Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

$260,000,000 
 MTW CRANES ESCROW
CORP. 
 to be merged with and into 

THE MANITOWOC COMPANY, INC. 

12.75% Senior Secured Second Lien Notes due 2021 

Purchase Agreement 

February 8, 2016 
 Goldman, Sachs &
Co. 
 as Representative of the 

several Initial Purchasers listed 

in Schedule 1 hereto 
 200 West
Street 
 New York, New York 10282 
 Ladies and
Gentlemen: 
 MTW Cranes Escrow Corp., a Delaware corporation (the “Escrow Issuer”) and a newly-formed wholly-owned
subsidiary of The Manitowoc Company, Inc., a Wisconsin corporation (the “Company”), proposes to issue and sell to the several initial purchasers listed in Schedule 1 hereto (the “Initial Purchasers”), for
whom Goldman, Sachs & Co. is acting as representative (in such capacity, the “Representative”), $260,000,000 aggregate principal amount of its 12.75% Senior Secured Second Lien Notes due 2021 (the “Notes”).
The Notes will be issued pursuant to an indenture to be dated as of February 18, 2016 (the “Indenture”), between the Escrow Issuer and Wells Fargo Bank, National Association, as trustee (in such capacity, the
“Trustee”) and as collateral agent (in such capacity, the “Notes Collateral Agent”). 
 The Notes are
being issued as part of the financing related to the pro rata distribution (the “Spin-Off”) of 100% of the capital stock of Manitowoc Foodservice, Inc. (“Manitowoc Foodservice”), a wholly-owned subsidiary of the
Company, to the stockholders of the Company as contemplated by a Separation and Distribution Agreement between the Company and Manitowoc Foodservice to be entered into prior to the effectiveness of the Spin-Off (the date of such effectiveness, the
“Spin-Off Date”). In connection with the Spin-Off, the Company intends to enter into (a) a $225 million senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) pursuant to a
Credit Agreement (the “ABL Revolving Credit Agreement”) to be dated on or about the Escrow Release Date (as defined below) among the Company, the Guarantors (as defined below), the lenders party thereto and Wells Fargo Bank,
National Association, as administrative agent and collateral agent (the “ABL Agent”), and (b) a $75.0 million trade receivables securitization (the “Securitization”) to be entered into on or about the Escrow
Release Date among the Company, certain foreign and domestic subsidiaries of the Company, and Wells Fargo Bank, National Association, as purchaser and facility agent. 

 On the Closing Date (as defined below), the Escrow Issuer, the Company, the Trustee and JPMorgan
Chase Bank, N.A., as escrow agent, will enter into an escrow agreement (the “Escrow Agreement”), pursuant to which, on the Closing Date, (x) the Escrow Issuer will deposit or caused to be deposited in a segregated escrow
account (the “Escrow Account”) $243,934,600 in cash, representing the net proceeds of the offering of the Notes, and (y) the Company will deposit or caused to be deposited in the Escrow Account an additional amount (the
“Additional Escrow Amount”) in cash or certain eligible investments (to be defined in the Escrow Agreement) that, together with the net proceeds of the offering of the Notes, would be sufficient to redeem the Notes in full at a
price equal to 100% of the issue price thereof plus an amount equal to the interest that would accrue on the Notes to, but excluding, the date that is five business days after the Escrow End Date (as defined below) (the amounts pursuant to clauses
(x) and (y), collectively with any other property from time to time held in the Escrow Account, the “Escrowed Property”). The Escrowed Property will be held in the Escrow Account in accordance with the terms and conditions set
forth in the Escrow Agreement and released only in accordance therewith. Prior to the release of the Escrowed Property from the Escrow Account in accordance with the terms and conditions of the Escrow Agreement, the Notes will be the sole
obligations of the Escrow Issuer and secured by an exclusive first-priority lien on and security interest in the Escrow Account and the Escrowed Property. If the conditions to the release of the Escrowed Property from the Escrow Account shall not
have been fulfilled on or prior to March 31, 2016 (the “Escrow End Date”) or upon the earlier occurrence of certain events specified in the Time of Sale Information and the Offering Circular (each as defined below), the Notes
shall be mandatorily redeemed in accordance with the special mandatory redemption procedures described in the Time of Sale Information, the Offering Circular and the Indenture. If the conditions to the release of the Escrowed Property from the
Escrow Account shall have been fulfilled on or prior to the Escrow End Date, the Escrowed Property shall be released (the date on which the Escrowed Property is released, the “Escrow Release Date”) pursuant to the Escrow
Issuer’s instructions in accordance with the Indenture and the Escrow Agreement. 
 On the Escrow Release Date: (i) the Escrow
Issuer will merge with and into the Company, with the Company continuing as the surviving corporation, and the Company will assume by operation of law the Escrow Issuer’s obligations under this purchase agreement (this
“Agreement”), the Indenture and the Notes; and (ii) the Company and the Guarantors will enter into a supplemental indenture to the Indenture (the “Supplemental Indenture”) with the Trustee and the Notes
Collateral Agent pursuant to which (x) the Company will assume the rights and obligations of the Escrow Issuer under the Indenture and the Notes and (y) the obligations of the Company, including the due and punctual payment of interest on
the Notes, will be fully and unconditionally guaranteed on a senior secured basis (the “Guarantees” and collectively with the Notes, the “Securities”), jointly and severally, by the guarantors listed in Schedule
2 hereto (each, a “Guarantor” and collectively, the “Guarantors” and, together with the Escrow Issuer and the Company, the “Manitowoc Parties”). 

  
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 On the Escrow Release Date, substantially simultaneously with the release of the Escrowed
Property from the Escrow Account and satisfaction of the other conditions set forth in the Escrow Agreement, (x) the Company and the Guarantors will enter into one or more security agreements, pledge agreements and mortgages in favor of the
Notes Collateral Agent, for the benefit of the holders of the Notes, establishing the terms of the security interests and liens in favor of the Notes Collateral Agent, for its benefit and the benefit of the Trustee and the holders of the Notes
(collectively, the “Security Documents”), pursuant to which the Securities will be secured on a second-priority basis, subject to certain Permitted Liens (as defined in each of the Time of Sale Information and the Offering Circular
under the heading “Description of Notes”), by security interests in substantially all of the tangible and intangible assets of the Company and the Guarantors, now owned or hereafter acquired by the Company and any Guarantor, subject to
certain exceptions as described in the Indenture and the Security Documents (the “Collateral”), as more fully described in the Time of Sale Information and the Offering Circular; and (y) an intercreditor agreement will be
entered into by and between the Notes Collateral Agent and the ABL Agent, and acknowledged by the Company and the Guarantors (the “Intercreditor Agreement”). 

As used herein, the term “Issuer” shall mean (i) prior to the release of the Escrowed Property from the Escrow Account
on the Escrow Release Date, the Escrow Issuer and (ii) following the release of the Escrowed Property from the Escrow Account on the Escrow Release Date, the Company. 

As used herein: (i) the term “Transactions” has the meaning provided in the Time of Sale Information (as defined below);
(ii) the term “Pre-Escrow Release Documents” collectively refers to this Agreement, the Notes, the Indenture and the Escrow Agreement; and (iii) the term “Transaction Documents” collectively refers to the
Pre-Escrow Release Documents, the Supplemental Indenture, the Guarantees, the Security Documents and the Intercreditor Agreement. 
 The
Securities will be sold to the Initial Purchasers without being registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption therefrom. The Escrow Issuer and the Company have prepared
a preliminary offering circular dated January 29, 2016 (the “Preliminary Offering Circular”) and will prepare an offering circular dated the date hereof (the “Offering Circular”) setting forth information
concerning the Escrow Issuer, the Company, the Guarantors and the Securities. Copies of the Preliminary Offering Circular have been, and copies of the Offering Circular will be, delivered by the Manitowoc Parties to the Initial Purchasers pursuant
to the terms of this Agreement. The Manitowoc Parties hereby confirm that they have authorized the use of the Preliminary Offering Circular, the other Time of Sale Information and the Offering Circular in connection with the offering and resale of
the Securities by the Initial Purchasers in the manner contemplated by this Agreement. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Preliminary Offering Circular. 

At or prior to 1:50 p.m., New York City time, on February 8, 2016 (the “Time of Sale”), the Manitowoc Parties shall have
prepared the following information (collectively, the “Time of Sale Information”): the Preliminary Offering Circular, as supplemented and amended by the written communications listed on Annex B hereto. 

  
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 The Manitowoc Parties hereby confirm their agreement with the several Initial Purchasers
concerning the purchase and resale of the Securities, as follows: 
 1. Purchase and Resale of the Securities by the Initial
Purchasers. 
 (a) The Escrow Issuer agrees to issue and sell the Securities to the several Initial Purchasers as provided in this
Agreement, and each Initial Purchaser, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Escrow Issuer the
respective principal amount of Securities set forth opposite such Initial Purchaser’s name in Schedule 1 hereto at a price equal to 93.821% of the principal amount thereof plus accrued interest, if any, from February 18, 2016 to the
Closing Date. The Escrow Issuer will not be obligated to deliver any of the Securities except upon payment for all the Securities to be purchased as provided herein. 

(b) The Manitowoc Parties understand that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in the Time
of Sale Information. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 
 (i) it is a
qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”) and an accredited investor within the meaning of Rule 501(a) of Regulation D under the Securities Act (“Regulation
D”); 
 (ii) it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell,
the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act; and

 (iii) it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the
Securities as part of the initial offering except: 
 (A) within the United States to persons whom it reasonably believes to
be QIBs in transactions pursuant to Rule 144A under the Securities Act (“Rule 144A”) and, in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities is aware that
such sale is being made in reliance on Rule 144A; or 
 (B) in accordance with the restrictions set forth in Annex D
hereto. 
 (c) Each Initial Purchaser acknowledges and agrees that the Escrow Issuer and, for purposes of the “no registration”
opinions to be delivered to the Initial Purchasers pursuant to Sections 6(f) and 6(h), counsel for the Manitowoc Parties and counsel for the Initial Purchasers, respectively, may rely upon the accuracy of the representations and warranties of the
Initial Purchasers, and compliance by the Initial Purchasers with their agreements, contained in paragraph (b) above (including Annex D hereto), and each Initial Purchaser hereby consents to such reliance. 

  
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 (d) The Escrow Issuer acknowledges and agrees that the Initial Purchasers may offer and sell
Securities to or through any affiliate of an Initial Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser. 

(e) The Escrow Issuer, the Company and each of the Guarantors acknowledge and agree that the Initial Purchasers are acting solely in the
capacity of an arm’s length contractual counterparty to the Escrow Issuer, the Company and the Guarantors with respect to the offering of Securities contemplated hereby (including in connection with determining the terms of the offering) and
not as a financial advisor or a fiduciary to, or an agent of, the Escrow Issuer, the Company, the Guarantors or any other person. Additionally, neither the Representative nor any other Initial Purchaser is advising the Escrow Issuer, the Company,
the Guarantors or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Escrow Issuer, the Company and each of the Guarantors shall consult with its own advisors concerning such matters and
shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Initial Purchasers shall have no responsibility or liability to the Escrow Issuer, the Company and each of the
Guarantors with respect thereto. Any review by the Representative or any Initial Purchaser of the Escrow Issuer, the Company and the Guarantors, the transactions contemplated hereby or other matters relating to such transactions will be performed
solely for the benefit of the Representative or such Initial Purchaser, as the case may be, and shall not be on behalf of the Escrow Issuer, the Company, the Guarantors or any other person. 

2. Payment and Delivery. 

(a) Payment for and delivery of the Securities will be made at the offices of Cahill Gordon & Reindel LLP at 10:00
a.m., New York City time, on February 18, 2016, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representative and the Escrow Issuer may agree upon in writing. The time and
date of such payment and delivery is referred to herein as the “Closing Date.” 
 (b) Payment for the Securities shall be
made by wire transfer in immediately available funds of the net proceeds of the offering of the Securities into the Escrow Account against delivery to the nominee of The Depository Trust Company (“DTC”), for the account of the
Initial Purchasers, of one or more global notes representing the Securities (collectively, the “Global Note”), with any transfer taxes payable in connection with the sale of the Securities duly paid by the Company. The Global Note
will be made available for inspection by the Representative not later than 1:00 p.m., New York City time, on the business day prior to the Closing Date. 

3. Representations and Warranties of the Company and the Guarantors. As of the Time of Sale and as of the Closing Date, each of the
Escrow Issuer, the Company and each of the Guarantors, jointly and severally, hereby represents, warrants and covenants to each Initial Purchaser that: 

(a) Preliminary Offering Circular, Time of Sale Information and Offering Circular. The Time of Sale Information, at the Time of Sale,
did not, and at the Closing Date, will not, and the Offering Circular, in the form first used by the Initial Purchasers to confirm sales of the 

  
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Securities and as of the Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided that the Escrow Issuer, the Company and the Guarantors make no representation or warranty with respect to any statements or omissions made in reliance upon and in
conformity with information relating to any Initial Purchaser furnished to the Manitowoc Parties in writing by such Initial Purchaser through the Representative expressly for use in the Preliminary Offering Circular, the Time of Sale Information or
the Offering Circular. 
 (b) Additional Written Communications. The Escrow Issuer, the Company and the Guarantors (including their
agents and representatives, other than the Initial Purchasers in their capacity as such) have not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any “written
communication” (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by the Escrow Issuer, the Company and the Guarantors or their agents
and representatives (other than a communication referred to in clauses (i), (ii) and (iii) below), an “Issuer Written Communication”) other than (i) the Preliminary Offering Circular, (ii) the Offering Circular,
(iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of Annex C hereto, which constitute part of the Time of Sale Information, (iv) the pre-marketing materials and (v) any
electronic road show or other written communications, in each case used in accordance with Section 4(c). Each such Issuer Written Communication, when taken together with the Time of Sale Information at the Time of Sale, did not, and at the
Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided
that the Escrow Issuer, the Company and the Guarantors make no representation or warranty with respect to any statements or omissions made in each such Issuer Written Communication in reliance upon and in conformity with information relating to any
Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representative expressly for use in any Issuer Written Communication. No Issuer Written Communication contains any information that conflicts with the Time
of Sale Information or the Offering Circular. 
 (c) Financial Statements. The financial statements and the related notes thereto of
the Company included in each of the Time of Sale Information and the Offering Circular present fairly the financial position of the Company and its subsidiaries as of the dates indicated and the results of their operations and the changes in their
cash flows for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout the periods covered thereby, and the supporting schedules
included in each of the Time of Sale Information and the Offering Circular present fairly the information required to be stated therein; the other financial information included in each of the Time of Sale Information and the Offering Circular has
been derived from the accounting records of the Company and its subsidiaries and presents fairly the information shown thereby; and the pro forma financial information and the related notes thereto included in each of the Time of Sale Information
and the Offering Circular has been prepared in accordance with the rules and guidance of the Securities and Exchange Commission (the “Commission”) set forth in Regulation S-X with respect to pro forma financial information, and the
assumptions underlying such pro forma financial information are reasonable and are set forth in each of the Time of Sale Information and the Offering Circular. 

  
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 (d) No Material Adverse Change. Since the date of the most recent financial statements of
the Company included in each of the Time of Sale Information and the Offering Circular, (i) there has not been any change in the long-term debt of the Company or any of its subsidiaries (other than ordinary course working capital borrowings
under the Existing Credit Agreement (as defined below) that are not material), or any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, in the earnings, business or
operations of the Company and its subsidiaries taken as a whole; (ii) neither the Company nor any of its subsidiaries has entered into any transaction or agreement that is material to the Company and its subsidiaries, taken as a whole, or
incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries, taken as a whole; and (iii) neither the Company nor any of its subsidiaries has sustained any material loss or interference with
its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, except in
each case as otherwise disclosed in each of the Time of Sale Information and the Offering Circular. 
 (e) Organization and Good
Standing. The Escrow Issuer, the Company and each of its subsidiaries has been duly organized and are validly existing and in good standing (to the extent applicable) under the laws of their respective jurisdictions of organization, are duly
qualified to do business and are in good standing (to the extent applicable) in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all power
and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified, in good standing or have such power or authority would not, individually or in
the aggregate, have a material adverse effect on the condition, financial or otherwise, in the earnings, business or operations of the Company and its subsidiaries taken as a whole or on the performance by the Escrow Issuer, the Company and the
Guarantors of their obligations under any of the Transaction Documents (a “Material Adverse Effect”). The Company does not own or control, directly or indirectly, any corporation, association or other entity other than the
subsidiaries listed in Exhibit 21 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 except for the Escrow Issuer and MTW Foodservice Escrow Corp. 

(f) Capitalization. The Company has the capitalization as of September 30, 2015 set forth in each of the Time of Sale Information
and the Offering Circular under the heading “Capitalization” and all the outstanding shares of capital stock or other equity interests of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and
non-assessable (except with respect to former Section 180.0622(2) of the Wisconsin Business Corporation Law to the extent not repealed) and are owned (other than director qualifying shares) directly or indirectly by the Company, free and clear
of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party except for liens securing the Third Amended and Restated Credit Agreement, dated as of January 3, 2014, among the
Company, the subsidiary borrowers party thereto, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent (the “Existing Credit Agreement”), which will be fully repaid and terminated
upon consummation of the transactions on the Escrow Release Date, as described in each of the Time of Sale Information and the Offering Circular. 

  
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 (g) Due Authorization. Each of the Escrow Issuer, the Company and each Guarantor has full
right, power and authority to execute and deliver the Transaction Documents to which it is a party and to perform its obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and
delivery of each of the Transaction Documents and the consummation of the Transactions has been, or will be (i) by the Closing Date in the case of the Escrow Issuer and (ii) by the Closing Date with respect to the Pre-Escrow Release
Documents and by the Escrow Release Date with respect to the other Transaction Documents in the case of the Company and each of the Guarantors, duly and validly taken. 

(h) The Indenture. The Indenture has been duly authorized by the Escrow Issuer and, when duly executed and delivered in accordance with
its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Escrow Issuer enforceable against the Escrow Issuer in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent transfer or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability (collectively, the “Enforceability Exceptions”). 

(i) The Supplemental Indenture. On or prior to the Escrow Release Date, the Supplemental Indenture will be duly authorized by the
Company and the Guarantors and, on the Escrow Release Date, will be duly executed and delivered by the Company and the Guarantors and when duly executed and delivered in accordance with its terms by each of the parties thereto, will constitute a
valid and binding agreement of the Company and the Guarantors, enforceable against the Company and the Guarantors in accordance with its terms, subject to the Enforceability Exceptions. 

(j) Purchase Agreement. This Agreement has been duly authorized, executed and delivered by the Escrow Issuer, the Company and the
Guarantors. 
 (k) [Reserved]. 

(l) Descriptions of the Transaction Documents; Collateral. Each Transaction Document conforms in all material respects to the
description thereof contained in each of the Time of Sale Information and the Offering Circular (to the extent described therein). The Collateral conforms in all material respects to the description thereof contained in each of the Time of Sale
Information and the Offering Circular. 
 (m) The Notes and the Guarantees. The Notes have been duly authorized by the Escrow Issuer
and, when duly executed, issued, authenticated and delivered in accordance with the terms of this Agreement and the Indenture and paid for as provided herein, will be duly and validly issued and outstanding and will constitute valid and binding
obligations of the Escrow Issuer, enforceable against the Escrow Issuer in accordance with their terms, subject to the Enforceability Exceptions, and entitled to the benefits of the Indenture, and, when the Supplemental Indenture has been duly
executed and delivered by the Company in accordance 

  
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with the Indenture, the Notes will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to the Enforceability
Exceptions, and entitled to the benefits of the Indenture. On or prior to the Escrow Release Date, the Guarantees will be duly authorized by each of the Guarantors, and, when the Supplemental Indenture has been executed and delivered by each
Guarantor in accordance with the terms of this Agreement and the Indenture, will constitute a valid and binding obligation of each Guarantor enforceable against each Guarantor in accordance with its terms, subject to the Enforceability Exceptions,
and be entitled to the benefits of the Indenture. 
 (n) The Escrow Agreement. The Escrow Agreement has been duly authorized by all
necessary corporate action on the part of the Escrow Issuer and the Company and, on the Closing Date, will have been duly executed and delivered by, and, assuming due authorization, execution and delivery by the Trustee and the Escrow Agent, will
constitute a valid and legally binding agreement of, the Escrow Issuer and the Company, enforceable against the Escrow Issuer and the Company in accordance with its terms, subject to the Enforceability Exceptions. The Escrow Agreement, when executed
and delivered, will create in favor of the Trustee, for the benefit of itself and the holders of the Notes, valid and enforceable security interests in and liens on the Escrow Account and the Escrowed Property, subject to no other liens, charges or
encumbrances. Upon execution of the Escrow Agreement, the establishment of the Escrow Account, the issuance of the Notes and the deposit of the Escrowed Property in the Escrow Account by or at the direction of the Escrow Issuer, the lien on and
security interest in all of the Escrow Issuer’s right, title and interest in the Escrow Account and the Escrowed Property, granted in favor of the Trustee for the benefit of the holders of the Notes pursuant to the Escrow Agreement, will
constitute a perfected security interest in the Escrow Account and the Escrowed Property, which will not be subject to any other lien, charge or encumbrance. 

(o) The Security Documents. On or prior to the Escrow Release Date, each of the Security Documents will have been duly authorized by
the Company and the Guarantors and, on the Escrow Release Date, will be executed and delivered by the Company each of the Guarantors, to the extent party thereto, and when duly executed and delivered in accordance with its terms by each of the
parties thereto, will constitute a valid and binding agreement of the Company and the Guarantors, enforceable against the Company and the Guarantors in accordance with its terms, subject to the Enforceability Exceptions. The Security Documents, when
executed and delivered, will create in favor of the Notes Collateral Agent, for the benefit of itself and the Trustee and the holders of the Notes, valid and enforceable security interests in and liens on the Collateral and, upon the filing of
appropriate Uniform Commercial Code financing statements in appropriate jurisdictions and the taking of other actions, in each case as further described in the Security Documents, the Time of Sale Information and the Offering Circular, the security
interests and liens on the rights of the Company or the applicable Guarantor in such Collateral will be perfected to the extent such security interests and liens can be perfected by such filings, recordings and other actions, subject to Permitted
Liens, on a first-priority basis with respect to the Notes Priority Collateral and on a second-priority basis with respect to the ABL Priority Collateral. 

(p) The Intercreditor Agreement. On or prior to the Escrow Release Date, the Intercreditor Agreement will have been duly authorized by
the Company and the Guarantors and, on the Escrow Release Date, will be duly executed and delivered by the Company and the 

  
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Guarantors, and when duly executed and delivered in accordance with its terms by each of the parties thereto, will constitute a valid and binding agreement of the Company and the Guarantors,
enforceable against the Company and the Guarantors in accordance with its terms, subject to the Enforceability Exceptions. 
 (q) No
Violation or Default. None of the Escrow Issuer, the Company or any of its subsidiaries is (i) in violation of its charter or by-laws or similar organizational documents, (ii) in default, and no event has occurred that, with notice or
lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Escrow
Issuer, the Company or any of its subsidiaries is a party or by which the Escrow Issuer, the Company or any of its subsidiaries is bound or to which any of the property or assets of the Escrow Issuer, the Company or any of its subsidiaries is
subject or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such
default or violation that would not, individually or in the aggregate, have a Material Adverse Effect. 
 (r) No Conflicts. The
execution and delivery by the Escrow Issuer, the Company and each Guarantor of, and the performance by the Escrow Issuer, the Company and each Guarantor of each of the Transaction Documents, as applicable, the issuance and sale of the Notes and the
related Guarantees and compliance by the Escrow Issuer, the Company and the Guarantors with the terms thereof, the granting of a security interest in the Escrow Account, the Escrowed Property and the Collateral and the consummation of the
transactions contemplated by the Transaction Documents will not contravene (w) any provision of applicable law or regulation or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or (after
giving effect to the repayment and termination of the Existing Credit Agreement, the repayment of the Existing Notes (as defined below) and the satisfaction and discharge of the related indentures) result in the creation or imposition of any lien,
charge or encumbrance upon any property or assets of the Escrow Issuer, the Company or any of its subsidiaries (other than the liens created or imposed pursuant to the Escrow Agreement, the Security Documents, the collateral documents relating to
and required by the ABL Revolving Credit Facility, the Securitization, or any other Permitted Lien) or (x) the certificate of incorporation, by-laws or similar organizational documents of the Escrow Issuer, the Company or any Guarantor,
(y) any agreement or other instrument binding upon the Escrow Issuer, the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a whole, or (z) any judgment, order or decree of any governmental
body, regulatory authority, agency or court having jurisdiction over the Escrow Issuer, the Company or any of its subsidiaries. 
 (s) No
Consents Required. No consent, approval, authorization or order of, or registration or qualification with, any governmental body or agency or regulatory authority is required for the execution and delivery by the Escrow Issuer, the Company and
each Guarantor of and performance by the Escrow Issuer, the Company and each Guarantor of each of the Transaction Documents to which each is a party, the issuance and sale of the Notes and the related Guarantees, the grant and perfection of liens
and security interests in the Collateral pursuant to the Security Documents and compliance by the Escrow Issuer, the Company and the Guarantors with the terms thereof and the consummation of the transactions contemplated by the Transaction
Documents, 

  
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except for such consents, approvals, authorizations, orders, registrations or qualifications (i) as have already been obtained or will have been obtained prior to the Closing Date (with
respect to the Escrow Issuer and, solely with respect to the Purchase Agreement, the Company and the Guarantors) or the Escrow Release Date (with respect to the Company and the Guarantors (other than with respect to the Purchase Agreement)),
(ii) as may be required under applicable state securities laws in connection with the purchase and resale of the Securities by the Initial Purchasers, (iii) the filing of financing statements under the Uniform Commercial Code as from time
to time in effect in the relevant jurisdictions and any filing to be made in the United States Patent and Trademark Office or the United States Copyright Office and such mortgages or filings necessary to perfect the Notes Collateral Agent’s
mortgages, liens and security interests in the Collateral and (iv) causing the Notes Collateral Agent’s name to be noted as secured party on any certificate of title for a titled good. 

(t) Legal Proceedings. Except as described in each of the Time of Sale Information and the Offering Circular, there is not pending or,
to the knowledge of the Escrow Issuer, the Company or any of the Guarantors, threatened any action, suit, proceeding, inquiry or investigation to which the Escrow Issuer, the Company or any of its subsidiaries is a party, or to which the property or
assets of the Escrow Issuer, the Company or any of its subsidiaries are subject, before or brought by any court, arbitrator or governmental agency or body that, if determined adversely to the Escrow Issuer, the Company or any of its subsidiaries
taking into account all applicable insurance and reserves, would, individually or in the aggregate, have a Material Adverse Effect, or that seeks to restrain, enjoin, prevent the consummation of or otherwise challenge the offering or sale of the
Securities to be sold hereunder. 
 (u) Independent Accountants. PricewaterhouseCoopers LLP, who have certified certain financial
statements of the Company and its subsidiaries, are an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company
Accounting Oversight Board (United States) and as required by the Securities Act. 
 (v) Title to Real and Personal Property. Each of
the Escrow Issuer, the Company and its subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct
its business as currently conducted or to utilize such properties for their intended purposes, and free and clear of all liens, encumbrances, claims and defects and imperfections of title (except those that secure the Existing Credit Agreement,
which liens, encumbrances and claims will be released on the Escrow Release Date). 
 (w) Investment Company Act. None of the Escrow
Issuer, the Company or any of the Guarantors is, and after giving effect to the offering and sale of the Notes and the application of the proceeds thereof as described in each of the Time of Sale Information and the Offering Circular, none of the
Escrow Issuer, the Company or any of the Guarantors will be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

  
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 (x) Taxes. Each of the Escrow Issuer, the Company and its subsidiaries has timely filed or
caused to be filed all tax returns and reports required to have been filed (including the filing of extensions in respect thereof) and has paid or caused to be paid all taxes required to have been paid by it, except (a) taxes that are being
contested in good faith by appropriate proceedings and for which the Escrow Issuer, the Company or such subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably
be expected to result in a Material Adverse Effect. 
 (y) Compliance with Environmental Laws. Except as would not, individually or
in the aggregate, have a Material Adverse Effect, and except as disclosed in each of the Time of Sale Information and the Offering Circular, (A) each of the Escrow Issuer, the Company and its subsidiaries is in compliance with and not subject
to liability under applicable Environmental Laws (as defined below), (B) each of the Escrow Issuer, the Company and its subsidiaries has made all filings and provided all notices required under any applicable Environmental Law, and has and is
in compliance with all permits required under any applicable Environmental Laws and each of them is in full force and effect, (C) there is no civil, criminal or administrative action, suit, demand, claim, hearing, notice of violation,
investigation, proceeding, notice or demand letter or request for information pending or, to the knowledge of the Escrow Issuer or the Company, threatened against it under any Environmental Law, (D) no lien, charge, encumbrance or restriction
has been recorded under any Environmental Law with respect to any assets, facility or property owned, operated, leased or controlled by the Escrow Issuer, the Company or any of its subsidiaries, (E) none of the Escrow Issuer, the Company or any
of its subsidiaries has received notice that it has been identified as a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”), or any comparable
Environmental Law, (F) no property or facility of the Escrow Issuer, Company or its subsidiaries is (i) listed or proposed for listing on the National Priorities List under CERCLA or is (ii) listed in the Comprehensive Environmental
Response, Compensation, Liability Information System List promulgated pursuant to CERCLA, or on any comparable list maintained by any state or local governmental authority, (G) none of the Escrow Issuer, the Company or any of its subsidiaries
is subject to any order, decree or agreement requiring, or is otherwise obligated or required to perform any response or corrective action relating to any Hazardous Materials (as defined below) pursuant to any Environmental Law and (H) there
are no past or present actions, events, operations or activities which could reasonably be expected to prevent or interfere with compliance by the Escrow Issuer, the Company or any of its subsidiaries with any applicable Environmental Law or to
result in liability under any applicable Environmental Law. 
 For purposes of this Agreement: (A) “Environmental
Laws” means the common law and all applicable laws or regulations, codes, orders, decrees, judgments or injunctions issued, promulgated, approved or entered thereunder, relating to pollution or protection of public or employee health and
safety or the environment, including, without limitation, laws relating to (i) emissions, discharges, releases or threatened releases of Hazardous Materials into the environment (including, without limitation, ambient air, surface water, ground
water, land surface or subsurface strata), (ii) the manufacture, processing, distribution, use, generation, treatment, storage, disposal, transport or handling of Hazardous Materials, (iii) underground and above ground storage tanks and
related piping, and emissions, discharges, releases or threatened releases therefrom, and (iv) protection or restoration of natural resources such as flora, fauna and wetlands; and (B) “Hazardous Materials” means any
pollutant, contaminant, waste, chemical, substance, material or constituent subject to regulation or which can give rise to liability under any Environmental Law. 

  
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 (z) Compliance With ERISA. No ERISA Event ((a) any “reportable event,” as
defined in Section 4043 of ERISA or the regulations issued thereunder with respect to any employee pension benefit plan (other than a Multiemployer Plan as defined in Section 4001(a)(3) of ERISA (each a “Multiemployer
Plan”)) subject to the provisions of Title IV of ERISA or Section 412 of the Internal Revenue Code of 1986, as amended (the “Code”) or Section 302 of ERISA, and in respect of which the Company or any of its trades
or businesses (whether or not incorporated) that, together with the Company, 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 (each such trade or business, an “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 (each such employee pension benefit plan, 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 Company or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan, (e) the
receipt by the Company or any ERISA Affiliate from the Pension Benefit Guaranty Corporation 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 Company 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 Company or any ERISA Affiliate of any notice, or the
receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition of 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) 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 (each such an event, an “ERISA
Event”)) has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.
The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements prior to
the Applicable Time reflecting such amounts, exceed by more than $20,000,000 the fair market value of the assets of such Plan, and 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. 87) did not, as of the date of the most recent financial statements prior to the Time of Sale reflecting such amounts, exceed by more than $20,000,000 the fair market value of the
assets of all such underfunded Plans. 
 (aa) Intellectual Property. Each of the Escrow Issuer, the Company and its subsidiaries
owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Escrow Issuer, the Company and its subsidiaries does not infringe upon the rights of
any other person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

  
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 (bb) Disclosure Controls. The Company and its subsidiaries maintain an effective system of
“disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company’s
management as appropriate to allow timely decisions regarding required disclosure. The Company and its subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the
Exchange Act. 
 (cc) Accounting Controls. The Company and its subsidiaries maintain systems of “internal control over financial
reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial officers,
or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles,
including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are
recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in each of the
Time of Sale Information and the Offering Circular, there are no material weaknesses in the Company’s internal controls. Since the date of the most recent financial statements of the Company included in each of the Time of Sale Information and
the Offering Circular, there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 (dd) Compliance with FCPA and Bribery Act. Except as disclosed to the Initial Purchasers, none of the Escrow Issuer, the Company
or any of its subsidiaries or, to the knowledge of the Escrow Issuer or the Company, any director, manager, officer, agent or employee of the Escrow Issuer, the Company or any of its subsidiaries has (i) used any corporate funds for any
unlawful contribution, gift, entertainment or other unlawful expense related to political activity, (ii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”) or
(iii) committed an offence under the Bribery Act 2010 of the United Kingdom or, to the knowledge of the Company, any other applicable anti-bribery or anti-corruption law (the “Bribery Act”). Except as disclosed to the Initial
Purchasers, each of the Escrow Issuer, the Company and its subsidiaries have conducted their businesses in compliance with the FCPA and the Bribery Act and have instituted, maintain and enforce, and will continue to maintain and enforce, policies
and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws, including the FCPA and the Bribery Act. 

  
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 (ee) Compliance with Money Laundering Laws. The operations of the Escrow Issuer, the
Company and its subsidiaries are and have been conducted at all times in compliance with applicable money laundering statutes and the rules and regulations thereunder including, without limitation, the financial recordkeeping and reporting
requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts business, and the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”) and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator involving the Escrow Issuer, the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the knowledge of the Escrow Issuer or the
Company, threatened. 
 (ff) No Conflicts with Sanctions Laws. None of the Escrow Issuer, the Company, any of its subsidiaries or, to
the knowledge of the Escrow Issuer or the Company, any director, officer, agent, employee or affiliate of the Escrow Issuer, the Company or any of its subsidiaries is currently the subject or the target of any sanctions administered or enforced by
the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S. Department of State and including, without limitation, the designation as a
“specially-designated national” or “blocked person”), the United Nations Security Council (“UNSC”), the European Union, Her Majesty’s Treasury (“HMT”), or other relevant sanctions authority
(collectively, “Sanctions”), nor is the Escrow Issuer, the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation,
Crimea, Burma (Myanmar), Iran, North Korea, Sudan and Syria (each, a “Sanctioned Country”); and the Escrow Issuer and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend,
contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person or entity that, at the time of such funding or
facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person
participating in the transaction, whether as an underwriter, initial purchaser, advisor, investor or otherwise) of Sanctions. For the past five years, the Escrow Issuer, the Company and its subsidiaries have not knowingly engaged in, are not now
knowingly engaged in and will not engage in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country in violation of any applicable
law. 
 (gg) Solvency. On and immediately after the Spin-Off Date (after giving effect to the Transactions), (a) on a going
concern basis the fair market value of the assets of the Company and its subsidiaries, on a consolidated basis, will exceed their debts and liabilities, subordinated, contingent or otherwise, (b) the Company and its subsidiaries, on a
consolidated basis, will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured in the ordinary course, and (c) the Company and its

  
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subsidiaries, on a consolidated basis, will not have unreasonably small capital with which to conduct the Crane Business (as defined in each of the Time of Sale Information and the Offering
Circular) in which they are engaged as such business is now conducted and is proposed to be conducted following the Spin-Off Date. 
 (hh)
No Restrictions on Subsidiaries. No subsidiary of the Company is currently, and on the Spin-Off Date assuming consummation of the Transactions, no subsidiary of the Company will be, prohibited, directly or indirectly, under any agreement or
other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to the Company any loans or advances to such subsidiary from
the Company or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company, except for any such restrictions (i) contained in the Existing Credit Agreement, which will be repaid in
full and terminated on the Escrow Release Date as described in each of the Time of Sale Information and the Offering Circular or (ii) that will be permitted by the Indenture or the ABL Revolving Credit Agreement. 

(ii) No Broker’s Fees. None of the Escrow Issuer, the Company or any of its subsidiaries is a party to any contract, agreement or
understanding with any person (other than this Agreement) that would give rise to a valid claim against the Escrow Issuer, the Company or any of its subsidiaries or any Initial Purchaser for a brokerage commission, finder’s fee or like payment
in connection with the offering and sale of the Securities. 
 (jj) No Registration Rights. No person has the right to require the
Escrow Issuer, the Company or any of its subsidiaries to register any securities for sale under the Securities Act by reason of the issuance and sale of the Securities. 

(kk) Margin Rules. Neither the issuance, sale and delivery of the Securities nor the application of the proceeds thereof by the Escrow
Issuer or the Company as described in each of the Time of Sale Information and the Offering Circular will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors. 

(ll) No Stabilization. None of the Escrow Issuer, the Company or any of the Guarantors has taken, directly or indirectly, any action
designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Notes. 
 (mm)
No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Escrow Issuer, the Company or any of its subsidiaries, on the one hand, and the directors, officers, stockholders or other affiliates of the Escrow
Issuer, the Company or any of its subsidiaries, on the other, that would be required to be disclosed under the Exchange Act and that would be material to an investor in the Securities that is not so described in each of the Time of Sale Information
and the Offering Circular. 
 (nn) Insurance. The Escrow Issuer, the Company and its subsidiaries have insurance covering their
respective properties, operations, personnel and businesses, including business interruption insurance, which insurance is in amounts and insures against such losses and risks as are customary for companies of the size and in the businesses of the
Company and its subsidiaries. 

  
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 (oo) Rule 144A Eligibility. On the Closing Date, the Securities will not be of the same
class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and each of the Preliminary Offering Circular and the Offering Circular, as of
its respective date, contains or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act.

 (pp) No Integration. None of the Escrow Issuer, the Company or any of its affiliates (as defined in Rule 501(b) of Regulation D)
has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner
that would require registration of the Securities under the Securities Act. 
 (qq) No General Solicitation or Directed Selling
Efforts. None of the Escrow Issuer, the Company or any of its affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers for, or offered
or sold, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities
Act or (ii) engaged in any directed selling efforts within the meaning of Regulation S under the Securities Act (“Regulation S”), and all such persons have complied with the offering restrictions requirement of Regulation
S. 
 (rr) Securities Law Exemptions. Assuming the accuracy of the representations and warranties of the Initial Purchasers contained
in Section 1(b) (including Annex D hereto) and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchasers and the offer, resale and
delivery of the Securities by the Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Circular, to register the Securities under the Securities Act or to qualify the Indenture under the
Trust Indenture Act. 
 (ss) Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act) included in any of the Time of Sale Information or the Offering Circular has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. 

(tt) Industry Statistical and Market Data. Nothing has come to the attention of the Escrow Issuer, the Company or any Guarantor that
has caused the Escrow Issuer, the Company or such Guarantor to believe that the industry statistical and market-related data included in each of the Time of Sale Information and the Offering Circular is not based on or derived from sources that are
reliable and accurate in all material respects. 

  
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 (uu) Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or
any of the Company’s directors or officers, in their capacities as such, to comply in all material respects with the provisions of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated in connection therewith,
including Section 402 related to loans and Sections 302 and 906 related to certifications. 
 4. Further Agreements of the Escrow
Issuer, the Company and the Guarantors. The Manitowoc Parties hereby jointly and severally covenant and agree with each Initial Purchaser that: 

(a) Delivery of Copies. The Manitowoc Parties will deliver, without charge, to the Initial Purchasers as many copies of the Preliminary
Offering Circular, any other Time of Sale Information, any Issuer Written Communication and the Offering Circular (including all amendments and supplements thereto) as the Representative may reasonably request. 

(b) Offering Circular, Amendments or Supplements. Before finalizing the Offering Circular or making or distributing any amendment or
supplement to any of the Time of Sale Information or the Offering Circular, the Manitowoc Parties will furnish to the Representative and counsel for the Initial Purchasers a copy of the proposed Offering Circular or such amendment or supplement for
review, and will not distribute any such proposed Offering Circular, amendment or supplement to which the Representative reasonably objects. 

(c) Additional Written Communications. Before making, preparing, using, authorizing, approving, referring to or filing any Issuer
Written Communication, the Manitowoc Parties will furnish to the Representative and counsel for the Initial Purchasers a copy of such written communication for review and will not make, prepare, use, authorize, approve or refer to any such written
communication to which the Representative reasonably objects. 
 (d) Notice to the Representative. The Manitowoc Parties will advise
the Representative promptly, and confirm such advice in writing: (i) of the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written
Communication or the Offering Circular or the initiation or threatening of any proceeding for that purpose; (ii) of the occurrence of any event at any time prior to the completion of the initial offering of the Securities as a result of which
any of the Time of Sale Information, any Issuer Written Communication or the Offering Circular as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances existing at the Time of Sale, or when such Issuer Written Communication or the Offering Circular is delivered to a purchaser, not misleading; and (iii) of the receipt by the Manitowoc
Parties of any notice with respect to any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Manitowoc Parties will use their
reasonable best efforts to prevent the issuance of any such order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Circular or suspending any such qualification of the
Securities and, if any such order is issued, will obtain as soon as possible the withdrawal thereof. 

  
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 (e) Time of Sale Information. If at any time prior to the Closing Date (i) any event
shall occur or condition shall exist as a result of which the Time of Sale Information as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading or (ii) it is necessary to amend or supplement the Time of Sale Information to comply with law, the Manitowoc Parties will immediately notify the Initial
Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to the Time of Sale Information as may be necessary so that the statements in the Time of Sale
Information as so amended or supplemented will not, in the light of the circumstances under which they were made, be misleading or so that the Time of Sale Information will comply with law. 

(f) Ongoing Compliance of the Offering Circular. If at any time prior to the completion of the initial offering of the Securities
(i) any event shall occur or condition shall exist as a result of which the Offering Circular as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements therein, in the light of the circumstances existing when the Offering Circular is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Offering Circular to comply with law, the Manitowoc
Parties will immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to the Offering Circular as may be necessary so that the
statements in the Offering Circular as so amended or supplemented will not, in the light of the circumstances existing when the Offering Circular is delivered to a purchaser, be misleading or so that the Offering Circular will comply with law. 

(g) Blue Sky Compliance. The Manitowoc Parties will qualify the Securities for offer and sale under the securities or Blue Sky laws of
such jurisdictions as the Representative shall reasonably request and will continue such qualifications in effect so long as required for distribution of the Securities; provided that none of the Escrow Issuer, the Company or any Guarantor
shall be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) execute or file any general consent to service of
process in any such jurisdiction or take any other action that would subject itself to general service of process in such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject. 

(h) Clear Market. During the period from the date hereof through and including the date that is 90 days after the date hereof, the
Escrow Issuer, the Company and the Guarantors will not, and will not permit any of their affiliates to, without the prior written consent of the Representative, offer, sell, contract to sell or otherwise dispose of any debt securities issued or
guaranteed by the Escrow Issuer, the Company or any of the Guarantors and having a tenor of more than one year. 
 (i) Use of
Proceeds. The Issuer will apply the net proceeds from the sale of the Securities as described in each of the Time of Sale Information and the Offering Circular under the heading “Use of Proceeds.” 

(j) No Stabilization. None of the Escrow Issuer, the Company or any Guarantor will take, directly or indirectly, any action designed to
or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities. 

  
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 (k) Supplying Information. While the Securities remain outstanding and are
“restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Issuer will, during any period in which the Issuer is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to
holders of the Securities and prospective purchasers of the Securities designated by such holders, upon the request of such holders or such prospective purchasers, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act. 
 (l) DTC. The Manitowoc Parties will assist the Initial Purchasers in arranging for the Securities to be eligible
for clearance and settlement through DTC. 
 (m) No Resales by the Manitowoc Parties. The Manitowoc Parties will not, and will not
permit any of their affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by the Manitowoc Parties or any of their affiliates and resold
in a transaction registered under the Securities Act. 
 (n) No Integration. Neither the Manitowoc Parties nor any of their
affiliates (as defined in Rule 501(b) of Regulation D) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Securities Act), that is or will be
integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act. 
 (o)
No General Solicitation or Directed Selling Efforts. None of the Manitowoc Parties or any of their respective affiliates or any other person acting on their behalf (other than the Initial Purchasers, as to which no covenant is given) will
(i) solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of
Section 4(a)(2) of the Securities Act or (ii) engagement in any directed selling efforts within the meaning of Regulation S, and all such persons will comply with the offering restrictions requirement of Regulation S. 

(p) Regulation S. In connection with any Notes offered and sold in an “offshore transaction” (as defined in Regulation S),
the Issuer will not register any transfer of such Notes not made in accordance with the provisions of Regulation S and will not, except in accordance with the provisions of Regulation S, if applicable, issue any such Notes in the form of definitive
securities. 
 (q) Legended Securities. Each certificate for a Security will bear a legend that is consistent in all material
respects with the legend under the caption “Transfer Restrictions” in the Preliminary Offering Circular for the time period and upon the other terms stated in the Preliminary Offering Circular. 

(r) Execution of the Supplemental Indenture. On the Escrow Release Date, the Issuer and the Guarantors shall (i) cause to be
delivered to the Initial Purchasers an executed copy of the Supplemental Indenture, executed and delivered by the Company, the Guarantors and the other parties thereto, (ii) cause Foley & Lardner LLP, counsel for the Company and the

  
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Guarantors, to furnish to the Initial Purchasers its respective written opinion addressed to the Initial Purchasers, as counsel to the Issuer and the applicable Guarantors, addressed to the
Initial Purchasers and dated the Escrow Release Date, in form and substance reasonably satisfactory to the Initial Purchasers, to the effect set forth in Annex A-5 and (iii) Bass, Berry & Sims PLC, counsel for Manitowoc Crane
Group U.S. Holding, LLC in the State of Tennessee, and Holland & Hart LLP, counsel for Manitowoc CP, Inc. in the State of Nevada, to furnish to the Initial Purchasers their respective written opinions addressed to the Initial Purchasers, as
counsel to the applicable Guarantors, addressed to the Initial Purchasers and dated the Escrow Release Date, in form and substance reasonably satisfactory to the Initial Purchasers, to the effect set forth in Annex A-6 and Annex A-7,
respectively. 
 (s) Escrow Release. The Manitowoc Parties shall not seek the release of any Escrowed Property from the Escrow
Account unless such release is in compliance with the terms of the Indenture and the Escrow Agreement. On the Escrow Release Date, the Escrow Issuer shall cause to be delivered to the Escrow Agent an executed copy of the Escrow Release
Officers’ Certificate (as defined in the Escrow Agreement). 
 (t) Escrow Security Interest Perfection. The Manitowoc Parties
will take all actions necessary to create and maintain the Trustee’s first-priority perfected security interest in the Escrow Account and the Escrowed Property and to perfect a first-priority security interest in any Escrowed Property acquired
after the Closing Date, in each case as and to the extent required by the Escrow Agreement and the Indenture. 
 (u) Security
Documents. On the Escrow Release Date, the Company and the Guarantors shall have executed and delivered a perfection certificate dated as of the Escrow Release Date (the “Perfection Certificate”) in form and substance reasonably
satisfactory to the Initial Purchasers. Except as otherwise provided for in the Security Documents, the Indenture or the other documents entered into in connection with to the Transactions, on the Escrow Release Date, the Representative and the
Notes Collateral Agent shall have received the Security Documents and other certificates, agreements or instruments necessary to create a valid security interest in favor of the Notes Collateral Agent, for its benefit and the benefit of the Trustee
and the holders of the Notes, in all of the personal property Collateral substantially in form and substance reasonably satisfactory to the Initial Purchasers, together with, subject to the requirements of the Intercreditor Agreement and the
Security Documents, stock certificates and promissory notes required to be delivered pursuant to the Security Documents, in each case accompanied by instruments of transfer and stock powers undated and endorsed in blank, Uniform Commercial Code
financing statements in appropriate form for filing, filings with the United States Patent and Trademark Office and United States Copyright Office in appropriate form for filing where applicable and forms or filings or other arrangements, in each
case reasonably satisfactory to the Initial Purchasers to cause the Notes Collateral Agent’s name to be noted as secured party on any certificate of title for a titled good and each such document shall be executed by the Company and each
Guarantor party thereto, as applicable, and each such document shall be in full force and effect; provided that no actions in any non-U.S. jurisdiction or required by the laws of any non-U.S. jurisdiction shall be required in order to create
any security interests in assets located or titled outside of the U.S. Within 45 days after the Spin-Off Date (or such longer period to which the ABL Agent may have agreed for the delivery of comparable documents), the Notes Collateral Agent shall
have received such mortgages, control 

  
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agreements and other documents and instruments required by the Security Documents or as the Notes Collateral Agent or the Representative may have requested in order to perfect the Notes
Collateral Agent’s security interest in and lien on all of the Collateral, in appropriate form for recording or filing where applicable; each such document or instrument shall be executed by the Company and each Guarantor party thereto; and
each such document shall be in full force and effect. The Representative shall also have received on or prior to the Escrow Release Date certified copies of Uniform Commercial Code, tax and judgment lien searches or equivalent reports or searches,
and a copy of searches at the United States Patent and Trademark Office and the United States Copyright Office each of a recent date listing all effective financing statements, lien notices or comparable documents that name the Company or any
Guarantor as debtor and that are required by the Perfection Certificate or that the Representative deems reasonably necessary or appropriate. Each such document shall evidence that all of the liens on the Collateral other than Permitted Liens have
been released or will, substantially concurrently with the release of the Escrowed Property from the Escrow Account in accordance with the terms and conditions of the Escrow Agreement on the Escrow Release Date, be released. 

(v) Security Interest Perfection. The Company and the Guarantors shall take all actions necessary to maintain such security interests
and to perfect security interests in any Collateral acquired after the Escrow Release Date to the extent and in the manner provided for in the Indenture and the Security Documents and as described in each of the Time of Sale Information and the
Offering Circular. 
 (w) ABL Revolving Credit Agreement. On or prior to the Escrow Release Date, the Company and the Guarantors
shall have entered into the ABL Revolving Credit Agreement consistent in all material respects with the terms described in the Time of Sale Information and the Offering Circular and the Representative shall have received conformed counterparts
thereof. 
 (x) Securitization. On or prior to the Escrow Release Date, the Company shall have entered into the Securitization
consistent in all material respects with the terms described in the Time of Sale Information and the Offering Circular and the Representative shall have received conformed counterparts of all material agreements related thereto. 

(y) Intercreditor Agreement. On or prior to the Escrow Release Date, the Company and the Guarantors shall cause to be delivered to the
Initial Purchasers an executed copy of the Intercreditor Agreement, executed by the Notes Collateral Agent and the ABL Agent, and acknowledged by the Company and the Guarantors. 

(z) Existing Credit Agreement. On or prior to the Escrow Release Date, the Company and the Guarantors shall cause to be delivered to
the Representative evidence reasonably satisfactory to it that, substantially simultaneously with the release of the Escrowed Property from the Escrow Account in accordance with the Escrow Agreement, all outstanding indebtedness under the Existing
Credit Agreement, and all accrued and unpaid interest, fees and other amounts owing thereunder, shall have been paid in full, all commitments to extend credit under the Existing Credit Agreement shall have terminated, and all liens securing
obligations under the Existing Credit Agreement shall have been released. 

  
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 (aa) Satisfaction and Discharge. On or prior to the Escrow Release Date, the Company and
the Guarantors shall cause to be delivered to the Initial Purchasers (i) a copy of the notices of redemption for the Company’s (x) outstanding $600 million aggregate principal amount of 8.500% senior notes due 2020 (the “2020
Notes”) delivered to the trustee for the 2020 Notes in accordance with the terms of the indenture governing the 2020 Notes and (y) outstanding $300 million aggregate principal amount of 5.875% senior notes due 2022 (the “2022
Notes” and, together with the 2020 Notes, the “Existing Notes”) delivered to the trustee for the 2022 Notes in accordance with the terms of the indenture governing the 2022 Notes and (ii) satisfactory evidence that the
Existing Notes shall have been satisfied and discharged in accordance with the terms of the applicable indenture. 
 (bb) Closing
Certificates. On the Escrow Release Date, the Company and the Guarantors shall deliver to the Initial Purchasers customary closing certificates of the Company and the Guarantors and such other information and documents relating to such matters
as the Initial Purchasers shall reasonably request. 
 (cc) Insurance. On the Escrow Release Date (or such later date as the ABL
Agent may receive such policies and certificates in respect of the ABL Revolving Credit Agreement), the Initial Purchasers shall receive policies or certificates of insurance covering the property and assets of the Company and the Guarantors, which
policies or certificates, including endorsements thereto, shall reflect the Notes Collateral Agent, for its benefit and the benefit of the Trustee and the holders of the Securities, as an additional insured on liability policies and a loss payee on
property policies. 
 5. Certain Agreements of the Initial Purchasers. Each Initial Purchaser hereby represents and agrees that it
has not and will not use, authorize the use of, refer to, or participate in the planning for use of, any written communication that constitutes an offer to sell or the solicitation of an offer to buy the Securities other than (i) the
Preliminary Offering Circular and the Offering Circular, (ii) any written communication that contains either (a) no “issuer information” (as defined in Rule 433(h)(2) under the Securities Act) or (b) “issuer
information” that was included in the Time of Sale Information or the Offering Circular, (iii) any written communication listed on Annex A or prepared pursuant to Section 4(c) above (including any electronic road show),
(iv) any written communication prepared by such Initial Purchaser and approved by the Issuer and the Representative in advance in writing or (v) any written communication relating to or that contains only the preliminary or final terms of
the Securities and/or other information that was included in the Time of Sale Information or the Offering Circular. 
 6. Conditions of
Initial Purchasers’ Obligations. The obligation of each Initial Purchaser to purchase Securities on the Closing Date as provided herein is subject to the performance by the Manitowoc Parties of their respective covenants and other
obligations hereunder and to the following additional conditions: 
 (a) Representations and Warranties. The representations and
warranties of the Manitowoc Parties contained herein shall be true and correct on the date hereof and on and as of the Closing Date (or such other date specified in a representation or warranty); and the statements of the Manitowoc Parties and their
respective officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date (or such other date specified in a representation or warranty). 

  
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 (b) No Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the
execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock of or guaranteed by the Company or any of its subsidiaries by any
“nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) of the Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review, or
has changed its outlook with respect to, its rating of the Securities or of any other debt securities or preferred stock of or guaranteed by the Escrow Issuer, the Company or any of its subsidiaries (other than an announcement with positive
implications of a possible upgrading). 
 (c) No Material Adverse Change. No event or condition of a type described in
Section 3(d) hereof shall have occurred or shall exist, which event or condition is not described in each of the Time of Sale Information (excluding any amendment or supplement thereto) and the Offering Circular (excluding any amendment or
supplement thereto) the effect of which in the judgment of the Representative makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the
Time of Sale Information and the Offering Circular. 
 (d) Officer’s Certificate. The Representative shall have received on and
as of the Closing Date a certificate of an executive officer of the Company who has specific knowledge of the Company’s financial matters and is satisfactory to the Representative (i) confirming that such officer has carefully reviewed the
Time of Sale Information and the Offering Circular and, to the best knowledge of such officer, the representations set forth in Sections 3(a) and 3(b) hereof are true and correct, (ii) confirming that the other representations and warranties of
the Manitowoc Parties in this Agreement are true and correct and that the Manitowoc Parties have complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date and
(iii) to the effect set forth in paragraphs (b) and (c) above. 
 (e) Comfort Letters. (i) On the date of this
Agreement and on the Closing Date, PricewaterhouseCoopers LLP shall have furnished to the Representative, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and
substance reasonably satisfactory to the Representative, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain
financial information contained in each of the Time of Sale Information and the Offering Circular; provided that the letter delivered on the Closing Date shall use a “cut-off” date no more than three business days prior to the
Closing Date. 
 (ii) On the date of this Agreement and on the Closing Date, the Company shall have furnished to the Representative a
certificate in the form of Exhibits I and II, respectively, dated the date hereof and the Closing Date, respectively and addressed to the Initial Purchasers, of its chief financial officer with respect to certain financial data
contained in the Time of Sale Information and the Offering Circular, respectively, providing “management comfort” with respect to such information, in form and substance reasonably satisfactory to the Representative. 

  
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 (f) Opinion and 10b-5 Statement of Counsel for the Manitowoc Parties.
(i) Foley & Lardner LLP, outside counsel for the Manitowoc Parties, shall have furnished to the Representative, at the request of the Company, their written opinion and 10b-5 Statement, and (ii) Maurice D. Jones, General Counsel
to the Company, shall have furnished to the Representative, at the request of the Company, his written opinion, in each case, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the
Representative, to the effect set forth in Annex A-1 and Annex A-2, respectively. 
 (g) Opinion of Local Counsel.
Bass, Berry & Sims PLC, counsel for Manitowoc Crane Group U.S. Holding, LLC in the State of Tennessee, and Holland & Hart LLP, counsel for Manitowoc CP, Inc. in the State of Nevada, shall have furnished to the Representative, at
the request of the Company, their respective written opinions, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative, to the effect set forth in Annex A-3 and
Annex A-4, respectively. 
 (h) Opinion and 10b-5 Statement of Counsel for the Initial Purchasers. The Representative shall
have received on and as of the Closing Date an opinion and 10b-5 Statement of Cahill Gordon & Reindel LLP, counsel for the Initial Purchasers, with respect to such matters as the Representative may reasonably request, and
such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon such matters. 

(i) No Legal Impediment to Issuance. No action shall have been taken and no statute, rule, regulation or order shall have been enacted,
adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have
been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities. 
 (j) Good Standing. The
Representative shall have received on and as of the Closing Date satisfactory evidence of the good standing of the Manitowoc Parties in their respective jurisdictions of organization and their good standing in such other jurisdictions as the
Representative may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions. 

(k) DTC. The Securities shall be eligible for clearance and settlement through DTC. 

(l) Indenture and Securities. The Indenture shall have been duly executed and delivered by a duly authorized officer of each of the
Escrow Issuer and the Trustee, and the Securities shall have been duly executed and delivered by a duly authorized officer of the Escrow Issuer and duly authenticated by the Trustee. 

(m) Escrow Agreement. (i) The Escrow Issuer, the Company, the Trustee and the Escrow Agent shall have executed the Escrow
Agreement and the Initial Purchasers shall have received an executed copy thereof; (ii) the Escrow Agent shall have established the Escrow Account and shall have provided to the Initial Purchasers evidence thereof reasonably

  
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satisfactory to the Initial Purchasers; (iii) the Additional Escrow Amount shall have been deposited into the Escrow Account by or on behalf of the Escrow Issuer; and (iii) all other
actions to be taken under the Escrow Agreement by the Escrow Issuer as of the Closing Date in order to effect the escrow arrangements contemplated by the Time of Sale Information (including, without limitation, the granting of a first priority
security interest in favor of the Escrow Agent for the benefit of the Trustee and the holders of the Securities, in the right, title and interest of the Escrow Issuer in the Escrow Account and all Escrowed Property and delivery of a Uniform
Commercial Code financing statement in appropriate form for filing with respect to the Escrow Issuer) shall have been taken. 
 (n)
Foodservice Purchase Agreement. On or prior to the Closing Date, the Escrow Issuer shall have delivered to the Initial Purchasers a duly executed copy of the purchase agreement relating to MTW Foodservice Escrow Corp.’s 9.500% senior
notes due 2024 executed by Manitowoc Foodservice, MTW Foodservice Escrow Corp., the guarantors party thereto and Goldman, Sachs & Co., as representative of the other several initial purchasers. 

(o) Additional Documents. On or prior to the Closing Date, the Escrow Issuer, the Company and the Guarantors shall have furnished to
the Representative customary closing certificates of the Escrow Issuer, the Company and the Guarantors and such further certificates and documents as the Representative may reasonably request. 

All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the
provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers. 
 7.
Indemnification and Contribution. 
 (a) Indemnification of the Initial Purchasers. Each of the Manitowoc Parties, jointly and
severally, agrees to indemnify and hold harmless each Initial Purchaser, its affiliates, directors and officers and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted,
as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Circular, any of the other Time of Sale
Information, any Issuer Written Communication, the pre-marketing materials or the Offering Circular (or any amendment or supplement thereto), or caused by any omission or alleged omission to state therein a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or
alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser furnished to the Manitowoc Parties in writing by such Initial Purchaser through the Representative expressly for use
therein. 

  
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 (b) Indemnification of the Manitowoc Parties. Each Initial Purchaser agrees, severally and
not jointly, to indemnify and hold harmless (i) each of the Manitowoc Parties, (ii) the directors and officers of the Manitowoc Parties and (iii) each person, if any, who controls any Manitowoc Party within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are
based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Initial Purchaser furnished to the Manitowoc Parties in writing by such Initial
Purchaser through the Representative expressly for use in the Preliminary Offering Circular, any of the other Time of Sale Information, any Issuer Written Communication, the pre-marketing materials or the Offering Circular (or any amendment or
supplement thereto), it being understood and agreed that the only such information consists of the following in the Preliminary Offering Circular and the Final Offering Circular: the second sentence of the seventh paragraph under the caption
“Plan of Distribution” in the Preliminary Offering Circular and the Final Offering Circular. 
 (c) Notice and Procedures.
If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or
(b) above, such person (the “Indemnified Person”) shall promptly notify the person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to
notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses)
by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If
any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not,
without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to Section 7 that the Indemnifying Person may designate in such
proceeding and shall pay the reasonably incurred fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to
retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the
Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees
and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm for the Initial Purchasers, their
respective affiliates, directors and officers and any control persons of the Initial Purchasers shall be designated in writing by the Representative and any such separate firm for the Manitowoc Parties, each of their respective directors and
officers and any control persons of 

  
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the Manitowoc Parties shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person
shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder
by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or
any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 (d) Contribution. If the
indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such
paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate
to reflect the relative benefits received by the Manitowoc Parties on the one hand and the Initial Purchasers on the other from the offering of the Securities or (ii) if the allocation provided by clause (i) is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Manitowoc Parties on the one hand and the Initial Purchasers on the other in connection with the
statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Manitowoc Parties on the one hand and the Initial Purchasers on the
other shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Escrow Issuer from the sale of the Securities and the total discounts and commissions received by the Initial Purchasers
in connection therewith, as provided in this Agreement, bear to the aggregate offering price of the Securities. The relative fault of the Manitowoc Parties on the one hand and the Initial Purchasers on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by any Manitowoc Party or by the Initial Purchasers and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 (e)
Limitation on Liability. The Manitowoc Parties and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Initial
Purchasers were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a
result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Person in
connection with any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall an Initial Purchaser be required to contribute any amount in excess of the amount by which the total discounts and commissions
received by such Initial Purchaser with respect to the offering of the Securities exceeds the amount of any damages that such Initial Purchaser has otherwise been required to 

  
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pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligations to contribute pursuant to this Section 7 are several in proportion to their
respective purchase obligations hereunder and not joint. 
 (f) Non-Exclusive Remedies. The remedies provided for in this
Section 7 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. 

8. Effectiveness of Agreement. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto. 

9. Termination. This Agreement may be terminated in the absolute discretion of the Representative, by notice to the Manitowoc Parties,
if after the execution and delivery of this Agreement and prior to the Closing Date: (i) trading generally shall have been suspended or materially limited on the New York Stock Exchange or the over-the-counter market; (ii) trading of any
securities issued or guaranteed by the Escrow Issuer, the Company or any of the Guarantors shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been
declared by federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in
the judgment of the Representative, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale
Information and the Offering Circular. 
 10. Defaulting Initial Purchaser. 

(a) If, on the Closing Date, any Initial Purchaser defaults on its obligation to purchase the Securities that it has agreed to purchase
hereunder, the non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Securities by other persons satisfactory to the Manitowoc Parties on the terms contained in this Agreement. If, within 36 hours after any such
default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Manitowoc Parties shall be entitled to a further period of 36 hours within which to procure other persons
satisfactory to the non-defaulting Initial Purchasers to purchase such Securities on such terms. If other persons become obligated or agree to purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or
the Manitowoc Parties may postpone the Closing Date for up to five full business days in order to effect any changes that in the opinion of counsel for the Manitowoc Parties or counsel for the Initial Purchasers may be necessary in the Time of Sale
Information, the Offering Circular or in any other document or arrangement, and the Manitowoc Parties agree to promptly prepare any amendment or supplement to the Time of Sale Information or the Offering Circular that effects any such changes. As
used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 10, purchases
Securities that a defaulting Initial Purchaser agreed but failed to purchase. 

  
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 (b) If, after giving effect to any arrangements for the purchase of the Securities of a
defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Manitowoc Parties as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased does not exceed
one-eleventh of the aggregate principal amount of all the Securities, then the Manitowoc Parties shall have the right to require each non-defaulting Initial Purchaser to purchase the principal amount of Securities that such Initial Purchaser agreed
to purchase hereunder plus such Initial Purchaser’s pro rata share (based on the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder) of the Securities of such defaulting Initial Purchaser or Initial
Purchasers for which such arrangements have not been made. 
 (c) If, after giving effect to any arrangements for the purchase of the
Securities of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Manitowoc Parties as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased
exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the Manitowoc Parties shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the
non-defaulting Initial Purchasers. Any termination of this Agreement pursuant to this Section 10 shall be without liability on the part of the Escrow Issuer, the Company or the Guarantors, except that the Escrow Issuer, the Company and each of
the Guarantors will continue to be liable for the payment of expenses as set forth in Section 11 hereof and except that the provisions of Section 7 hereof shall not terminate and shall remain in effect. 

(d) Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Escrow Issuer, the Company, the
Guarantors or any non-defaulting Initial Purchaser for damages caused by its default. 
 11. Payment of Expenses. 

(a) Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Escrow Issuer, the
Company and each of the Guarantors, jointly and severally, will pay or cause to be paid all costs and expenses incident to the performance of their respective obligations hereunder, including, without limitation: (i) the costs incident to the
authorization, issuance, sale, preparation and delivery of the Securities and any taxes payable in connection therewith; (ii) the costs incident to the preparation and printing of the Preliminary Offering Circular, any other Time of Sale
Information, any Issuer Written Communication and the Offering Circular (including any amendment or supplement thereto) and the distribution thereof; (iii) the costs of reproducing and distributing each of the Transaction Documents;
(iv) any stamp or transfer taxes in connection with the original issuance and sale of the Securities; (v) the fees and expenses of the Manitowoc Parties’ counsel and independent accountants; (vi) the fees and expenses incurred in
connection with the registration or qualification and determination of eligibility for investment of the Securities under the laws of such jurisdictions as the Representative may designate and the preparation, printing and distribution of a Blue Sky
Memorandum (including the related fees and expenses of counsel for 

  
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the Initial Purchasers); (vii) any fees charged by rating agencies for rating the Securities; (viii) the fees and expenses of the Trustee, the Notes Collateral Agent and any paying
agent (including related fees and expenses of any counsel to such parties); (ix) all expenses and application fees incurred in connection with the approval of the Securities for book-entry transfer by DTC; (x) all expenses incurred by the
Company in connection with any “road show” presentation to potential investors; (xi) the fees and expenses incurred with respect to creating, documenting and perfecting the security interests in the Collateral as contemplated by the
Security Documents (including the related fees and expenses of counsel to the Initial Purchasers for all periods prior to and after the Closing Date); and (xii) the fees and expenses of the Escrow Agent, including related fees and expenses of
any counsel to the Escrow Agent (including the fees and expenses of counsel for the Escrow Agent related to perfecting the Escrow Agent’s security interest in the Escrow Account and the Escrowed Property). 

(b) If (i) this Agreement is terminated pursuant to Section 9, (ii) the Issuer for any reason fails to tender the Securities
for delivery to the Initial Purchasers, (iii) the Initial Purchasers decline to purchase the Securities for any reason permitted under this Agreement or (iv) a Special Mandatory Redemption (as defined in the Time of Sale Information)
occurs, in each case, the Manitowoc Parties, jointly and severally, agree to reimburse the Initial Purchasers for all out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the Initial Purchasers
in connection with this Agreement and the offering contemplated hereby. 
 12. Persons Entitled to Benefit of Agreement. This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and any controlling persons referred to herein, and the affiliates of each Initial Purchaser referred to in
Section 7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of
Securities from any Initial Purchaser shall be deemed to be a successor merely by reason of such purchase. Nothing in this Agreement shall affect any rights or obligations of any party under any other agreement. 

13. Survival. The respective indemnities, rights of contribution, representations, warranties and agreements of the Escrow Issuer, the
Company, the Guarantors and the Initial Purchasers contained in this Agreement or made by or on behalf of the Escrow Issuer, the Company, the Guarantors or the Initial Purchasers pursuant to this Agreement or any certificate delivered pursuant
hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Escrow Issuer, the Company, the
Guarantors or the Initial Purchasers. 
 14. Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise
expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than a day on which banks are permitted or required to be closed in New
York City; (c) the term “subsidiary” has the meaning set forth in Rule 405 under the Securities Act; (d) the term “Exchange Act” means the Securities Exchange Act of 1934, as amended; and (e) the term “written
communication” has the meaning set forth in Rule 405 under the Securities Act. 

  
 -31- 

 15. Compliance with USA PATRIOT Act. In accordance with the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Manitowoc Parties, which
information may include the name and address of their respective clients, as well as other information that will allow the Initial Purchasers to properly identify their respective clients. 

16. Miscellaneous. 
 (a)
Authority of the Representative. Any action by the Initial Purchasers hereunder may be taken Goldman, Sachs & Co. on behalf of the Initial Purchasers, and any such action taken by Goldman, Sachs & Co. shall be binding upon
the Initial Purchasers. 
 (b) Notices. All notices and other communications hereunder shall be in writing and shall be deemed to
have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Initial Purchasers shall be given to the Representative c/o Goldman, Sachs & Co., 200 West Street, New York, New York
10282-2198, Attention: Registration Department; with a copy to each of Douglas Horowitz, Esq. and Timothy Howell, Esq., Cahill Gordon & Reindel LLP, 80 Pine Street, New York, New York 10005 (fax: 212-269-5420). Notices to the
Manitowoc Parties shall be given to them at The Manitowoc Company, Inc., 2400 South 44th Street, Manitowoc, Wisconsin 54221-0066 (fax: 920-652-9775); Attention: Chief Financial Officer, with a copy to Mark T. Plichta, Esq., Foley & Lardner
LLP, 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202. 
 (c) Governing Law. This Agreement and any claim, controversy or
dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

(d) Waiver of Jury Trial. Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising out of
or relating to this Agreement. 
 (e) Counterparts. This Agreement may be signed in counterparts (which may include counterparts
delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. 

(f) Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure
therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 
 (g) Headings. The
headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. 

(h) Time of the Essence. Time shall be of the essence of this Agreement. 

(i) Prior Agreements and Understandings. This Agreement supersedes all prior agreements and understandings (whether written or oral)
between or among the Manitowoc Parties and the Initial Purchasers, or any of them, with respect to the subject matter hereof. 

  
 -32- 

 (j) Tax Related Disclosure. Notwithstanding anything herein to the contrary, each
Manitowoc Party (and each Manitowoc Party’s employees, representatives, and other agents) is authorized to disclose to any and all persons, the tax treatment and tax structure of the potential transaction and all materials of any kind
(including tax opinions and other tax analyses) provided to any Manitowoc Party relating to that treatment and structure, without the Initial Purchasers imposing any limitation of any kind. However, any information relating to the tax treatment and
tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, “tax treatment” means U.S. federal and state income tax
treatment, and “tax structure” is limited to any facts that may be relevant to that treatment. 

  
 -33- 

 If the foregoing is in accordance with your understanding, please indicate your acceptance of
this Agreement by signing in the space provided below. 
  

			
	 Very truly yours,
  

MTW CRANES ESCROW CORP.

		
	By:	 	/s/ Carl J. Laurino
		 	Name: Carl J. Laurino
		 	Title: Vice President

  

					
	THE MANITOWOC COMPANY, INC.
		
	By:	 	/s/ Maurice D. Jones
		 	Name:	 	Maurice D. Jones
		 	Title:	 	Senior Vice President, General Counsel and Secretary

  

			
	 GUARANTORS:
  

GROVE U.S. L.L.C.

		
	By:	 	/s/ Maurice D. Jones
		 	Name: Maurice D. Jones
		 	Title: Vice President and Secretary

  

			
	MANITOWOC CRANE GROUP U.S. HOLDING, LLC
		
	By:	 	/s/ Maurice D. Jones
		 	Name: Maurice D. Jones
		 	Title: Vice President and Secretary

  

			
	MANITOWOC CRANE COMPANIES, LLC
		
	By:	 	/s/ Maurice D. Jones
		 	Name: Maurice D. Jones
		 	Title: Vice President and Secretary

 
			
	MANITOWOC CRANES, LLC
		
	By:	 	/s/ Maurice D. Jones
		 	Name: Maurice D. Jones
		 	Title: Vice President and Secretary

  

			
	MANITOWOC CP, INC.
		
	By:	 	/s/ Maurice D. Jones
		 	Name: Maurice D. Jones
		 	Title: Vice President and Secretary

  

			
	MANITOWOC RE-MANUFACTURING, LLC
		
	By:	 	/s/ Maurice D. Jones
		 	Name: Maurice D. Jones
		 	Title: Vice President and Secretary

 Accepted: 
  

			
	GOLDMAN, SACHS & CO.
	
	For itself and on behalf of the several Initial Purchasers listed in Schedule 1 hereto.
		
	By:	 	/s/ Ariel Fox
		 	Name: Ariel Fox
		 	Title: Vice President

 Schedule 1 
  

					
	 Initial Purchaser
	  	Principal Amount	 
	 Goldman, Sachs & Co.
	  	$	78,000,000	  
	 J.P. Morgan Securities LLC
	  	 	57,200,000	  
	 Wells Fargo Securities, LLC
	  	 	57,200,000	  
	 Citigroup Global Markets Inc.
	  	 	28,600,000	  
	 BMO Capital Markets Corp.
	  	 	20,800,000	  
	 Merrill Lynch, Pierce, Fenner & Smith

                   
 Incorporated
	  	 	18,200,000	  
	 Total
	  	$	260,000,000.00	  

 Schedule 2 

Guarantors 
 Grove U.S. L.L.C. 

Manitowoc Crane Companies, LLC 
 Manitowoc Crane Group U.S.
Holding, LLC 
 Manitowoc Cranes, LLC 

Manitowoc CP, Inc. 
 Manitowoc
Re-Manufacturing, LLC 

 Annex A-1 

[Form of Closing Date Opinion of Counsel for 

the Escrow Issuer, the Company and the Guarantors] 

[See attached.] 

 Annex A-2 

[Form of Opinion of Maurice D. Jones General Counsel to the Company] 

[See attached.] 

 Annex A-3 

[Form of Closing Date Opinion of Tennessee Counsel for the Guarantors] 

[See attached.] 

 Annex A-4 

[Form of Closing Date Opinion of Nevada Counsel for the Guarantors] 

[See attached.] 

 Annex A-5 

[Form of Escrow Release Date Opinion of Counsel for the Company and the Guarantors] 

[See attached.] 

 Annex A-6 

[Form of Escrow Release Date Opinion of Tennessee Counsel for the Guarantors] 

[See attached.] 

 Annex A-7 

[Form of Escrow Release Date Opinion of Nevada Counsel for the Guarantors] 

[See attached.] 

 Annex B 

Time of Sale Information 
 Supplement dated
February 5, 2016 to Preliminary Offering Circular dated January 29, 2016 
 Pricing Term Sheet 

 Annex C 

[Pricing Term Sheet] 
 Pricing
Term Sheet dated February 8, 2016 
 to Preliminary Offering Circular dated January 29, 2016 

Strictly Confidential 

MTW Cranes Escrow Corp. 

$260,000,000 
 12.75%
Senior Secured Second Lien Notes due 2021 
 This pricing term sheet is qualified in its entirety by reference to the Preliminary Offering Circular, as
supplemented through and including the date hereof (the “Preliminary Offering Circular”). The information in this pricing term sheet supplements the Preliminary Offering Circular and updates and supersedes the information in the
Preliminary Offering Circular to the extent it is inconsistent with the information in the Preliminary Offering Circular. Terms used and not defined herein have the meanings assigned in the Preliminary Offering Circular. 

The notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other
jurisdiction. The notes may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S) except in transactions exempt from, or not subject to, the registration requirements of the Securities Act. Accordingly, the
Notes are being offered only to (1) persons reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act and (2) outside the United States to non-U.S. persons in compliance with
Regulation S under the Securities Act. 
 Other information (including financial information) presented in the Preliminary Offering Circular is deemed to
have changed to the extent affected by changes described herein. 
  

			
	 Issuer
	  	Prior to the Escrow Release, MTW Cranes Escrow Corp., and after the Escrow Release, The Manitowoc Company, Inc.
		
	 Title of Security
	  	12.75% Senior Secured Second Lien Notes due 2021.
		
	 Aggregate Principal Amount
	  	$260,000,000.
		
	 Maturity
	  	August 15, 2021.
		
	 Public Offering Price
	  	95.321% plus accrued interest, if any, from February 18, 2016.
		
	 Coupon
	  	12.750%.
		
	 Yield to Maturity
	  	14.000%.
		
	 Spread to Treasury
	  	+1,272bps.
		
	 Benchmark
	  	UST 2.125% due August 15, 2021.
		
	 Interest Payment Dates
	  	February 15 and August 15 of each year, beginning on August 15, 2016.
		
	 Special Mandatory Redemption
	  	The Issuer will be required to redeem the notes at a redemption price equal to 100% of the aggregate issue price of the notes, together with accrued and unpaid interest to, but not including, the special mandatory redemption
date, if (x) by July 1, 2016 the escrow agent and trustee for the notes have not received an officers’ certificate from the Issuer requesting the Escrow Release and certifying that the conditions to the Escrow Release will be satisfied
substantially concurrently with the Escrow

			
		  	Release or (y) at any time prior to the Escrow Release, (1) the Issuer notifies the trustee in writing that The Manitowoc Company, Inc.’s (“MTW”) Board of Directors has determined, in its sole and absolute discretion,
that the Spin-Off is not in the best interests of MTW or its shareholders or is otherwise not advisable and that MTW will not pursue the completion of the Spin-Off, (2) MTW, in its sole discretion, publicly announces that it will not pursue the
completion of the Spin-Off or (3) the Issuer notifies the trustee in writing that the escrow release conditions cannot be satisfied on or prior to July 1, 2016.
		
	 Optional Redemption
	  	The Issuer may redeem the notes at its option, in whole or in part, upon not less than 30 nor more than 60 days’ written notice, at a redemption price (expressed as a percentage of the principal amount thereof) of (x)
106.375% if redeemed during the 12-month period commencing on February 15, 2019, (y) 103.188% if redeemed during the 6-month period commencing on February 15, 2020 and (z) 100.000% if redeemed on August 15, 2020 and thereafter, in
each case, plus accrued and unpaid interest, if any, thereon to the applicable redemption date.
		
		  	In addition, the notes will be redeemable, at the Issuer’s option, in whole or in part from time to time, at any time prior to February 15, 2019 upon not less than 30 nor more than 60 days’ written notice, at a price
equal to 100% of the principal amount thereof plus the Applicable Premium (as defined below) and accrued but unpaid interest, if any, to the date of redemption (subject to the right of holders of record on the relevant record date to receive
interest due on the relevant interest payment date).
		
		  	“Applicable Premium” means, with respect to a note at any date of redemption, the greater of (1) 1.0% of the principal amount of such note and (2) the excess of (a) the present value at such
redemption date of (i) the redemption price of such note on February 15, 2019 (such redemption price being that described in the chart above) plus (ii) all required remaining scheduled interest payments due on such note through
February 15, 2019, computed using a discount rate equal to the Treasury Rate (as defined below) plus 50 basis points; over (b) the principal amount of such note on such redemption date. Calculation of the Applicable Premium will be made by
the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; provided, however, that such calculation, or determination of the Treasury Rate referenced below, shall not be a duty or obligation of the
Trustee.
		
		  	“Treasury Rate” means, with respect to a date of redemption, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most
recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two Business Days prior to such date of redemption (or, if such Statistical Release is no longer published, any publicly available source of
similar market data)) most nearly equal to the period from such date of redemption to February 15, 2019; provided, however, that if the period from such date of redemption to February 15, 2019 is not equal to the constant maturity of
the United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury
securities for which such yields are given, except that if the period from such date of redemption to February 15, 2019 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant
maturity of one year shall be used.

  
 -2- 

			
	 Optional Redemption with Equity Proceeds
	  	At any time, or from time to time, on or prior to February 15, 2019, the Issuer may, at its option, use the Net Cash Proceeds of one or more Public Equity Offerings to redeem up to 35% of the principal amount of the notes
(including any Additional Notes) outstanding under the Indenture at a redemption price of 112.75% of the principal amount thereof plus accrued and unpaid interest thereof, if any, to the date of redemption.
		
	 Change of Control
	  	101%, plus accrued and unpaid interest, if any.
		
	 Gross Proceeds
	  	$247,834,600.
		
	 Trade Date
	  	February 8, 2016
		
	 Settlement Date
	  	February 18, 2016 (T+7)
		
	 Joint Book-Running Managers
	  	 Goldman, Sachs & Co.
 J.P. Morgan
Securities LLC
 Wells Fargo Securities, LLC
 Citigroup Global
Markets Inc.

		
	 Co-Managers
	  	 BMO Capital Markets Corp.
 Merrill Lynch,
Pierce, Fenner & Smith Incorporated

		
	 Denominations
	  	$2,000 and integral multiples of $1,000
		
	 Distribution
	  	144A / Reg S with no registration rights.
		
	 CUSIP/ISIN Numbers
	  	 144A: 553784 AA7 / US553784AA73.
 Reg S:
U60774 AA1 / USU60774AA17

  
  

Additional Changes to the Preliminary Offering Circular 

Change in Offering Size 
 The
offering size contemplated by the Preliminary Offering Circular has been increased by $10 million from $250 million to $260 million (the “Upsize”). After accounting for the issue price of the notes, the net proceeds to the Issuer are
expected to be approximately unchanged from the net proceeds described in the Preliminary Offering Memorandum. The information in the Preliminary Offering Circular is deemed to have changed to the extent affected by the Upsize. 

Plan of Distribution 
 It is
expected that an unaffiliated third party investor will purchase a majority of the notes from the initial purchasers. 
  

 
 This pricing term sheet is
strictly confidential and is for your information only and is not intended to be used by anyone other than you. This information does not purport to be a complete description of the notes or the offering. Please refer to the Preliminary Offering
Circular for a complete description. 
 This pricing term sheet is being distributed in the United States solely to persons reasonably believed to be
“qualified institutional buyers” as defined in Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act, and this communication is only being distributed
to such persons. 

  
 -3- 

 This pricing term sheet is not an offer to sell the securities and it is not a solicitation of an offer to buy
the securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 
 Any disclaimers
or notices that may appear on this pricing term sheet below the text of this legend are not applicable to this pricing term sheet and should be disregarded. Such disclaimers may have been electronically generated as a result of this pricing term
sheet having been sent via, or posted on, Bloomberg or another electronic mail system. 

  
 -4- 

 Annex D 

Restrictions on Offers and Sales Outside the United States 

In connection with offers and sales of Securities outside the United States: 

(a) Each Initial Purchaser acknowledges that the Securities have not been registered under the Securities Act and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act. 

(b) Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 

(i) Such Initial Purchaser has offered and sold the Securities, and will offer and sell the Securities, (A) as part of
their distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering of the Securities and the Closing Date, only in accordance with Regulation S under the Securities Act (“Regulation S”)
or Rule 144A or any other available exemption from registration under the Securities Act. 
 (ii) None of such Initial
Purchaser or any of its affiliates or any other person acting on its or their behalf has engaged or will engage in any directed selling efforts with respect to the Securities, and all such persons have complied and will comply with the offering
restrictions requirement of Regulation S. 
 (iii) At or prior to the confirmation of sale of any Securities sold in reliance
on Regulation S, such Initial Purchaser will have sent to each distributor, dealer or other person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution compliance period a confirmation
or notice to substantially the following effect: 
 The Securities covered hereby have not been registered under the U.S. Securities Act of
1933, as amended (the “Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days
after the later of the commencement of the offering of the Securities and the date of original issuance of the Securities, except in accordance with Regulation S or Rule 144A or any other available exemption from registration under the Securities
Act. Terms used above have the meanings given to them by Regulation S. 

 (iv) Such Initial Purchaser has not and will not enter into any contractual
arrangement with any distributor with respect to the distribution of the Securities, except with its affiliates or with the prior written consent of the Company. 

Terms used in paragraph (a) and this paragraph (b) and not otherwise defined in this Agreement have the meanings given to them by Regulation S. 

  
 2 

 Exhibit I 

THE MANITOWOC COMPANY, INC. 

[FORM OF] CHIEF FINANCIAL OFFICER’S CERTIFICATE 

February 8, 2016 
 Reference
is made to the Purchase Agreement, dated February 8, 2016 (the “Purchase Agreement”), by and among MTW Cranes Escrow Corp. (the “Escrow Issuer”), The Manitowoc Company, Inc. (the
“Company”), the guarantors named therein and Goldman, Sachs & Co., as representative of the several initial purchasers named in Schedule 1 thereto (the “Initial Purchasers”). Capitalized terms
used and not otherwise defined herein have the definitions used in the Purchase Agreement. 
 I, Carl J. Laurino, Senior Vice President and
Chief Financial Officer of the Company, do hereby certify, in my capacity as Chief Financial Officer and not in my individual capacity, as follows: 
  

	 	1.	I am the duly elected, qualified and acting Chief Financial Officer of the Company and am providing this certificate based on my examination of the Company’s financial records and schedules. 

 

	 	2.	I am knowledgeable with respect to the accounting records and internal accounting practices, policies, procedures and controls of the Company and its subsidiaries and have responsibility for financial and accounting
matters with respect to the Company and its subsidiaries. 

  

	 	3.	Based on my knowledge, the financial information included in the Time of Sale Information as of and for the three-month period ended December 31, 2015 that is circled on the selected pages of the Time of Sale
Information attached as Exhibit A hereto has been derived from internal accounting records of the Company and, as of the date hereof, fairly presents in all material respects the financial data of the Company and its subsidiaries as of
December 31, 2015, and for the three-month period ended December 31, 2015, as applicable. Such financial information for the three-month period ended December 31, 2015 that is set forth in Exhibit A hereto agrees with the books
and records of the Company. 

  

	 	4.	For each financial item circled on the attached selected pages of the Time of Sale Information attached as Exhibit B hereto, I, or persons under my supervision, have either (a) agreed the financial item to
an amount included in or accurately derived from the Company’s historical accounting or financial books and records, or (b) as it relates to the pro forma adjustments that give effect to the Transactions, compared the financial item to a
schedule or report prepared by management. 

 This certificate is being furnished to the Initial Purchasers solely to assist
them in conducting their due diligence investigation of the Company and its subsidiaries in connection with the offering of the Notes. This certificate may be relied upon by the Initial Purchasers solely for this purpose. Without the written consent
of the Company: (i) no person other than the Initial Purchasers may rely upon this certificate for any purpose; (ii) this certificate may not be cited or quoted in any financial statement, prospectus, offering circular or other similar
document; (iii) this certificate may not be cited or quoted in any other document or communication which might encourage reliance upon this certificate by any person or for any purpose excluded by the restrictions in this paragraph; and
(iv) copies of this certificate may not be furnished to anyone for purposes of encouraging such reliance. 
 [Signature Page
Follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Chief Financial Officer’s Certificate
as of the date first written above. 
  

			
	THE MANITOWOC COMPANY, INC.
		
	By:	 	 
		 	Name: Carl J. Laurino
		 	Title: Senior Vice President and Chief Financial Officer

 EXHIBIT A 

 EXHIBIT B 

 Exhibit II 

THE MANITOWOC COMPANY, INC. 

[FORM OF] CHIEF FINANCIAL OFFICER’S CERTIFICATE 

February 18, 2016 

Reference is made to the Purchase Agreement, dated February 8, 2016 (the “Purchase Agreement”), by and among MTW
Cranes Escrow Corp. (the “Escrow Issuer”), The Manitowoc Company, Inc. (the “Company”), the guarantors named therein and Goldman, Sachs & Co., as representative of the several initial
purchasers named in Schedule 1 thereto (the “Initial Purchasers”). Capitalized terms used and not otherwise defined herein have the definitions used in the Purchase Agreement. 

I, Carl J. Laurino, Senior Vice President and Chief Financial Officer of the Company, do hereby certify, in my capacity as Chief Financial
Officer and not in my individual capacity, as follows: 
  

	 	1.	I am the duly elected, qualified and acting Chief Financial Officer of the Company and am providing this certificate based on my examination of the Company’s financial records and schedules. 

 

	 	2.	I am knowledgeable with respect to the accounting records and internal accounting practices, policies, procedures and controls of the Company and its subsidiaries and have responsibility for financial and accounting
matters with respect to the Company and its subsidiaries. 

  

	 	3.	Based on my knowledge, the financial information included in the Offering Circular as of and for the three-month period ended December 31, 2015 that is circled on the selected pages of the Offering Circular
attached as Exhibit A hereto has been derived from internal accounting records of the Company and, as of the date hereof, fairly presents in all material respects the financial data of the Company and its subsidiaries as of December 31,
2015, and for the three-month period ended December 31, 2015, as applicable. Such financial information for the three-month period ended December 31, 2015 that is set forth in Exhibit A hereto agrees with the books and records of
the Company. 

  

	 	4.	For each financial item circled on the attached selected pages of the Offering Circular attached as Exhibit B hereto, I, or persons under my supervision, have either (a) agreed the financial item to an
amount included in or accurately derived from the Company’s historical accounting or financial books and records, or (b) as it relates to the pro forma adjustments that give effect to the Transactions, compared the financial item to a
schedule or report prepared by management. 

 This certificate is being furnished to the Initial Purchasers solely to assist
them in conducting their due diligence investigation of the Company and its subsidiaries in connection with the offering of the Notes. This certificate may be relied upon by the Initial Purchasers solely for this purpose. Without the written consent
of the Company: (i) no person other than the Initial Purchasers may rely upon this certificate for any purpose; (ii) this certificate may not be cited or quoted in any financial statement, prospectus, offering circular or other similar
document; (iii) this certificate may not be cited or quoted in any other document or communication which might encourage reliance upon this certificate by any person or for any purpose excluded by the restrictions in this paragraph; and
(iv) copies of this certificate may not be furnished to anyone for purposes of encouraging such reliance. 
 [Signature Page
Follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Chief Financial Officer’s Certificate
as of the date first written above. 
  

			
	THE MANITOWOC COMPANY, INC.
		
	By:	 	 
		 	Name: Carl J. Laurino
		 	Title: Senior Vice President and Chief Financial Officer

 EXHIBIT A 

 EXHIBIT Bnuva-ex1012_210.htm

 

Exhibit 10.12

 

NUVASIVE, INC.

NOTICE OF GRANT OF PERFORMANCE RESTRICTED STOCK UNITS

 

NuVasive, Inc. (the “Company”) has granted to the participant identified below (the “Participant”) an award (the “Award”) of the number of performance restricted stock units specified below in this Grant Notice (each, a “Performance Restricted Stock Unit” or “PRSU”) pursuant to the 2014 Equity Incentive Plan of NuVasive, Inc. (the “Plan”).  This Award is subject to all of the terms and conditions set forth in the Performance Restricted Stock Unit Agreement attached hereto (together with this Grant Notice, the “Agreement”) and the Plan, each of which is incorporated herein by reference.  Unless otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in the Plan or the Agreement, as appropriate, and, in the event of any inconsistency between the Plan and the Agreement, the terms of the Plan shall control.

 

				
	
Participant:
	
 
	
Participant ID:
	
 

	
Date of Grant:
	
March 1, 2016

	
Number of PRSUs:
	
, subject to adjustment as provided by the Agreement.

	
Performance Period:
	
January 1, 2016 – December 31, 2018 (or, in the event of a Change in Control, the period commencing on January 1, 2016 and ending on the date immediately preceding the date of the Change in Control)

	
Vesting Schedule:
	
Subject to the terms and conditions of the Agreement (including, without limitation, conditions requiring continued Service with the Company through the applicable date), all of the PRSUs vest on March 1, 2019 (the “Scheduled Vesting Date”).

By electronically accepting the Award according to the instructions in the Participant’s E*TRADE account (pursuant to which the Participant received this Grant Notice), the Participant agrees that the Award is governed by this Grant Notice and by the provisions of the Plan and the Agreement, both of which are made a part of this document.

 

The Participant acknowledges that copies of the Plan, the Agreement, and the prospectus for the Plan are available via the Participant’s E*TRADE account.

 

The Participant represents that the Participant has read and is familiar with the provisions of the Plan and the Agreement, and hereby accepts the Award subject to all of their terms and conditions.

 

WEST\267549902.4 

 

NUVASIVE, INC.

PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT

 

NuVasive, Inc. has granted to the Participant named in the Notice of Grant of Performance Restricted Stock Units (the “Grant Notice”) to which this Performance Restricted Stock Unit Agreement is attached (together, the Performance Restricted Stock Unit Agreement and the Grant Notice being referred to collectively herein as this “Agreement”) an Award consisting of Performance Restricted Stock Units (“PRSUs”) subject to the terms and conditions set forth in this Agreement.  The Award has been granted pursuant to, and shall - in all respects - be subject to the terms and conditions of, the 2014 Equity Incentive Plan of NuVasive, Inc. (the “Plan”), as amended from time-to-time, the provisions of which are incorporated herein by reference.  By electronically accepting the Award (as provided in the Grant Notice), the Participant: (a) acknowledges receipt of, and represents that the Participant has read and is familiar with, this Agreement, the Plan and the prospectus for the Plan prepared in connection with the registration with the Securities and Exchange Commission of the shares of Stock issuable pursuant to the Award (the “Plan Prospectus”), (b) accepts the Award subject to all of the terms and conditions of this Agreement and the Plan, and (c) agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee or its delegate (to the extent delegation is permitted under the Plan) in the event any questions arise (and/or interpretation may be required) regarding this Agreement or the Plan.

1.Definitions and Construction.

1.1Definitions.  Unless otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in the Grant Notice or the Plan.

(a)“Beginning Period Average Price” means the average official closing price per share of the respective company over the twenty consecutive trading days ending with and including the first day of the Performance Period (if the applicable day is not a trading day, the immediately preceding trading day).

(b)“Dividend Equivalent Units” means any additional Performance Restricted Stock Units credited pursuant to Section 3.4.

(c)“Ending Period Average Price” means the average official closing price per share of the respective company over the twenty consecutive trading days ending with and including the last day of the Performance Period (if the applicable day is not a trading day, the immediately preceding trading day).

(d)“Performance Multiplier” means the respective percentage calculated using (or as identified in) the table below:

	
TSR Percentile Ranking for Performance Period
	
Performance Multiplier

	
At the 100th percentile
	
250.0%

	
At 90th Percentile
	
220.0%

	
At 80th Percentile
	
190.0%

	
At the 70th percentile
	
160.0%

	
At 60th Percentile
	
130.0%

	
At the 50th percentile
	
100.0%

	
At the 40th percentile
	
50.0%

	
At the 35th percentile
	
25.0%

	
Below the 35th percentile
	
0.0%

If the Company achieves a TSR percentile ranking that falls between the foregoing levels, the Performance Multiplier will be will be determined by linear interpolation between the applicable levels noted above and using the following guiding principles:

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·
	
a 5.0% decrease in funding for each TSR percentile ranking below the 50th percentile and above the 35th percentile (e.g., a TSR percentile ranking of 49th = a Performance Multiplier of 95.0% and a TSR percentile ranking of 36th = a Performance Multiplier of 30.0%), with a Performance Multiplier of 0.0% for any each TSR percentile ranking below the 35th percentile; and

	
 
	
·
	
a 3.0% increase in funding for each TSR percentile ranking above the 50th percentile  (e.g., a TSR percentile ranking of 99th = a Performance Multiplier of 247.0% and a TSR percentile ranking of 51st = a Performance Multiplier of 103.0%).

In each case, the Performance Multiplier shall be rounded up to the nearest tenth of a percent.

 

(e)“Index Companies” means the companies that are included in the S&P 500, continuously from the beginning through the end of the Performance Period.  The Committee shall have the authority to make appropriate adjustments to the extent necessary to account for extraordinary, unusual and infrequently occurring events and transactions involving an Index Company.

(f)“PRSUs” means the Performance Restricted Stock Units originally granted pursuant to the Award and any Dividend Equivalent Units credited pursuant to the Award, as each may be adjusted from time-to-time pursuant to Section 4.4 (Adjustments for Changes in Capital Structure) or Section 4.5 (Assumption or Substitution of Awards) of the Plan.

(g)“TSR” means total shareholder return as determined by dividing (i) the sum of (A) the Ending Period Average Price minus the Beginning Period Average Price plus (B) all dividends and other distributions paid on a company’s shares during the Performance Period by (ii) the Beginning Period Average Price.  In calculating TSR, all dividends are assumed to have been reinvested in shares when paid.  The Committee shall have the authority to make appropriate equitable adjustments to account for extraordinary items affecting a company’s TSR for the Performance Period. 

(h)“TSR Percentile Ranking” means the Company’s percentile ranking relative to the Index Companies, based on TSR.  TSR Percentile Ranking is determined by ordering the Index Companies (plus the Company if the Company is not one of the Index Companies) from highest to lowest based on TSR for the Performance Period and counting down from the company with the highest TSR (ranked first) to the Company’s position on the list.  (If two companies are ranked equally, the ranking of the next company shall account for the tie, so that if one company is ranked first, and two companies are tied for second, the next company is ranked fourth.)  After this ranking, the TSR Percentile Ranking will be calculated using the following formula, rounded to the nearest whole percentile by application of regular rounding:

			
	
TSR Percentile Ranking =
	
(N – R)
	
* 100

	
(N – 1)

“N” represents the number of Index Companies for the Performance Period (plus one if the Company is not one of the Index Companies for the Performance Period).

“R” represents the Company’s ranking among the Index Companies (including the Company if the Company is not one of the Index Companies for the Performance Period).

For example, if there are 100 Index Companies (including the Company), and the Company ranked 40th, the TSR Percentile Ranking would be the 61st percentile 
(61% = (100 – 40)/(100 – 1) * 100, rounded to the nearest whole percentile by application of regular rounding).

1.2Construction.  Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement.  Except when otherwise indicated 

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by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

2.Administration.

2.1Committee Actions.  All questions of interpretation concerning this Agreement, the Plan or any other form of agreement or other document employed by the Company in the administration of the Plan or the Award shall be determined by the Committee or its delegate.  All such determinations by the Committee or its delegate shall be final, binding and conclusive upon all persons having an interest in the Award, unless fraudulent or made in bad faith.  Any and all actions, decisions and determinations taken or made by the Committee in the exercise of its discretion pursuant to the Plan or the Award or other agreement thereunder (other than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive upon all persons having an interest in the Award.  

2.2Express Authority Required.  Only individuals expressly designated by the Committee shall have the authority to act on behalf of the Committee with respect to certain of the matters, rights, obligations, modifications, or elections allocated to the Company herein (or in the Plan).

3.The Award; Payment.

3.1Grant of PRSUs.  On the Date of Grant, the Participant shall acquire, subject to the provisions of this Agreement, the Number of PRSUs set forth in the Grant Notice, subject to (a) determination as set forth in Section 3.2 (Amount of Payment) below, and (b) adjustment as provided in Section 4.4 (Adjustments for Changes in Capital Structure) or Section 4.5 (Assumption or Substitution of Awards) of the Plan.  

3.2Amount of Payment.  Subject to certification by the Committee in writing of the number of shares of Stock (if any) that are payable under this Agreement, which certification and determination shall be made by the Committee no later than the February 28th that next follows the end of the Performance Period, and except as otherwise specified below, the number of shares of Stock that shall be issued in settlement of this Award on the date specified in Section 5.1 below, shall be equal to the Number of PRSUs multiplied by the Performance Multiplier, rounding up to the nearest whole share of Stock.  If the Performance Multiplier is 0%, all PRSUs are forfeited and no shares will be paid.  

(a)Death or Disability.  Upon the Participant’s death or termination of Service due to Disability, the number of shares of Stock that shall be issued in settlement of this Award on the date specified in Section 5.1 below shall be the Number of PRSUs (as provided in the Notice of Grant, with no application of the Performance Multiplier).

(b)Change in Control.  Upon any Change in Control, the number of shares of Stock that shall be issued in settlement of this Award shall be equal to the greater of (i) the number of PRSUs (as set forth in the Notice of Grant) without regard to the Performance Multiplier, or (ii) such number of PRSUs multiplied by the Performance Multiplier (determined using a Performance Period that ends on the date immediately preceding the date of the Change in Control), rounding up to the nearest whole share of Stock. 

3.3No Monetary Payment Required.  The Participant is not required to make any monetary payment (other than applicable tax withholding, if any) as a condition to receiving the PRSUs or any shares of Stock issued upon settlement of Vested PRSUs (as defined in Section 4.1 below), the consideration for which shall be the Participant rendering Service as provided in this Agreement to a Participating Company or for its benefit.

3.4Dividend Equivalent Units.  On the date that the Company pays a cash dividend to holders of Stock generally, if any, the Participant shall be credited with a number of additional whole Dividend Equivalent Units determined by dividing (a) the product of (i) the dollar amount of the cash dividend paid per 

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share of Stock on such date, and (ii) the number of PRSUs which have not been settled as of such date, by (b) the Fair Market Value per share of Stock on such date.  Any resulting fractional Dividend Equivalent Unit shall be rounded to the nearest whole number.  Any such additional Dividend Equivalent Units shall be added to the Number of PRSUs specified in the Grant Notice and shall be subject to the same terms and conditions, and shall be settled or forfeited in the same manner and at the same time, as the PRSUs with respect to which they have been credited.

4.Vesting; Forfeiture.

4.1Vesting of PRSUs.  Provided that the Participant’s Service has not terminated prior to the applicable date, any PRSUs achieved pursuant to the Award shall become vested upon the earliest date to occur of the following (the “Vesting Date”):

(a)the Scheduled Vesting Date (as provided in the Grant Notice);

(b)the Participant’s death;

(c)termination of the Participant’s Service due to Disability; and

(d)immediately before any Change in Control.

Such PRSUs, when so vested, are referred to herein as “Vested PRSUs”.

4.2Leaves of Absence.

(a)If Participant takes an approved medical, FMLA (or other statutorily protected leave), or military leave (each, an “Approved Leave”) and returns from such leave for at least thirty calendar days, then Participant shall be treated as if the period of such Approved Leave had been a period of continuous Service with the Company or Affiliate, and such Vested PRSUs shall be settled in accordance with Section 5.

(b)In the event the Participant takes a leave of absence other than an Approved Leave, the number of Vested PRSUs, as determined under Section 3.2, shall be prorated by multiplying the Vested PRSUs by a fraction the numerator of which is the number of whole months during the Performance Period that Participant had been in continuous Service with the Company or Affiliate, and the denominator of which is the number of months the Performance Period spans, rounding up to the nearest whole number.

(c)In the event of Participant’s termination of Service during any leave of absence, then the PRSUs shall expire in accordance with the provisions set forth in Section 4.4 below.

4.3Vesting of Dividend Equivalent Units.  Any Dividend Equivalent Units shall become vested (and also constitute “Vested PRSUs”) at the same time as the PRSUs with respect to which they have been credited.

4.4Forfeiture of PRSUs That Are Not Vested PRSUs Upon Termination of Service.  Except as otherwise provided in Section 4.1, any PRSUs that are not Vested PRSUs will terminate automatically without any further action by the Company and be forfeited without further notice and at no cost to the Company upon Participant’s termination of Service.

5.Settlement of Vested PRSUs.

5.1Distribution of Shares in Settlement of Vested PRSUs.

(a)Subject to the terms and conditions of the Plan and this Agreement, any shares of Stock that are determined to be payable pursuant to Section 3.2 shall be distributed to Participant (or 

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Participant’s estate in the event of death) with respect to Participant’s Vested PRSUs within thirty days following the Vesting Date for such PRSUs, except as otherwise provided in Section 6.3 or Section 9.1 (the “Settlement Date”).

(b)All distributions of shares of Stock with respect to Participant’s Vested PRSUs shall be made by the Company in the form of whole shares.  In lieu of any fractional share of Stock, the Company shall make a cash payment to Participant equal to the Fair Market Value of such fractional share on the date the PRSUs are settled as provided herein.  The Company shall not be required to issue fractional shares of Stock upon the settlement of Vested PRSUs.

(c)Shares of Stock issued in settlement of Vested PRSUs shall not be subject to any restriction on transfer other than any such restriction as may be required pursuant to Section 5.3 or the Company’s Insider Trading Policy.

5.2Certificate Registration.  The Participant hereby authorizes the Company, in its sole discretion, to deposit any or all shares of Stock acquired by the Participant pursuant to the settlement of Vested PRSUs with the Company’s transfer agent, including any successor transfer agent, to be held in book entry form, or to deposit such shares for the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has notice.  Except as provided by the foregoing, a certificate for the shares of Stock acquired by the Participant shall be registered in the name of the Participant, or, if applicable, in the name of the Participant’s estate.

5.3Restrictions on Grant of the Award and Issuance of Shares.  The grant of the Award and issuance of shares of Stock upon settlement of Vested PRSUs shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities.  No shares of Stock may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed.  The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of any shares of Stock subject to the Award shall relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained.  As a condition to the settlement of Vested PRSUs, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company.

6.Tax Withholding.

6.1In General.  By electronically accepting the Award (as provided in the Grant Notice), the Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant, including withholding of shares of Stock otherwise issuable to the Participant in settlement of Vested PRSUs, and otherwise agrees to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax (including any social insurance) withholding obligations of the Participating Company, if any, which arise in connection with the Award, the vesting of PRSUs or the issuance of shares of Stock in settlement of Vested PRSUs.  The Company shall have no obligation to deliver shares of Stock until the tax withholding obligations of the Participating Company have been satisfied by the Participant.

6.2Withholding in Shares.  The Company shall have the right, but not the obligation, to require the Participant to satisfy all or any portion of a Participating Company’s tax withholding obligations by deducting from the shares of Stock otherwise deliverable to the Participant in settlement of Vested PRSUs a number of whole shares of Stock having a Fair Market Value, as determined by the Company as of the date on which the tax withholding obligations arise, not in excess of the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates (and subsequently making a payment of Company cash equal to the amount of any such tax obligation to the respective tax authorities).

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6.3Assignment of Sale Proceeds.  Subject to compliance with applicable law and the Company’s Insider Trading Policy, if permitted by the Company, the Participant may satisfy the Participating Company’s tax withholding obligations in accordance with procedures established by the Company providing for delivery by the Participant to the Company or a broker approved by the Company of properly executed instructions, in a form approved by the Company, providing for the assignment to the Company of the proceeds of a sale with respect to some or all of the shares of Stock being acquired upon settlement of Vested PRSUs.  If the Settlement Date would occur on a date on which a sale of the shares of Stock by the Participant would violate the Insider Trading Policy of the Company, the Settlement Date for such Vested PRSUs shall be deferred until the earlier of (a) the next day on which the sale of shares by the Participant would not violate the Insider Trading Policy, or (b) the 15th day of the third calendar month following calendar year of the Settlement Date.

7.Rights as a Stockholder, Director, Employee or Consultant.

The Participant shall have no rights as a stockholder with respect to any shares of Stock which may be issued in settlement of Vested PRSUs until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).  No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date the shares of Stock are issued, except as provided in Section 3.4 of this Agreement and Section 4.4 of the Plan (Adjustments for Changes in Capital Structure).  If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between a Participating Company and the Participant, the Participant’s employment is “at will” and is for no specified term.  Nothing in this Agreement shall confer upon the Participant any right to continue in the Service of a Participating Company or interfere in any way with any right of the Participating Company Group to terminate the Participant’s Service at any time.

8.Legends.

The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all certificates representing shares of Stock issued pursuant to this Agreement.  The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing shares of Stock acquired pursuant to this Award in the possession of the Participant in order to carry out the provisions of this Section.

9.Compliance with Section 409A.

It is intended that the settlement of Vested PRSUs as set forth in this Agreement qualify for exemption from, or comply with, the requirements of Section 409A, and any ambiguities herein will be interpreted to so qualify or comply.  Notwithstanding the foregoing, if it is determined that the PRSUs fail to satisfy the requirements of the “short-term deferral” exemption and are otherwise Section 409A Deferred Compensation, it is intended that any payment or benefit which is made or provided pursuant to or in connection with this Award shall comply in all respects with the applicable requirements of Section 409A (including applicable regulations or other administrative guidance thereunder, as determined by the Committee in good faith) to avoid the unfavorable tax consequences provided therein for non‐compliance.  In connection with effecting such compliance with Section 409A, the following shall apply:

9.1Separation from Service; Required Delay in Payment to Specified Employee.  Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Agreement on account of the Participant’s termination of Service which constitutes a “deferral of compensation” within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the “Section 409A Regulations”) shall be paid unless and until the Participant has incurred a “separation from service” within the meaning of the Section 409A Regulations.  Furthermore, to the extent that the Participant is a “specified employee” within the meaning of the Section 409A Regulations as of the date of the Participant’s separation from service, no amount that constitutes a deferral of compensation which is payable on account of the 

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Participant’s separation from service shall be paid to the Participant before the date (the “Delayed Payment Date”) which is first day of the seventh month after the date of the Participant’s separation from service or, if earlier, the date of the Participant’s death following such separation from service.  All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

9.2Other Changes in Time of Payment.  Neither the Participant nor the Company shall take any action to accelerate or delay the payment of any benefits under this Agreement in any manner which would not be in compliance with the Section 409A Regulations.

9.3Amendments to Comply with Section 409A; Indemnification.  Notwithstanding any other provision of this Agreement to the contrary, the Company is authorized to amend this Agreement, to void or amend any election made by the Participant under this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by the Company, in its discretion, to be necessary or appropriate to comply with the Section 409A Regulations without prior notice to or consent of the Participant.  The Participant hereby releases and holds harmless the Company, its directors, officers and stockholders from any and all claims that may arise from or relate to any tax liability, penalties, interest, costs, fees or other liability incurred by the Participant in connection with the Award, including as a result of the application of Section 409A.

9.4Advice of Independent Tax Advisor.  The Company has not obtained a tax ruling or other confirmation from the Internal Revenue Service with regard to the application of Section 409A to the Award, and the Company does not represent or warrant that this Agreement will avoid adverse tax consequences to the Participant, including as a result of the application of Section 409A to the Award.  The Participant hereby acknowledges that he or she has been advised to seek the advice of his or her own independent tax advisor prior to entering into this Agreement and is not relying upon any representations of the Company or any of its agents as to the effect of or the advisability of entering into this Agreement.

10.Miscellaneous Provisions.

10.1Termination or Amendment.  The Committee may terminate or amend the Plan or this Agreement at any time; provided, however, that no such termination or amendment may have a materially adverse effect on the Participant’s rights under this Agreement without the consent of the Participant unless such termination or amendment is necessary to comply with applicable law or government regulation, including, but not limited to, Section 409A.  No amendment or addition to this Agreement shall be effective unless in writing.

10.2Nontransferability of the Award.  Prior to the issuance of shares of Stock on the applicable Settlement Date, neither this Award nor any PRSUs subject to this Award shall be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution.  All rights with respect to the Award shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s guardian or legal representative.

10.3Repayment/Forfeiture.  Any benefits the Participant may receive hereunder shall be subject to repayment or forfeiture as may be required to comply with (a) any applicable listing standards of a national securities exchange adopted in accordance with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations of the U.S. Securities and Exchange Commission adopted thereunder, (b) similar rules under the laws of any other jurisdiction, and (c) the Company’s Incentive Compensation Recoupment Policy or any policies adopted by the Company to implement such requirements, all to the extent determined by the Company in its discretion to be applicable to the Participant.

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10.4Further Instruments.  The parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

10.5Binding Effect.  This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors, administrators, successors and assigns.

10.6Delivery of Documents and Notices.  Any document relating to participation in the Plan or any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party.

(a)Description of Electronic Delivery.  The Plan documents, which may include but do not necessarily include: the Plan, this Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Participant electronically.  In addition, if permitted by the Company, the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time.  Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company.

(b)Consent to Electronic Delivery.  The Participant acknowledges that the Participant has read Section 10.6(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice, as described in Section 10.6(a). The Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing.  The Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails.  Similarly, the Participant understands that the Participant must provide the Company or any designated third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails.  The Participant may revoke his or her consent to the electronic delivery of documents described in Section 10.6(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail.  Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 10.6(a) but has nevertheless knowingly and voluntarily chosen to do so by electronically accepting the Award (as provided in the Grant Notice).

10.7Integrated Agreement.  This Agreement and the Plan shall constitute the entire understanding and agreement of the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersede any prior agreements, understandings, restrictions, representations, or warranties among the Participant and the Participating Company Group with respect to such subject matter.  To the extent contemplated herein or therein, the provisions of this Agreement and the Plan shall survive any settlement of Vested PRSUs and shall remain in full force and effect.

10.8Applicable Law.  This Agreement shall be governed by the laws of the State of Delaware as such laws are applied to agreements between Delaware residents entered into and to be performed entirely within the State of Delaware.

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10.9Terms and Conditions Subject to Change in the Event the Participant Transfers Outside of the United States.  Should the Participant transfer his or her residence and/or employment with the Company to another country, the Company, in its sole discretion, shall determine whether application of certain additional and/or supplemental terms and conditions is necessary or advisable in order to comply with respective laws, rules and regulations or to facilitate the operation and administration of the Award and the Plan.  In all circumstances, the Company will provide the Participant with its ordinary-course terms and conditions for such country(ies) in the form of an amendment and/or addendum, which shall thereafter be part of this Agreement.

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