law provision
relating to banker’s Liens, rights of setoff or similar rights and remedies, in each case as to deposit accounts or other funds maintained with a creditor depositary institution; 

(m) Liens securing Indebtedness permitted by Section 6.01(o) so long as any Liens on the “ABL Priority Collateral”
(as defined in the Intercreditor Agreement) shall be (i) subordinate to the Liens on the Collateral securing the Secured Obligations and (ii) subject to the Intercreditor Agreement; 

(n) Liens securing Indebtedness of Foreign Subsidiaries permitted under Section 6.01(n), which Liens are granted solely upon
assets of Foreign Subsidiaries; 
 (o) any interest or title of a lessor under any lease entered into by the Borrower or any
of its Subsidiaries in the ordinary course of its business and covering only the assets so leased; 
 (p) leases and
subleases (including ground leases in respect of real property on which facilities owned or leased by a Loan Party or its Subsidiaries are located) granted to others in the ordinary course of business which do not materially interfere with the
ordinary conduct of the business of a Loan Party or any of its Subsidiaries, taken as a whole, and do not secure any Indebtedness; 

  
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 (q) Liens arising out of conditional sale, title retention, consignment or
similar arrangements for the sale of goods entered into in the ordinary course of business; 
 (r) any encumbrance or
restriction with respect to the Equity Interests of any joint venture or similar arrangement created pursuant to the joint venture or similar agreements with respect to such joint venture or similar arrangement; 

(s) Liens on the Collateral securing Swap Obligations so long as any Liens on the Borrowing Base Collateral shall be (i)
subordinate to the Liens on the Collateral securing the Secured Obligations and (ii) subject to an intercreditor agreement; 

(t) Liens securing Indebtedness under any Permitted Factoring Facility; provided such Liens shall not apply to any
other property or assets of the Loan Parties or their Subsidiaries other than the Accounts sold, transferred or pledged pursuant to the applicable Permitted Factoring Facility; 

(u) Liens securing Indebtedness permitted by Section 6.01(r); and 

(v) other Liens securing obligations (other than Indebtedness of the type described in clauses (a) or (g) of the definition
thereof) in an aggregate amount not to exceed $5,000,000 at any time outstanding. 
 Notwithstanding the foregoing, none of the Permitted Encumbrances may
at any time attach to any Loan Party’s Borrowing Base Collateral, other than (i) Liens created pursuant to any Loan Document, (ii) those permitted under the definition of Permitted Encumbrances, (iii) Liens allowed under clause (t) and (v) so
long as such Liens are junior to the Liens on the Borrowing Base Collateral securing the Secured Obligations, Liens allowed under clauses (c), (d), (e), (m), (s) and (u) of this Section 6.02. 

SECTION 6.03. Fundamental Changes. (a) No Loan Party will, nor will it permit any Subsidiary to, merge into or consolidate
with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be
continuing (i) any Person may merge into the Borrower in a transaction in which the surviving entity is the Borrower, (ii) any Person (other than the Borrower) may merge into any Subsidiary in a transaction in which the surviving entity is
a Subsidiary and, if any party to such merger is a Loan Party, such surviving entity is a Subsidiary or becomes a Subsidiary that is a Loan Party concurrently with such merger and (iii) any Subsidiary that is not a Loan Party may liquidate or
dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; provided that any such merger involving a Person that is not
a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04. 
 (b) No Loan
Party will, nor will it permit any Subsidiary to, engage in any business other than businesses of the type conducted by Holdings and its Subsidiaries on the date hereof and businesses reasonably related thereto. 

  
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 (c) Holdings will not engage in any business or activity other than the ownership of all the
outstanding Equity Interests of the Borrower and activities incidental thereto. Holdings will not own or acquire any assets (other than Equity Interests of the Borrower and the cash proceeds of any Restricted Payments permitted by Section 6.08)
or incur any liabilities (other than liabilities under the Loan Documents and liabilities reasonably incurred in connection with its maintenance of its existence). 

(d) No Loan Party will, nor will it permit any Subsidiary to, change its fiscal year from the basis in effect on the Effective Date. 

(e) No Loan Party will change the accounting basis upon which its financial statements are prepared such that such Loan Party is no longer in
compliance with the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof. 
 (f) Neither
Holdings nor the Borrower will operate as anything other than a “C corporation” as defined by the IRS for income tax filing purposes. 

SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions. No Loan Party will, nor will it permit any
Subsidiary to, form any subsidiary after the Effective Date, or purchase, hold or acquire (including pursuant to any merger with any Person that was not a Loan Party and a wholly owned Subsidiary prior to such merger) any evidences of
Indebtedness or Equity Interests or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any
investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (whether through purchase of assets, merger or
otherwise), except: 
 (a) Permitted Investments; 

(b) investments in existence on the date hereof and described in Schedule 6.04; 

(c) investments by Holdings in the Borrower and by the Borrower and the Subsidiaries in Equity Interests in their respective
Subsidiaries, provided that (A) any such Equity Interests held by a Loan Party shall be pledged pursuant to the Security Agreement (subject to the limitations applicable to Equity Interests of a Foreign Subsidiary referred to in Section 5.14)
and (B) the aggregate amount of investments by Loan Parties in Subsidiaries that are not Loan Parties (together with outstanding intercompany loans permitted under clause (B) to the proviso to Section 6.04(d) and outstanding
Guarantees permitted under the proviso to Section 6.04(e)) shall not exceed $25,000,000 at any time outstanding (in each case determined without regard to any write-downs or write-offs); 

(d) loans or advances made by any Loan Party to any Subsidiary and made by any Subsidiary to a Loan Party or any other
Subsidiary, provided that (A) any such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged 

  
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pursuant to the Security Agreement and (B) the amount of such loans and advances made by Loan Parties to Subsidiaries that are not Loan Parties (together with outstanding investments
permitted under clause (B) to the proviso to Section 6.04(c) and outstanding Guarantees permitted under the proviso to Section 6.04(e)) shall not exceed $25,000,000 at any time outstanding (in each case determined without regard to any
write-downs or write-offs); 
 (e) Guarantees constituting Indebtedness permitted by Section 6.01, provided
that the aggregate principal amount of Indebtedness of Subsidiaries that are not Loan Parties that is Guaranteed by any Loan Party (together with outstanding investments permitted under clause (B) to the proviso to Section 6.04(c) and
outstanding intercompany loans permitted under clause (B) to the proviso to Section 6.04(d)) shall not exceed $25,000,000 at any time outstanding (in each case determined without regard to any write-downs or write-offs); 

(f) loans or advances made by a Loan Party to its employees on an arms-length basis in the ordinary course of business
consistent with past practices for travel and entertainment expenses, relocation costs and similar purposes up to a maximum of $2,500,000 in the aggregate at any one time outstanding; 

(g) notes payable, or stock or other securities issued by Account Debtors to a Loan Party pursuant to negotiated agreements
with respect to settlement of such Account Debtor’s Accounts in the ordinary course of business, consistent with past practices; 

(h) investments in the form of Swap Agreements permitted by Section 6.07; 

(i) investments of any Person existing at the time such Person becomes a Subsidiary of the Borrower or consolidates or merges
with the Borrower or any of the Subsidiaries (including in connection with a Permitted Acquisition) so long as such investments were not made in contemplation of such Person becoming a Subsidiary or of such merger; 

(j) investments received in connection with the disposition of assets permitted by Section 6.05; 

(k) investments constituting deposits described in clauses (c) and (d) of the definition of the term “Permitted
Encumbrances”; 
 (l) investments consisting of extension of trade credit in the ordinary course of business,
consistent with past practices; 
 (m) Permitted Acquisitions; 

(n) investments consisting of Equity Interests received by a Loan Party as consideration in connection with the bankruptcy of
an unaffiliated Person or any settlement with any such Person effected in accordance with the terms hereof; provided, that, in the case of any of the foregoing, such Equity Interests shall be promptly pledged to the Administrative Agent in
accordance with Section 5.14; 

  
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 (o) investments in the form of loans or capital contributions to Olin Luotong
Metals (GZ) Co., Ltd., a Chinese limited liability company, in an aggregate amount not to exceed $1,200,000 less the amount of any such investments existing as of the date hereof; provided, that, no Loan Party shall make any such loan or
capital contribution unless no Default or Event of Default shall exist or have occurred and be continuing as of the date of such loan or capital contribution and after giving effect thereto; 

(p) investments received in connection with the dispositions of assets permitted by Section 6.05(e) or (g); 

(q) Guarantees by the Borrower or any of the Subsidiaries of leases (other than Capital Lease Obligations) or of other
obligations of the Borrower or any of its Subsidiaries that do not constitute Indebtedness, in each case entered into in the ordinary course of business that is consistent with past practice; and 

(r) other investments so long as, after giving effect to the making of any such investment, the Payment Conditions have been
satisfied. 
 SECTION 6.05. Asset Sales. No Loan Party will, nor will it permit any Subsidiary to, sell, transfer, lease or
otherwise dispose of any asset, including any Equity Interest owned by it, nor will Holdings permit any Subsidiary to issue any additional Equity Interest in such Subsidiary (other than to the Borrower or another Subsidiary in compliance with
Section 6.04), except: 
 (a) sales, transfers and dispositions of (i) Inventory in the ordinary course of
business and (ii) used, obsolete, worn out or surplus Equipment or property in the ordinary course of business; 
 (b)
sales, transfers and dispositions of assets to the Borrower or any Subsidiary, provided that any such sales, transfers or dispositions involving a Subsidiary that is not a Loan Party shall be made in compliance with Section 6.09; 

(c) sales, transfers and dispositions of Accounts in the ordinary course of business in connection with the compromise,
settlement or collection thereof; 
 (d) sales, transfers and dispositions constituting an investment permitted by
Section 6.04; 
 (e) Sale and Leaseback Transactions permitted by Section 6.06; 

(f) dispositions resulting from any casualty or other insured damage to, or any taking under power of eminent domain or by
condemnation or similar proceeding of, any property or asset of Holdings or any Subsidiary; 
 (g) sales, transfers and
other dispositions of assets that are not permitted by any other clause of this Section; provided that both immediately before and after giving effect 

  
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thereto, no Default or Event of Default shall have occurred and be continuing and the aggregate fair market value of all assets sold, transferred or otherwise disposed of since the Effective Date
in reliance upon this clause (g) shall not exceed (i) $25,000,000 in respect of any assets sold as part of a single transaction or a series of related transactions or (ii) $50,000,000 in the aggregate; provided that, in addition to the
foregoing, the Loan Parties and their Subsidiaries may make unlimited sales, transfers, leases or dispositions of assets so long as a Cash Dominion Period is not in effect and the Payment Conditions shall have been satisfied; 

(h) Restricted Payments permitted by Section 6.08, transactions permitted by Section 6.03 and Liens permitted by Section 6.02;

 (i) the non-exclusive licensing or sublicensing of Intellectual Property rights in the ordinary course of business; 

(j) the abandonment or cancellation of intellectual property, in the reasonable judgment of the Borrower, that is no longer
used or useful in any material respect in the business of Holdings and its Subsidiaries, taken as a whole; 
 (k)
dispositions of investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(l) dispositions of cash and cash equivalents in the ordinary course of business for consideration consisting of cash or cash
equivalents; 
 (m) any surrender or waiver of contract rights or settlement, release or surrender of contract, tort or
other litigation claims in the ordinary course of business; 
 (n) sales of assets (other than Borrowing Base Collateral)
received by the Borrower or any Subsidiary Guarantor from Persons other than the Borrower or a Subsidiary Guarantor upon foreclosure on a Lien in favor of the Borrower of such Subsidiary; 

(o) dispositions of non-core, duplicative or unnecessary assets that were acquired in connection with a Permitted Acquisition;
provided, that any such disposition shall be made or contractually committed to be made within 365 days of the date such assets were acquired by Borrower or any of its Subsidiaries; and 

(p) to the extent constituting a sale, disposition or transfer of assets, the sale, disposition or transfer of Accounts
pursuant to a Permitted Factoring Facility; 
 provided that all sales, transfers, leases and other dispositions permitted under clauses (a) through
(g) above (other than those permitted by clauses (b) and (f) above) shall be made for fair value and for at least 75% cash consideration. 

  
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 SECTION 6.06. Sale and Leaseback Transactions. No Loan Party will, nor
will it permit any Subsidiary to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or
lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred (a “Sale and Leaseback Transaction”), except for any such sale of any fixed or capital
assets by the Borrower or any Subsidiary that is made for cash consideration in an amount not less than the fair value of such fixed or capital asset and is consummated within 90 days after the Borrower or such Subsidiary acquires or completes
the construction of such fixed or capital asset. 
 SECTION 6.07. Swap Agreements. No Loan Party will, nor will it
permit any Subsidiary to, enter into any Swap Agreement (other than any Commodity Swap Agreements), except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those
in respect of Equity Interests of the Borrower or any Subsidiary), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from floating to fixed rates, from one floating rate to another floating rate or
otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary. 
 SECTION
6.08. Restricted Payments; Certain Payments of Indebtedness. (a) No Loan Party will, nor will it permit any Subsidiary to, declare or make, or agree to declare or make, directly or indirectly, any Restricted Payment, or incur any
obligation (contingent or otherwise) to do so, except (i) each of Holdings and the Borrower may declare and pay dividends with respect to its common stock payable solely in additional shares of its common stock, and, with respect to its preferred
stock, payable solely in additional shares of such preferred stock or in shares of its common stock, (ii) Subsidiaries of Holdings may declare and pay dividends ratably with respect to their Equity Interests to any Loan Party or any wholly-owned
Subsidiary of any Loan Party, (iii) the Borrower may make Restricted Payments or make distributions to Holdings, to repurchase, redeem or otherwise acquire for value Equity Interests of Holdings held by officers, directors or employees or former
officers, directors or employees (or their transferees, estates or beneficiaries under their estates) of Holdings or any of its Subsidiaries upon their death, disability, retirement, severance or termination of employment or service; provided
that the aggregate consideration paid for all such redemptions and payments shall not exceed, in any fiscal year, $5,000,000 (in each case, with unused amounts in any fiscal year being carried over to the next succeeding fiscal year); (iv)
Restricted Payments to Holdings to pay corporate and overhead expense attributable to the preservation of their existence (including expenses relating to Holdings’ continuing operation as a public company) or ownership of the Borrower and its
Subsidiaries in the ordinary course of business; (v) to the extent constituting Restricted Payments, Holdings and any of its Subsidiaries may enter into and consummate transactions expressly permitted by any provision of Sections 6.03, 6.04 or 6.09;
(vi) the Borrower may make Restricted Payments or make distributions to Holdings, to allow Holdings to make regularly scheduled quarterly dividend payments to its shareholders in an amount not to exceed $1,500,000 in the aggregate during any fiscal
quarter so long as no Default shall have occurred and be continuing on the date that such dividend is declared to Holdings’ shareholders; provided that any such dividend declared by Holdings shall be made within thirty (30) days of the
declaration thereof; (vii) the Loan Parties may make other Restricted Payments subject to the satisfaction of the Payment Conditions after giving effect to such Restricted Payment; and (viii) the Borrower may make Restricted Payments or make
distributions to Holdings, to allow Holdings to pay Taxes arising from the operations of Borrower and its Subsidiaries. 

  
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 (b) No Loan Party will, nor will it permit any Subsidiary to, make or agree to pay or make,
directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness, or any payment or other distribution (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness, except: 

(i) payment of Indebtedness created under the Loan Documents; 

(ii) payment of regularly scheduled interest and principal payments as and when due in respect of any Indebtedness permitted
under Section 6.01, other than payments in respect of the Subordinated Indebtedness prohibited by the subordination provisions thereof; 

(iii) refinancings of Indebtedness to the extent permitted by Section 6.01; 

(iv) payment of secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets
securing such Indebtedness to the extent such sale or transfer is permitted by the terms of Section 6.05 and other mandatory prepayments of Term Loan Obligations in each case not prohibited by Intercreditor Agreement: (i) required to be made
pursuant to the Term Loan Credit Agreement as in effect on the date hereof or (ii) other mandatory prepayments of Term Loan Obligations required to be made pursuant to the Term Loan Credit Agreement which are paid solely with the proceeds of Term
Loan Priority Collateral; and 
 (v) other payments in respect of Specified Indebtedness so long as the relevant Payment
Conditions are satisfied after giving effect to such payment. 
 SECTION 6.09. Transactions with Affiliates. No Loan Party
will, nor will it permit any Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates,
except (a) transactions that (i) are in the ordinary course of business and (ii) are at prices and on terms and conditions not less favorable to such Loan Party or such Subsidiary than could be obtained on an arm’s-length basis from
unrelated third parties, (b) transactions between or among the Borrower and any Subsidiary that is a Loan Party not involving any other Affiliate, (c) any investment permitted by Section 6.04, (d) any Indebtedness permitted under
Section 6.01(c), (e) any Restricted Payment permitted by Section 6.08, (f) loans or advances to employees permitted under Section 6.04, (g) the payment of reasonable fees to directors of Holdings or any Subsidiary who are not
employees of Holdings or any Subsidiary, and compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of Holdings or its Subsidiaries in the ordinary course of business,
(h) any issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by Holdings’ or the Borrower’s
board of directors, (i) transactions with 

  
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entities that are joint ventures solely as a result of the Borrower’s or a Subsidiary’s Control over such joint venture, (j) customary tax-sharing agreements and arrangements, (k) any
agreement, instrument or arrangement as in effect as of the Effective Date and set forth in Schedule 6.09, or any amendment thereto (so long as any such amendment is not adverse to the Lenders in any material respect as compared to the
applicable agreement as in effect on the Effective Date as reasonably determined in good faith by the Borrower), and (l) the existence of, or the performance by a Loan Party or any of its Subsidiaries of its obligations under the terms of, any
stockholders agreement or its equivalent (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Effective Date and set forth in Schedule 6.09 and any similar agreements which it
may enter into thereafter; provided, however, that the existence of, or the performance by such Loan Party or any of its Subsidiaries of obligations under any future amendment to any such existing agreement or under any similar agreement
entered into after the Effective Date shall only be permitted by this clause (l) to the extent that the terms of any such existing agreement together with all amendments thereto, taken as a whole, or new agreement are not otherwise more
disadvantageous to the Lenders in any material respect than the terms of the original agreement in effect on the Effective Date as reasonably determined in good faith by the Borrower. 

SECTION 6.10. Restrictive Agreements. No Loan Party will, nor will it permit any Subsidiary to, directly or indirectly, enter
into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of such Loan Party or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or
assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the
Borrower or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by any Requirement of Law or by any Loan Document, (ii) the foregoing shall not apply to restrictions and conditions
existing on the date hereof identified on Schedule 6.10 or in the Term Loan Credit Agreement (or any extension, renewal or refinancing thereof, or any amendment or modification thereto, that does not expand the scope of, any such restriction
or condition in any material respect), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary or the assets of any Loan Party or Subsidiary thereof pending such sale,
provided that such restrictions and conditions apply only to the Subsidiary or assets that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any
agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (v) clause (a) of the foregoing shall not apply to customary provisions in
leases restricting the assignment thereof, (vi) the foregoing shall not apply to any agreement or other instrument of a Person acquired by a Loan Party or any of its Subsidiaries in existence at the time of such Acquisition (but not created in
connection therewith or in contemplation thereof), (vii) the foregoing shall not apply to customary provisions in joint venture agreements, limited liability company operating agreements, partnership agreements, stockholders agreements and other
similar agreements, (viii) the foregoing shall not apply to customary provisions contained in leases and other agreements entered into in the ordinary course of business, and (ix) the foregoing shall not apply to restrictions under agreements
evidencing or governing or otherwise relating to Indebtedness permitted under Section 6.01 of Subsidiaries that are not Loan Parties; provided that such restriction is only with respect to the assets of Subsidiaries that are not Loan Parties.

  
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 SECTION 6.11. Amendment of Material Documents. No Loan Party will, nor will it
permit any Subsidiary to, amend, modify or waive any of its rights under (a) any agreement relating to any Specified Indebtedness or (b) its charter, articles or certificate of incorporation or organization, by-laws, operating, management
or partnership agreement or other organizational or governing documents, in each case, to the extent any such amendment, modification or waiver would be materially adverse to the Lenders in any respect, except in respect or Specified Indebtedness to
the extent such amendment, modification or waiver would be permitted pursuant to Section 6.01(f). 
 SECTION 6.12. Fixed Charge
Coverage Ratio. During the continuance of a Covenant Trigger Period, the Fixed Charge Coverage Ratio as of the last day of any Test Period, commencing with the fiscal quarter ending immediately preceding the first date that a Covenant Trigger
Period exists, shall not be less than 1.0 to 1.0. 
 SECTION 6.13. Holding Company. Holdings shall not engage at any time in any
business or business activity other than (i) ownership of Equity Interests of the Borrower, together with activities directly related thereto; (ii) performance of its obligations under and in connection with the Loan Documents; (iii) issuance of
Equity Interests; and (iv) as otherwise necessary to comply with any Requirement of Law. Holdings shall (x) own no assets other than the Equity Interests of the Borrower, its books and records, deposit accounts of Holdings, all cash deposits held
therein, and cash paid to Holdings in accordance with the terms hereof, (y) incur no Indebtedness for borrowed money other than guarantees of Indebtedness of the Borrower and Subsidiaries permitted hereunder and (z) grant no Lien on any of its
assets other than Liens created pursuant to the Loan Documents and the Term Loan Documents and ordinary course Liens incurred under customary deposit account agreements entered into by Holdings with respect to deposit accounts. 

ARTICLE VII 
 Events of
Default 
 If any of the following events (“Events of Default”) shall occur: 

(a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the
same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) the
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and
payable, and such failure shall continue unremedied for a period of three (3) Business Days; 
 (c) any representation or warranty made or
deemed made by or on behalf of any Loan Party or any Subsidiary in, or in connection with, this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate,
financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been materially
incorrect when made or deemed made; 

  
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 (d) any Loan Party shall fail to observe or perform any covenant, condition or agreement
contained in Sections 5.01, 5.02(a), 5.03 (with respect to a Loan Party’s existence), 5.07, 5.08, or 5.15 or in Article VI; 
 (e)
any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those which constitute a default under another Section of this Article), and such failure shall continue unremedied for a
period of (i) five (5) days after the earlier of any Loan Party’s knowledge of such breach or notice thereof from the Administrative Agent (which notice will be given at the request of any Lender) if such breach relates to terms or provisions
of Sections 5.02 (other than Section 5.02(a)), 5.03 (other than with respect to a Loan Party’s existence) through 5.06, 5.10, 5.11 or 5.13 of this Agreement or (ii) 30 days after the earlier of any Loan Party’s knowledge of such breach or
notice thereof from the Administrative Agent (which notice will be given at the request of any Lender) if such breach relates to terms or provisions of any other Section of this Agreement; 

(f) any Loan Party or Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of
any Material Indebtedness, when and as the same shall become due and payable; 
 (g) any event or condition occurs that results in any
Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or
their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness to the extent such sale or transfer is permitted by Section 6.05; 

(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of a Loan Party or Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for
sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) any Loan Party or Subsidiary
shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for such Loan Party or Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make
a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

  
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 (j) any Loan Party or Subsidiary shall become unable, admit in writing its inability, or publicly
declare its intention not to, or fail generally to pay its debts as they become due; 
 (k) (i) one or more judgments for the payment of
money in an aggregate amount in excess of $10,000,000 shall be rendered against any Loan Party, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution
shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Loan Party or Subsidiary to enforce any such judgment; or (ii) any Loan Party or Subsidiary shall fail within
thirty (30) days to discharge one or more non-monetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments or orders, in any such case, are not stayed on appeal
or otherwise being appropriately contested in good faith by proper proceedings diligently pursued; 
 (l) an ERISA Event shall have occurred
that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 

(m) a Change in Control shall occur; 

(n) the occurrence of any “default”, as defined in any Loan Document (other than this Agreement), or the breach of any of the terms
or provisions of any Loan Document (other than this Agreement), which default or breach continues beyond any period of grace therein provided; 

(o) the Loan Guaranty or any Obligation Guaranty shall fail to remain in full force or effect or any action shall be taken to discontinue or
to assert the invalidity or unenforceability of the Loan Guaranty or any Obligation Guaranty or any Loan Guarantor shall fail to comply with any of the terms or provisions of the Loan Guaranty or any Obligation Guaranty to which it is a party, or
any Loan Guarantor shall deny that it has any further liability under the Loan Guaranty or any Obligation Guaranty to which it is a party, or shall give notice to such effect, including, but not limited to notice of termination delivered pursuant to
Section 10.08 or any notice of termination delivered pursuant to the terms of any Obligation Guaranty; 
 (p) except as permitted by the
terms of any Collateral Document or required by terms of the Intercreditor Agreement, (i) any Collateral Document shall for any reason fail to create a valid security interest in any Collateral (with respect to Collateral having an aggregate book
value in excess of $5,000,000) purported to be covered thereby, or (ii) any Lien (with respect to Collateral having an aggregate book value in excess of $5,000,000) securing any Secured Obligation shall cease to be a perfected, first priority Lien;
provided that nothing set forth in this clause (p) shall be deemed to cause any Inventory or Account that would otherwise be ineligible when determining the Borrowing Base to be deemed to be an Eligible Inventory or Eligible Account; 

  
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 (q) any Collateral Document shall fail to remain in full force or effect or any action shall be
taken to discontinue or to assert the invalidity or unenforceability of any Collateral Document; or 
 (r) any material provision of any
Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or any Loan Party shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction that
evidences its assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms); 

then, and in every such event (other than an event with respect to any Loan Party described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate
the Commitments, whereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, but ratably as among the Classes of Loans and the Loans of each Class at the time
outstanding, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all
fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in the case of
any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other
obligations of the Borrower accrued hereunder, shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the occurrence and
during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, increase the rate of interest applicable to the Loans and other Obligations as set forth in this Agreement. Upon the
occurrence and during the continuance of an Event of Default, the Administrative Agent may and at the request of the Required Lenders shall, in accordance with the terms of the Intercreditor Agreement for so long as the Intercreditor Agreement is in
effect, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all remedies provided under the UCC. 

ARTICLE VIII 
 The
Administrative Agent 
 SECTION 8.01. Appointment. Each of the Lenders, on behalf of itself and any of its Affiliates that are
Secured Parties and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such
powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. In addition, to the extent required under the laws of any jurisdiction other
than the U.S., each of the Lenders, on behalf of itself and any of 

  
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its Affiliates that are Secured Parties, and the Issuing Bank hereby grants to the Administrative Agent any required powers of attorney to execute any Collateral Document governed by the laws of
such jurisdiction on such Lender’s or Issuing Bank’s behalf. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders (including the Swingline Lender and the Issuing Bank), and the Loan
Parties shall not have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” as used herein or in any other Loan Documents (or any similar term) with reference to the
Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used as a matter of market custom, and is intended to create or
reflect only an administrative relationship between independent contracting parties. 
 SECTION 8.02. Rights as a Lender. The bank
serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept
deposits from, lend money to and generally engage in any kind of business with any Loan Party or any Subsidiary or any Affiliate thereof as if it were not the Administrative Agent hereunder. 

SECTION 8.03. Duties and Obligations. The Administrative Agent shall not have any duties or obligations except those expressly set
forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is
required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and, (c) except as expressly set forth in the Loan
Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Loan Party or any Subsidiary that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct as determined by a final nonappealable judgment of a court of competent
jurisdiction. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness
of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral, or (vi) the satisfaction of any condition set forth in Article IV
or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

  
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 SECTION 8.04. Reliance. The Administrative Agent shall be entitled to rely upon, and
shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative
Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may
be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

SECTION 8.05. Actions through Sub-Agents. The Administrative Agent may perform any and all of its duties and exercise its rights
and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers through their respective Related
Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with
the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent. 
 SECTION 8.06.
Resignation. Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. Upon
any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within
thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank
with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by its successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents. The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor, unless otherwise agreed by the Borrower and such successor. Notwithstanding the foregoing, in the event no successor Administrative Agent shall have been so appointed
and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders,
the Issuing Banks and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan
Documents, provided that, solely for purposes of maintaining any security interest granted to the Administrative Agent under any Collateral Document for the benefit of the Secured Parties, the retiring Administrative Agent shall continue to be
vested with such security interest as collateral agent for the benefit of the Secured Parties and, in the case of any Collateral in the possession of 

  
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the Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with
this paragraph (it being understood and agreed that the retiring Administrative Agent shall have no duly or obligation to take any further action under any Collateral Document, including any action required to maintain the perfection of any such
security interest), and (b) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, provided that (i) all payments required to be made hereunder or under any
other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (ii) all notices and other communications required or contemplated to be given or made to the
Administrative Agent shall also directly be given or made to each Lender and each Issuing Bank. Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article, Section
2.17(d) and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent and in respect of the matters referred to in the
proviso under clause (a) above. 
 SECTION 8.07. Non-Reliance. 

(a) Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not
investments in a business enterprise or securities. Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans
hereunder. Each Lender shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public information within the meaning of the United
States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document, any
related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder. 

(b) Each Lender hereby agrees that (i) it has requested a copy of each Report prepared by or on behalf of the Administrative Agent; (ii) the
Administrative Agent (A) makes no representation or warranty, express or implied, as to the completeness or accuracy of any Report or any of the information contained therein or any inaccuracy or omission contained in or relating to a Report and (B)
shall not be liable for any information contained in any Report; (iii) the Reports are not comprehensive audits or examinations, and that any Person performing any field examination will inspect only specific information regarding the Loan Parties
and will rely significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel and that the Administrative Agent undertakes no obligation to update, correct or supplement the Reports;
(iv) it will keep all Reports confidential and strictly for its internal use, not share the Report with any Loan Party or any other Person except as otherwise permitted pursuant to this 

  
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Agreement; and (v) without limiting the generality of any other indemnification provision contained in this Agreement, (A) it will hold the Administrative Agent and any such other Person
preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection with any extension of credit that the indemnifying Lender has made or may make to the
Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a Loan or Loans; and (B) it will pay and protect, and indemnify, defend, and hold the Administrative Agent and any such other Person
preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable attorneys’ fees) incurred by the Administrative Agent or any such other Person as the direct or
indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender. 
 SECTION 8.08. Other
Agency Titles. The Co-Syndication Agents identified on the title page of this Agreement and the Joint Lead Arrangers shall not have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable
to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders in their
respective capacities as Co-Syndication Agents and Joint Lead Arrangers, as applicable, as it makes with respect to the Administrative Agent in the preceding paragraph. 

SECTION 8.09. Not Partners or Co-Venturers; Administrative Agent as Representative of the Secured Parties; Bankruptcy; Credit Bidding.
(a) The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to act for, any other Lender. The
Administrative Agent shall have the exclusive right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan after the date such principal or interest has become due and payable pursuant to the terms of this
Agreement. 
 (b) In its capacity, the Administrative Agent is a “representative” of the Secured Parties within the meaning of
the term “secured party” as defined in the New York Uniform Commercial Code. Each Lender authorizes the Administrative Agent to enter into each of the Collateral Documents to which it is a party and to take all action contemplated by
such documents. Each Lender agrees that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document, it being understood and agreed that such
rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Collateral Documents. In the event that any Collateral is hereafter pledged by any Person as collateral
security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a
Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties. 

  
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 (c) In case of the pendency of any proceeding with respect to any Loan Party under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or any LC Disbursement shall then be due and payable as herein expressed or
by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC
Exposure and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Bank and the Administrative Agent (including any claim
under Sections 2.12, 2.13, 2.15, 2.16, 2.17 and 9.03) allowed in such judicial proceeding; and 
 (ii) collect and receive
any monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender, the Issuing Bank and each other Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative
Agent shall consent to the making of such payments directly to the Lenders, the Issuing Bank or the other Secured Parties, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents
(including under Section 9.03). 
 (d) The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the
Required Lenders, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner
purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy
Code, or any similar laws in any other applicable jurisdictions, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by
judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative Agent
at the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such
claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition
vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such
acquisition vehicle or vehicles (ii) each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the
purpose of closing such sale, (iii) the Administrative shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such
acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their
permitted assignees under the terms of this Agreement or the 

  
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governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on
actions by the Required Lenders contained in Section 9.02 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the
relevant Obligations which were credit bid, interests, whether as equity, partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all
without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another
bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the
Secured Parties pro rata and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take
any further action. Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents
and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in
connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid. 

SECTION 8.10. Flood Laws. JPMCB has adopted internal policies and procedures that address requirements placed on federally regulated
lenders under the National Flood Insurance Reform Act of 1994 and related legislation (the “Flood Laws”). JPMCB, as administrative agent or collateral agent on a syndicated facility, will post on the applicable electronic platform
(or otherwise distribute to each Lender in the syndicate) documents that it receives in connection with the Flood Laws. However, JPMCB reminds each Lender and Participant in the facility that, pursuant to the Flood Laws, each federally
regulated Lender (whether acting as a Lender or Participant in the facility) is responsible for assuring its own compliance with the flood insurance requirements. 

ARTICLE IX 
 Miscellaneous

 SECTION 9.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be given by
telephone or Electronic Systems (and subject in each case to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by facsimile, as follows: 
  

	 	(i)	if to any Loan Party, to the Borrower at: 

 Global Brass and Copper, Inc. 

475 N. Martingale Rd., Suite 1050 

Schaumburg, IL 60173 

Attention: Chief Financial Officer 

Facsimile No: (847) 240-4733 

  
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	 	(ii)	if to the Administrative Agent, JPMCB in its capacity as an Issuing Bank or the Swingline Lender, to JPMorgan Chase Bank, N.A. at: 

JPMorgan Chase Bank, N.A. 

10 S. Dearborn, 22nd floor 

Chicago, IL 60603 

Attention: Lindsay Griffard/ABL Account Executive 

Facsimile No: (312) 445-9057 
  

	 	(iii)	if to any other Lender or Issuing Bank, to it at its address or facsimile number set forth in its Administrative Questionnaire. 

All such notices and other communications (i) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received, (ii) sent by facsimile shall be deemed to have been given when sent, provided that if not given during normal business hours of the recipient, such notice or communication shall be deemed to have been given at the
opening of business on the next Business Day of the recipient, or (iii) delivered through Electronic Systems to the extent provided in paragraph (b) below shall be effective as provided in such paragraph. 

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by Electronic Systems pursuant to procedures
approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II or to compliance and no Default certificates delivered pursuant to Section 5.01(d) unless otherwise agreed by the Administrative
Agent and the applicable Lender. Each of the Administrative Agent and the Borrower (on behalf of the Loan Parties) may, in its discretion, agree to accept notices and other communications to it hereunder by Electronic Systems pursuant to
procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise proscribes, all such notices and other communications (i) sent to an e-mail
address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided
that if not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) posted to an Internet or intranet
website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website
address therefor; provided that, for both clauses (i) and (ii) above, if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the
opening of business on the next Business Day of the recipient. 
 (c) Any party hereto may change its address, facsimile number or e-mail
address for notices and other communications hereunder by notice to the other parties hereto.

  
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 (d) Electronic Systems. 

(i) Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available
to the Issuing Bank and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System. 

(ii) Any Electronic System used by the Administrative Agent is provided “as is” and “as available.” The Agent Parties (as
defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including any warranty of
merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic System. In no event
shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower or the other Loan Parties, any Lender, the Issuing Bank or any other Person or entity for damages of
any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s
transmission of communications through an Electronic System. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any
Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or the Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic System. 

SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising
any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and under any other Loan Document are cumulative and are
not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted
by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a
Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 

(b) Except as provided in the first sentence of Section 2.09(f) (with respect to any commitment increase), neither this Agreement nor any
other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (x) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or (y) in
the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are 

  
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parties thereto, with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender
(including any such Lender that is a Defaulting Lender), (ii) reduce or forgive the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce or forgive any interest, fees or any other Obligations payable
hereunder, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) directly affected thereby, (iii) postpone any scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any date
for the payment of any interest, fees or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender
(including any such Lender that is a Defaulting Lender) directly affected thereby, (iv) change Section 2.18(b) or (d) in a manner that would alter the manner in which payments are shared, without the written consent of each Lender (other than any
Defaulting Lender), (v) increase the advance rates set forth in the definition of Borrowing Base or add new categories of eligible assets, without the written consent of each Revolving Lender (other than any Defaulting Lender), (vi) change any of
the provisions of this Section or the definition of “Required Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights
thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (other than any Defaulting Lender) directly affected thereby, (vii) change Section 2.20, without the consent of each Lender (other than
any Defaulting Lender), (viii) release any Guarantor from its obligation under its Loan Guaranty or Obligation Guaranty (except as otherwise permitted herein or in the other Loan Documents), without the written consent of each Lender (other than any
Defaulting Lender), (ix) except as provided in clause (c) of this Section or in any Collateral Document, release all or substantially all of the Collateral, without the written consent of each Lender (other than any Defaulting Lender), or (x) permit
the Borrower to assign or otherwise transfer any of its rights or obligations hereunder without the written consent of each Lender (other than any Defaulting Lender); provided further that no such agreement shall amend, modify or
otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be (it
being understood that any amendment to Section 2.20 shall require the consent of the Administrative Agent, the Issuing Bank and the Swingline Lender); provided further that no such agreement shall amend or modify the provisions of
Section 2.07 or any letter of credit application and any bilateral agreement between the Borrower and the Issuing Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights and obligations between the Borrower and the
Issuing Bank in connection with the issuance of Letters of Credit without the prior written consent of the Administrative Agent and the Issuing Bank, respectively. The Administrative Agent may also amend the Commitment Schedule to
reflect assignments entered into pursuant to Section 9.04. The Administrative Agent and the Borrower may amend, restate, amend and restate or otherwise modify the Intercreditor Agreement and/or any other intercreditor agreement, as provided
therein, in connection with a transaction permitted hereunder. Any amendment, waiver or other modification of this Agreement or any other Loan Document that by its terms affects the rights or duties under this Agreement of the Lenders of one or
more Classes (but not the Lenders of any other Class), may be effected by an agreement or agreements in writing entered into by the Borrower and the requisite number or percentage in interest of each affected Class of Lenders that would be required
to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time. 

  
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 (c) The Lenders and the Issuing Bank hereby irrevocably authorize the Administrative Agent, at
its option and in its sole discretion, to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the termination of all of the Commitments, payment and satisfaction in full in cash of all Secured
Obligations (other than Unliquidated Obligations), and the cash collateralization of all Unliquidated Obligations in a manner satisfactory to each affected Lender, (ii) constituting property being sold or disposed (including, without
limitation pursuant to pursuant to a Permitted Factoring Facility) of if the Loan Party disposing of such property certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the
Administrative Agent may rely conclusively on any such certificate, without further inquiry), and to the extent that the property being sold or disposed of constitutes 100% of the Equity Interests of a Subsidiary, the Administrative Agent is
authorized to release any Loan Guaranty or Obligation Guaranty provided by such Subsidiary, (iii) constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement, or
(iv) as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII, (v) upon the release of a Subsidiary Guarantor that is no
longer a Material Subsidiary or (vi) constituting Term Loan Priority Collateral that is released, sold or disposed of pursuant to the terms of Term Loan Documents and which, in accordance with Section 4.2 of the Intercreditor Agreement, the
Administrative Agent is required to release the Liens granted to the Administrative Agent by the Loan Parties on such Term Loan Priority Collateral. Further, the Administrative Agent may (and is hereby irrevocably authorized by each Lender and
Issuing Bank to), upon the request of the Borrower, release any Subsidiary Guarantor from its obligations under the Loan Guaranty if such Subsidiary Guarantor is no longer a Material Domestic Subsidiary. Except as provided in the foregoing, the
Administrative Agent will not release any Liens on Collateral without the prior written authorization of the Required Lenders. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than
those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral. Any
execution and delivery by the Administrative Agent of documents in connection with any such release shall be without recourse to or warranty by the Administrative Agent. 

(d) If, in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each Lender
affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but has not been obtained being referred to herein as a
“Non-Consenting Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is
reasonably satisfactory to the Borrower, the Administrative Agent and the Issuing Bank shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and
to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, and (ii) the Borrower shall pay
to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder to and including the date of termination,
including 

  
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without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of
such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender. 

(e) Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Borrower only, amend, modify or
supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency. 
 SECTION
9.03. Expenses; Indemnity; Damage Waiver. (a) The Loan Parties shall, jointly and, severally, pay all (i) reasonable and documented out-of-pocket
expenses incurred by the Administrative Agent, JPMCB, in its capacity as the Lead Arranger and their Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication and
distribution (including, without limitation, via the internet or through an Electronic System) of the credit facilities provided for herein, the preparation and administration of the Loan Documents and any amendments, modifications or waivers of the
provisions of the Loan Documents (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment,
renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the documented fees, charges and disbursements of
any counsel for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement, collection or protection of its rights in connection with the Loan Documents, including its rights under this Section, or in connection
with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of
Credit. Expenses being reimbursed by the Loan Parties under this Section include, without limiting the generality of the foregoing, fees, costs and expenses incurred in connection with: 

(i) subject to Section 5.12, appraisals and insurance reviews; 

(ii) subject to Section 5.06, field examinations and the preparation of Reports based on the fees charged by a third party
retained by the Administrative Agent or the internally allocated fees for each Person employed by the Administrative Agent with respect to each field examination; 

(iii) background checks regarding senior management and/or key investors, as deemed necessary or appropriate in the sole
discretion of the Administrative Agent; 
 (iv) Taxes, fees and other charges for (A) lien searches and (B) filing financing
statements and continuations, and other actions to perfect, protect, and continue the Administrative Agent’s Liens; 

(v) sums paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to
pay or take; and 
 (vi) forwarding loan proceeds, collecting checks and other items of payment, and establishing and
maintaining the accounts and lock boxes, and costs and expenses of preserving and protecting the Collateral.

  
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 All of the foregoing fees, costs and expenses may be charged to the Borrower as Revolving Loans or to another
deposit account, all as described in Section 2.18(c). 
 (b) The Loan Parties shall, jointly and severally, indemnify the
Administrative Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, penalties, incremental Taxes, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or
as a result of (i) the execution or delivery of the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or
any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in
connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by a Loan Party or a Subsidiary, or
any Environmental Liability related in any way to a Loan Party or a Subsidiary, (iv) the failure of a Loan Party to deliver to the Administrative Agent the required receipts or other required documentary evidence with respect to a payment made by a
Loan Party for Taxes pursuant to Section 2.17, or (v) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation or proceeding is brought by any
Loan Party or their respective equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, penalties, liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from
the gross negligence or willful misconduct of such Indemnitee. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. 

(c) To the extent that any Loan Party fails to pay any amount required to be paid by it to the Administrative Agent (or any sub-agent
thereof), the Swingline Lender or the Issuing Bank (or any Related Party of any of the foregoing) under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Swingline Lender or the Issuing Bank
(or any Related Party of any of the foregoing), as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being
understood that the Loan Parties’ failure to pay any such amount shall not relieve any Loan Party of any default in the payment thereof); provided that the unreimbursed expense or indemnified loss, claim, damage, penalty, liability or
related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Swingline Lender or the Issuing Bank in its capacity as such. 

  
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 (d) To the extent permitted by applicable law, no Loan Party shall assert, and each Loan
Party hereby waives, any claim against any Indemnitee, (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the
Internet), or (ii) on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any
agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this paragraph (d) shall relieve any Loan Party of any obligation it may have
to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. 

(e) All amounts due under this Section shall be payable after written demand therefor. 

SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or
obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby
(including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees (other than an
Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent
(such consent not to be unreasonably withheld) of: 
 (A) the Borrower, provided that the Borrower shall be deemed to
have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof, and provided further that no consent of the Borrower
shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee;

(B) the Administrative Agent; 

(C) the Issuing Bank; and 

(D) the Swingline Lender. 

  
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 (ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required
if an Event of Default has occurred and is continuing; 
 (B) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
 (C) the parties to
each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the
Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such
Lenders; and 
 (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the other Loan Parties and their Related Parties or their
respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

For the purposes of this Section 9.04(b), the terms “Approved Fund” and “Ineligible Institution” have the
following meanings: 
 “Approved Fund” means any Person (other than a natural person) that is engaged in making,
purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity
that administers or manages a Lender. 
 “Ineligible Institution” means a (a) natural person, (b) a Defaulting Lender or
its Parent, (c) holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof; provided that, such holding company, investment vehicle or trust shall not constitute
an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience
in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course
of its business, or (d) a Loan Party or a Subsidiary or other Affiliate of a Loan Party. 

  
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 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this
Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of
a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with paragraph (c) of this Section. 
 (iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the
Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest)
of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing
Bank and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available
for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(v) Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent
applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s completed
Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this
Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment
required to be made by it pursuant to Section 2.05, 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and
until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(c) Any Lender may, without the consent of the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, sell
participations to one or more banks or other entities (a “Participant”) other than an Ineligible Institution in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain 

  
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unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower, the Administrative Agent, the
Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such
a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Section 2.17(f) and (g) (it being understood that the documentation
required under Section 2.17(f) shall be delivered to the participating Lender and the information and documentation required under Section 2.17(g) will be delivered to the Borrower and the Administrative Agent)) to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under
paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent
such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. 

Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the
Borrower to effectuate the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided
such Participant agrees to be subject to Section 2.18(d) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name
and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement or any other Loan Document (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans,
Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the
owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for
maintaining a Participant Register. 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security
interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

  
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 SECTION 9.05. Survival. All covenants, agreements, representations and
warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long
as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or
terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the
expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 

SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution. (a) This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any
separate letter agreements with respect to (i) fees payable to the Administrative Agent and (ii) increases or reductions of the Issuing Bank Sublimit of the Issuing Bank constitute the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns.
 (b) Delivery of an executed counterpart of a signature page of this
Agreement by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby or thereby shall
be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use
of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in any form or format without its prior written
consent. 

  
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 SECTION 9.07. Severability. Any provision of any Loan Document held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at
any time owing by such Lender or Affiliate to or for the credit or the account of any Loan Party against any of and all the Secured Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under the Loan
Documents and although such obligations may be unmatured. The applicable Lender shall notify the Borrower and the Administrative Agent of such set-off or application, provided that any failure to give or any delay in giving such notice
shall not affect the validity of any such set-off or application under this Section. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) The Loan Documents (other than those
containing a contrary express choice of law provision) shall be governed by and construed in accordance with the internal laws of the State of New York, but giving effect to federal laws applicable to national banks. 

(b) Each Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any U.S.
Federal or New York State court sitting in New York, New York in any action or proceeding arising out of or relating to any Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right
that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction. 

(c) Each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

  
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 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, OTHER AGENT (INCLUDING ANY ATTORNEY) OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION. 
 SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12. Confidentiality. Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by any Requirement of Law or by any subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies under this Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f)
subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii)
any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Loan Parties and their obligations, (g) with the consent of the Borrower, (h) to holders of Equity Interests in the Borrower, (i) to any
Person providing a Guarantee of all or any portion of the Secured Obligations, or (j) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the
Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received from the Borrower relating
to the Borrower or its business, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrower and other than information pertaining to
this Agreement provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided that, in the case of information received from the 

  
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Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided
in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information. 
 EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY
INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC
INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN
THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH
LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE
PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 
 SECTION 9.13. Several Obligations; Nonreliance;
Violation of Law. The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from any of its
obligations hereunder. Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U of the Board) for the repayment of the Borrowings provided for herein. Anything contained in this
Agreement to the contrary notwithstanding, neither the Issuing Bank nor any Lender shall be obligated to extend credit to the Borrower in violation of any Requirement of Law. 

SECTION 9.14. USA PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies each
Loan Party that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information
that will allow such Lender to identify such Loan Party in accordance with the USA PATRIOT Act. 
 SECTION
9.15. Disclosure. Each Loan Party, each Lender and the Issuing Bank hereby acknowledges and agrees that the Administrative Agent and/or its Affiliates from time to time may 

  
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hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective Affiliates. In addition, each Loan Party and each Lender hereby
acknowledges that an independent business unit of JPMCB has also made a loan to the Borrower under the Term Loan Credit Agreement (the “Independent Chase Loan”). Each Loan Party and, in case of clauses (a) and (d) below, each Lender:

 (a) hereby acknowledges that separate business units of JPMCB are a party to this Agreement and the Independent Chase Loan, operate as
separate business units of JPMCB, and that the rights and obligations of each such separate business unit under each financial accommodation to each Loan Party are separate and distinct, are exercisable in the sole discretion of such JPMCB business
unit, and shall not be merged in law or in equity; 
 (b) hereby acknowledges that a consent, approval, waiver or other action by JPMCB
hereunder does not constitute a consent, approval, waiver or other action by the other JPMCB business unit in respect to the Independent Chase Loan, and that any such action by the other JPMCB business unit taken in respect to the Independent Chase
Loan similarly does not bind JPMCB hereunder; 
 (c) should communicate separately with each such business unit, and distribute information
separately to each such business unit as required under the respective loan documents; and 
 (d) hereby consents to the separate business
units and their Related Parties, working together and sharing information about the Loan Parties. Notwithstanding any consent to share information, neither the Loan Parties nor the Lenders should assume that separate business units of JPMCB
have shared information. 
 SECTION 9.16. Appointment for Perfection. Each Lender hereby appoints each other Lender as its agent
for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the other Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession or
control. Should any Lender (other than the Administrative Agent) obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor
shall deliver such Collateral to the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions. 

SECTION 9.17. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest
rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and
the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the
date of repayment, shall have been received by such Lender. 

  
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 SECTION 9.18. Marketing Consent. The Borrower hereby authorizes JPMCB and its
affiliates (collectively, the “JPMCB Parties”), at their respective sole expense, but without any prior approval by the Borrower, to publish tombstones or other advertisements, press releases or other transactional announcements or
updates provided to investor or trade publications, in each case, to consist of deal terms and other information customarily found in such publications or marketing materials, as each may from time to time determine in its reasonable discretion,
subject in each case that such JPMCB party shall promptly notify you, in advance, of such disclosure. The foregoing authorization shall remain in effect unless and until the Borrower notifies JPMCB in writing that such authorization is revoked.

 SECTION 9.19. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in
any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the write-down and
conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in connection with
the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 SECTION 9.20. Intercreditor
Agreement. Each of the Lenders hereby acknowledges that it has received and reviewed the Intercreditor Agreement and agrees to be bound by the terms thereof as if such Lender was a signatory thereto. Such Intercreditor Agreement may
provide for, among other things, (i) the Administrative Agent’s and the Lenders’ forbearance of, and other limitations on, any exercise of remedies in respect of the Loan Parties and the Collateral that has been pledged to secure the
Obligations and/or (ii) disclaimers of interests on, and releases of security interests in, the Collateral. Each Lender (and each Person that becomes a Lender hereunder pursuant to Section 9.04) hereby (a) acknowledges that JPMCB is acting
under the Intercreditor Agreement as the “ABL Representative” (as defined therein), and that JPMCB is 

  
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acting under the Intercreditor Agreement as the “Term Loan Representative” (as defined therein) and JPMCB is or may be a Lender hereunder and/or a lender under the Term Loan Credit
Agreement and (b) waives any conflict of interest, now contemplated or arising hereafter, in connection therewith and agrees not to assert against the Administrative Agent any claims, cause of action, damages or liabilities of whatever kind or
nature relating thereto. Each Lender (and each Person that becomes a Lender hereunder pursuant to Section 9.04) hereby authorizes and directs the Administrative Agent to enter into the Intercreditor Agreement on behalf of such Lender and agrees
that the Administrative Agent, in its various capacities thereunder, may take such actions on its behalf as is contemplated by the terms of the Intercreditor Agreement.

SECTION 9.21. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are
arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders and their Affiliates, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the
extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Lenders and
their Affiliates is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its
Affiliates, or any other Person and (B) no Lender or any of its Affiliates has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except, in the case of a Lender, those obligations expressly
set forth herein and in the other Loan Documents; and (iii) each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and no
Lender or any of its Affiliates has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against each of
the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

ARTICLE X 
 Loan Guaranty

 SECTION 10.01. Guaranty. Each Loan Guarantor (other than those that have delivered a separate Guaranty) hereby
agrees that it is jointly and severally liable for, and, as a primary obligor and not merely as surety, absolutely, unconditionally and irrevocably guarantees to the Secured Parties, the prompt payment when due, whether at stated maturity, upon
acceleration or otherwise, and at all times thereafter, of the Secured Obligations and all reasonable, documented and out-of-pocket costs and expenses, including, without limitation, all reasonable, documented and out-of-pocket court costs and
attorneys’ and paralegals’ fees and expenses paid or incurred by the Administrative Agent, the Issuing Bank and the Lenders in endeavoring to collect all or any part of the Secured Obligations from, or in prosecuting any action against,
the Borrower, any Loan Guarantor or any other guarantor of all or any part of the Secured Obligations (such costs and expenses, together with the Secured Obligations, collectively the “Guaranteed Obligations”; provided,
however, that the definition of “Guaranteed Obligations” shall not create any guarantee 

  
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by any Loan Guarantor of (or grant of security interest by any Loan Guarantor to support, as applicable) any Excluded Swap Obligations of such Loan Guarantor for purposes of determining any
obligations of any Loan Guarantor). Each Loan Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its guarantee
notwithstanding any such extension or renewal. All terms of this Loan Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate of any Lender that extended any portion of the Guaranteed Obligations.

 SECTION 10.02. Guaranty of Payment. This Loan Guaranty is a guaranty of payment and not of collection. Each Loan
Guarantor waives any right to require the Administrative Agent, the Issuing Bank or any Lender to sue the Borrower, any Loan Guarantor, any other guarantor of, or any other Person obligated for, all or any part of the Guaranteed Obligations (each,
an “Obligated Party”), or otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations. 

SECTION 10.03. No Discharge or Diminishment of Loan Guaranty. (a) Except as otherwise provided for herein, the obligations of
each Loan Guarantor hereunder are unconditional and absolute and not subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Guaranteed Obligations),
including: (i) any claim of waiver, release, extension, renewal, settlement, surrender, alteration or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence, structure or
ownership of the Borrower or any other Obligated Party liable for any of the Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated Party or their assets or any resulting release
or discharge of any obligation of any Obligated Party; or (iv) the existence of any claim, setoff or other rights which any Loan Guarantor may have at any time against any Obligated Party, the Administrative Agent, the Issuing Bank, any Lender or
any other Person, whether in connection herewith or in any unrelated transactions.
 (b) The obligations of each Loan Guarantor hereunder
are not subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or
regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any part thereof.
 (c) Further, the
obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by: (i) the failure of the Administrative Agent, the Issuing Bank or any Lender to assert any claim or demand or to enforce any remedy with respect to
all or any part of the Guaranteed Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement relating to the Guaranteed Obligations; (iii) any release, non-perfection or invalidity of any indirect or direct
security for the obligations of the Borrower for all or any part of the Guaranteed Obligations or any obligations of any other Obligated Party liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative
Agent, the Issuing Bank or any Lender with respect to any collateral securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or
any other circumstance, act, omission or delay that might in any 

  
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manner or to any extent vary the risk of such Loan Guarantor or that would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than the indefeasible payment
in full in cash of the Guaranteed Obligations).
 SECTION 10.04. Defenses Waived. To the fullest extent permitted by
applicable law, each Loan Guarantor hereby waives any defense based on or arising out of any defense of the Borrower or any Loan Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the cessation from
any cause of the liability of the Borrower, any Loan Guarantor or any other Obligated Party, other than the indefeasible payment in full in cash of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Loan Guarantor
irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against any Obligated
Party or any other Person. Each Loan Guarantor confirms that it is not a surety under any state law and shall not raise any such law as a defense to its obligations hereunder. The Administrative Agent may, at its election, foreclose on any
Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any collateral securing all or a part of the Guaranteed
Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, without affecting or impairing in any
way the liability of such Loan Guarantor under this Loan Guaranty except to the extent the Guaranteed Obligations have been fully and indefeasibly paid in cash. To the fullest extent permitted by applicable law, each Loan Guarantor waives any
defense arising out of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan Guarantor against any Obligated Party
or any security. 
 SECTION 10.05. Rights of Subrogation. No Loan Guarantor will assert any right, claim or cause of
action, including, without limitation, a claim of subrogation, contribution or indemnification, that it has against any Obligated Party or any collateral, until the Loan Parties and the Loan Guarantors have fully performed all their obligations to
the Administrative Agent, the Issuing Bank and the Lenders. 
 SECTION 10.06. Reinstatement; Stay of Acceleration. If at
any time any payment of any portion of the Guaranteed Obligations (including a payment effected through exercise of a right of setoff) is rescinded, or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of the
Borrower or otherwise (including pursuant to any settlement entered into by a Secured Party in its discretion), each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment shall be reinstated at such time as though
the payment had not been made and whether or not the Administrative Agent, the Issuing Bank and the Lenders are in possession of this Loan Guaranty. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the
insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guaranteed Obligations shall nonetheless be payable by the Loan Guarantors forthwith on
demand by the Administrative Agent. 
 SECTION 10.07. Information. Each Loan Guarantor assumes all responsibility for being
and keeping itself informed of the Borrower’s financial condition and assets, and of all other 

  
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circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty,
and agrees that none of the Administrative Agent, the Issuing Bank or any Lender shall have any duty to advise any Loan Guarantor of information known to it regarding those circumstances or risks. 

SECTION 10.08. Termination. Each of the Lenders and the Issuing Bank may continue to make loans or extend credit to the
Borrower based on this Loan Guaranty until five (5) days after it receives written notice of termination from any Loan Guarantor. Notwithstanding receipt of any such notice, each Loan Guarantor will continue to be liable to the Lenders for any
Guaranteed Obligations created, assumed or committed to prior to the fifth day after receipt of the notice, and all subsequent renewals, extensions, modifications and amendments with respect to, or substitutions for, all or any part of such
Guaranteed Obligations. Nothing in this Section 10.08 shall be deemed to constitute a waiver of, or eliminate, limit, reduce or otherwise impair any rights or remedies the Administrative Agent or any Lender may have in respect of, any Default
or Event of Default that shall exist under Article VII hereof as a result of any such notice of termination. 
 SECTION
10.09. [Reserved].
 SECTION 10.10. Maximum Liability. Notwithstanding any other provision of this Loan
Guaranty, the amount guaranteed by each Loan Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable
state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Loan Guarantor’s obligations hereunder pursuant to the preceding
sentence, it is the intention of the parties hereto that any rights of subrogation, indemnification or contribution which such Loan Guarantor may have under this Loan Guaranty, any other agreement or applicable law shall be taken into account. 

SECTION 10.11. Contribution.

(a) To the extent that any Loan Guarantor shall make a payment under this Loan Guaranty (a “Guarantor Payment”) which,
taking into account all other Guarantor Payments then previously or concurrently made by any other Loan Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Loan Guarantor if each Loan Guarantor had paid the
aggregate Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Loan Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the
aggregate Allocable Amounts of each of the Loan Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following indefeasible payment in full in cash of the Guarantor Payment and the Guaranteed Obligations (other
than Unliquidated Obligations that have not yet arisen), and all Commitments and Letters of Credit have terminated or expired or, in the case of all Letters of Credit, are fully collateralized on terms reasonably acceptable to the Administrative
Agent and the Issuing Bank, and this Agreement, the Swap Agreement Obligations and the Banking Services Obligations have terminated, such Loan Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed
by, each other Loan Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. 

  
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 (b) As of any date of determination, the “Allocable Amount” of any Loan Guarantor
shall be equal to the excess of the fair saleable value of the property of such Loan Guarantor over the total liabilities of such Loan Guarantor (including the maximum amount reasonably expected to become due in respect of contingent liabilities,
calculated, without duplication, assuming each other Loan Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other Loan Guarantors as of such date in a manner to
maximize the amount of such contributions. 
 (c) This Section 10.11 is intended only to define the relative rights of the Loan Guarantors,
and nothing set forth in this Section 10.11 is intended to or shall impair the obligations of the Loan Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Loan
Guaranty. 
 (d) The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of
the Loan Guarantor or Loan Guarantors to which such contribution and indemnification is owing. 
 (e) The rights of the indemnifying Loan
Guarantors against other Loan Guarantors under this Section 10.11 shall be exercisable upon the full and indefeasible payment of the Guaranteed Obligations in cash (other than Unliquidated Obligations that have not yet arisen) and the termination or
expiry (or, in the case of all Letters of Credit, full cash collateralization), on terms reasonably acceptable to the Administrative Agent and the Issuing Bank, of the Commitments and all Letters of Credit issued hereunder and the termination of
this Agreement, the Swap Agreement Obligations and the Banking Services Obligations. 
 SECTION 10.12. Liability
Cumulative. The liability of each Loan Party as a Loan Guarantor under this Article X is in addition to and shall be cumulative with all liabilities of each Loan Party to the Administrative Agent, the Issuing Bank and the Lenders under this
Agreement and the other Loan Documents to which such Loan Party is a party or in respect of any obligations or liabilities of the other Loan Parties, without any limitation as to amount, unless the instrument or agreement evidencing or creating such
other liability specifically provides to the contrary. 
 SECTION 10.13. Keepwell. Each Qualified ECP Guarantor hereby jointly
and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guarantee in respect of a Swap
Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.13 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.13 or
otherwise under this Loan Guaranty voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). Except as otherwise provided herein, the obligations of each Qualified ECP Guarantor
under this Section 10.13 shall remain in full force and effect until the termination of all Swap Obligations. Each Qualified ECP Guarantor intends that this Section 10.13 constitute, and this Section 10.13 shall be deemed to constitute, a
“keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

(Signature Pages Follow) 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective authorized officers as of the day and year first above written. 
  

			
	BORROWER:
	
	GLOBAL BRASS AND COPPER, INC.,
		
	By	 	 /s/ Christopher Kodosky

		 	Name: Christopher Kodosky
		 	Title: Chief Financial Officer
	
	OTHER LOAN PARTIES:
	
	GLOBAL BRASS AND COPPER HOLDINGS,
	INC., as Holdings and as a Guarantor
		
	By	 	 /s/ Christopher Kodosky

		 	Name: Christopher Kodosky
		 	Title: Chief Financial Officer
	
	CHASE BRASS, LLC
	CHASE INDUSTRIES, LLC
	CHASE BRASS AND COPPER COMPANY, LLC
	GBC METALS, LLC
	OLIN FABRICATED METAL PRODUCTS, LLC
	BRYAN METALS, LLC
	A.J. OSTER, LLC
	A.J. OSTER FOILS, LLC
	A.J. OSTER CARIBE, LLC
	A.J. OSTER WEST, LLC, each as a Guarantor
		
	By	 	 /s/ Christopher Kodosky

		 	Name: Christopher Kodosky
		 	Title: Chief Financial Officer

  
 Signature Page to Credit
Agreement 

 
					
	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent, Issuing Bank and Swingline Lender
		
	By	 	 /s/ Lindsay R. Giffard

		 	Name:	 	Lindsay R. Giffard
		 	Title:	 	Authorized Officer

  
 Signature Page to Credit
Agreement 

 
					
	BANK OF AMERICA, N.A., as Lender
		
	By	 	 /s/ Andrew J. Heinz

		 	Name:	 	Andrew J. Heinz
		 	Title:	 	Senior Vice President

  
 Signature Page to Credit
Agreement 

 
					
	WELLS FARGO BANK, NATIONAL ASSOCIATION., as Lender
		
	By	 	 /s/ Thomas A. Marin

		 	Name:	 	Thomas A. Marin
		 	Title:	 	Vice President

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