Document:

Second Amendment to the Credit Agreement

 Exhibit 10.69 
 SECOND AMENDMENT TO CREDIT AGREEMENT 
 THIS SECOND AMENDMENT TO
CREDIT AGREEMENT (the “Second Amendment”), dated as of February 24, 2010, amends that certain Amended and Restated Credit Agreement dated as of October 31, 2008, as amended by a First Amendment thereto dated as of
November 18, 2009 (collectively, the “Credit Agreement”), by and among KOPPERS INC., a Pennsylvania corporation (the “Borrower”), THE GUARANTORS (as defined in the Credit Agreement), THE LENDERS (as
defined in the Credit Agreement), and PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). 
 WITNESSETH: 
 WHEREAS, Borrower has requested, and the Lenders have agreed,
subject to the terms and conditions herein, to amend the Credit Agreement to, among other matters, permit the Borrower to create certain Subsidiaries organized under the laws of the Netherlands which will be used (i) to acquire the ownership
interests of a Netherlands corporation in a business similar to the Loan Parties, and (ii) to effect a reorganization of the ownership interests of the Borrower’s Subsidiaries which are not organized under the laws of the United States of
any state thereof. 
 NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements herein
contained and intending to be legally bound hereby, covenant and agree as follows: 
 1. Recitals. The foregoing recitals
are true and correct and incorporated herein by reference. 
 2. Amendments to Credit Agreement. 

(a) Section 1.1 [Defined Terms]. 
 (i) Existing Definitions. The definition of “Foreign Holding Company Reorganization” in Section 1.1 of the Credit Agreement is hereby amended and restated as follows: 

“Foreign Holding Company Reorganization shall mean the transfer, in one or more steps, of the ownership interests in Koppers
Australia and/or Koppers Europe to Koppers Netherlands Partnership and/or Koppers Netherlands Corporation and/or any Subsidiary thereof.” 
 (ii) New Definitions. The following new defined terms are hereby added to Section 1.1 of the Credit Agreement in alphabetical order as follows: 

(A) “Cindu Acquisition Agreement shall mean that certain Share Sale and Purchase Agreement to be entered into
among Koppers Netherlands Corporation, as the Purchaser, Cindu B.V. and Corus Stall B.V., as the Sellers, the 

 
Borrower, NPM Capital N.V. and Sofinim NV, as the same may be amended from time to time, pursuant to which Koppers Netherlands Corporation shall purchase all the ownership interests of Cindu
Chemicals.” 
 (B) “Cindu Chemicals shall mean Cindu Chemicals B.V., a private limited liability
company organized under the laws of The Netherlands.” 
 (C) “Koppers Netherlands Corporation
shall mean a Netherlands limited liability company organized by the Borrower for the purpose of acquiring the ownership interests of Cindu Chemicals under the Cindu Acquisition Agreement.” 

(D) “Koppers Netherlands Partnership shall mean a Netherlands partnership organized by the Borrower for the
purpose of, inter alia, holding the ownership interests of Koppers Netherlands Corporation.” 
 (b) Subsection (x) of
Section 8.2.1 [Indebtedness] of the Credit Agreement is hereby amended and restated as follows: 
  

	 	“(x)	Indebtedness of Koppers Netherlands Partnership and/or Koppers Netherlands Corporation to the Borrower, WWV or other Subsidiaries of the Borrower which is incurred in
consideration for the transfer of the ownership interests in Koppers Europe and/or Koppers Australia pursuant to any Foreign Holding Company Reorganization effected by the Borrower and its Subsidiaries; and” 

(c) Subsection (x) of Section 8.2.4 [Loans and Investments] of the Credit Agreement is hereby amended and restated as follows:

 “(x) Non-cash investments in or capital contributions or loans or advances to Koppers Netherlands
Partnership and/or Koppers Netherlands Corporation which consist of the transfer of the ownership interests in Koppers Europe and/or Koppers Australia pursuant to any Foreign Holding Company Reorganization effected by the Borrower and its
Subsidiaries; and” 
 (d) Subsection (3) of Section 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions]
of the Credit Agreement is hereby amended and restated as follows: 
 “(3) any Subsidiary of a Loan Party may be merged
into any Person or may be liquidated and dissolved, in each case in connection with the sale or disposition of such Subsidiary, if the sale or disposition of all of the assets of such Subsidiary would have been otherwise permitted hereunder, and any
Subsidiary of the Borrower which is not a Loan Party may be merged into any other Subsidiary of the Borrower which is not a Loan Party,” 

  
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 (e) Section 8.2.7 [Dispositions of Assets or Subsidiaries] of the Credit Agreement is
hereby amended by inserting the following paragraph at the end of such Section 8.2.7: 
 “In addition to the foregoing
permitted transfers and dispositions and in connection with the Foreign Holding Company Reorganization (i) WWV may contribute to Koppers Netherland Partnership the promissory note of Koppers Luxembourg payable to WWV in the amount of
$11,700,000, and in connection therewith, the Administrative Agent shall release its security interest in such promissory note, and (ii) WWV may contribute to Koppers Netherlands Partnership, Koppers Netherlands Corporation or any Subsidiary
thereof the ownership interests of WWV in Koppers Europe, Koppers Luxembourg and/or Koppers Australia, and in connection therewith, the Administrative Agent shall release its security interest in the ownership interests which are no longer held by a
Loan Party.” 
 (f) Section 8.2.9 [Subsidiaries, Partnerships and Joint Ventures] of the Credit Agreement is hereby
amended and restated as follows: 
 “8.2.9. Subsidiaries, Partnerships and Joint Ventures. 

Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, own or create directly or indirectly any
Subsidiaries other than (i) any Subsidiary which has joined this Agreement as a Guarantor on the Closing Date or which is listed on Schedule 6.1.3 hereto (excluding Koppers Assurance); (ii) any Subsidiary formed under the laws of
the United States or a state thereof (and prior to the redemption of all the 2003 Senior Notes, any Subsidiary formed under the laws of Australia or any territory or state thereof) after the Closing Date which joins this Agreement as a Guarantor
pursuant to Section 11.18 [Joinder of Guarantors], provided that such Subsidiary and the Loan Parties, as applicable, shall grant and cause to be perfected first priority Liens to the Administrative Agent for the benefit of the Lenders (in form
and substance satisfactory to the Administrative Agent) in the assets held by, and stock of or other ownership interests in, such Subsidiary; (iii) upon prior written notice to the Administrative Agent, any Subsidiary which is (a) not
formed under the laws of the United States or a state thereof, (b) not a Guarantor hereunder, and (c) as to which the investment in such Subsidiary (together with all other loans, advances and investments to and in other such Subsidiaries)
by the Loan Parties does not exceed the amount permitted under Section 8.2.4(vi), and (iv) upon prior written notice to the Administrative Agent, any Subsidiary formed under the laws of Luxembourg which is used to effect any Foreign
Holding Company Reorganization. Any Subsidiary which executes a Guaranty of any Indebtedness under the 2003 Senior Notes shall execute and deliver a Guaranty Agreement in favor of the Administrative Agent. Except as set forth on Schedule
8.2.9 and to the extent permitted by Section 8.2.4(vii), each of the Loan Parties shall not become or agree to (1) become a general or limited partner in any general or limited partnership, except that the Loan Parties may be general
or limited partners in other Loan Parties, (2) become a member or manager of, or hold a limited liability company interest in, a limited liability company, except that the Loan Parties may be members or managers of, or hold limited liability
company interests in, other Loan Parties, or (3) become a joint venturer or hold a joint venture interest in any joint venture. Notwithstanding the preceding sentence, (x) the Loan Parties and their Subsidiaries may organize a new limited
liability company (“U.S.LLC”) owned by WWV and organized under the laws of the United States or a state thereof, which U.S.LLC 

  
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shall serve as the general partner of Koppers Netherlands Partnership and shall comply with the requirements of Section 11.18 [Joinder of Guarantors], (y) the Loan Parties and their
Subsidiaries may organize Koppers Netherlands Partnership and Koppers Netherlands Corporation, and (z) WWV shall pledge to the Administrative Agent 100% of the ownership interests of U.S.LLC, and WWV and U.S.LLC each shall pledge to the
Administrative Agent 65% of the ownership interest each such Loan Party holds in Koppers Netherlands Partnership. 
 At such
time as the Borrower shall have redeemed all the 2003 Senior Notes and the security interests and other Liens of the 2003 Trustee shall have terminated, the Administrative Agent shall and hereby is authorized by the Lenders to (i) release from
the Guaranty Agreement all Guarantors which are not formed under the laws of the United States or a state thereof, (ii) release all Collateral granted to the Administrative Agent by such foreign Guarantors which are released from the Guaranty
Agreement, and (iii) reduce the pledge of 100% of the stock of any foreign Subsidiary owned by the Borrower or any Guarantor which is formed under the laws of the United States or any state thereof to a pledge in the amount of 65% of the stock
of any foreign Subsidiary owned by the Borrower or any Guarantor which is formed under the laws of the United States or any state thereof. The Loan Parties hereby agree at all times after the redemption of the 2003 Senior Notes to cause 65% of the
stock of any foreign Subsidiary owned by the Borrower or any Guarantor which is formed under the laws of the United States or any state thereof to be subject to the terms of the Pledge Agreement in favor of the Administrative Agent as Collateral for
the Obligations.” 
 (g) Schedule 6.1.1 [Qualifications to do Business] to the Credit Agreement is hereby amended by
adding thereto the following: “Koppers Ventures LLC — organized in Delaware”. 
 (h) Schedule 8.2.3
[Guaranties] to the Credit Agreement is hereby amended by adding thereto the following: “Guaranties by the Borrower included in the Cindu Acquisition Agreement, to the extent such guaranties are included in the latest form of such agreement
provided to the Administrative Agent prior to the execution and delivery of the Second Amendment to the Credit Agreement”. 

3. Conditions Precedent. The Borrower, the Guarantors and the Lenders acknowledge that this Second Amendment shall not be
effective until each of the following conditions precedent has been satisfied (such date is referred to herein as the “Effective Date”): 
 (a) The Borrower, the Guarantors, the Required Lenders, and the Administrative Agent shall have executed and delivered this Second Amendment to the Administrative Agent; 

(b) The Borrower shall have delivered to the Administrative Agent a closing certificate dated the Effective Date certifying to the
accuracy of representations and warranties, compliance with covenants and conditions and absence of any Potential Default or Event of Default under the Credit Agreement; 
 (c) The Borrower shall have delivered to the Administrative Agent for the benefit of each Lender a certificate dated the Effective Date and signed by the Secretary or an Assistant Secretary of each of the
Loan Parties, certifying as appropriate as to: 
 (i) all action taken by each Loan Party in connection with this
Second Amendment and the other Loan Documents; 

  
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 (ii) the names of the officer or officers authorized to sign this Second
Amendment and the other Loan Documents and the true signatures of such officer or officers and specifying the Authorized Officers permitted to act on behalf of each Loan Party for purposes of this Second Amendment and the true signatures of such
officers, on which the Administrative Agent and each Lender may conclusively rely; and 
 (iii) copies of its
organizational documents, including its certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, and limited liability company agreement as in effect on the date of this Second
Amendment, certified by the corporate secretary of other appropriate officer, or alternatively, a certification by such corporate secretary or other appropriate officer that such documents remain unchanged and in full force and effect since the time
of the certification provided to the Administrative Agent and the Lenders on December 1, 2009. 
 (d) Since
December 31, 2008, no Material Adverse Change shall have occurred with respect to the Borrower or any of the Guarantors; 

(e) No default or event of default shall have occurred or will occur under the terms of any other agreement involving borrowed money or
the extension of credit or any other Indebtedness under which any Loan Party or Subsidiary of any Loan Party may be obligated as a borrower or guarantor as a result of and after giving effect to the transactions contemplated by this Second
Amendment; 
 (f) The Borrower and the Guarantors shall have obtained all approvals and consents necessary to consummate the
transactions contemplated by this Second Amendment; 
 (g) The Borrower shall have delivered to the Administrative Agent an
opinion of Borrower’s counsel dated the Effective Date as to the due authorization, execution and delivery, and enforceability of this Second Amendment and such other matters as requested by the Administrative Agent, which opinion shall be in
form and substance reasonably satisfactory to the Administrative Agent; 
 (h) The Borrower shall have paid to the
Administrative Agent all fees required to be paid in connection with this Amendment, and the Borrower shall have reimbursed the Administrative Agent all fees and expenses, including without limitation, attorneys’ fees, for which the
Administrative Agent is entitled to be reimbursed; and 
 (i) All legal details and proceedings in connection with the
transactions contemplated by this Second Amendment and all other Loan Documents to be delivered to the Lenders shall be in form and substance reasonably satisfactory to the Administrative Agent. 

4. Incorporation into Credit Agreement. This Second Amendment shall be incorporated into the Credit Agreement by this reference.

  
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 5. Full Force and Effect. Except as expressly modified by this Second Amendment, all
of the terms, conditions, representations, warranties and covenants of the Credit Agreement and the other Loan Documents are true and correct and shall continue in full force and effect without modification, including without limitation, all liens
and security interests securing the Borrower’s indebtedness to the Lenders and all Guaranty Agreements executed and delivered by the Guarantors. 
 6. Reimbursement of Expenses. The Borrower unconditionally agrees to pay and reimburse the Administrative Agent and save the Administrative Agent harmless against liability for the payment of
reasonable out-of-pocket costs, expenses and disbursements, including without limitation, fees and expenses of counsel incurred by the Administrative Agent in connection with the development, preparation, execution, administration, interpretation or
performance of this Second Amendment and all other documents or instruments to be delivered in connection herewith. 
 7.
Counterparts. This Second Amendment may be executed by different parties hereto in any number of separate counterparts, each of which, when so executed and delivered shall be an original and all such counterparts shall together constitute one
and the same instrument. 
 8. Entire Agreement. This Second Amendment sets forth the entire agreement and understanding
of the parties with respect to the transactions contemplated hereby and supersedes all prior understandings and agreements, whether written or oral, between the parties hereto relating to the subject matter hereof. No representation, promise,
inducement or statement of intention has been made by any party which is not embodied in this Second Amendment, and no party shall be bound by or liable for any alleged representation, promise, inducement or statement of intention not set forth
herein. 
 9. Governing Law. This Second Amendment shall be deemed to be a contract under the laws of the Commonwealth of
Pennsylvania and for all purposes shall be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Pennsylvania without regard to its conflict of laws principles. 

[SIGNATURE PAGES FOLLOW] 

  
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 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this Amendment as of the day and year
first above written. 
  

			
	 KOPPERS INC.

		
	 By:
	 	 /s/ Louann E. Tronsberg Deihle

 
			
	 Name:
	 	Louann E. Tronsberg Deihle

 
			
	 Title:
	 	Treasurer

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	KOPPERS HOLDINGS INC.
		
	By:	 	 /s/ Louann E. Tronsberg Deihle

 
			
	Name:	 	Louann E. Tronsberg Deihle

 
			
	Title:	 	Treasurer

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	WORLD-WIDE VENTURES CORPORATION
		
	By:	 	 /s/ Louann E. Tronsberg Deihle

 
			
	Name:	 	Louann E. Tronsberg Deihle

 
			
	Title:	 	Vice President

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	KOPPERS DELAWARE, INC.
		
	By:	 	 /s/ Louann E. Tronsberg Deihle

 
			
	Name:	 	Louann E. Tronsberg Deihle

 
			
	Title:	 	Treasurer

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	KOPPERS ASIA LLC
		
	By:	 	 /s/ Louann E. Tronsberg Deihle

 
			
	Name:	 	Louann E. Tronsberg Deihle

 
			
	Title:	 	Treasurer

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	KOPPERS CONCRETE PRODUCTS, INC.
		
	 By:
	 	 /s/ Brian H. Mc Currie

 
			
	 Name:
	 	Brian H. Mc Currie

 
			
	 Title:
	 	Treasurer

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	CONCRETE PARTNERS, INC.
		
	By:	 	 /s/ Brian H. Mc Currie

 
			
	Name:	 	Brian H. Mc Currie

 
			
	Title:	 	Treasurer

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	 PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent and as Lender, for itself

and as successor to National City Bank

		
	 By:
	 	 /s/ Tracy J. Delock

 
			
	 Name:
	 	Tracy J. Delock

 
			
	 Title:
	 	Vice President

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	 CITIZENS BANK OF PENNSYLVANIA,

individually and as Syndication Agent

		
	By:	 	 /s/ Curtis C. Hunter III

 
			
	Name:	 	Curtis C. Hunter III

 
			
	Title:	 	Vice President

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	 BANK OF AMERICA, N.A.,

individually and as Documentation Agent

		
	By:	 	 /s/ William M. Bulger, Jr.

 
			
	Name:	 	William M. Bulger, Jr.

 
			
	Title:	 	Vice President

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	 FIRST COMMONWEALTH BANK,

individually and as Syndication Agent

		
	By:	 	 /s/ C. Forrest Tefft

 
			
	Name:	 	C. Forrest Tefft

 
			
	Title:	 	Senior Vice President

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	 WELLS FARGO BANK, N.A., individually and

as Syndication Agent

		
	By:	 	 /s/ J. Barrett Donovan

 
			
	Name:	 	J. Barrett Donovan

 
			
	Title:	 	Vice President

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	 FIFTH THIRD BANK

		
	By:	 	 /s/ Jim Janovsky

 
			
	Name:	 	Jim Janovsky

 
			
	Title:	 	Vice President

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	FIRSTMERIT BANK, N.A.
		
	By:	 	 /s/ Robert G. Morlan

 
			
	Name:	 	Robert G. Morlan

 
			
	Title:	 	Senior Vice President

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	 FIRST NATIONAL BANK OF

PENNSYLVANIA

		
	By:	 	 /s/ JOHN L. HAYES

 
			
	Name:	 	JOHN L. HAYES

 
			
	Title:	 	SENIOR VICE PRESIDENT

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	TRISTATE CAPITAL BANK
		
	By:	 	 /s/ Paul J. Oris

 
			
	Name:	 	Paul J. Oris

 
			
	Title:	 	Senior Vice President

 [SIGNATURE PAGE – SECOND AMENDMENT TO CREDIT AGREEMENT] 

 

			
	THE HUNTINGTON NATIONAL BANK
		
	By:	 	 /s/ W. Christopher Kohler

 
			
	Name:	 	W. Christopher Kohler

 
			
	Title:	 	Vice PresidentPerformance Based Restricted Stock Unit Award Agreement

 Exhibit 10.25 
 CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN 
 OMITTED AND FILED SEPARATELY
WITH THE 
 SECURITIES AND EXCHANGE COMMISSION 
 PURSUANT TO A REQUEST FOR CONFIDENTIAL 
 TREATMENT FILED WITH THE
COMMISSION. 
 THE OMITTED PORTIONS ARE INDICATED BY [**]. 

UNITED STATIONERS INC. 
 2004 LONG-TERM INCENTIVE PLAN 
 RESTRICTED STOCK UNIT AWARD AGREEMENT

 This Restricted Stock Unit Award Agreement (this “Agreement”), dated as March 17, 2011, (the “Award
Date”), is by and between Stephen Schultz (the “Participant”), and United Stationers Inc., a Delaware corporation (the “Company”). Any term capitalized but not defined in this Agreement will have the meaning set forth in the
Company’s 2004 Long-Term Incentive Plan (the “Plan”). 
 In the exercise of its discretion to grant awards under the Plan, the
Committee has determined that the Participant should receive a restricted stock unit award, on the following terms and conditions: 

Section 1. Grant. The Company hereby grants to the Participant a Restricted Stock Unit Award (the “Award”) of 2,000
restricted stock units (the “Units”), each Unit representing the right to receive up to two shares of the Company’s common stock as provided in Section 4 of this Agreement. The Award will be subject to the terms and conditions of
the Plan and this Agreement. 
 Section 2. No Rights as a Stockholder. The Units granted pursuant to this Award do not
entitle the Participant to any rights of a stockholder of the Company’s Stock. The Participant’s rights with respect to the Units shall remain forfeitable at all times until satisfaction of the vesting conditions set forth in
Section 3 of this Agreement. 
 Section 3. Vesting; Effect of Date of Termination. The Participant’s Units will
vest on March 1, 2015 (the “Vesting Date”); provided that the Participant’s Date of Termination has not occurred before the Vesting Date. If the Participant’s Date of Termination occurs for any reason before the Vesting
Date, the Participant’s Units will be forfeited on and after the Participant’s Date of Termination, subject to the following: 
  

	 	(a)	If the Participant’s Date of Termination occurs before the Vesting Date by reason of the Participant’s death or Permanent and Total Disability (as defined
below), a Pro Rata Portion of the Units will then become vested as of the Participant’s Date of Termination. As used herein, the “Pro Rata Portion” of the Units shall be determined by multiplying the total number of Units subject to
this Agreement by a fraction, the numerator of which shall be the number of whole months elapsed from the Award Date to the Date of Termination, and the denominator of which shall be the number of whole months between the Award Date and the Vesting
Date. 

  

	 	(b)	If a Change of Control occurs after the Award Date and prior to both the Vesting Date and the Participant’s Date of Termination, then (i) 50% of the Units
subject to this Agreement will then become fully vested as of the date of such event; and (ii) the portion of the Units that does not vest in accordance with the preceding clause (i) shall be subject to the vesting provisions of this
Agreement without regard to the acceleration of vesting under clause (i). 

  

	 	(c)	If a Change of Control occurs after the Award Date and prior to both the Vesting Date and the Participant’s Date of Termination and, during the two-year period
following the date of such Change of Control, the Participant’s Date of Termination occurs by reason of involuntary termination of the Participant’s employment by the Company or its Subsidiaries without Cause or by the Participant for Good
Reason (as defined below), the Units that have not otherwise vested under this Agreement will be fully vested as of the Participant’s Date of Termination. 

 

	 	(d)	If the Participant’s Date of Termination occurs during an Anticipated Change of Control and before the Vesting Date by reason of the involuntary termination of the
Participant’s employment by the Company or its Subsidiaries without Cause or by the Participant for Good Reason, and a Change of Control then occurs within two years following the Participant’s Date of Termination, the number of shares
(subject to paragraph 5.2(f) of the Plan) that would have been issuable in settlement of the Units that were forfeited on the Date of Termination had those Units been vested on the Date of Termination (such number of shares determined in accordance
with paragraph 4(c) below) shall be granted to the Participant on a fully vested basis as of the date of the Change of Control (but in no event later than March 15 of the year following the calendar year in which the Change of Control occurs).

	 	(e)	For purposes of this Agreement, the term “Permanent and Total Disability” means the Participant’s inability, due to illness, accident, injury, physical
or mental incapacity or other disability, effectively to carry out his duties and obligations as an employee of the Company or its Subsidiaries or to participate effectively and actively as an employee of the Company or its Subsidiaries for 90
consecutive days or shorter periods aggregating at least 180 days (whether or not consecutive) during any twelve-month period. 

  

	 	(f)	For purposes of this Agreement, “Good Reason” shall mean: (i) any material breach by the Company of this Agreement or of any employment agreement with
the Participant without Participant’s written consent, (ii) any material reduction, without the Participant’s written consent, in the Participant’s duties, responsibilities or authority; provided, however, that for purposes of
this clause (ii), neither (A) a change in the Participant’s supervisor or the number or identity of the Participant’s direct reports, nor (B) a change in the Participant’s title, duties, responsibilities or authority as a
result of a realignment or restructuring of the Company’s executive organizational chart nor (C) a change in the Participant’s title, duties, responsibilities or authority as a result of a realignment or restructuring of the Company
shall be deemed by itself to materially reduce Participant’s duties, responsibilities or authority, as long as, in the case of either (B) or (C), Participant continues to report to either the supervisor to whom he or she reported
immediately prior to the Change of Control or a supervisor of equivalent responsibility and authority; or (iii) without Participant’s written consent: (A) a material reduction in the Participant’s base salary, (B) the
relocation of the Participant’s principal place of employment more than fifty (50) miles from its location on the date of a Change in Control, or (C) the relocation of the Company’s corporate headquarters office outside of the
metropolitan area in which it is located on the date of a Change in Control. For purposes of this Agreement, a Change of Control, alone, does not constitute Good Reason. Furthermore, notwithstanding the above, the occurrence of any of the events
described above will not constitute Good Reason unless the Participant gives the Company written notice within thirty (30) days after the initial occurrence of any of such events that the Participant believes that such event constitutes Good
Reason, and the Company thereafter fails to cure any such event within sixty (60) days after receipt of such notice. 

 Except as otherwise specifically provided, the Company will not have any further obligations to the Participant under this Agreement if the Participant’s Units are forfeited as provided herein.

 Section 4. Number of Shares to be Received. The number of shares of Stock that the Participant will be entitled to receive
in settlement of each Unit upon its vesting will be determined as follows: 
  

	 	(a)	Each calendar year beginning with the year ending December 31, 2011 and ending with the year ending December 31, 2014 will be considered a performance period
for purposes of this Award. As of the end of each performance period, the number of shares of Stock to be issued in settlement of 25% of the number of Units subject to this Agreement (the “Share Settlement Amount”) will be determined and
fixed by multiplying 25% of the Units by the Share Adjustment Factor (defined below). 

  

	 	(b)	The Share Adjustment Factor for any performance period is the sum of the EBIT Adjustment Factor and the Sales Adjustment Factor, each as defined in this paragraph. The
EBIT Adjustment Factor for any performance period is the multiple (calculated to two decimal places) determined by comparing EBIT1 for ORS Nasco Inc. for that performance period to the EBIT threshold, target and maximum amounts for that performance
period as established by the Committee, as described in Appendix A to this Agreement. The Sales Adjustment Factor for any performance period is the 

 

	1 	For purposes of this Agreement, “EBIT” for any performance period means earnings before interest and taxes for ORS Nasco Inc. for that performance period, is
calculated as total gross margin less total operating expenses, and will be derived from the diluted earnings per share as reported in the Company’s audited financial statements for the performance period and adjusted for the same items used in
adjusting Net Income results for the United Stationers Management Incentive Plan purposes. The calculation of EBIT shall exclude the impacts of any intercompany sales and any acquisition accounting items, including amortization of intangible assets,
depreciation expenses associated with any fixed asset step up to fair value and impact of any inventory step up to fair value. 

	 	
multiple (calculated to two decimal places) determined by comparing Sales2 for ORS Nasco Inc. for that performance period to the Sales threshold, target and maximum amounts for that performance
period as established by the Committee, as described in Appendix A to this Agreement. The target EBIT and Sales amounts for ORS Nasco Inc. for each performance period are set forth in Appendix A. 

 

	 	(c)	If any Units vest before the Vesting Date pursuant to paragraphs 3(a), (b) or (c), then for each performance period that has been completed prior to such
vesting event, the applicable Settlement Share Amount determined for that performance period will be utilized. To the extent the number of Units that vest pursuant to Paragraphs 3(a), (b) or (c) exceeds the number of Units for which
Settlement Share Amounts have been determined pursuant to Paragraphs 4(a) and (b), the number of shares of Stock to be issued in settlement of such additional Units will be determined by multiplying such number of additional Units by the Share
Adjustment Factor for the last completed performance period (or by 1 if no performance period has been completed at that time). 

 Section 5. Settlement of Units. After any Units vest pursuant to Section 3, the Company will promptly, but in no event later than March 15 of the year following the calendar
year in which such Units vest, cause to be issued to the Participant, or to the Participant’s beneficiary or legal representative in the event of Participant’s death, shares of Stock in payment and settlement of such vested Units in the
amount determined in accordance with Section 4. Such issuance shall be evidenced by a stock certificate or appropriate entry on the books of the Company or a duly authorized transfer agent of the Company, shall be subject to the tax withholding
provisions of Section 6, and shall be in complete satisfaction of such vested Units. If the Units that vest include a fractional Unit, the Company will round the number of vested Units down to the nearest whole Unit prior to issuance of the
shares as provided herein. 
 Section 6. Tax Matters. 

 

	 	(a)	The Committee may require the Participant, or the alternate recipient identified in Section 5, to satisfy any potential federal, state, local or other tax
withholding liability. Such liability must be satisfied at the time such Units vest and are settled in shares of Stock. At the election of the Participant, and subject to such rules and limitations as may be established by the Committee from time to
time, such withholding obligations may be satisfied: (A) through a cash payment by the Participant, (B) through the surrender of shares of Stock that the Participant already owns (provided, however, to the extent shares described in this
clause (B) are used to satisfy more than the minimum statutory withholding obligation, as described below, then payments made with shares of Stock in accordance with this clause (B) shall be limited to shares held by the Participant for
not less than six months prior to the payment date), (C) through the surrender of shares of Stock to which the Participant is otherwise entitled in respect of the Award under this Agreement; provided, however, that such shares under this clause
(C) may be used to satisfy not more than the minimum statutory withholding obligation of the Company or applicable Subsidiary (based on minimum statutory withholding rates for federal, state and local tax purposes, including payroll taxes, that
are applicable to such supplemental taxable income), or (D) any combination of (A), (B) and (C); provided, however, that the Committee shall have sole discretion to disapprove of an election pursuant to any of clauses
(B)-(D) and that the Committee may require that the method of satisfying such an obligation be in compliance with Section 16 of the Exchange Act (if the Participant is subject thereto) and any other applicable laws and the respective rules
and regulations thereunder. Any fraction of a share of Stock which would be required to satisfy such an obligation will be disregarded and the remaining amount due will be paid in cash by the Participant. 

 

	 	(b)	The Award evidenced by this Agreement and the issuance of shares of Stock in settlement of vested Units is not intended to provide and does not provide for the deferral
of compensation within the meaning of Section 409A of the Code. The Participant shall have no power to affect the timing of such settlement. 

 Section 7. Compliance with Laws. Despite the provisions of Section 5 hereof, the Company is not required to issue or deliver any certificates for shares of Stock if at any time the
Company determines that the listing, 
  

	2 	For purposes of this Agreement, “Sales” for any performance period means [net sales for ORS Nasco Inc. for that performance period. The calculation of Sales
shall exclude the impacts of any intercompany sales]. 

 
registration or qualification of such shares upon any securities exchange or under any law, the consent or approval of any governmental body or the taking of any other action is necessary or
desirable as a condition of, or in connection with, the issuance or delivery of the shares hereunder in compliance with all applicable laws and regulations, unless such listing, registration, qualification, consent, approval or other action has been
effected or obtained, free of any conditions not acceptable to the Company. 
 Section 8. No Right to Employment. Nothing
herein confers upon the Participant any right to continue in the employ of the Company or any Subsidiary. 
 Section 9.
Nontransferability. Except as otherwise provided by the Committee or as provided in Section 5, and except with respect to shares of Stock issued in settlement of vested Units, the Participant's interests and rights in and under this
Agreement may not be assigned, transferred, exchanged, pledged or otherwise encumbered other than as designated by the Participant by will or by the laws of descent and distribution. Issuance of shares of Stock in settlement of Units will be made
only to the Participant; or, if the Committee has been provided with evidence acceptable to it that the Participant is legally incompetent, the Participant’s personal representative; or, if the Participant is deceased, to the designated
beneficiary or other appropriate recipient in accordance with Section 5 hereof. The Committee may require personal receipts or endorsements of a Participant’s personal representative, designated beneficiary or alternate recipient provided
for herein, and the Committee shall extend to those individuals the rights otherwise exercisable by the Participant with regard to any withholding tax election in accordance with Section 6 hereof. Any effort to otherwise assign or transfer any
Units or any rights or interests therein or thereto under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights and interests of the Participant and his or her beneficiary in and under this
Agreement. 
 Section 10. Administration and Interpretation. The Committee has the authority to control and manage the
operation and administration of the Plan. Any interpretations of the Plan by the Committee and any decisions made by it under the Plan are final and binding on the Participant and all other persons. 

Section 11. Governing Law. This Agreement and the rights and obligations hereunder shall be governed by and construed in accordance
with the laws of the state of Delaware, without regard to principles of conflicts of law of Delaware or any other jurisdiction. 

Section 12. Sole Agreement. Notwithstanding anything in this Agreement to the contrary, the terms of this Agreement shall be subject
to all of the terms and conditions of the Plan (as the same may be amended in accordance with its terms), a copy of which may be obtained by the Participant from the office of the Secretary of the Company. In addition, this Agreement and the
Participant’s rights hereunder shall be subject to all interpretations, determinations, guidelines, rules and regulations adopted or made by the Committee from time to time pursuant to the Plan. This Agreement is the entire agreement between
the parties to it with respect to the subject matter hereof, and supersedes any and all prior oral and written discussions, commitments, undertakings, representations or agreements (including, without limitation, any terms of any employment offers,
discussions or agreements between the parties). 
 Section 13. Binding Effect. This Agreement will be binding upon and will
inure to the benefit of the Company and the Participant and, as and to the extent provided herein and under the Plan, their respective heirs, executors, administrators, legal representatives, successors and assigns. 

Section 14. Amendment and Waiver. This Agreement may be amended in accordance with the provisions of the Plan, and may otherwise be
amended by written agreement between the Company and the Participant without the consent of any other person. No course of conduct or failure or delay in enforcing the provisions of this Agreement will affect the validity, binding effect or
enforceability of this Agreement. 

 IN WITNESS WHEREOF, the Company has duly executed this
Agreement as of the Award Date. 
  

			
	 Very truly yours,
 UNITED STATIONERS INC.

		
	By:	 	/s/ Frederick B. Hegi, Jr.
		 	 Frederick B. Hegi, Jr.

Chairman of the Board

 Appendix A 
 Determination of Share Adjustment Factor 
 For any performance period, the Share Adjustment
Factor shall be determined in accordance with Section 4(b) of the Restricted Stock Unit Award Agreement by adding the EBIT Adjustment Factor and the Sales Adjustment Factor derived from the following table: 

 

							
	 ORS Nasco, Inc. EBIT for

the Applicable
 Performance Period
	  	EBIT
Adjustment
Factor (1)	  	 ORS Nasco, Inc. Sales

for the Applicable
 Performance Period
	  	Sales Adjustment
Factor (1)
	 Lower of 85% of Target EBIT 
 or prior year’s actual EBIT
 (Threshold) (2)
	  	0	  	 Lower of 85% of Target
 Sales or prior year’s
 actual Sales (Threshold) (2)
	  	0
				
	Target EBIT	  	0.50	  	Target Sales	  	0.50
				
	130% of Target EBIT (Maximum)	  	1.00	  	130% of Target Sales (Maximum)	  	1.00

  

	(1)	If ORS Nasco, Inc. EBIT or Sales for the applicable performance period is between Threshold and Target EBIT or Sales, or between Target and Maximum EBIT or Sales, the
applicable EBIT Adjustment Factor and Sales Adjustment Factor will be determined by linear interpolation between the applicable EBIT Adjustment Factors and Sales Adjustment factors shown in the table. 

	(2)	Threshold performance for purposes of the EBIT Adjustment Factor will be the lower of 85% of target EBIT or the prior year’s actual EBIT, and Threshold performance
for purposes of the Sales Adjustment Factor will be will be the lower of 85% of target Sales or the prior year’s actual Sales. 

 Target ORS Nasco, Inc. EBIT and Sales for Each Performance Period 
  

									
	 Year Ending
	  	Target ORS Nasco, Inc. EBIT	 	 	Target ORS Nasco, Inc. Sales	 
	 December 31, 2011
	  	$	19,417,000	  	 	$	374,170,000	  
			
	 December 31, 2012
	  	$	[**	] 	 	$	[**	] 
			
	 December 31, 2013
	  	$	[**	] 	 	$	[**	] 
			
	 December 31, 2014
	  	$	[**	] 	 	$	[**	]

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