Document:

2004 Form of Long Term Incentive Plan

 Exhibit 10.10 
 RED HAT, INC. 
 Red Hat, Inc. 2004 Long-Term Incentive Plan

 Restricted Stock Agreement 
 Cover Sheet 
 Red Hat, Inc., a Delaware corporation, hereby grants as of the date
below (the “Grant Date”) to the person named below (the “Participant”) and the Participant hereby accepts, the number of restricted shares (the “Restricted Stock”) listed below of the Company’s common stock, $.0001
par value per share, with a vesting start date (the “Vesting Start Date”) listed below, such grant to be on the terms and conditions specified in the Red Hat, Inc. 2004 Long-Term Incentive Plan and in the attached Exhibit A.

  

			
	Participant Name:	  	 **

		  	 
		
	Grant Date:	  	 **

		  	 
		
	Vesting Start Date:	  	 **

		  	 
		
	Number of Shares of Restricted Stock:	  	 **

		  	 

 IN WITNESS WHEREOF, the Company and the Participant have caused this
instrument to be executed as of the Grant Date set forth above. 
  

							
	  
	 		 	RED HAT, INC.
	(Participant Signature)	 		 	1801 Varsity Drive
		 		 	Raleigh, North Carolina 27606
	  
	 		 	
	(Street Address)	 		 	By:	 	  

	  
	 		 	Name:	 	
	(City/State/Zip Code)	 		 	Title:	 	

 PLEASE RETURN ONE SIGNED COVER SHEET 

TO EMILY DEL TORO/ LEGAL DEPT. 
 CENTENNIAL CAMPUS 
 FAX NUMBER (919) 754-3715 

 EXHIBIT A 

RED HAT, INC. 
 Red Hat, Inc. 2004 Long-Term Incentive Plan 
 Restricted Stock Agreement

 Terms and Conditions 
  

	1.	Grant under Red Hat, Inc. 2004 Long-Term Incentive Plan. The Restricted Stock is granted pursuant to and is subject to and governed by the Company’s
2004 Long-Term Incentive Plan (the “Plan”) and, unless the context otherwise requires, terms used herein shall have the same meaning as in the Plan or shall be defined as on the cover sheet attached hereto. 

Determinations made in connection with the Restricted Stock pursuant to the Plan shall be governed by the Plan as it exists on the Grant
Date. 
  

	2.	Vesting if Business Relationship Continues. All of the shares of Restricted Stock initially shall be unvested shares. For so long as the Participant
maintains continuous service to the Company or its subsidiaries or affiliates as an employee, officer, director or consultant (a “Business Relationship”) throughout the period beginning on the Grant Date and ending on the vesting
date set forth below, the Restricted Stock shall become vested according to the schedule set forth below, subject to Section 3 hereof: 

  

			
	 Vesting Date
	  	 Number of Vested Shares

		
	One year from the Vesting Start Date (the “Anniversary Date”)	  	25% of the Restricted Stock
		
	On the last day of each subsequent three-month period following the Anniversary Date	  	6.25% of the Restricted Stock

 Until the
Restricted Stock vests, as provided in this Section and in Section 3, the Participant may not sell, assign, transfer, pledge, or otherwise dispose of the Restricted Stock. 

 

	3.	Termination of Business Relationship. If the Participant’s Business Relationship is terminated for any reason, the shares of Restricted Stock that
were not vested on the date of such termination will be forfeited. The shares of Restricted Stock that are forfeited will be cancelled and returned to the Company. For purposes hereof, a Business Relationship shall not be considered as having
terminated during any leave of absence if such leave of absence has been approved in writing by the Company; in the event of such leave of absence, vesting of the Restricted Stock shall be suspended (and the period of the leave of absence shall be
added to all vesting dates) unless otherwise determined by the Company. The vesting of the Restricted Stock shall not be affected by any change in the type of Business Relationship the Participant has within or among the Company and its Subsidiaries
or Affiliates so long as the Participant continuously maintains a Business Relationship. 

  
 -1-

	4.	Legend. Each certificate issued in respect of shares of Restricted Stock under the Agreement shall be registered in the Participant’s name and
deposited by the Participant, together with a stock power endorsed in blank, with the Company and shall bear the following (or a similar) legend: 

 “The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) contained in an Agreement entered into between the
registered owner and Red Hat, Inc.” 
 When the Restricted Stock vests, the Company shall redeliver to the Participant (or
the Participant’s legal representatives, beneficiaries or heirs) from the shares of Restricted Stock deposited with it the number of shares which have then vested. The Participant agrees that any resale of the shares of Restricted Stock
received upon vesting shall be made in compliance with the registration requirements of the Securities Act of 1933 or an applicable exemption therefrom, including without limitation the exemption provided by Rule 144 promulgated thereunder (or any
successor rule). 
  

	5.	No Obligation to Continue Business Relationship. Neither the Plan, this Agreement, nor the grant of the Restricted Stock imposes any obligation on the
Company, its Subsidiaries or Affiliates to have a Business Relationship with the Participant. 

  

	6.	Rights as Stockholder. Except for the restrictions on transfer and vesting provisions in this Agreement, the Participant shall have all of the rights of a
stockholder of the Company with respect to the Restricted Stock including but not limited to the right to receive dividends paid on the Restricted Stock and the right to vote the Restricted Stock. 

 

	7.	Adjustments for Capital Changes. The Plan contains provisions covering the treatment of restricted stock in a number of contingencies such as stock split
and mergers. Provisions in the Plan for such adjustments are hereby made applicable hereunder and are incorporated herein by reference. 

  

	8.	Change in Control. Provisions regarding a Change in Control are set forth on Appendix A. 

 

	9.	 Withholding. No Restricted Stock will be redelivered pursuant to the vesting thereof unless and until the Participant pays to the
Company, or makes satisfactory provision to the Company for payment of, any federal, state or local withholding taxes required by law to be held in respect of this Restricted Stock (the “Tax Amount”). The Participant hereby agrees that the
Company may withhold from the Participant’s wages or other remuneration the Tax Amount. At the discretion of the Company, the Tax Amount may be withheld in cash from such wages or from other remuneration, or in kind from the shares or other
property otherwise deliverable to the Participant on vesting of this Restricted Stock. The Participant further agrees that, if the Company does not withhold an amount from the Participant’s wages or other remuneration sufficient to satisfy the
withholding obligation of the Company, the Participant agrees to indemnify the Company in full for the amount underwithheld and to make reimbursement on demand, in cash, for the amount underwithheld within thirty (30) days after the vesting of
the Restricted Stock that gives rise to 

  
 -2-

	 	 
the withholding obligation. The Participant has reviewed with the Participant’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the
transactions contemplated by this Agreement. 

 The Participant is relying solely on such advisors and not on
any statements or representations of the Company or any of its agents. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of this
investment or the transactions contemplated by this Agreement. The Participant understands that it may be beneficial in many circumstances to elect to be taxed at the time the Restricted Stock is granted rather than when and as the Restricted Stock
vests by filing an election under Section 83(b) of the Code with the I.R.S. within 30 days from the date of grant. 
  

	10.	Lock-up Agreement. The Participant agrees that in the event that the Company effects an underwritten public offering of Shares registered under the
Securities Act, the Restricted Stock may not be sold, offered for sale or otherwise disposed of, directly or indirectly, without the prior written consent of the managing underwriter(s) of the offering, for such period of time after the execution of
an underwriting agreement in connection with such offering that all of the Company’s then directors and executive officers agree to be similarly bound. 

 

	11.	Provision of Documentation to Participant. By executing this Agreement the Participant acknowledges receipt of a copy of this Agreement (including the
cover sheet) and a copy of the Plan. 

  

	12.	Miscellaneous. 

  

	 	(a)	Notices. All notices hereunder shall be in writing and shall be deemed given when sent by certified or registered mail, postage prepaid, return receipt
requested, if to the Participant, to the address set forth on the cover sheet or at the most recent address shown on the records of the Company, and if to the Company, to the Company’s principal office, attention of the Corporate Secretary.

  

	 	(b)	Entire Agreement; Modification. This Agreement (including the cover sheet) and the Plan constitutes the entire agreement between the parties relative to the
subject matter hereof, and supersedes all proposals, written or oral, and all other communications between the parties relating to the subject matter of this Agreement. This Agreement may be modified, amended or rescinded only by a written agreement
executed by both parties, except that if the Committee determines that the award terms could result in adverse tax consequences to the Participant, the Committee may amend this Agreement without the consent of the Participant in order to minimize or
eliminate such tax treatment. 

  
 -3-

	 	(c)	Severability. The invalidity, illegality or unenforceability of any provision of this Agreement shall in no way affect the validity, legality or enforceability
of any other provision. 

  

	 	(d)	Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the heirs, legatees, distributees, executors and administrators of the
Participant and the successors and assigns of the Company. 

  

	 	(e)	Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the Delaware, without giving effect to the principles of the
conflicts of laws thereof. 

  
 -4-

 APPENDIX A 
 Notwithstanding anything contained herein to the contrary, if (i) this grant of Restricted Stock is continued, assumed, converted or substituted for immediately following the Change in Control and
(ii) within one year after a Change in Control the Participant’s Business Relationship is terminated by the Company or its successor without Good Cause or by the Participant for Good Reason, all of the Restricted Stock shall be vested.
Furthermore and notwithstanding anything contained herein to the contrary, if this grant of Restricted Stock is not continued, assumed, converted or substituted for immediately following the Change in Control, all of the Restricted Stock shall be
treated as vested immediately prior to the Change in Control. This grant of Restricted Stock shall be considered to be continued, assumed, converted or substituted for: 
  

	 	(A)	if there is no change in the number of outstanding Shares and the Change in Control does not result from the consummation of a merger, consolidation, statutory share
exchange, reorganization or similar form of corporate transaction, there are no changes to the terms and conditions of this grant that materially and adversely affect this grant; or 

 

	 	(B)	if there is a change in the number of outstanding Shares and/or the Change in Control does result from the consummation of a merger, consolidation, statutory share
exchange, reorganization or similar form of corporate transaction: 

  

	 	(1)	the number of shares of Restricted Stock is adjusted (x) if the Shares are exchanged solely for the common stock of the Parent Corporation or, if there is no
Parent Corporation, the Surviving Corporation (as such terms are defined in Appendix A) in a manner which is not materially less favorable than the adjustments made in such transaction to the other outstanding Shares, or (y) otherwise, based on
the ratio on the day immediately prior to the date of the Change in Control of the fair market value of one share of common stock of the Parent Corporation or, if there is no Parent Corporation, the Surviving Corporation, to the Fair Market Value of
one Share, 

  

	 	(2)	if applicable, the shares of Restricted Stock are converted into the common stock of the Parent Corporation or, if there is no Parent Corporation, the Surviving
Corporation (as such terms are defined below) and 

  

	 	(3)	there are no other changes to the terms and conditions of this grant that materially and adversely affect this grant. 

For purposes of this Agreement: 
 “Change in Control” means the occurrence of any one of the following events: 
  

	(i)	 individuals who, on the Grant Date, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority
of the Board, provided that any person becoming a 

	 	 
director subsequent to the initial public offering whose election or nomination for election was approved by a vote of at least a majority of the Directors then on the Board (either by a specific
vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual
initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person
other than the Board shall be deemed to be an Incumbent Director; 

  

	(ii)	any “person” (as such term is defined in the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the
election of the Board (the “Company Voting Securities”); provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions:
(A) by the Company or any subsidiary, (B) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any subsidiary, (C) by any underwriter temporarily holding securities pursuant to an offering of such
securities, (D) pursuant to a Non-Qualifying Transaction, as defined in paragraph (iii), or (E) by any person of Voting Securities from the Company, if a majority of the Incumbent Board approves in advance the acquisition of beneficial
ownership of 35% or more of Company Voting Securities by such person; 

  

	(iii)	the consummation of a merger, consolidation, statutory share exchange, reorganization or similar form of corporate transaction involving the Company or any of its
subsidiaries that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination:
(A) more than 40% of the total voting power of (x) the corporation resulting from such Business Combination (the “Surviving Corporation”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has
beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by Company Voting Securities that were outstanding immediately prior to such Business
Combination (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the
voting power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation
or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) and (C) at least half of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business
Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business Combination which satisfies all of the criteria specified in (A),
(B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); 

  

	(iv)	the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or the consummation of a sale of all or substantially all of the
Company’s assets; or 

	(v)	the occurrence of any other event that the Board determines by a duly approved resolution constitutes a Change in Control. Notwithstanding the foregoing, a Change in
Control shall not be deemed to occur solely because any person acquires beneficial ownership of more than 35% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of
Company Voting Securities outstanding; provided, that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting
Securities beneficially owned by such person, a Change in Control of the Company shall then occur. 

“Good Cause” means conduct involving one or more of the following: 

 

	(i)	the conviction of Participant, or plea of nolo contendere by the Participant to, a felony or misdemeanor involving moral turpitude; 

 

	(vi)	the indictment of the Participant for a felony or misdemeanor involving moral turpitude under the federal securities laws; 

 

	(vii)	the willful misconduct or gross negligence by Participant resulting in material harm to the Company; 

 

	(viii)	fraud, embezzlement, theft or dishonesty by Participant against the Company or any subsidiary, or willful violation by Participant of a policy or procedure of the
Company, resulting in any case in material harm to the Company; or 

  

	(ix)	the Participant’s material breach of any term of any agreement with the Company, including, without limitation, any violation of confidentiality and/or
non-competition agreements. 

 “Good Reason” means: 

 

	(ii)	a reduction by the Company or its successor of more than 10% in Participant’s rate of annual base salary as in effect immediately prior to such Change in Control;

  

	(x)	a reduction by the Company or its successor of more than 10% of the Participant’s individual annual target or bonus opportunity, except under circumstances where
the Company or its successor implement changes to the bonus structure of similarly situated employees, including but not limited to changes to the bonus structure designed to integrate the Company’s personnel with other personnel of the
Surviving Corporation; 

  

	(xi)	a significant and substantial reduction by the Company or its successor of the Participant’s responsibilities and authority, as compared with the
Participant’s responsibilities and authority in effect immediately prior to the Change in Control; or 

  

	(xii)	any requirement of the Company that Participant be based anywhere more than fifty (50) miles from Participant’s primary office location at the time of the
Change in Control.Credit Agreement

  

 
 EXHIBIT 4(d) 

 

 

 CREDIT AGREEMENT 
 dated as of 
 May 12, 2008 

among 
 MATERIAL
SCIENCES CORPORATION 
 and 
 JPMORGAN CHASE BANK, N.A. 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE I - DEFINITIONS	  	 	1	  
	 SECTION 1.01. Defined Terms
	  	 	1	  
	 SECTION 1.02. Classification of Loans and Borrowings
	  	 	13	  
	 SECTION 1.03. Terms Generally
	  	 	13	  
	 SECTION 1.04. Accounting Terms; GAAP
	  	 	13	  
		
	ARTICLE II - THE CREDITS	  	 	14	  
	 SECTION 2.01. Commitments
	  	 	14	  
	 SECTION 2.02. Loans and Borrowings
	  	 	14	  
	 SECTION 2.03. Borrowing Procedures; Requests for Revolving Borrowings
	  	 	14	  
	 SECTION 2.04. Protective Advances
	  	 	15	  
	 SECTION 2.05. Letters of Credit
	  	 	15	  
	 SECTION 2.06. Funding of Borrowings
	  	 	17	  
	 SECTION 2.07. Interest Elections
	  	 	17	  
	 SECTION 2.08. Termination of Commitment
	  	 	18	  
	 SECTION 2.09. Repayment and Amortization of Loans; Evidence of Debt
	  	 	19	  
	 SECTION 2.10. Prepayment of Loans
	  	 	19	  
	 SECTION 2.11. Fees
	  	 	20	  
	 SECTION 2.12. Interest
	  	 	21	  
	 SECTION 2.13. Alternate Rate of Interest
	  	 	22	  
	 SECTION 2.14. Increased Costs
	  	 	22	  
	 SECTION 2.15. Break Funding Payments
	  	 	23	  
	 SECTION 2.16. Taxes
	  	 	23	  
	 SECTION 2.17. Payments Generally; Allocation of Proceeds; Sharing of Set-offs
	  	 	24	  
	 SECTION 2.18. Indemnity for Returned Payments
	  	 	25	  
		
	ARTICLE III - Representations and Warranties	  	 	25	  
	 SECTION 3.01. Organization; Powers
	  	 	25	  
	 SECTION 3.02. Authorization; Enforceability
	  	 	25	  
	 SECTION 3.03. Governmental Approvals; No Conflicts
	  	 	25	  
	 SECTION 3.04. Financial Condition; No Material Adverse Change
	  	 	25	  
	 SECTION 3.05. Properties
	  	 	26	  
	 SECTION 3.06. Litigation and Environmental Matters
	  	 	26	  
	 SECTION 3.07. Compliance with Laws and Agreements
	  	 	26	  
	 SECTION 3.08. Investment Company Status
	  	 	26	  
	 SECTION 3.09. Taxes
	  	 	26	  
	 SECTION 3.10. ERISA
	  	 	27	  
	 SECTION 3.11. Disclosure
	  	 	27	  
	 SECTION 3.12. Material Agreements
	  	 	27	  
	 SECTION 3.13. Solvency
	  	 	27	  
	 SECTION 3.14. Insurance
	  	 	27	  
	 SECTION 3.15. Capitalization and Subsidiaries
	  	 	27	  
	 SECTION 3.16. Security Interest in Collateral
	  	 	28	  
	 SECTION 3.17. Employment Matters
	  	 	28	  
	 SECTION 3.18. Common Enterprise
	  	 	28	  
		
	ARTICLE IV - CONDITIONS	  	 	28	  
	 SECTION 4.01. Effective Date
	  	 	28	  
	 SECTION 4.02. Each Credit Event
	  	 	31	  
		
	ARTICLE V - AFFIRMATIVE COVENANTS	  	 	31	  

  
 i 

					
	 SECTION 5.01. Financial Statements; Borrowing Base and Other Information
	  	 	31	  
	 SECTION 5.02. Notices of Material Events
	  	 	33	  
	 SECTION 5.03. Existence; Conduct of Business
	  	 	33	  
	 SECTION 5.04. Payment of Obligations
	  	 	34	  
	 SECTION 5.05. Maintenance of Properties
	  	 	34	  
	 SECTION 5.06. Books and Records; Inspection Rights
	  	 	34	  
	 SECTION 5.07. Compliance with Laws
	  	 	34	  
	 SECTION 5.08. Use of Proceeds and Letters of Credit
	  	 	34	  
	 SECTION 5.09. Insurance
	  	 	34	  
	 SECTION 5.10. Casualty and Condemnation
	  	 	34	  
	 SECTION 5.11. Appraisals
	  	 	35	  
	 SECTION 5.12. Depository Banks
	  	 	35	  
	 SECTION 5.13. Additional Collateral; Further Assurances
	  	 	35	  
		
	ARTICLE VI - NEGATIVE COVENANTS	  	 	35	  
	 SECTION 6.01. Indebtedness
	  	 	36	  
	 SECTION 6.02. Liens
	  	 	37	  
	 SECTION 6.03. Fundamental Changes
	  	 	37	  
	 SECTION 6.04. Intentionally Omitted
	  	 	38	  
	 SECTION 6.05. Asset Sales
	  	 	38	  
	 SECTION 6.06. Sale and Leaseback Transactions
	  	 	38	  
	 SECTION 6.07. Swap Agreements
	  	 	38	  
	 SECTION 6.08. Intentionally Omitted
	  	 	39	  
	 SECTION 6.09. Transactions with Affiliates
	  	 	39	  
	 SECTION 6.10. Restrictive Agreements
	  	 	39	  
	 SECTION 6.11. Amendment of Organizational Documents
	  	 	39	  
		
	ARTICLE VII - EVENTS OF DEFAULT	  	 	39	  
		
	ARTICLE VIII - MISCELLANEOUS	  	 	42	  
	 SECTION 8.01. Notices
	  	 	42	  
	 SECTION 8.02. Waivers; Amendments
	  	 	43	  
	 SECTION 8.03. Expenses; Indemnity; Damage Waiver
	  	 	43	  
	 SECTION 8.04. Successors and Assigns
	  	 	44	  
	 SECTION 8.05. Survival
	  	 	45	  
	 SECTION 8.06. Counterparts; Integration; Effectiveness
	  	 	46	  
	 SECTION 8.07. Severability
	  	 	46	  
	 SECTION 8.08. Right of Setoff
	  	 	46	  
	 SECTION 8.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	46	  
	 SECTION 8.10. WAIVER OF JURY TRIAL
	  	 	47	  
	 SECTION 8.11. Headings
	  	 	47	  
	 SECTION 8.12. Confidentiality
	  	 	47	  
	 SECTION 8.13. Nonreliance; Violation of Law
	  	 	47	  
	 SECTION 8.14. USA PATRIOT Act
	  	 	47	  
	 SECTION 8.15. Disclosure
	  	 	48	  
		
	ARTICLE IX - LOAN GUARANTY	  	 	48	  
	 SECTION 9.01. Guaranty
	  	 	48	  
	 SECTION 9.02. Guaranty of Payment
	  	 	48	  
	 SECTION 9.03. No Discharge or Diminishment of Loan Guaranty
	  	 	48	  
	 SECTION 9.04. Defenses Waived
	  	 	49	  
	 SECTION 9.05. Rights of Subrogation
	  	 	49	  
	 SECTION 9.06. Reinstatement; Stay of Acceleration
	  	 	49	  
	 SECTION 9.07. Information
	  	 	49	  
	 SECTION 9.08. Termination
	  	 	49	  

  
 ii 

					
	 SECTION 9.09. Taxes
	  	 	50	  
	 SECTION 9.10. Maximum Liability
	  	 	50	  
	 SECTION 9.11. Contribution
	  	 	50	  
	 SECTION 9.12. Liability Cumulative
	  	 	1	  

 SCHEDULES: 

Schedule 3.05 - Properties 
 Schedule 3.06 -
Disclosed Matters 
 Schedule 3.14 - Insurance 
 Schedule 3.15 - Capitalization and Subsidiaries 
 Schedule 6.01 - Existing Indebtedness 

Schedule 6.02 - Existing Liens 
 Schedule 6.09 -
Transactions with Affiliates 
 Schedule 6.10 - Existing Restrictions 
 EXHIBITS: 
 Exhibit A - Form of Borrowing Base Certificate 

Exhibit B - Form of Compliance Certificate 

Exhibit C - Joinder Agreement 

  
 iii

 CREDIT AGREEMENT dated as of May 12, 2008 (as it may be amended or modified from time
to time, this “Agreement”), by and among MATERIAL SCIENCES CORPORATION, a Delaware Corporation, and each of the other Loan Parties signatory hereto and JPMORGAN CHASE BANK, N.A. 

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, are bearing 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. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any
Interest Period, 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. 
 “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 Person specified. 
 “Alternate Base Rate” means, for any day, a rate per
annum equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus
 1/2 of 1%. Any change in the Alternate Base Rate
due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 

“Approved Fund” has the meaning assigned to such term in Section 8.04(b). 

“Availability” means, at any time, an amount equal to (a) the lesser of the Revolving Commitment and the Borrowing
Base minus (b) the Revolving Exposure. 
 “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 Commitment. 

“Available Revolving Commitment” means, at any time, the Revolving Commitment then in effect minus the
Revolving Exposure at such time. 
 “Banking Services” means each and any of the following bank services
provided to any Loan Party by the Lender or any of its Affiliates: (a) commercial credit cards, (b) stored value cards and (c) treasury management services (including, without limitation, controlled disbursement, automated
clearinghouse transactions, return items, overdrafts and interstate depository network services). 
 “Banking Services
Obligations” of the Loan Parties means any and all obligations of the Loan Parties, 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. 

 “Board” means the Board of Governors of the Federal Reserve System of the
United States of America. 
 “Borrower” means Material Sciences Corporation, a Delaware corporation.

 “Borrowing” means (a) Revolving Loans made, converted or continued on the same date and as to which a
single Interest Period is in effect, and (b) a Protective Advance. 
 “Borrowing Base” means, at any time,
85% of the Loan Parties’ Eligible Accounts at such time minus Reserves. The Lender may, in its Permitted Discretion, reduce the advance rates set forth above or reduce one or more of the other elements used in computing the Borrowing
Base. 
 “Borrowing Base Certificate” means a certificate, signed and certified as accurate and complete by a
Financial Officer of the Borrower, in substantially the form of Exhibit B or another form which is acceptable to the Lender in its sole discretion. 
 “Borrowing Request” means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.03 utilizing Bank’s customary form. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in Chicago, Illinois
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 dealings in dollar deposits
in the London interbank market. 
 “Change in Law” means (a) the adoption of any law, rule or regulation
after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by the Lender (or, for
purposes of Section 2.14(b), by any lending office of the Lender or by the Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued
after the date of this Agreement. 
 “Class”, when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Protective Advances. 

“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 or become subject to a security interest or Lien in favor of the Lender, to secure the Secured Obligations. 

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

“Collateral Documents” means, collectively, the Security Agreement, the Mortgages and any other documents granting a
Lien upon the Collateral as security for payment of the Secured Obligations. 
 “Collection Account” has the
meaning assigned to such term in the Security Agreement. 
 “Commitment” means the Revolving Commitment, as
such Commitment may be reduced or increased from time to time pursuant to assignments by or to the Lender pursuant to Section 8.04. 

  
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 Credit Agreement 
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 “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. 
 “Credit Exposure” means the sum of (a) the Revolving Exposure at such time, plus
(b) an amount equal to the aggregate principal amount of Protective Advances outstanding at such time. 

“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. 
 “Disclosed Matters” means the actions, suits and
proceedings and the environmental matters disclosed in Schedule 3.06. 
 “Document” has the meaning
assigned to such term in the Security Agreement. 
 “Dollars” or “$” refers to lawful money of
the United States of America. 
 “Effective Date” means the date on which the conditions specified in
Section 4.01 are satisfied (or waived in accordance with Section 8.02). 
 “Eligible Accounts” means,
at any time, the Accounts of the Loan Parties which the Lender determines in its Permitted Discretion are eligible as the basis for the extension of Revolving Loans and the issuance of Letters of Credit hereunder. Without limiting the Lender’s
discretion provided herein, Eligible Accounts shall not include any Account: 
 (a) which is not subject to a
first priority perfected security interest in favor of the Lender; 
 (b) which is subject to any Lien other than
(i) a Lien in favor of the Lender and (ii) a Permitted Encumbrance which does not have priority over the Lien in favor of the Lender; 
 (c) which is unpaid more than 60 days after the original due date, or which has been written off the books of the Borrower or otherwise designated as uncollectible; 

(d) which is owing by an Account Debtor for which more than 25% of the Accounts owing from such Account Debtor and its
Affiliates are ineligible due to subsection (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 Borrower exceeds 30% of the aggregate Eligible Accounts, but only such excess portion shall be deemed ineligible; 

(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 or
performance of services in the ordinary course of business, (ii) is not evidenced by an invoice or other documentation satisfactory to the Lender which has been sent to the Account Debtor, (iii) represents a progress billing, (iv) is
contingent upon the Borrower’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; 

  
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 (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 Borrower 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) has 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) has 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; 
 (k) which is owed by any Account Debtor which has
sold all or substantially all of its assets; 
 (l) which is owed by an Account Debtor which (i) does not
maintain its chief executive office in the U.S. or Canada or (ii) is not organized under applicable law of the U.S., any state of the U.S., Canada, or any province of Canada unless, in either case, such Account is backed by a Letter of Credit
reasonably acceptable to the Lender which is in the possession of, has been assigned to and is directly drawable by the Lender; 
 (m) which is owed in any currency other than U.S. dollars; 
 (n)
which is owed by (i) the government (or any department, agency, public corporation, or instrumentality thereof) of any country other than the U.S. unless such Account is backed by a Letter of Credit reasonably acceptable to the Lender which is
in the possession of the Lender, or (ii) the government 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 Lender in such Account have been complied with to the Lender’s reasonable satisfaction; 

(o) which is owed by any Affiliate, employee, officer, director, agent or stockholder of any Loan Party; 

(p) RESERVED; 
 (q) which is owed by an Account Debtor or any Affiliate of such Account Debtor to which the Borrower/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; 
 (r) which is subject to any counterclaim, deduction, defense, setoff or dispute; 
 (s) which is evidenced by any promissory note, chattel paper, or instrument; 
 (t) which is owed by an Account Debtor located in any jurisdiction which requires filing of a “Notice of Business Activities Report” or other similar report in order to permit the Borrower to
seek judicial enforcement in such jurisdiction of payment of such Account, unless the Borrower has filed such report or qualified to do business in such jurisdiction; 

  
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 (u) with respect to which the Borrower has made any agreement with the
Account Debtor for any reduction thereof, other than discounts and adjustments given in the ordinary course of business, or any Account which was partially paid and the Borrower 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; 

(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 the Borrower has or has had an ownership interest in such goods, or which indicates any party other than the Borrower as payee or remittance party;

 (x) which was created on cash on delivery terms; 

(y) for which the goods or services giving rise to such Account have been manufactured or processed (in the case of goods)
or provided (in the case of services) by or at a Loan Party’s facilities in Morrisville, Pennsylvania or Middleton, Ohio; or 
 (z) which the Lender determines may not be paid by reason of the Account Debtor’s inability to pay or which the Lender otherwise determines is unacceptable for any reason whatsoever. 

In the event that an Account which was previously an Eligible Account ceases to be an Eligible Account hereunder, the Borrower shall
notify the Lender thereof on and at the time of submission to the Lender of the next Borrowing Base Certificate. In determining the amount of an Eligible Account, the face amount of an Account may, in the Lender’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 the Borrower 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 Borrower to reduce the amount of such Account. 
 “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 the
Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials,
(c) 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. 
 “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 such
equity interest. 

  
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 “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 the Borrower, 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 existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower 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 the Borrower or any of its ERISA Affiliates of
any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any
ERISA Affiliate of any notice, concerning the imposition 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. 

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing 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 Taxes” means, with respect
to the Lender, or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the
jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of the Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United
States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located. 

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if
necessary, to the next  1/100 of 1%) of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any
day that is a Business Day, the average (rounded upwards, if necessary, to the next  1/100 of 1%) of the quotations for such day for such transactions received by the Lender from three Federal funds brokers of recognized standing selected by it. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer, corporate controller or
director of finance of the Borrower. 
 “Funding Account” has the meaning assigned to such term in
Section 4.01(h). 
 “GAAP” means generally accepted accounting principles in the United States of America.

 “Governmental Authority” means the government of the United States of America, 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. 

  
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 “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 9.01. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances,
wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law. 
 “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 current accounts payable incurred in the ordinary course of business), (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 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 liquidated earn-out and (l) obligations of such Person to purchase securities or other property arising out of or in connection with the sale of the same or
substantially similar securities or property or any other Off-Balance Sheet Liability. 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 Taxes other than Excluded Taxes. 

“Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance
with Section 2.07. 
 “Interest Payment Date” means (a) with respect to any ABR Loan, the first
Business Day of each calendar month and the Maturity Date, (b) with respect to any 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 (c) the Maturity Date.

 “Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such
Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, 

  
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three or six 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, in the case of a Eurodollar Borrowing only, 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 pertaining to a Eurodollar Borrowing 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. 
 “Inventory” has
the meaning assigned to such term in the Security Agreement. 
 “Joinder Agreement” has the meaning assigned to
such term in Section 5.13. 
 “LC Collateral Account” has the meaning assigned to such term in
Section 2.05(h). 
 “LC Disbursement” means a payment made by the Lender 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 or any other Loan Party at such time. 

“Lender” means JPMorgan Chase Bank, N.A. 
 “Letter of Credit” means any letter of credit issued pursuant to this Agreement. 
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such
Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Lender from time to time for purposes of providing quotations of
interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to
such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of
$5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Lender in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior
to the commencement of such Interest Period. 
 “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.

 “Loan Documents” means this Agreement, any promissory notes issued pursuant to the Agreement, any Letter of
Credit applications, the Collateral Documents, and all other agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in favor of, the Lender and including all other pledges, powers of
attorney, consents, assignments, contracts, notices, letter of credit agreements 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
Lender in connection with the Agreement or the transactions contemplated thereby. Any reference in the 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 the Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. 

  
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 “Loan Guarantor” means each Loan Party (other than the Borrower) and as of
the date hereof includes Material Sciences Corporation, Engineered Materials and Solutions Group, Inc., MSC Laminates and Composites, Inc., Material Sciences Service Corporation, MSC Pre Finish Metals (EGV), Inc., MSC Walbridge Coating, Inc., and
MSC Laminates and Composites (EGV), Inc. 
 “Loan Guaranty” means Article IX of this Agreement.

 “Loan Parties” means the Borrower, the Borrower’s domestic Subsidiaries who are party hereto and any
other Person who becomes a party to this Agreement pursuant to a Joinder Agreement and their successors and assigns. 

“Loans” means the loans and advances made by the Lender pursuant to this Agreement, including Protective Advances.

 “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations,
prospects or financial condition, of the Borrower and the other Loan Parties taken as a whole, (b) the ability of any Loan Party to perform any of its material obligations under the Loan Documents to which it is a party, (c) the
Collateral, or the Lender’s Liens on the Collateral or the priority of such Liens, or (d) the rights of or benefits available to the Lender hereunder. 
 “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and
its Subsidiaries in an aggregate principal amount exceeding $250,000. For purposes of determining Material Indebtedness, the “obligations” of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum
aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
 “Maturity Date” means May 12, 2011 or any earlier date on which the Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof. 

“Maximum Liability” has the meaning assigned to such term in Section 9.10. 

“Mortgages” means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the
Lender, on real property of a Loan Party, including any amendment, modification or supplement thereto. 
 “Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “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, and, in the case of a sale, transfer or other disposition, sale proceeds, in each case, net of (b) the sum of (i) all reasonable fees and out-of-pocket
costs and 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) in the case of a condemnation or 

  
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similar event, all money actually applied to repair or reconstruct the damaged property or property affected by the condemnation or taking, and (v) 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, that are directly attributable to such event (as determined reasonably and in good faith by a Financial
Officer). 
 “Non-Paying Guarantor” has the meaning assigned to such term in Section 9.11. 

“Obligated Party” has the meaning assigned to such term in Section 9.02. 

“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 of the Loan Parties to the Lender or any indemnified party arising under the Loan Documents. Obligations shall also include (i) all Banking Services
Obligations; and (ii) all Swap Obligations owing to the Lender or its Affiliates. 
 “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 sale and leaseback
transaction which is not a Capital Lease Obligation, (c) any indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered into by such Person, or (d) 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 sheets of such Person (other than operating leases). 

“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes,
charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement. 
 “Participant” has the meaning set forth in Section 8.04. 

“Paying Guarantor” has the meaning assigned to such term in Section 9.11. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “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 are being contested
in compliance with Section 5.04; 
 (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 30 days or are being contested in compliance with Section 5.04;

 (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; 

  
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 (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 the
Borrower or any Subsidiary; 
 provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.

 “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 the Borrower 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. 
 “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 dispositions described in Section 6.05(a); 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 with a fair value immediately prior to such event equal to or greater than $250,000; or 
 (c) the issuance by the Borrower of any Equity Interests, or the receipt by the Borrower of any capital contribution (other than (i) the issuance by Borrower of any Equity Interests to management or
employees of a Loan Party, (ii) the issuance by Borrower of Equity Interests to any equity holder of Borrower as of the Effective Date, (iii) the issuance by Borrower of any Equity Interests, the proceeds of which are used to make capital
expenditures or to consummate acquisitions); or 
 (d) the incurrence by any Loan Party of any Indebtedness,
other than Indebtedness permitted under Section 6.01. 
 “Prime Rate” means the rate of interest per annum
publicly announced from time to time by the Lender as its prime rate; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

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

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, employees, agents and advisors of such Person. 
 “Report” means reports prepared by the
Lender or another Person showing the results of appraisals, field examinations or audits pertaining to the Borrower’s assets from information furnished by or on behalf of the Borrower, after the Lender has exercised its rights of inspection
pursuant to this Agreement. 
 “Requirement of Law” means, as to any Person, the Certificate of Incorporation
and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, 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. 

  
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 “Reserves” means any and all reserves which the Lender deems necessary, in
its Permitted Discretion, to maintain with respect to the Collateral or any Loan Party. 
 “Revolving
Commitment” means the commitment of the Lender to make Revolving Loans and Letters of Credit hereunder. The initial amount of the Lender’s Revolving Commitment is Fifteen Million and NO/100 Dollars ($15,000,000.00). 

“Revolving Exposure” means, at any time, the sum of the outstanding principal amount of Revolving Loans and LC Exposure
at such time. 
 “Revolving Loan” means a Loan made pursuant to Section 2.01(a). 

“Secured Obligations” means all Obligations, together with all (i) Banking Services Obligations and (ii) Swap
Obligations owing to the Lender or its Affiliates. 
 “Security Agreement” means that certain Pledge and
Security Agreement, dated as of the date hereof, between the Borrower and the Lender, and any other pledge or security agreement entered into, concurrently with or 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, as the same may be amended, restated or otherwise modified from time to time. 
 “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 percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Lender 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. 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 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. 

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

  
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 “Swap Obligations” of a Person means any and all obligations of such
Person, 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, and
(b) any and all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed
by any Governmental Authority. 
 “Transactions” means the execution, delivery and performance by the Borrower
of this Agreement, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 
 “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 Illinois or any other state the laws of which are required to be applied in connection with the issue of perfection of security interests. 
 “Underfunded Plan” means a Plan that has an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA). 

“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. 
 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 “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, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) 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, (d) 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 and (e) 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 the Borrower
notifies the Lender that the Borrower requests an amendment to any provision 

  
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hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Lender notifies the Borrower that
the Lender 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. 

ARTICLE II 

The Credits 
 SECTION 2.01. Commitment. Subject to the terms and conditions set forth herein, the Lender agrees to make Revolving Loans to the Borrower from time to time during the Availability Period in an
aggregate principal amount that will not result in (i) the Revolving Exposure exceeding the lesser of (x) the Revolving Commitment or (y) the Borrowing Base, subject to the Lender’s authority, in its sole discretion, to make
Protective Advances pursuant to the terms of Section 2.04. 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 Revolving Loan shall be made as part of a Borrowing consisting of Loans of the
same Class and Type. Any Protective Advance shall be made in accordance with the procedures set forth in Section 2.04. 

(b) Subject to Section 2.13, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower
may request in accordance herewith, provided that all Borrowings made on the Effective Date must be made as ABR Borrowings. The Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of the Lender to
make such Loan; 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 Revolving Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of $100,000. ABR Revolving Borrowings may be in any 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 5
Eurodollar Revolving 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. Borrowing Procedures; Requests for Revolving Borrowings. 

(a) Funding Account. Not later than 1:00 p.m., Chicago time, on each Business Day, the Lender shall, subject to the conditions of
this Agreement (but without any further written notice required), make available to the Borrower, by a credit to the Funding Account, the proceeds of an ABR Borrowing to the extent necessary to pay items to be drawn on the Funding Account that day.
All other Revolving Loans shall be made upon notice given in accordance with §2.03(b). 
 (b) Notices by the Borrower to
the Lender of requests for Revolving Loans other than pursuant to §2.03(a). To request a Revolving Borrowing, the Borrower shall notify the Lender of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than
10:00 a.m., Chicago time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., Chicago time, 

  
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on the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by
Section 2.05(e) may be given not later than 9:00 a.m., Chicago time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, electronic (PDF)
transmission, or facsimile to the Lender of a written Borrowing Request in a form approved by the Lender and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with
Section 2.01: 
  

	 	(i)	the aggregate amount of the requested Borrowing; 

 (ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such 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 requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. 
 SECTION 2.04. Protective Advances. Subject to the limitations set forth below, the Lender is
authorized by the Borrower, from time to time in the Lender’s sole discretion (but shall have absolutely no obligation to), to make Loans to the Borrower, which the Lender, in its Permitted Discretion, deems necessary or desirable (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 principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including costs, fees, and expenses as described in Section 8.03) 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 $100,000;
provided further that, the aggregate amount of outstanding Protective Advances plus the aggregate Revolving Exposure 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 Lender in and to the Collateral and shall constitute Obligations hereunder. All Protective Advances shall be ABR Borrowings.

 SECTION 2.05. Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, the
Borrower may request the issuance of Letters of Credit for its own account and for the account of any Subsidiaries that are Loan Parties, in a form reasonably acceptable to the Lender at any time and from time to time during the Availability Period.
Any Loan Party which shall hereafter apply for or obtain the issuance of a Letter of Credit shall pay to Lender all fees and costs which would otherwise be payable by Borrower hereunder. 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 Lender relating to any Letter of Credit, the terms and
conditions of this Agreement shall control. 
 (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 Loan Party shall hand deliver or facsimile (or transmit by electronic communication, if arrangements for doing so have
been approved by the Lender) to the Lender (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 

  
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extend such Letter of Credit. If requested by the Lender, the Loan Party also shall submit a letter of credit application on the Lender’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 LC Exposure shall not exceed $4,000,000 and (ii) the total Revolving Exposure shall not exceed the lesser of the total Revolving Commitment and the Borrowing Base. 

(c) Expiration Date. Each Letter of Credit shall expire 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, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Maturity Date; provided,
however, that any Letter of Credit with a term not exceeding one (1) year may provide for its renewal for additional periods not exceeding one (1) year as long as (x) each of the relevant Loan Party and Lender have the option to
prevent such renewal before the expiration of such term or any such period and (y) neither Lender nor the relevant Loan Party shall permit any such renewal to extend such expiration date beyond the date set forth in clause (ii) above.

 (d) Reimbursement. If the Lender shall make any LC Disbursement in respect of a Letter of Credit, the Loan Parties
jointly and severally agree to reimburse such LC Disbursement by paying to the Lender an amount equal to such LC Disbursement not later than 11:00 a.m., 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, if such notice has not been received by the Borrower prior to such time on such date, then not later than 11:00 a.m., Chicago time, on (i) the Business Day that
the relevant Loan Party receives such notice, if such notice is received prior to 9:00 a.m., Chicago time, on the day of receipt, or (ii) 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 that such payment be financed with an ABR Revolving
Borrowing 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. 

(e) Obligations Absolute. The Loan Parties’ joint and several obligation to reimburse LC Disbursements as provided in
paragraph (d) 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 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, (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) payment by the Lender 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. Neither the Lender nor any of its 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 Lender; provided that the foregoing shall not be
construed to excuse the Lender from liability to the relevant Loan Party to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Loan Parties to the extent permitted by applicable
law) suffered by the relevant Loan Party that are caused by the Lender’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 Lender (as finally determined by a court of competent jurisdiction), the Lender shall be deemed to have exercised care in each such determination. In furtherance
of the foregoing and without limiting the generality 

  
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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 Lender 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. 
 (f) Disbursement Procedures. The Lender shall,
promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Lender shall promptly notify the relevant Loan Party by telephone (confirmed by facsimile) of such demand for
payment and whether the Lender 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 Loan Parties of their obligation to reimburse the Lender with respect
to any such LC Disbursement. 
 (g) Interim Interest. If the Lender shall make any LC Disbursement, then, unless the
Borrower or other Loan Party 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 or other Loan Party reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrower or other Loan Party fails to reimburse such LC Disbursement when due
pursuant to paragraph (e) of this Section, then Section 2.12(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Lender. 
 (h) Cash Collateralization. If any Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Lender demanding the deposit of cash collateral pursuant to
this paragraph, the Borrower or other Loan Party shall deposit in an account with the Lender, in the name and for the benefit of the Lender (the “LC Collateral Account”), an amount in cash equal to 105% 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 Lender as collateral for the payment and performance of the Secured
Obligations. The Lender shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and the Loan Parties hereby grant the Lender a security interest in the LC Collateral Account. Other than any interest
earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Lender 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 such account. Moneys in such account shall be applied by the Lender 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 Loan Parties for the LC Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other Secured Obligations. If the Borrower or any other Loan Party 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 Loan Party which had provided such cash collateral upon the earlier to occur of (i) the payment in
full of all outstanding Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and (ii) on the third Business Day after all such Events of Default have been cured or waived.

 SECTION 2.06. Funding of Borrowings. The Lender shall make each Loan to be made by it hereunder on the proposed date
thereof available to the Borrower by promptly crediting the amounts in immediately available funds, to the Funding Account; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in
Section 2.05(e) or a Protective Advance shall be retained by the Lender. 
 SECTION 2.07. Interest Elections.
(a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving 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 Revolving 

  
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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, and the
Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Protective Advances, which may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Borrower shall notify the Lender of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the
Borrower were requesting a Revolving 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 or facsimile to the Lender of a written Interest Election Request in a form approved by the Lender and signed by the Borrower. 
 (c) Each telephonic and written Interest Election Request 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”. 
 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) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Revolving 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 Lender so notifies the Borrower, then, so long as a Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless
repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 
 SECTION 2.08. Termination of Commitment. (a) Unless previously terminated, the Commitment shall terminate on the Maturity Date. 

(b) The Borrower may at any time terminate the Commitment upon (i) the payment in full of all outstanding Loans, together with
accrued and unpaid interest thereon and on any Letters of Credit, (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 Lender of a cash
deposit or a back-up standby letter of credit reasonably satisfactory to the Lender, equal to 105% 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 then due and owing and other Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) together with accrued and unpaid interest thereon. 

  
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 (c) The Borrower shall notify the Lender of any election to terminate the Commitment under
paragraph (b) of this Section at least two Business Days prior to the effective date of such termination, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be
irrevocable; provided that a notice of termination of the Commitment 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 Lender on or prior to the specified effective date) if such condition is not satisfied. Any termination of the Commitment shall be permanent. 
 SECTION 2.09. Repayment and Amortization of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the Lender for its account the then unpaid principal
amount of each Revolving Loan on the Maturity Date, (ii) to the Lender the then unpaid amount of each Protective Advance on the earlier of the Maturity Date or demand by the Lender. 

(b) At any time after (x) a Default has occurred and is continuing or (y) Availability has been less than $3,000,000 and
Lender, in its Permitted Discretion, has elected to take full cash dominion over the Deposit Accounts each Business Day, the Lender shall apply all funds credited to the Collection Account the previous Business Day (whether or not immediately
available) first to prepay any Protective Advances that may be outstanding and second to prepay the Revolving Loans and to cash collateralize outstanding LC Exposure. 

(c) The Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to
the Lender resulting from each Loan made by the Lender, including the amounts of principal and interest payable and paid to the Lender from time to time hereunder. 
 (d) The Lender 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 applicable thereto, (ii) the amount
of any principal or interest due and payable or to become due and payable from the Borrower to the Lender hereunder and (iii) the amount of any sum received by the Lender hereunder. 

(e) The entries made in the accounts maintained pursuant to paragraph (d) or (c) of this Section shall be prima
facie evidence of the existence and amounts of the obligations recorded therein (absent demonstrable error); provided that the failure of the Lender 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) The 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 the Lender a promissory note payable to the order of the Lender (or, if requested by the Lender, to the Lender and its registered
assigns) and in a form consistent with the terms hereof. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 8.04) be represented by one or more
promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
 SECTION 2.10. 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 (e) of this Section. 
 (b) In the event and on each occasion that the Revolving Exposure exceeds the lesser
of (A) the Revolving Commitment or (B) the Borrowing Base, the Borrower shall prepay the Revolving Loans and LC Exposure 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 any Loan Party in respect of any Prepayment Event, the Borrower shall, promptly after such Net Proceeds are

  
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received by any Loan Party, prepay the Obligations as set forth in Section 2.10(d) below in an aggregate amount equal to 100% of such Net Proceeds, provided that, in the case of any
event described in clause (a) or (b) of the definition of the term “Prepayment Event”, if the Borrower shall deliver to the Lender 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 full cash dominion 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 full cash dominion is in effect, if the Net Proceeds specified in such certificate are to be applied by (A) the Borrower, then such Net Proceeds shall be applied by the Lender to reduce the
outstanding principal balance of the Revolving Loans (without a permanent reduction of the Revolving Commitment) and upon such application, the Lender shall establish a Reserve against the Borrowing Base in an amount equal to the amount of such
proceeds so applied and (B) any Loan Party that is not a Borrower, then such Net Proceeds shall be deposited in a cash collateral account and in either case, thereafter, such funds shall be made available to the applicable Loan Party as
follows: 
 (1) Borrower shall request a Revolving Loan (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 Lender shall make such Revolving Loan or the Lender shall release funds from the cash collateral account; and 

(3) in the case of Net Proceeds applied against the Revolving Loan, the Reserve established with respect to such insurance
proceeds shall be reduced by the amount of such Revolving Loan; 
 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, at which time a prepayment shall be required in an amount equal to such Net Proceeds that have not been so applied. 
 (d) All such amounts pursuant to Section 2.10(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, second to prepay the Revolving Loans without a corresponding reduction in the Revolving Commitment 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 Lender,
in its Permitted Discretion. 
 (e) The Borrower shall notify the Lender by telephone (confirmed by facsimile) of any prepayment
hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 10:00 a.m., Chicago time, three Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Revolving Borrowing, not
later than 10:00 a.m., Chicago time, one Business Day before the date of prepayment. 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 Commitment as contemplated by Section 2.08, then such notice of prepayment may be revoked if such notice of termination is
revoked in accordance with Section 2.08. 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.
Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12. 
 SECTION 2.11. Fees.
(a) The Borrower agrees to pay to the Lender a commitment fee, which shall accrue at a rate of one-quarter of one percent (0.25%) per annum on the average daily amount of the Available Revolving Commitment of the Lender during the period from
and including the Effective Date to but excluding the 

  
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date on which the Lender’s Revolving Commitment terminates. Accrued commitment fees shall be payable in arrears on the first Business Day of each month and on the date on which the Revolving
Commitment terminates, 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. 

(b) The Borrower, and any Loan Party which applies for a Letter of Credit, agrees to pay to the Lender (i) a letter of credit fee
with respect to Letters of Credit, at a per annum rate equal to 1.5% on the average daily amount of the 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 the Lender’s Revolving Commitment terminates and the date on which the Lender ceases to have any LC Exposure, and (ii) the Lender’s standard fees with respect to the
issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Letter of credit fees accrued through and including the last day of each calendar quarter shall be payable on the first Business Day of each
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 Commitment terminates and any such fees accruing after the
date on which the Commitment terminates shall be payable on demand. Any other fees payable to the Lender pursuant to this paragraph shall be payable within 10 days after demand. 

(c) The Borrower agrees to pay to the Lender a closing fee in an aggregate amount equal to $10,000.00. The entire closing fee shall be
deemed fully earned by the Lender and shall be due and payable in full on the Effective Date. 
 (d) Borrower agrees to pay
Lender’s legal fees in the amount of $15,000.00, plus costs, and environmental and audit fees in the aggregate amount of $10,000.00. 
 (e) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Lender. Fees paid shall not be refundable under any circumstances. 

SECTION 2.12. Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base 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 one and one-half percent (1.50%). 
 (c) Each Protective Advance shall bear interest at the
Alternate Base Rate plus 2%. 
 (d) Notwithstanding the foregoing, during the occurrence and continuance of an Event of Default,
the Lender may, at its option, by notice to the Borrower, 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 Commitment; 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. 

  
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 (f) All interest hereunder shall be computed on the basis of a year of 360 days, and shall
be payable for the actual number of days elapsed. The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Lender, and such determination shall be conclusive absent manifest error. 

SECTION 2.13. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 (a) the Lender determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Lender determines the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to the Lender of making or maintaining their
Loans (or its Loan) included in such Borrowing for such Interest Period; 
 then the Lender shall give notice thereof to the Borrower by
telephone or facsimile as promptly as practicable thereafter and, until the Lender notifies the Borrower that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any
Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing.

 SECTION 2.14. Increased Costs. (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with
or for the account of, or credit extended by, the Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 
 (ii) impose on the Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; 

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

(b) If the Lender determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of
return on the Lender’s capital or on the capital of the Lender’s holding company, as a consequence of this Agreement or the Loans made by, Letters of Credit issued by the Lender to a level below that which the Lender or the Lender’s
holding company could have achieved but for such Change in Law (taking into consideration the Lender’s policies and the policies of the Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will
pay to the Lender such additional amount or amounts as will compensate the Lender or the Lender’s holding company for any such reduction suffered. 
 (c) A certificate of the Lender setting forth the amount or amounts necessary to compensate the Lender 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 demonstrable error. The Borrower shall pay the Lender the amount shown as due on any such certificate within 30 days after receipt thereof. 

(d) Failure or delay on the part of the Lender to demand compensation pursuant to this Section shall not constitute a waiver of the
Lender’s right to demand such compensation; provided that the Borrower shall 

  
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not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that the Lender notifies the Borrower of the
Change in Law giving rise to such increased costs or reductions and of the Lender’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 2.15. 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), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto or (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 2.08 and is revoked in accordance therewith), then, in any
such event, the Borrower shall compensate the Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to the Lender shall be deemed to include an amount determined by the Lender
to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such 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 Loan), over (ii) the amount of
interest which would accrue on such principal amount for such period at the interest rate which the Lender would bid 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 the Lender setting forth any amount or amounts that the 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 the Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
 SECTION 2.16.
Taxes. (a) Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be
required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under
this Section) the Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount
deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) In addition, the Borrower shall pay
any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) The Borrower shall indemnify
the Lender within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Lender on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or
Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by the Lender shall be conclusive absent demonstrable error.

 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority,
the Borrower shall deliver to the Lender 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 Lender. 
 (e) If the Lender determines, in its sole discretion, that it has received a refund of any Taxes
or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid 

  
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additional amounts pursuant to this Section 2.16, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the
Borrower under this Section 2.16 with respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Lender and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund); provided, that the Borrower, upon the request of the Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to the Lender in the event the Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Lender to make available its tax returns (or any other information relating to its taxes which
it deems confidential) to the Borrower or any other Person. 
 SECTION 2.17. 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 2.14, 2.15 or 2.16, 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 Lender, 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 Lender at its offices at 10 South Dearborn, Chicago, Illinois 60603. 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. At all times that full cash dominion is in effect pursuant to Section 7.3 of the Security Agreement, solely for purposes of determining the amount of Loans available for borrowing purposes, checks (in addition to
immediately available funds applied pursuant to Section 2.09(b)) from collections of items of payment and proceeds of any Collateral shall be applied in whole or in part against the Obligations, on the Business Day after receipt, subject to
actual collection. 
 (b) Any proceeds of Collateral received by the Lender (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 2.10) or
(C) amounts to be applied from the Collection Account when full cash dominion is in effect (which shall be applied in accordance with Section 2.09(b)) or (ii) after an Event of Default has occurred and is continuing and the Lender so
elects such funds shall be applied ratably first, to pay any fees, indemnities, or expense reimbursements including amounts then due to the Lender from the Borrower, second, to pay interest due in respect of the Protective Advances,
third, to pay the principal of the Protective Advances, fourth, to pay interest then due and payable on the Loans (other than the Protective Advances), fifth, to prepay principal on the Loans (other than the Protective Advances)
and unreimbursed LC Disbursements, sixth, to pay an amount to the Lender equal to one hundred five percent (105%) 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, seventh, to payment of any amounts owing with respect to Banking Services and Swap Obligations, eighth, to the payment of any other Secured Obligation due to the Lender
by the Borrower, and ninth, any remainder shall be for the account of, and paid to, the Loan Party lawfully entitled thereto. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Borrower, or
unless a Default is in existence, the Lender shall not apply any payment which it receives to any Eurodollar Loan of a Class, except (a) on the expiration date of the Interest Period applicable to any such Eurodollar Loan 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 2.15. The Lender 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 Lender, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees and expenses
pursuant to Section 8.03), 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
provided in this Section or may be deducted from any deposit account of the Borrower maintained with the Lender. 

  
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The Borrower hereby irrevocably authorizes (i) the Lender 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 (but such a Borrowing may only constitute a Protective Advance if it is to reimburse costs, fees and expenses as described in Section 8.03) and
that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03 or 2.04, as applicable and (ii) the Lender to charge any deposit account of the Borrower maintained with the Lender for each payment of principal,
interest and fees as it becomes due hereunder or any other amount due under the Loan Documents. 
 SECTION 2.18. Indemnity
for Returned Payments. If after receipt of any payment which is applied to the payment of all or any part of the Obligations, the 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, 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 Lender and the Borrower shall be liable to pay to the Lender. The provisions of this
Section 2.18 shall be and remain effective notwithstanding any contrary action which may have been taken by the Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.18 shall survive the
termination of this Agreement. 
 ARTICLE III 
 Representations and Warranties 
 Each Loan Party represents and warrants to
the Lender that: 
 SECTION 3.01. Organization; Powers. Each of the Loan Parties 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 is qualified to do business in, and is in good standing in, every jurisdiction where such
qualification is required except to the extent the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 
 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. The Loan
Documents to which each Loan Party is a party have been duly executed and delivered by such Loan Party and constitute 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 of its Subsidiaries, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Loan Party or any of its
Subsidiaries in any material respect or its assets, or give rise to a right thereunder to require any payment to be made by any Loan Party or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any
asset of any Loan Party or any of its Subsidiaries, except Liens created pursuant to the Loan Documents. 
 SECTION 3.04.
Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lender its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year
ended February 28, 2007, and (ii) as of and for the fiscal month and the 

  
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portion of the fiscal year ended March 31, 2008, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and
results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments 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 February 29, 2008. 
 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 each 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 has good and marketable title to, or valid leasehold interests in, all its real and personal property, free of all Liens other than
those permitted by Section 6.02. 
 (b) Each Loan Party 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, to the knowledge of the Loan
Parties, the use thereof by the Loan Parties and its Subsidiaries does not infringe in any material respect upon the rights of any other Person, and the Loan Parties’ rights thereto are not, except as set forth on Schedule 3.05, 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 the Loan Parties (i) as to which there is a reasonable possibility of an
adverse determination and that, if adversely determined, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than as set forth on Schedule 3.06) or (ii) that involve this Agreement or
the Transactions. 
 (b) Except as set forth on Schedule 3.06, (i) no Loan Party nor any of its Subsidiaries has received
written notice of any claim with respect to any material Environmental Liability or knows of any basis for any Environmental Liability and (ii) and except with respect to any other matters that, individually or in the aggregate, would not
reasonably be expected to result in a Material Adverse Effect, no Loan Party nor any of its Subsidiaries (1) 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 or (2) has become subject to any Environmental Liability. 
 (c) Since the date of this
Agreement, there has been no change in the status of the matters disclosed on Schedule 3.06 that, individually or in the aggregate, has resulted in, or would reasonably be expected to result in, a Material Adverse Effect. 

SECTION 3.07. Compliance with Laws and Agreements. Each Loan Party is in compliance with all Requirements of Law applicable to it
or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No
Default has occurred and is continuing. 
 SECTION 3.08. Investment Company Status. No Loan Party is an “investment
company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 
 SECTION 3.09. Taxes.
Each Loan Party has timely filed or caused to be filed all federal, state and other material Tax returns and reports required to have been filed and has paid or caused to be paid all federal, state or other material Taxes required to have been paid
by it, except Taxes that are being contested in good faith by 

  
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appropriate proceedings and for which such Loan Party has set aside on its books adequate reserves. No federal or state tax liens are currently of record against any Loan Party and no material
claims are being asserted with respect to any such taxes. 
 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, would 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. 158) did not, as of the date of the financial statements most recently preceding the Effective Date that reflect
such amounts, exceed by more than $1,350,000, the fair market value of the assets of such Plan. The present value of all accumulated benefit obligations of all Underfunded Plans (based on the assumptions used for purposes of Statement of Financial
Accounting Standards No.158) did not, as of the date of the financial statements most recently preceding the date of this Agreement that reflect such amounts, exceed by more than $0, the fair market value of the assets of all such Underfunded Plans.

 SECTION 3.11. Disclosure. The Borrower has disclosed to the Lender all agreements, instruments and corporate or other
restrictions to which it or any other Loan Party 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. No reports, financial statements,
certificates or other information furnished by or on behalf of any Loan Party to the Lender in writing 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 materially misleading when taken as a whole; provided
that, with respect to projected financial information, the Borrower represents 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 Agreements. No Loan Party
is in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in (i) any material agreement to which it is a party or (ii) any agreement or instrument
evidencing or governing Indebtedness. 
 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) each Loan Party will not 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 or believes that it 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 and the
timing of the amounts of cash to be payable on or in respect of its Indebtedness. 
 SECTION 3.14. Insurance. Schedule
3.14 sets forth a description of all insurance maintained by or on behalf of the Loan Parties as of the Effective Date. As of the Effective Date, all premiums in respect of such insurance have been paid. The Borrower believes that the insurance
maintained by or on behalf of the Loan Parties is adequate. 
 SECTION 3.15. Capitalization and Subsidiaries. As of the
Effective Date, Schedule 3.15 sets forth a correct and complete list of the name of each and all of the Borrower’s Subsidiaries. All of the issued and outstanding Equity Interests owned by any Loan Party has been (to the extent such
concepts are relevant with respect to such ownership interests) duly authorized and issued and fully paid and non-assessable 

  
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Bank, N.A. 
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 SECTION 3.16. Security Interest in Collateral. The provisions of this Agreement and
the other Loan Documents create legal and valid Liens on all the Collateral in favor of the Lender, and such Liens constitute perfected and continuing Liens on the Collateral, securing the Obligations, enforceable against the applicable Loan Party
and all third parties, and having priority (subject to Permitted Encumbrances and other Liens permitted pursuant to Section 6.02 hereof) over all other Liens on the Collateral subject for the following Collateral to the following occurrences
(i) in the case of all Collateral in which a security interest may be perfected by filing a financing statement under the UCC, the completion of such filings in the appropriate jurisdictions set forth on Exhibit A of the Security Agreements,
(ii) with respect to any deposit account not maintained with Lender, the execution of Deposit Account Control Agreements, (iii) in the case of all Copyrights, Trademarks and Patents for which UCC filings are insufficient, all appropriate
filings having been made with the United States Copyright Office or the United States Patent and Trademark Office, as applicable, (iv) in the case of a letter-of-credit rights that are not supporting obligations of Collateral, the execution of
a contractual obligation granting control to Lender over such letter-of-credit rights, (v) in the case of electronic chattel paper, the completion of all steps necessary to grant control to Lender over such electronic chattel paper,
(vi) in the case of motor vehicles, proper notations on the applicable certificates of title and (vii) in the case of Collateral constituting real property, the filing of Mortgages in the appropriate jurisdictions. 

SECTION 3.17. Employment Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against any Loan Party
pending or, to the knowledge of the Borrower, threatened. The hours worked by and payments made to employees of the Loan Parties 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 for such violations which would not reasonably be expected to result in a Material Adverse Effect. All payments due from any Loan Party or for which any claim may be made against any Loan Party, on account of wages
and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of the Loan Party. 
 SECTION 3.18. Common Enterprise. Each Loan Party expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit),
directly and indirectly, from the credit extended by the Lender to the Borrower hereunder, both in their separate capacities and as members of the group of companies. Each Loan Party has determined that execution, delivery, and performance of this
Agreement and any other Loan Documents to be executed by such Loan Party is within its purpose, will be of direct and indirect benefit to such Loan Party, and is in its best interest. 

ARTICLE IV 

Conditions 
 SECTION 4.01. Effective Date. The obligations of the Lender to make Loans and 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 8.02): 
 (a) Credit Agreement and Loan
Documents. The Lender (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 Lender (which may include
facsimile transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and (ii) duly executed copies of the Loan Documents and such other certificates, documents, instruments and
agreements as the Lender shall reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents, including a written opinion of the Loan Parties’ counsel, in form and substance reasonably
acceptable to Lender. 

  
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 (b) Financial Statements and Projections. The Lender shall have
received (i) audited consolidated financial statements of Borrower for the 2005, 2006 and 2007 fiscal years, (ii) unaudited interim consolidated financial statements of Borrower for each fiscal month and 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 Lender, reflect any
material adverse change in the consolidated financial condition of Borrower, as reflected in the financial statements or projections contained in the Confidential Information Memorandum and (iii) satisfactory projections through the 2009 fiscal
year. 
 (c) Closing Certificates; Certified Certificate of Incorporation; Good Standing Certificates. The
Lender 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 Financial Officers and any other officers of such Loan Party authorized to sign the
Loan Documents to which it is a party, and (C) contain appropriate attachments, 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, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction of organization. 

(d) No Default Certificate. The Lender shall have received a certificate, signed by the chief financial officer of
the Borrower, on the initial Borrowing date (i) stating that no Default has occurred and is continuing, and (ii) stating that the representations and warranties contained in Article III are true and correct in all material respects as of
such date. 
 (e) Fees. The Lender 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 Lender on or before the Effective Date. 
 (f) Lien Searches.
The Lender shall have received the results of a recent lien search in each relevant jurisdiction where 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 reasonably satisfactory to the Lender. 
 (g) Pay-Off Letter. The Lender shall have received satisfactory pay-off letters for all existing Indebtedness to be repaid from the proceeds the initial Borrowing, confirming that all Liens upon
any of the property of the Loan Parties constituting Collateral (except for Liens permitted by Section 6.02 hereof) will be terminated concurrently with such payment and all letters of credit issued or guaranteed as part of such Indebtedness
shall have been cash collateralized or supported by a Letter of Credit. 
 (h) Funding Account. The Lender
shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Lender is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to
this Agreement. 
 (i) Customer List. The Lender shall have received a true and complete Customer List.

 (j) Collateral Access and Control Agreements. The Lender shall have received each Collateral Access
Agreement required to be provided pursuant to Section 4.13 of the Security Agreement. 
 (k)
Solvency. The Lender shall have received a solvency certificate from a Financial Officer. 

  
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 (l) Borrowing Base Certificate. The Lender shall have received a
Borrowing Base Certificate which calculates the Borrowing Base as of the end of the week immediately preceding the Effective Date. 
 (m) Pledged Stock; Stock Powers; Pledged Notes. The Lender shall have received the certificates representing the shares of Capital Stock, if any, 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. 
 (n) 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
Lender to be filed, registered or recorded in order to perfect in favor of the Lender, the 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 or recordation. 
 (o) Environmental
Reports. The Lender shall have received an environmental review reports with respect to the real properties of the Borrower and the other Loan Parties specified by the Lender from firm(s) satisfactory to the Lender, which review reports shall be
acceptable to the Lender. Any environmental hazards or liabilities identified in any such environmental review reports shall indicate the Loan Parties’ plans with respect thereto. 

(p) Mortgages, etc. The Lender shall have received, with respect to each parcel of real property which is required
to be subject to a Lien in favor of the Lender, each of the following, in form and substance reasonably satisfactory to the Lender: 
 (i) a Mortgage on such property; 
 (ii) evidence that a counterpart
of the Mortgage has been recorded in the place necessary, in the Lender’s judgment, to create a valid and enforceable first priority Lien in favor of the Lender; 

(iii) ALTA or other mortgagee’s title policy; 

(iv) a survey acceptable to the Lender; 

(v) an opinion of counsel in the state in which such parcel of real property is located in form and substance and from
counsel reasonably satisfactory to the Lender; and 
 (vi) such other information, documentation, and
certifications as may be reasonably required by the Lender. 
 (q) Insurance. The Lender shall have
received evidence of insurance coverage in form, scope, and substance reasonably satisfactory to the Lender and otherwise in compliance with the terms of Section 5.09 and Section 4.12 of the Security Agreement. 

(r) Letter of Credit Application. The Lender shall have received a properly completed letter of credit application
if the issuance of a Letter of Credit will be required on the Effective Date. 
 (s) Other Documents. The
Lender shall have received such other documents as the Lender or its counsel may have reasonably requested. 
 The Lender shall notify the
Borrower of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lender to make Loans and to issue Letters of Credit hereunder shall not become effective unless each of the
foregoing conditions is satisfied or waived in accordance with Section 8.02 hereto. 

  
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 SECTION 4.02. Each Credit Event. The obligation of the Lender to make a Loan on the
occasion of any Borrowing, and 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 Borrower set forth in this Agreement shall be true and correct in all material respects 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. 
 (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, no Default shall have occurred and be continuing. 

(c) After giving effect to any Borrowing or the issuance of any Letter of Credit, Availability is not 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. 
 ARTICLE V 
 Affirmative Covenants 

Until the Commitment has 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 or been cash collaterized in accordance with the terms hereof and all LC Disbursements shall have been reimbursed, each Loan Party executing this Agreement covenants
and agrees, jointly and severally with all of the Loan Parties, with the Lender that: 
 SECTION 5.01. Financial Statements;
Borrowing Base and Other Information. The Borrower will furnish to the Lender: 
 (a) within 120 days after
the end of each fiscal year of the Borrower, the form 10-K for such fiscal year filed with the Securities and Exchange Commission; 
 (b) within 45 days after the end of each of the first three fiscal quarters of the Borrower, the form 10-Q for such fiscal quarter filed with the Securities and Exchange Commission; 

(c) within 30 days after the end of each fiscal month of the Borrower, its consolidated balance sheet and related
statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal month and the then elapsed portion of the 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 one of its Financial Officers, as presenting fairly in all material respects the financial condition and results of operations of the
Borrower 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; 

(d) concurrently with any delivery of financial statements under clause (a) or (b) or (c) above, a
certificate of a Financial Officer of the Borrower in substantially the form of Exhibit C (i) certifying, in 

  
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the case of the financial statements delivered under clause (b) or (c), as presenting fairly in all material respects the financial condition and results of operations of the Borrower 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, (ii) certifying as to whether a Default has occurred during the
respective period and, if a Default has occurred during the respective period, specifying the details thereof and any action taken or proposed to be taken with respect thereto, and (iii) 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;

 (e) as soon as available but in any event within 25 days of the end of each calendar month, and at such other
times as may be necessary to re-determine availability of Advances hereunder, as of the period then ended, a Borrowing Base Certificate and supporting information in connection therewith, together with any additional reports with respect to the
Borrowing Base as the Lender may reasonably request; 
 (f) as soon as available but in any event within 20 days
of the end of each calendar month and at such other times as may be requested by the Lender, as of the period then ended, all delivered electronically in a text formatted file acceptable to the Lender: 

(i) a detailed aging of the Borrower’s Accounts (1) including all invoices aged by invoice date and due date
(with an explanation of the terms offered), (2) reconciled to the Borrowing Base Certificate delivered as of such date prepared in a manner reasonably acceptable to the Lender, together with a summary specifying the name, address, and balance
due for each Account Debtor, and (3) separately identifying all accounts arising from the sale of goods or services provided by the Morrisville, Pennsylvania and/or the Middleton, Ohio plants operated by certain of the Loan Parties; 

(ii) a worksheet of calculations prepared by the Borrower to determine Eligible Accounts, such worksheets detailing the
Accounts excluded from Eligible Accounts and the reason for such exclusion; 
 (iii) a reconciliation of the
Borrower’s Accounts between the amounts shown in the Borrower’s general ledger and financial statements and the reports delivered pursuant to clauses (i) and (ii) above; and 

(iv) a reconciliation of the loan balance per the Borrower’s general ledger to the loan balance under this Agreement;

 (g) as soon as possible and in any event within 30 days of filing thereof, copies of all tax returns filed by
any Loan Party with the U.S. Internal Revenue Service; 
 (h) if requested by Lender, promptly after the same
become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of
the functions of said Commission, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be; and 

(i) promptly following any request therefor, such other information regarding the operations, business affairs and
financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Lender may reasonably request. 

  
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 (j) provided, however, that so long as no Revolving Loans have been outstanding during a
particular month, then Borrower need not produce the items otherwise required by Section 5.01 (c), (e) or (f) unless specifically requested by Lender in connection with a proposed Borrowing. 

SECTION 5.02. Notices of Material Events. The Borrower will furnish to the Lender prompt (and in any event, no later than five
Business Days after an executive officer becomes aware thereof) written notice of the following: 
 (a) the
occurrence of any Default; 
 (b) receipt of any notice of any governmental investigation or any litigation
commenced or threatened against any Loan Party that (i) seeks damages in excess of $500,000.00, (ii) seeks injunctive relief, (iii) is asserted or instituted against any Plan, its fiduciaries (with respect to the exercise of such
fiduciaries’ duties) or its assets, (iv) alleges criminal misconduct by any Loan Party, (v) alleges the violation of any law regarding, or seeks remedies in connection with, any Environmental Laws; (vi) contests any tax, fee,
assessment, or other governmental charge in excess of $100,000.00, or (vii) involves any product recall; 

(c) any Lien (other than a Lien permitted pursuant to Section 6.02 hereof) or claim made or asserted against any of
the Collateral; 
 (d) any loss, damage, or destruction to the Collateral in the amount of $250,000.00 or more,
whether or not covered by insurance; 
 (e) any and all default notices received under or with respect to any
leased location or public warehouse where Collateral in the amount of $250,000.00 or more is located (which shall be delivered within two Business Days after receipt thereof); 

(f) all material amendments to real estate leases, together with a copy of each such amendment; 

(g) the fact that a Loan Party has entered into a Swap Agreement or an amendment to a Swap Agreement, together with copies
of all agreements evidencing such Swap Agreement or amendments thereto (which shall be delivered within two Business Days); 
 (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 Borrower and its Subsidiaries in an
aggregate amount exceeding $100,000; and 
 (i) any other development that results in, or would reasonably be
expected to result in, a Material Adverse Effect. 
 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 (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 except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect; provided
that the foregoing shall not prohibit any merger, consolidation, 

  
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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 and reasonable extensions thereof. 
 SECTION 5.04. Payment of Obligations. Each Loan Party
will pay or discharge all Material Indebtedness and all other material liabilities and obligations, including Taxes, before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in
good faith by appropriate proceedings, (b) such Loan Party or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not
reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.05. Maintenance of Properties. Each Loan
Party will 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, (i) keep proper books of record and account in which full, true and correct entries
are made of all dealings and transactions in relation to its business and activities and (ii) permit any representatives designated by the Lender (including employees of the Lender, or any consultants, accountants, lawyers and appraisers
retained by the Lender), upon reasonable prior notice during normal business hours, to visit and inspect its properties, to examine and make extracts from its books and records, including environmental assessment reports and Phase I or Phase II
studies, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times during normal business hours and as often as reasonably requested. The Loan Parties acknowledge that the Lender,
after exercising its rights of inspection, may prepare certain Reports pertaining to the Loan Parties’ assets for internal use by the Lender. Each Loan Party will permit the Lender to conduct field audit examinations of the Loan Party’s
assets, liabilities, books and records once per year at such Loan Party’s expense (so long as any Loan has been outstanding in the prior fiscal year); provided further that the Loan Party will permit the Lender to conduct such examinations at
any time and with any reasonable frequency during the existence of a Default. In connection with such field audits, or in a manner consistent with Lender’s customary practice, the Loan Party will permit the Lender to make test verifications of
the Accounts with the Loan Party’s customers. 
 SECTION 5.07. Compliance with Laws. Each Loan Party will comply
with all Requirements of Law applicable to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.08. Use of Proceeds and Letters of Credit. The proceeds of the Loans will be used only for proper business purposes. No
part of the proceeds of any Loan and no Letter of Credit will be used, whether directly or indirectly, or for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 

SECTION 5.09. Insurance. Each Loan Party will maintain with financially sound and reputable carriers having a financial strength
rating of at least A+ by A.M. Best Company (a) insurance in such amounts (with no greater risk retention) and against such risks (including (i) loss or damage by fire and loss in transit; (ii) theft, burglary, pilferage, larceny,
embezzlement, and other criminal activities; (iii) business interruption; (iv) general liability and (v) 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. Lender hereby agrees that the insurance in place on the Effective Date and set forth on Schedule 3.14 hereof satisfies the foregoing
requirements as of the Effective Date. At Lender’s reasonable written request, the Borrower will furnish to the Lender, information in reasonable detail as to the insurance so maintained. 

SECTION 5.10. Casualty and Condemnation. The Borrower (a) will furnish to the Lender prompt written notice of any casualty or
other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest 

  
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Bank, N.A. 
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therein under power of eminent domain or by condemnation or similar proceeding and (b) will 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 5.11. Appraisals. Not more than once per year if requested by Lender, the Loan Parties will provide the Lender with appraisals or updates thereof of their Inventory, Equipment and real
property from an appraiser selected and engaged by the Lender, and prepared on a basis reasonably satisfactory to the Lender, such appraisals and updates to include, without limitation, information required by applicable law and regulations. Absent
an Event of Default, no appraisals of real estate shall be required to be conducted prior to the Maturity Date. If an Event of Default has occurred and is continuing, additional such appraisals may be obtained from time to time at the sole expense
of the Loan Parties. 
 SECTION 5.12. Depository Banks. Except for accounts maintained at Northern Trust Bank (which
accounts will be closed within 90 days following the Effective Date), the Borrower and each Loan Party will maintain the Lender as its principal depository bank, including for the maintenance of operating, administrative, cash management, collection
activity, and other deposit accounts for the conduct of its business. 
 SECTION 5.13. Additional Collateral; Further
Assurances. (a) Subject to applicable law, the Borrower and each other Loan Party shall, unless the Lender otherwise consents, cause each Subsidiary of the Borrower (excluding any foreign Subsidiary) formed or acquired after the date of
this Agreement in accordance with the terms of this Agreement to become a Loan Party by executing the Joinder Agreement set forth as Exhibit D hereto (the “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 Lender, in any
property (other than any real property) of such Loan Party which constitutes Collateral. 
 (b) The Borrower and each other Loan
Party will pledge 100% of the issued and outstanding Equity Interests of each of its domestic Subsidiaries to the Lender pursuant to the terms and conditions of the Loan Documents or other security documents as the Lender shall reasonably request.

 (c) Without limiting the foregoing, each Loan Party will execute and deliver, or cause to be executed and delivered, to the
Lender 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, mortgages, deeds of trust and other documents and such other
actions or deliveries of the type required by Section 4.01, as applicable), which may be required by law or which the Lender 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 at the expense of the Loan Parties. 
 (d) If any material assets (including any real property or improvements thereto or any interest therein) are acquired by the Borrower or any Subsidiary that is a Loan Party after the Effective Date (other
than assets constituting Collateral under the Security Agreement that become subject to the Lien in favor of the Security Agreement upon acquisition thereof), the Borrower will notify the Lender, and, if requested by the Lender, the Borrower will
cause such assets to be subjected to a Lien securing the Secured Obligations and will take, and cause the Subsidiary Loan Parties to take, such actions as shall be necessary or reasonably requested by the Lender to grant and perfect such Liens,
including actions described in paragraph (c) of this Section, all at the expense of the Loan Parties. 
 ARTICLE VI

 Negative Covenants 
 Until the Commitment has expired or terminated and the principal of and interest on each Loan and all fees, expenses and other amounts (other than contingent indemnification obligations to the extent no
claim 

  
 JPMorgan Chase
Bank, N.A. 
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giving rise thereto has been asserted) payable under any Loan Document have been paid in full and all Letters of Credit have expired or terminated or been cash collateralized in accordance with
the terms hereof and all LC Disbursements shall have been reimbursed, the Loan Parties covenant and agree, jointly and severally, with the Lender that: 
 SECTION 6.01. Indebtedness. No Loan Party will create, incur or suffer to exist any Indebtedness, except: 
 (a) the Secured Obligations; 
 (b) Indebtedness existing on the
date hereof and set forth in Schedule 6.01 and extensions, renewals 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 Subsidiary that is a Loan Party shall be evidenced by a Promissory Note pledged to Lender pursuant to a Security Agreement, such pledge to be made not more than 90 days after the earlier of (x) the execution hereof or
(y) the execution of such Promissory Note and (ii) Indebtedness of the Borrower to any Subsidiary and Indebtedness of any Subsidiary that is a Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the Secured
Obligations on terms reasonably satisfactory to the Lender; 
 (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 and (ii) Guarantees permitted under this clause
(d) shall be subordinated to the Secured Obligations of the applicable Subsidiary 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) hereof; 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) shall not exceed $1,000,000 at any time outstanding; 

(f) Indebtedness which represents an extension, refinancing, or renewal of any of the Indebtedness described in clauses
(b) and (e) hereof; provided that, (i) the principal amount or interest rate of such Indebtedness is not increased other than as a result of the capitalization of interest, (ii) any Liens securing such Indebtedness are
not extended to any additional property of any Loan Party, (iii) no Loan Party that is not originally obligated with respect to repayment of such Indebtedness is required to become obligated with respect thereto except in accordance with clause
(d) of this Section 6.01, (iv) such extension, refinancing or renewal does not result in a shortening of the average weighted maturity of the Indebtedness so extended, refinanced or renewed, (v) the terms of any such extension,
refinancing, or renewal are not materially less favorable to the obligor thereunder than the original terms of such Indebtedness and (vi) if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the
Secured Obligations, then the terms and conditions of the refinancing, renewal, or extension Indebtedness must include subordination terms and conditions that are at least as favorable to the Lender as those that were applicable to the refinanced,
renewed, or extended Indebtedness; 
 (g) Indebtedness owed to 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; 

  
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 (h) Indebtedness of the Borrower or any Subsidiary 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) other unsecured Indebtedness not to exceed $500,000.00 in the aggregate at any time outstanding. 
 SECTION 6.02. Liens. No Loan Party will 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 receivable) 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 the Borrower 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 the Borrower or 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 securing Indebtedness permitted pursuant to Section 6.01(e) hereof; 

(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; 
 (f) Liens of a collecting bank arising in the ordinary course of business under
Section 4-208 of the Uniform Commercial Code 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; and 
 (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. 

Notwithstanding the foregoing, none of the Liens permitted pursuant to this Section 6.02 may at any time attach to any Loan Party’s
(1) Accounts, other than those permitted under clause (a) of the definition of Permitted Encumbrance and clause (a) above and (2) Inventory, other than those permitted under clauses (a) and (b) of the definition of
Permitted Encumbrance and clause (a) above. 
 SECTION 6.03. Fundamental Changes. (a) No Loan Party will 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 any Loan Party (other than the Borrower) may merge into any Loan Party in a transaction in which the
surviving entity is a Loan Party. 

  
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 (b) No Loan Party will engage to any material extent in any business other than businesses
of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto and reasonable extensions thereof. 

SECTION 6.04. Intentionally Omitted. 
 SECTION 6.05. Asset Sales. No Loan Party will sell, transfer, lease or otherwise dispose of any asset, including any Equity Interest owned by it, nor will the Borrower permit any Subsidiary that is
a Loan Party to issue any additional Equity Interest in such Subsidiary (other than to the Borrower or another Subsidiary), 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 to the Borrower or any Subsidiary, provided that any such sales,
transfers or dispositions to a Subsidiary that is not a Loan Party shall be made in compliance with Section 6.09; 
 (c) sales, transfers and dispositions of accounts receivable in connection with the compromise, settlement or collection thereof; 

(d) the sale of Equipment to the extent such Equipment is exchanged for credit against the purchase price of a similar
replacement thereof, or the proceeds of such sale are reasonably promptly applied to the purchase price of such Equipment; 
 (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 the Borrower or any Subsidiary; 
 (g) sales,
transfers and other dispositions of assets (other than Equity Interests in a Subsidiary unless all Equity Interests in such Subsidiary are sold) that are not permitted by any other paragraph of this Section, provided that the aggregate fair
market value of all assets sold, transferred or otherwise disposed of in reliance upon this paragraph (g) shall not exceed $500,000 during any fiscal year of the Borrower; and 

(h) licenses of patents, technology and know-how associated therewith to joint ventures in connection with the start-up of
a joint venture. 
 provided that all sales, transfers, leases and other dispositions permitted hereby (other than those permitted by
paragraphs (b) and (f) above) shall be made for fair value and for at least 75% cash consideration. 
 SECTION 6.06.
Sale and Leaseback Transactions. No Loan Party will enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used 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, 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 enter into any Swap Agreement, 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 of its Subsidiaries), and (b) Swap Agreements entered into in
order to effectively cap, collar or exchange interest rates (from fixed to floating 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.

  
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 SECTION 6.08. Intentionally Omitted. 

SECTION 6.09. Transactions with Affiliates. Except as set forth in Schedule 6.09, no Loan Party will 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 the Borrower 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, (c) any Indebtedness permitted under Section 6.01(c), (d) the payment of reasonable fees to directors of the Borrower or any Subsidiary who are not employees of the Borrower or any
Subsidiary, and compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of the Borrower or its Subsidiaries in the ordinary course of business and (e) 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 the Borrower’s board of directors. 

SECTION 6.10. Restrictive Agreements. No Loan Party will 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 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 shares of its capital stock 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 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 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions
contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary 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 and
(v) clause (a) of the foregoing shall not apply to customary provisions in leases [and other contracts] restricting the assignment thereof. 
 SECTION 6.11. Amendment of Organizational Documents. No Loan Party will, nor will it permit any Subsidiary to, amend, modify or waive any of its rights under its certificate of incorporation,
by-laws, operating, management or partnership agreement or other organizational documents, to the extent any such amendment, modification or waiver would be materially adverse to the Lender. 

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 the Borrower or any other Loan Party shall fail to pay any reimbursement obligation in respect of any LC Disbursement when and as the same
shall become due and payable; 
 (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, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days;

  
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 (c) any representation or warranty made or deemed made by or on behalf of
any Loan Party in or in connection with this Agreement or any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection
with this Agreement or any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been materially incorrect when made or deemed made; 

(d) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in
Section 5.02(a), 5.03 (with respect to a Loan Party’s existence) or 5.08 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) 5 days after the earlier of knowledge of such breach or written notice thereof from the Lender if such breach relates to terms or provisions of Section 5.01, 5.02 (other than Section 5.02(a)), 5.03 through 5.07, 5.09, 5.10 or
5.12 of this Agreement or (ii) 15 days after the earlier of knowledge of such breach or notice thereof from the Lender if such breach relates to terms or provisions of any other Section of this Agreement; 

(f) any Loan Party 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, and such failure continues after the applicable grace or notice period, if any, specified in the documents related thereto on the date of such failure; 

(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; 
 (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 any Subsidiary of any Loan Party 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 any Subsidiary of any Loan Party or
for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) any Loan Party or any Subsidiary of any Loan Party 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 of any Loan Party 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; 
 (j) any Loan Party
shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 

  
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 (k) one or more judgments for the payment of money in an aggregate amount in
excess of $250,000 shall be rendered against any Loan Party and the same shall remain undischarged for a period of 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 to enforce any such judgment or any Loan Party shall fail within 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 Lender, when taken together with all other ERISA Events
that have occurred, could reasonably be expected to result in a Material Adverse Effect ; 
 (m) 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; 
 (n) the Loan 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 Loan Guarantor shall fail to comply with any of the terms or provisions of the Loan Guaranty to which it is a party, or any Loan Guarantor shall deny
that it has any further liability under the Loan Guaranty to which it is a party, or shall give notice to such effect; 
 (o) any Collateral Document shall for any reason fail to create a valid and perfected first priority security interest in any Collateral purported to be covered thereby, except as permitted by the terms
of any Collateral Document, or any Collateral Document shall fail to remain in full force or effect (other than as a result of the failure of the Lender to take any action within its control) or any action shall be taken by a Loan Party to
discontinue or to assert the invalidity or unenforceability of any Collateral Document, or any Loan Party shall fail to comply with any of the terms or provisions of any Collateral Document; 

(p) any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable (other than a
result of the failure of the Lender to take any action within its control) 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 based
on any such 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); or 

(q) any Loan Party is criminally indicted or convicted under any law that may reasonably be expected to lead to a
forfeiture of any property of such Loan Party having a fair market value in excess of $100,000; 
 then, and in every such event (other than an
event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Lender may, by notice to the Borrower, take either or both of the following actions,
at the same or different times: (i) terminate the Commitment, and thereupon the Commitment shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not
so declared to be due and payable may thereafter be declared to be due and payable), and thereupon 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, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described
in clause (h) or (i) of this Article, the Commitment shall automatically terminate and the 

  
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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,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the occurrence and the continuance of an Event of Default, the Lender may increase the rate of interest applicable to the Loans
and other Obligations as set forth in this Agreement and exercise any rights and remedies provided to the Lender under the Loan Documents or at law or equity, including all remedies provided under the UCC. 

ARTICLE VIII 

Miscellaneous 
 SECTION 8.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject 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: 

 Material Sciences Corporation 
 2200 East Pratt Boulevard 

Elk Grove Village, Illinois 60007 
 Attention: Chief Financial Officer 
 Facsimile No: 847-439-0737 

 

	 	(ii)	if to the Lender, to JPMorgan Chase Bank, N.A. at: 

 JPMorgan Chase Bank, N.A. 
 Chase Business Credit 

Mail Code IL1-1458 
 10 South Dearborn, 22nd Floor 
 Chicago, Illinois 60603 

Attention: David A. Lehner 
 Facsimile No: 312-732-7593 
 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 or (ii) sent by facsimile shall be deemed to have been given when sent, provided that if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient. 
 (b) Notices and other communications to the Lender hereunder may be delivered or furnished by electronic communications (including e-mail and internet or intranet websites) pursuant to procedures approved
by the Lender. The Lender or the Borrower (on behalf of the Loan Parties) may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided
that approval of such procedures may be limited to particular notices or communications. 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 (b)(i) of notification that such notice or communication is available and identifying the website address therefor. 

  
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 (c) Any party hereto may change its address or facsimile number for notices and other
communications hereunder by notice to the other parties hereto. 
 SECTION 8.02. Waivers; Amendments. (a) No failure
or delay by the 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 Lender 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 Event of Default, regardless of whether the Lender may have had notice or knowledge of such Event of Default at the time. 
 (b) Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement or
agreements in writing entered into by the Borrower and the Lender, or (ii) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Lender and the Loan Party or Loan Parties that are parties
thereto. 
 SECTION 8.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by the Lender and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Lender (whether outside counsel or the allocated costs of its internal legal department), in connection
with the credit facilities provided for herein, the preparation and administration of the Loan Documents or 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) all reasonable out-of-pocket expenses incurred by the Lender 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 Lender, including the fees, charges and disbursements of any counsel for the Lender (whether outside counsel or the allocated costs of its internal legal department), 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 Borrower under this Section include, without limiting the generality of the foregoing, but subject to the limitations
set forth elsewhere in this Agreement, costs and expenses incurred in connection with: 
 (i) appraisals (but
reimbursement shall only be due for appraisals obtained during the occurrence and continuance of an Event of Default hereunder) and insurance reviews; 
 (ii) field examinations and the preparation of Reports based on the fees charged by a third party retained by the Lender or the internally allocated fees for each Person employed by the Lender with
respect to each field examination; 
 (iii) background checks regarding senior management and/or key investors,
as deemed necessary or appropriate in the reasonable discretion of the Lender; 
 (iv) taxes, fees and other
charges for (A) lien and title searches and title insurance and (B) recording the Mortgages, filing financing statements and continuations, and other actions to perfect, protect, and continue the Lender’s Liens; 

  
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 (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. 
 All of the foregoing costs and expenses may be charged to the Borrower as Revolving Loans or to another deposit account, all as described in Section 2.17(c). 

(b) The Borrower shall indemnify the Lender, and each Related Party of the Lender (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties, 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 Lender 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 the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, 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 resulted from the gross negligence or wilful misconduct of such Indemnitee. 

(c) The relationship between any Loan Party on the one hand and the Lender on the other hand shall be solely that of debtor and creditor.
The Lender (i) shall not have any fiduciary responsibilities to any Loan Party or (ii) does not undertake any responsibility to any Loan Party to review or inform such Loan Party of any matter in connection with any phase of any Loan
Party’s business or operations. To the extent permitted by applicable law, no Loan Party shall assert, and each hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds
thereof. 
 (d) All amounts due under this Section shall be payable promptly within thirty days after written demand therefor.

 SECTION 8.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Lender (and
any attempted assignment or transfer by the Borrower without such consent shall be null and void). 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 and, to the extent expressly contemplated hereby, the Related Parties of each of the Lender) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) The Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or
a portion of its Commitment and the Loans at the time owing to it); provided that, except in the case of an assignment to an Affiliate of the Lender or an Approved Fund, the Borrower must give its prior written consent to such assignment
(which consent shall not be unreasonably 

  
 JPMorgan Chase
Bank, N.A. 
 Credit Agreement 
 44 

 
withheld); and provided further that any consent of the Borrower otherwise required under this paragraph shall not be required if an Event of Default under clause (h) or
(i) of Article VII has occurred and is continuing. Subject to notification of an assignment, the assignee shall be a party hereto and, to the extent of the interest assigned, have the rights and obligations of the Lender under this Agreement,
and the Lender shall, to the extent of the interest assigned, be released from its obligations under this Agreement (and, in the case of an assignment covering all of the Lender’s rights and obligations under this Agreement, the Lender shall
cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 8.03). The Borrower hereby agrees to execute any amendment and/or any other document that may be necessary to effectuate such an
assignment, including an amendment to this Agreement to provide for multiple lenders and an administrative agent to act on behalf of such lenders. Any assignment or transfer by the Lender of rights or obligations under this Agreement that does not
comply with this paragraph shall be treated for purposes of this Agreement as a sale by the Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 

For the purposes of this Section 8.04(b), the term “Approved Fund” has the following meaning: 

“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) the Lender, (b) an Affiliate of the Lender or (c) an entity or an Affiliate of an entity that
administers or manages the Lender. 
 (c) The Lender may, without the consent of the Borrower, sell participations to one or
more banks or other entities (a “Participant”) in all or a portion of the Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that
(i) the Lender’s obligations under this Agreement shall remain unchanged, (ii) the Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower shall continue
to deal solely and directly with the Lender in connection with the Lender’s rights and obligations under this Agreement. Subject to paragraph (d) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits
of Sections 2.14, 2.15 and 2.16 to the same extent as if it were the Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. 
 (d) A Participant shall not be entitled to receive any greater payment under Section 2.14 or 2.15 than the Lender would have been entitled to receive with respect to the participation sold to such
Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. 

(e) The 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 the Lender, including any pledge or assignment to secure obligations to a Federal Reserve Lender, 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 the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto. 
 SECTION 8.05. 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 Lender, the Lender or any Lender may have had notice or knowledge of any Event of 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 (other than
contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and unpaid or any Letter of Credit is outstanding and so long as the Commitment has not expired or terminated. The provisions of Sections 2.14,
2.15, 2.16 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
Commitment or the termination of this Agreement or any provision hereof. 

  
 JPMorgan Chase
Bank, N.A. 
 Credit Agreement 
 45 

 SECTION 8.06. Counterparts; Integration; Effectiveness. 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 fees payable to the Lender entered into with a Loan Party 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 Lender and when the Lender 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. Delivery of an
executed counterpart of a signature page of this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 8.07. 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 8.08. Right of Setoff. If an Event of Default shall have occurred and be
continuing, the 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 the Borrower or such Loan Guarantor 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 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 8.09. 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 (including, without limitation, 735 ILCS Section 105/5-1 et seq, but otherwise without
regard to the conflict of laws provisions) of the State of Illinois, 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 nonexclusive jurisdiction of any U.S. Federal or Illinois State court sitting in Chicago, Illinois
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 Illinois 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 Lender, the Lender 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. 

  
 JPMorgan Chase
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 Credit Agreement 
 46 

 (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 8.01. 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. 

SECTION 8.10. 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 THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 8.11. 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 8.12. Confidentiality. The Lender 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 regulatory authority, (c) to the extent required by applicable laws or regulations 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 hereunder 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 or (h) 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 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 Lender, on a non-confidential basis prior to disclosure by the
Borrower. 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. 
 SECTION 8.13.
Nonreliance; Violation of Law. The Lender hereby represents that it is not relying on or looking to any margin stock for the repayment of the Borrowings provided for herein. Anything contained in this Agreement to the contrary
notwithstanding, the Lender shall not be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 

SECTION 8.14. USA PATRIOT Act. The Lender is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”) and hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 

  
 JPMorgan Chase
Bank, N.A. 
 Credit Agreement 
 47 

 SECTION 8.15. Disclosure. Each Loan Party hereby acknowledges and agrees that the
Lender and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective Affiliates. 

ARTICLE IX 

Loan Guaranty 
 SECTION 9.01. 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 primary obligor and not
merely as surety, absolutely and unconditionally guarantees to the Lender 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,
out-of-pocket costs and expenses including, without limitation, all court costs and reasonable attorneys’ and paralegals’ fees (including allocated costs of in-house counsel and paralegals) and reasonable expenses paid or incurred by the
Lender 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”). 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 9.02. Guaranty of Payment. This Loan Guaranty is a guaranty of
payment and not of collection. Each Loan Guarantor waives any right to require the Lender to sue the Borrower, any Loan Guarantor, any other guarantor, 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 9.03. 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 guarantor of or other person 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, 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 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

  
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or any obligations of any other guarantor of or other person liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the 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
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 9.04. 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 or any
Loan Guarantor, 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. The Lender 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 9.05. 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
(other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) to the Lender. 

SECTION 9.06. Reinstatement; Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations is
rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or otherwise, 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 Lender is 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 Lender.

 SECTION 9.07. 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 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 the Lender shall not have any duty to advise any Loan Guarantor of information known to it regarding those circumstances or risks. 
 SECTION 9.08. Termination. The Lender may continue to make loans or extend credit to the Borrower based on this Loan Guaranty until five 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 Lender 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 that Guaranteed Obligations. 

  
 JPMorgan Chase
Bank, N.A. 
 Credit Agreement 
 49 

 SECTION 9.09. Taxes. All payments of the Guaranteed Obligations will be made by each
Loan Guarantor free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if any Loan Guarantor shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum
payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Lender receives an amount equal to the sum it would have received had no such
deductions been made, (ii) such Loan Guarantor shall make such deductions and (iii) such Loan Guarantor shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

SECTION 9.10. Maximum Liability. The provisions of this Loan Guaranty are severable, and in any action or proceeding involving any
state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Loan Guarantor under this Loan Guaranty would otherwise be held or
determined to be avoidable, invalid or unenforceable on account of the amount of such Loan Guarantor’s liability under this Loan Guaranty, then, notwithstanding any other provision of this Loan Guaranty to the contrary, the amount of such
liability shall, without any further action by the Loan Guarantors or the Lender, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding (such highest amount determined
hereunder being the relevant Loan Guarantor’s “Maximum Liability”. This Section with respect to the Maximum Liability of each Loan Guarantor is intended solely to preserve the rights of the Lender to the maximum extent not
subject to avoidance under applicable law, and no Loan Guarantor nor any other person or entity shall have any right or claim under this Section with respect to such Maximum Liability, except to the extent necessary so that the obligations of any
Loan Guarantor hereunder shall not be rendered voidable under applicable law. Each Loan Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed the Maximum Liability of each Loan Guarantor without impairing this
Loan Guaranty or affecting the rights and remedies of the Lender hereunder, provided that, nothing in this sentence shall be construed to increase any Loan Guarantor’s obligations hereunder beyond its Maximum Liability. 

SECTION 9.11. Contribution. In the event any Loan Guarantor (a “Paying Guarantor”) shall make any payment or
payments under this Loan Guaranty or shall suffer any loss as a result of any realization upon any collateral granted by it to secure its obligations under this Loan Guaranty, each other Loan Guarantor (each a “Non-Paying
Guarantor”) shall contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s “Applicable Percentage” of such payment or payments made, or losses suffered, by such Paying Guarantor. For purposes of this
Article IX, each Non-Paying Guarantor’s “Applicable Percentage” with respect to any such payment or loss by a Paying Guarantor shall be determined as of the date on which such payment or loss was made by reference to the ratio
of (i) such Non-Paying Guarantor’s Maximum Liability as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been
determined, the aggregate amount of all monies received by such Non-Paying Guarantor from the Borrower after the date hereof (whether by loan, capital infusion or by other means) to (ii) the aggregate Maximum Liability of all Loan Guarantors
hereunder (including such Paying Guarantor) as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder), or to the extent that a Maximum Liability has not been determined for any Loan Guarantor,
the aggregate amount of all monies received by such Loan Guarantors from the Borrower after the date hereof (whether by loan, capital infusion or by other means). Nothing in this provision shall affect any Loan Guarantor’s several liability for
the entire amount of the Guaranteed Obligations (up to such Loan Guarantor’s Maximum Liability). Each of the Loan Guarantors covenants and agrees that its right to receive any contribution under this Loan Guaranty from a Non-Paying Guarantor
shall be subordinate and junior in right of payment to the payment in full in cash of the Guaranteed Obligations. This provision is for the benefit of the Lender and the Loan Guarantors and may be enforced by any one, or more, or all of them in
accordance with the terms hereof. 

  
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 50 

 SECTION 9.12. Liability Cumulative. The liability of each Loan Party as a Loan
Guarantor under this Article IX is in addition to and shall be cumulative with all liabilities of each Loan Party to the Lender 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. 

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

			
	 BORROWER:

	
	Material Sciences Corporation, a Delaware corporation
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	 LOAN PARTIES:

	
	Material Sciences Corporation, Engineered Materials and Solutions Group, Inc., an Illinois corporation,
		
	By:	 	/s/ James M. Froisland
	Name:	 	  

James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	MSC Laminates and Composites, Inc., a Delaware corporation,
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	Material Sciences Service Corporation, a Delaware corporation,
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	MSC Pre Finish Metals (EGV), Inc., a Delaware corporation
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary

  
 JPMorgan Chase
Bank, N.A. 
 Credit Agreement 

 
			
	MSC Walbridge Coatings, Inc.
	a Delaware corporation
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	MSC Laminates and Composites (EGV), Inc., a Delaware corporation
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	 LENDER:

	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ David A. Lehner

	Name:	 	 David A. Lehner

	Title:	 	Vice President

  
 JPMorgan Chase
Bank, N.A. 
 Credit Agreement 

 Schedule 3.05: 

Real Property 
 1. 2200
East Pratt Blvd. (owned by MSC) 
 Elk Grove Village, IL 60007 
 2. Walbridge, Ohio (leased by MSC Engineered from Corporate Property Associates, Corporate Property Associates 4 and Corporate Property Associates 2) 

3. 6855 Commerce Boulevard, Canton, Michigan (leased by MSC Engineered from Canton Commerce Park) 

Intellectual Property 

Patents: 
  

													
	 	  	 Patent Description
	  	 Patent
Filed
	  	Patent No.	 	  	Patent
Issued	 
	1	  	Selective Chromizing in a Molten Lead Medium	  	US	  	 	4,168.333	  	  	 	09/18/79	  
	2	  	Selective Chromizing in a Molten Lead Medium	  	US	  	 	4,242,420	  	  	 	12/30/80	  
	3	  	Organopolysiloxane coating compositions	  	US	  	 	4,369,268	  	  	 	01/18/83	  
	4	  	Process of making surface alloyed parts	  	US	  	 	4,372,995	  	  	 	02/08/83	  
	5	  	Bonded Structure and process of making same	  	US	  	 	4,394,422	  	  	 	07/19/83	  
	6	  	Organopolysiloxane coating compositions	  	US	  	 	4,417,006	  	  	 	11/22/83	  
	7	  	Organopolysiloxane coating compositions	  	US	  	 	4,476,264	  	  	 	10/09/84	  
	8	  	Process for Surface Diffusing Steel Products in Coil Form	  	US	  	 	4,526,817	  	  	 	07/02/85	  
	9	  	One Step Method of Applying Polysiloxane and PTFE Coating Composition	  	US	  	 	4,537,800	  	  	 	08/27/85	  
	10	  	Polysiloxane and Flourocarbon Coating Composition	  	US	  	 	4,544,692	  	  	 	10/01/85	  
	11	  	Container with Ferrite Coating and Method of Making Ferrite-Coated Sheet	  	US	  	 	5,079,398	  	  	 	01/07/92	  
	12	  	Container with Ferrite Coating and Method of Making Ferrite-Coated Sheet	  	US	  	 	5,139,826	  	  	 	08/18/92	  
	13	  	Apparatus and Method for Determining Power in Plasma Processing	  	US	  	 	5,273,610	  	  	 	12/28/93	  
	14	  	Noise Damped Brake Pad Assembly (S/S)	  	US	  	 	5,407,034	  	  	 	04/18/95	  
	15	  	Method of Forming Noise-Damping Composite with Externally Galvanized Surfaces and Composite Formed Thereby (S/S)	  	US	  	 	5,418,073	  	  	 	05/23/95	  

													
	 	  	 Patent Description
	  	 Patent Filed
	  	Patent No.	 	  	Patent
Issued	 
	16	  	Patterned Noise Damping Composite (S/S)	  	US,FR,GE,JA,SI,UK	  	 	5,842,686	  	  	 	12/01/98	  
	17	  	Method and Apparatus for Forming a Laminate (S/S)	  	US	  	 	5,851,342	  	  	 	12/22/98	  
	18	  	Method and Composition for Producing a Release Coating on a Bakeware Substrate (S/S)	  	US	  	 	5,955,149	  	  	 	09/21/99	  
	19	  	Cross-feed Auger and Method (L/B/W)	  	US	  	 	5,996,855	  	  	 	12/07/99	  
	20	  	Powder Atomizer (L/B/W)	  	US,EU	  	 	6,109,481	  	  	 	08/29/00	  
	21	  	Power Feeding Apparatus Having an Adjustable Feed Width (L/B/W)	  	US,CA	  	 	6,197,114	  	  	 	03/06/01	  
	22	  	Method of Forming Noise-Damping Material with Ultra-Thin Viscoelastic Lay (S/S)	  	US,FR,GE	  	 	6,202,462	  	  	 	03/20/01	  
	23	  	Metal Felt Laminate Structures (S/S)	  	US,CA,EU	  	 	6,465,110	  	  	 	10/15/02	  
	24	  	Method of coating a continuously moving substrate with theromset material and corresponding apparatus (BWS)	  	US	  	 	6,589,607	  	  	 	07/08/03	  
	25	  	Vibration Damping Laminate with Vibration Isolating Cut Therein (S/S)	  	US,EU	  	 	6,621,658	  	  	 	09/16/03	  
	26	  	Reconstituted Polymeric Materials Derived from Post-Consumer Waster, Industrial Scrap, and Virgin Resins made by Solid State Shear Pulverization (L/B/W)	  	US,CA	  	 	6,849,215	  	  	 	02/01/05	  
	27	  	Modular Powder Application System (L/B/W)	  	US,EU	  	 	6,875,278	  	  	 	04/05/05	  
	28	  	System for Coating a Substrate (L/B/W)	  	US	  	 	6,887,314	  	  	 	05/03/05	  
	29	  	Metal Felt Laminates (L/B/W)	  	US	  	 	6,974,634	  	  	 	12/15/05	  
	30	  	Vehicle Floor Tub Having a Laminated Structure (Quinn)	  	US	  	 	7,040,691	  	  	 	05/09/06	  
	31	  	Magnetic Damping (SS)	  	US	  	 	7,094,478	  	  	 	08/22/06	  
	32	  	Coated Metal Article and Method of Making Same (BWS)	  	US	  	 	7,125,613	  	  	 	10/24/06	  
	33	  	Sheet Molding Compound Damper Component, and Methods for Making and Using the Same	  	US	  	 	7,172,800	  	  	 	02/06/07	  
	34	  	Damped Disc Drive Assembly and Method for Damping Disc Drive Assembly	  	US	  	 	7,199,970	  	  	 	04/03/07	  
	35	  	Method of Producing Exfoliated Polymer-Clay Nanocomposite through solid-state shear polymerization (Patent is Northwestern’s not MSC)	  	US	  	 	7,223,359	  	  	 	05/29/07	  

 Pending Patent Applications: 

 

													
	 	  	 Patent Description
	  	Record of
Invention	 	  	Patent
Application	 	  	Country
Filing
	1	  	Laminated Structure with a Filled Viscoelastic Layer and Method SN 11/194,175	  	 	09/27/04	  	  	 	08/01/05	  	  	US
	2	  	Home Appliance Structure with Integal Noise Attenuation (Quinn) SN 11/138,975	  	 	05/10/05	  	  	 	05/26/05	  	  	US
	3	  	Damped Clutch Plate System and Method (Quinn) SN 11/218,908	  	 	04/15/05	  	  	 	09/02/05	  	  	US
	4	  	Test Rig Concept for Measurement of Brake Noise Insulator Surface Friction under Pressure and Temperature (Quinn)SN 11/236,940	  	 	08/03/05	  	  	 	09/28/05	  	  	US
	5	  	A Novel Method of Making Panel Constrained Layer Damper (ie Quiet Patch) (Quinn) SN 11/379,253	  	 	10/07/05	  	  	 	04/19/06	  	  	US
	6.	  	Test Methodology for the Continuous, In-line Damping Measurement of Laminated Sheet Metal Damping Product (Quinn) SN 11/428,451	  	 	08/24/05	  	  	 	07/05/06	  	  	US
	7	  	Damped Windage Tray and Method of Making Same (Quinn) SN 11/389,910	  	 	08/30/05	  	  	 	03/27/06	  	  	US
	8	  	Process Developed for Tailor Welded Sheet SN 11/383,242	  	 	01/18/06	  	  	 	05/15/06	  	  	US
	9	  	Brake Insulator Coating for Optimized Frictional Damping (Quinn) SN 11/463,092	  	 	04/27/06	  	  	 	08/08/06	  	  	US
	10	  	High Stiffness high damping multilayer laminate	  	 	08/07/06	  	  	 	04/06/07	  	  	US,EU
	11	  	Optimized tool design for stamping materials with variable compressibility.	  	 	08/17/06	  	  	 	04/05/07	  	  	US,EU
	12	  	Wavy Brake Insulator	  	 	01/15/07	  	  	 	06/29/07	  	  	US
	13	  	A method of making a constrained layer damper with vulcanized rubber as VEC	  	 	02/26/07	  	  	 	04/03/08	  	  	US
	14	  	Vibro impact rotor dampers for brake squeal attenuation	  	 	07/27/07	  	  	 	11/27/07	  	  	US
	15	  	Damp rail for garage door opener	  	 	08/14/07	  	  	 	04/04/08	  	  	US
	16	  	Elevator Panel and Elevator Car using the same	  	 	05/21/07	  	  				  	US,KR
	17	  	Bonded Plate for Sink Bowl and Method of Forming the Sink Bowl	  	 	05/21/07	  	  				  	US,KR
	18	  	Fire Door and Manufacturing Method Thereof	  	 	07/25/07	  	  				  	US,KR
	19	  	Shims with Quiet Tabs for Brake Squeal Attenuation	  	 	08/29/07	  	  				  	US
	20	  	Optimized acoustic package for passenger car and truck applications	  	 	09/28/07	  	  				  	US
	21	  	Aluminum laminate fan blade	  	 	10/29/07	  	  	 	04/09/08	  	  	US
	22	  	Decorative metal laminate and method of making same	  	 	11/26/07	  	  				  	US,CN,KR

 Trademarks: 
  

													
	 	  	 Trademark
	  	 Mark Filed
	  	Registration
No.	 	  	Issued	 
	1	  	QUIET STEEL	  	 US,EU,CN,
 MX,MY,KR,

JP,BR
	  	 
  
	2,244,870
 2,469,955
	  
   
	  	 
  
	05/11/99
 11/14/01
	  
   

	2	  	THERMALCORE	  	US	  	 	2,246,380	  	  	 	12/07/99	  
	3	  	DAMP	  	US	  	 	2,298,447	  	  	 	12/07/99	  
	4	  	SOUNDTRAP	  	 US
 EU
	  	 
  
	2,442,979
 2,469,997
	  
   
	  	 
  
	04/10/01
 11/14/01
	  
   

	5	  	POLYCORE COMPOSITES	  	US	  	 	2,735,885	  	  	 	07/15/03	  
	6	  	MAGNADAMP	  	 EU
 US
	  	 
  
	2,849,487
 3,313,066
	  
   
	  	 	09/13/02	  
	7.	  	QUIET METAL	  	EU	  	 	2,470,029	  	  	 	11/14/01	  
	8	  	MSC Logo	  	 US, CN,
 MX, EU, BR

MY, KR, JP
	  	 	3.196,287	  	  	 	01/09/07	  
	9	  	ELECTROBRITE	  	US,MY,CN	  	 	3,344,641	  	  	 	11/27/07	  

 Pending Trademarks 

 

													
	 	  	 MSC Trademark
	  	 Mark
Filed
	  	Application
No.	 	  	Application
Date	 
	1	  	QUIET ALUMINUM	  	US	  	 	77/118,655	  	  	 	02/28/07	  
	2	  	QUIET PATCH	  	US	  	 	77/193,380	  	  	 	05/30/07	  
	3	  	QUIET MAT	  	US	  	 	76/582,540	  	  	 	03/22/04	  
	4	  	QUIET VALUE	  	US	  	 	77/237,917	  	  	 	07/25/07	  
	5	  	MAKING LIFE QUIET	  	US	  	 	78/758,984	  	  	 	11/22/05	  
	6	  	VIVICOLOR	  	US	  	 	77/123,089	  	  	 	11/02/06	  
	7	  	DECO STEEL	  	US,MY	  	 	77/302,814	  	  	 	10/12/07	  
	8	  	QUIET LOCK	  	US	  	 	77/175,776	  	  	 	05/08/07	  
	9	  	QUIET STAINLESS STEEL	  	US	  	 	77/392,578	  	  	 	02/08/08	  

 Web Assets 

 

			
	 Site
	  	 Description

		
	Matsci.com	  	Corporate Site
		
	Quietsteel.com	  	Quietsteel products & marketing information
		
	Quietsteel-europe.com	  	European oriented customer & quieststeel products
		
	Quietsteel-brakes.com	  	MSC Special brakes products
		
	 Domain Names
	  	 
		
	Matsci.cn	  	future use in China market
		
	Matsci.com.cn	  	future use in China market

 Schedule 3.06: Environmental Liability and Litigation 

1. MSC is a party to various legal proceedings in connection with the remediation of certain environmental matters as detailed below. We record these
environmental reserves based upon historical experience and the extent of relevant information available from various third parties. There are a number of assumptions that are made, including, without limitation, the estimated extent of the
environmental damage to any particular site, the available methods of remedy, the contribution expected from various other potentially responsible parties (“PRP”) and the discretionary authority of federal and state regulatory authorities
in brining enforcement actions. We believe our range of exposure for these proceedings and know sites is $1.0 million to $1.5 million and, as of February 29, 2008, have approximately $1.0 million in our environmental reserves recorded in our
consolidated balance sheet. 
 In 1984 MSC was named as a PRP under the Comprehensive Environmental Response, Compensation and
Liability Act of 1980 (“CERCLA”) for the surface, soil and ground water contamination at a Superfund site in Gary, Indiana. The U.S. District Court for the Northern District of Indiana entered a Consent Decree between the government and
certain PRPs (including MSC) on the scope of the remediation work at the site. We receive periodic updates on the projected costs of the remediation work from the environmental consultant employed by certain PRPs (including MSC) to manage the
remediation project. In late December 2005, we received an update indicating that the projected remediation costs would increase significantly due primarily to additional efforts required to complete the remediation project, higher energy costs
associated with certain remediation techniques employed and increased oversight costs of the United States Environmental Protection Agency (“USEPA”). Accordingly, we treated the cost update as a change in estimate and increased our
reserves related to the matter by $0.5 million to $0.6 million. Remediation work is ongoing and we maintain a letter of credit for approximately $1.2 million to secure our obligation to pay our estimated share of the remediation expenses at the
site. 
 In 2003, MSC, along with many other companies, was named as a PRP by the USEPA under CERCLA at the Lake Calumet Cluster
Site in Chicago, Illinois for allegedly sending certain waste from its Elk Grove Village facility to the site. The Illinois EPA has assumed the role of lead agency for the site and is conducting soil grading work, capping and a cost analysis at the
site with funds made available by the state. No lawsuits have been filed against any of the PRPs, but it is likely that the USEPA will seek reimbursement of its past costs. In the third quarter of fiscal 2008, the ILEPA hosted a status update
meeting regarding the ongoing work at the Lake Calumet site. ILEPA counsel advised that the ILEPA would be sending a letter to all PRP’s to ask them to reimburse ILEPA for its costs to remediate conditions at the site. Consequently, we
increased our environmental reserve for this site by $0.2 million to $0.2 million in fiscal 2008. 
 In December 2004, the
purchaser of our former Pinole Point Steel facility received a letter from the California Regional Water Quality Control Board requesting an investigation of contamination of the soil and groundwater at the facility. Depending on the results of the
investigation, remediation efforts may be required. We believe that any such contamination occurred prior to our acquisition of the facility in 1997 and therefore, the sellers of the facility in the 1997 transaction are responsible for the funding
of any necessary remediation. In the event that the sellers fail to fund the remediation, we may be required to do so. We are unable to estimate the potential liability, if any, in this matter due to the limited information provided to date.

 On September 19, 2007, the Pennsylvania Department of Environmental Protection
(“PDEP”) and the USEPA performed a hazardous waste inspection at our Morrisville, Pennsylvania facility and found hazardous paint waste on site for more that the 90 day allowable period. In January 2008, we were notified that the PDEP and
USEPA would fine us $0.1 million. On April 1, 2008, the violation was settled for $0.1 million. 
 Other Matters

 We are also a party to various legal actions and customer disputes arising in the ordinary course of our business. We
believe that the resolution of these legal actions and customer disputes will not, individually or in the aggregate, have a Material Adverse Effect on our financial statements. 

 Schedule 3.14 – Insurance 

A. Summary of Current Insurance Coverage and Related Accruals 
 The table below provides a framework for summarizing the entity’s current insurance coverages and retained liabilities. For each exposure, indicate the type of insurance program maintained during the
fiscal year that is subject to audit, the total amount covered by purchased commercial (i.e. third-party) insurance, the amount of loss for which the entity is responsible under purchased commercial insurance programs, the entity’s estimate of
outstanding losses at the balance sheet date that are not covered by commercial insurance and will be retained by the entity, and the liability recorded for each type of exposure. 

																			
	 CURRENT INSURANCE PROGRAM
	 	
RECORDED LIABILITY AS OF
 2/25/08

	 Potential Exposure
	 	 Program Type
	 	 Total Limits
Covered
by
Purchased
Commercial
Insurance
	 	 Entity

Responsibility
 Before Insurance
 Coverage Begins
	 	Entity’s Estimate of
Outstanding Losses
at the Balance 
Sheet
Date That Are Not
Covered
by
Commercial
insurance	 	 	 How Was

Estimate in
Column 4
Determined?
	 	 Case

Reserves
	 	 IBNR.

Reserves
	 	 Expense

Reserves

	 	 	(1)	 	(2)	 	(3)	 	(4)	 	 	(5)	 	(6)	 	(7)	 	(8)
	 	 	 Note 1
	 	 Note 2
	 	 Note 3
	 	Note 4	 	 	 Note 5
	 	 Note 6
	 	 Note 7
	 	 Note 8

	 Property/Casualty Exposures:
	 		 		 		 				 		 		 		 	
	 Automobile Liability
	 	Guaranteed Cost	 	$50,000,000	 	First Dollar Cover	 	 	—  	  	 		 	—  	 	—  	 	—  
	 General Liability
	 	Guaranteed Cost	 	$50,000,000	 	First Dollar Cover	 	 	—  	  	 		 	—  	 	—  	 	—  
	 Products Liability
	 	Guaranteed Cost	 	$50,000,000	 	First Dollar Cover	 	 	—  	  	 		 	—  	 	—  	 	—  
	 Professional Liability (Hospital Professional Liability Medical Malpractice)
	 	N/A	 	N/A	 	N/A	 				 		 		 		 	
	 Workers Compensation
	 	 Self Insured (IL)

Guaranteed Cost
 (All other)
	 	Statutory	 	 $400,000 in IL,
 First
Dollar-All other
	 	 	$ 1,370,258	  	 	c	 	blended	 	blended	 	blended
	 Mass Tort Exposures
	 		 		 		 				 		 		 		 	
	 Asbestos
	 	N/A	 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
	 Environmental Liability (Remediation)
	 	Cost	 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
	 Other Mass Torts such as Latex Gloves Benzene Clean Rooms, Toxic Chemicals, etc.
	 		 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
	 Health and Welfare Exposures:
	 		 		 		 				 		 		 		 	
	 Employee Medical Benefits
	 		 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
	 Employee Dental Benefits
	 		 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
	 Employee Vision Benefits
	 		 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
	 STD Short Term Disability
	 		 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
	 LTD Long Term Disability
	 		 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
	 Life Exposures:
	 		 		 		 				 		 		 		 	
	 Employee Death Benefits
	 		 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
	 Other (incl industry - specific Exposures)
	 		 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
		 		 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
		 		 	—  	 	—  	 	 	—  	  	 	—  	 	—  	 	—  	 	—  
	 TOTAL
	 		 		 		 	$	1,370,258	  	 		 	$—  	 	$—  	 	$—  

 Additional comments
that may be necessary to clarify or expand upon the information provided in the Summary of Current Insurance Coverage and Related Accruals need to be provided below or in a separate memorandum. 

 Schedule 3.15 – Subsidiaries 

MSC Richmond Holding Co. 
 MSC Pre Finish
Metals (PP), Inc. 
 MSC Dan Diego Holding Co. Inc. 
 MSC Electronic Mat’l and Devices Group, Inc. 
 Material Sciences Corporation, Engineered
Materials and Solutions Group. Inc. 
 MSC Pre Finish Metals (EGV), Inc. 
 MSC Walbridge Coating Inc. 
 MSC Pre Finish Metals (MV), Inc. 

MSC Pre Finish Metals (MT), Inc. 
 MSC
Laminates and Composites, Inc. 
 Material Sciences Service Corporation 
 Material Sciences Japan Corporation 
 MSC Europe GmbH & Co. KG 

MSC Laminates and Composites (EGV), Inc. 
 MSC
Laminates and Composites, Inc. (Malaysia) 

 Schedule 6.01 – Indebtedness 

None. 

 Schedule 6.02 – Liens 
 None. 

 Schedule 6.09- Transactions with Affiliates 

None. 

 Schedule 6.10 – Restrictive Agreements 

None. 

 EXHIBIT A 
 BORROWING BASE CERTIFICATE 
  

											
	
 

	 	BORROWING BASE REPORT	 	 	 	 
	 	 	 	 	Rpt #	 	 
	Obligor Number:	 	 	 		 	Date:	 	 
	Loan Number:	 	 	 	 	 	Period Covered:        
              to                     
	 	 		 
	
COLLATERAL CATEGORY

 
	 	 A/R

 
	 	 Inventory

 
	 	 Total Eligible
Collateral
  

	Description	 	 	 	 	 		 	 
	1	 	Beginning Balance (Previous report - Line 8)	 	 	 	 	 		 	 
	2	 	Additions to Collateral (Gross Sales or Purchases)	 	 	 	 	 		 	 
	3	 	Other Additions (Add back any non-A/R cash in line 3)	 	 	 	 	 		 	 
	4	 	Deductions to Collateral (Cash Received)	 	 	 	 	 		 	 
	5	 	Deductions to Collateral (Discounts, other)	 	 	 	 	 		 	 
	6	 	Deductions to Collateral (Credit Memos, all)	 	 	 	 	 		 	 
	7	 	Other non-cash credits to A/R	 	 	 	 	 		 	 
	8	 	Total Ending Collateral Balance	 	 	 	 	 		 	 
	9	 	Less Ineligible - Past Due	 	 	 	 	 		 	 
	10	 	Less Ineligible - Cross-age (        %)	 	 	 	 	 		 	 
	11	 	Less Ineligible - Foreign	 	 	 	 	 		 	 
	12	 	Less Ineligible - Contra	 	 	 	 	 		 	 
	13	 	Less Ineligible - Other (attached schedule)	 	 	 	 	 		 	 
	14	 	Total Ineligibles - Accounts Receivable	 	 	 	 	 		 	 
	 	 	 	 	 	 	 	 		 	 
	15	 	Less Ineligible – Inventory Slow-moving	 	 	 	 	 		 	 
	16	 	Less Ineligible – Inventory Offsite not covered	 	 	 	 	 		 	 
	17	 	Less Ineligible – Inventory WIP	 	 	 	 	 		 	 
	18	 	Less Ineligible – Consigned	 	 	 	 	 		 	 
	19	 	Less Ineligible – Other (attached schedule)	 	 	 	 	 		 	 
	20	 	Total Ineligible Inventory	 	 	 	 	 		 	 
	 	 	 	 	 	 	 	 		 	 
	21	 	Total Eligible Collateral	 	 	 	 	 		 	 
	22	 	Advance Rate Percentage	 	%	 	%	 		 	 
	23	 	Net Available - Borrowing Base Value	 	 	 	 	 		 	 
	24	 	Reserves (other)	 	 	 	 	 		 	 
	25	 	Total Borrowing Base Value	 	 	 	 	 		 	 
	25A	 	Total Availability/CAPS	 	 	 	 	 	 	 	 
	26	 	Revolver Line	 	 	 	 	 	Total Revolver Line	 	 
	27	 	Maximum Borrowing Limit (Lesser of 25 or 26)*	 	 	 	 	 	Total Available	 	 
	27A	 	Suppressed Availability	 	 	 	 	 		 	 
	LOAN STATUS	 	 	 	 	 	 	 	 
	28	 	Previous Loan Balance (Previous Report Line 31)	 	 	 	 	 		 	 
	29	 	 Less: A. Net Collections (Same as line 4)

          B. Adjustments/Other
                    
	 	 	 	 	 		 	 
	30	 	 Add: A. Request for Funds

          B. Adjustments/Other
                    
	 	 	 	 	 		 	 
	31	 	New Loan Balance	 	 	 	 	 		 	 
	32	 	Letter of Credit/BA’s outstanding	 	 	 	 	 		 	 
	33	 	Availability Not Borrowed (Lines 27 less 31 & 32)	 	 	 	 	 	 	 	 
	34	 	Term Loan	 	 	 	 	 	Total New Loan Balance:
	35	 	OVERALL EXPOSURE (lines 31 & 34)	 		 		 		 	 
	 	 	 	 		 		 		 	 
	Pursuant to, and in accordance
with, the terms and provisions of that certain Credit Agreement (“Agreement”), among JPMorgan Chase Bank, N.A. (“Chase”), the Loan Parties and
                         (“Borrower”), Borrower is executing and delivering to Chase this Collateral Report
accompanied by supporting data (collectively referred to as the “Report”). Borrower represents and warrants to Chase that this Report is true and correct in all material respects, and is based on information contained in Borrower’s
own financial accounting records. Borrower, by the execution of this Report, hereby ratifies, confirms and affirms all of the terms, conditions and provisions of the Agreement, and further certifies on this
         day of                 , 20    , that the Borrower is in compliance with said
Agreement.
	 BORROWER NAME:

 
	 	
AUTHORIZED SIGNATURE:
  

  
 Exhibit A

 EXHIBIT B 
 COMPLIANCE CERTIFICATE 
  

	To:	JPMorgan Chase Bank, N.A. 

 This
Compliance Certificate is furnished pursuant to that certain Credit Agreement dated as of May     , 2008 (as amended, modified, renewed or extended from time to time, the “Agreement”) among Material Sciences
Corporation (the “Borrower”), the other Loan Parties and JPMorgan Chase Bank, N.A., as Lender. Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement.

 THE UNDERSIGNED HEREBY CERTIFIES ON BEHALF OF THE BORROWER AND NOT IN MY INDIVIDUAL CAPACITY THAT: 

1. I am the duly elected
                                        
 of the Borrower; 
 2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my
supervision, a detailed review of the transactions and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements [for quarterly or monthly financial statements add: and such
financial statements present fairly in all material respects the financial condition and results of operations of the Borrower 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]; 
 3. The examinations described in paragraph 2 did not disclose,
except as set forth below, and I have no knowledge of (i) the existence of any Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate or (ii) any change in
GAAP or in the application thereof that has occurred since the date of the audited financial statements referred to in Section 3.04 of the Agreement; 
 4. I hereby certify that no Loan Party has changed (i) its name, (ii) its chief executive office, (iii) principal place of business, (iv) the type of entity it is or (v) its state
of incorporation or organization without having given the Lender the notice required by Section 4.15 of the Security Agreement; and 
 5. Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the (i) nature of the Default, the period during which it has existed and the action which the Borrower has taken,
is taking, or proposes to take with respect to each such Default or (ii) the change in GAAP or the application thereof and the effect of such change on the attached financial statements: 

 

			
		 	  

		 	  

		 	  

  

  
 Exhibit B

 The foregoing certifications and the financial statements delivered with this Certificate in
support hereof, are made and delivered this          day of                 . 

 

			
	MATERIAL SCIENCES CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit C

 EXHIBIT C 
 JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT (this “Agreement”), dated as
of                 ,     , 200    , is entered into between
                                        ,
a                              (the “New Subsidiary”) and JPMORGAN CHASE BANK, N.A. (the
“Lender”) under that certain Credit Agreement, dated as of                 ,     , 200     among
                         (the “Borrower”), the Loan Parties party thereto, and the Lender (as the same may be
amended, modified, extended or restated from time to time, the “Credit Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement. 

The New Subsidiary and the Lender, hereby agree as follows: 
 1. The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed to be a Loan Party under the Credit Agreement and a “Loan
Guarantor” for all purposes of the Credit Agreement and shall have all of the obligations of a Loan Party and a Loan Guarantor thereunder as if it had executed the Credit Agreement. The New Subsidiary hereby ratifies, as of the date hereof, and
agrees to be bound by, all of the terms, provisions and conditions contained in the Credit Agreement, including without limitation (a) all of the representations and warranties of the Loan Parties set forth in Article III of the Credit
Agreement, *[and]* (b) all of the covenants set forth in Articles V and VI of the Credit Agreement *[and (c) all of the guaranty obligations set forth in Article X of the Credit Agreement. Without limiting the
generality of the foregoing terms of this paragraph 1, the New Subsidiary, subject to the limitations set forth in Section 10.10 of the Credit Agreement, hereby guarantees, jointly and severally with the other Loan Guarantors, to the Lender and
the Lender, as provided in Article X of the Credit Agreement, the prompt payment and performance of the Guaranteed Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in
accordance with the terms thereof and agrees that if any of the Guaranteed Obligations are not paid or performed in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise), the New Subsidiary will, jointly
and severally together with the other Loan Guarantors, promptly pay and perform the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same
will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration or otherwise) in accordance with the terms of such extension or renewal.]* *[The New Subsidiary has delivered to the Lender an
executed Loan Guaranty.]* 
 2. If required, the New Subsidiary is, simultaneously with the execution of this Agreement,
executing and delivering such Collateral Documents (and such other documents and instruments) as requested by the Lender in accordance with the Credit Agreement. 
 3. The address of the New Subsidiary for purposes of Section 8.01 of the Credit Agreement is as follows: 
  

					
	  
	  			
	  
	  			
	  
	  			
	  
	  			

 4. The New Subsidiary hereby waives acceptance by the Lender of the guaranty by the New Subsidiary
upon the execution of this Agreement by the New Subsidiary. 

  
 Exhibit C

 5. This Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be an original, but all of which shall constitute one and the same instrument. 
 6. THIS AGREEMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS. 
 IN WITNESS WHEREOF, the New Subsidiary has caused this Agreement to be duly executed by its authorized officer, and the Lender, has caused the same to be accepted by its authorized officer, as of the day
and year first above written. 
  

			
	[NEW SUBSIDIARY]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

			
	Acknowledged and accepted:
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit C

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