Document:

EX-10.5

 Exhibit 10.5 
 INTERCREDITOR AGREEMENT 
 by and between 

BANK OF AMERICA, N.A., 
 as ABL Collateral Agent 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Notes Collateral Agent 
 Dated as of October 10, 2012 

 TABLE OF CONTENTS 

 

					
	 	  	Page No.	 
	 ARTICLE 1
	  			
	 DEFINITIONS
	  			
	 Section 1.1 Definitions
	  	 	1	  
	 Section 1.2 Rules of Construction
	  	 	7	  
		
	 ARTICLE 2
	  			
	 LIEN PRIORITY
	  			
		
	 Section 2.1 Priority of Liens
	  	 	8	  
	 Section 2.2 Waiver of Right to Contest Liens
	  	 	9	  
	 Section 2.3 Remedies Standstill
	  	 	9	  
	 Section 2.4 Exercise of Rights
	  	 	11	  
	 Section 2.5 No New Liens
	  	 	12	  
	 Section 2.6 Waiver of Marshalling
	  	 	12	  
		
	 ARTICLE 3
	  			
	 ACTIONS OF THE PARTIES
	  			
		
	 Section 3.1 Certain Actions Permitted
	  	 	12	  
	 Section 3.2 Agent for Perfection
	  	 	13	  
	 Section 3.3 Inspection and Access Rights
	  	 	13	  
	 Section 3.4 Exercise of Remedies – Set-Off and Tracing of and Priorities in Proceeds
	  	 	14	  
		
	 ARTICLE 4
	  			
	 APPLICATION OF PROCEEDS
	  			
		
	 Section 4.1 Application of Proceeds
	  	 	14	  
	 Section 4.2 Specific Performance
	  	 	16	  
		
	 ARTICLE 5
	  			
	 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS
	  			
		
	 Section 5.1 Notice of Acceptance and Other Waivers
	  	 	16	  
	 Section 5.2 Modifications to ABL Documents and Notes Documents
	  	 	17	  
	 Section 5.3 Reinstatement and Continuation of Agreement
	  	 	18	  

  
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	 	  	Page No.	 
	 ARTICLE 6
	  			
	 INSOLVENCY PROCEEDINGS
	  			
		
	 Section 6.1 DIP Financing
	  	 	19	  
	 Section 6.2 Relief from Stay
	  	 	20	  
	 Section 6.3 No Contest; Adequate Protection
	  	 	20	  
	 Section 6.4 Asset Sales
	  	 	21	  
	 Section 6.5 Separate Grants of Security and Separate Classification
	  	 	21	  
	 Section 6.6 Enforceability
	  	 	21	  
	 Section 6.7 ABL Obligations and Notes Obligations Unconditional
	  	 	21	  
		
	 ARTICLE 7
	  			
	 MISCELLANEOUS
	  			
		
	 Section 7.1 Rights of Subrogation
	  	 	22	  
	 Section 7.2 Further Assurances
	  	 	22	  
	 Section 7.3 Representations
	  	 	23	  
	 Section 7.4 Amendments
	  	 	23	  
	 Section 7.5 Addresses for Notices
	  	 	23	  
	 Section 7.6 No Waiver, Remedies
	  	 	24	  
	 Section 7.7 Continuing Agreement, Transfer of Secured Obligations
	  	 	24	  
	 Section 7.8 Governing Law; Entire Agreement
	  	 	24	  
	 Section 7.9 Counterparts
	  	 	24	  
	 Section 7.10 No Third Party Beneficiaries
	  	 	24	  
	 Section 7.11 Headings
	  	 	24	  
	 Section 7.12 Severability
	  	 	25	  
	 Section 7.13 Attorneys’ Fees
	  	 	25	  
	 Section 7.14 VENUE; JURY TRIAL WAIVER
	  	 	25	  
	 Section 7.15 Intercreditor Agreement
	  	 	25	  
	 Section 7.16 Effectiveness
	  	 	25	  
	 Section 7.17 Collateral Agents
	  	 	25	  
	 Section 7.18 No Warranties or Liability
	  	 	26	  
	 Section 7.19 Conflicts
	  	 	27	  
	 Section 7.20 Information Concerning Financial Condition of the Credit Parties
	  	 	27	  
	 Section 7.21 Acknowledgement
	  	 	27	  

  
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 INTERCREDITOR AGREEMENT 

THIS INTERCREDITOR AGREEMENT (as amended, supplemented, restated or otherwise modified from time to time pursuant to the terms hereof,
this “Agreement”) is entered into as of October 10, 2012 between BANK OF AMERICA, N.A. (“Bank of America”), in its capacity as collateral agent for the ABL Secured Parties (as defined
below), and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as collateral agent for the Notes Secured Parties (as defined below). 
 RECITALS 
 A. RYERSON INC., a Delaware corporation (the
“Company”), is party to the Credit Agreement, dated as of March 14, 2011 (as amended, restated, supplemented, waived, Refinanced or otherwise modified from time to time (including without limitation to add new loans
thereunder or increase the amount of loans thereunder), the “ABL Credit Agreement”), among the Company, the several Subsidiary Borrowers party thereto, the guarantors party thereto, the Lenders party thereto from time to
time, BANK OF AMERICA, N.A., as Administrative Agent, and the other parties named therein. 
 B. The Company and its wholly owned
subsidiary, JOSEPH T. RYERSON & SON, INC., a Delaware corporation (the “Co-Issuer”) are party to an indenture related to the Notes, dated as of October 10, 2012 (as amended, restated, supplemented, waived,
Refinanced or otherwise modified from time to time, the “Indenture”), among the Company, the Co-Issuer, the Subsidiaries identified therein as guarantors and Wells Fargo Bank, National Association, as Trustee. 

Accordingly, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable
consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 

Section 1.1 Definitions. Unless the context otherwise requires, all capitalized terms used but not defined
herein shall have the meanings set forth in the ABL Credit Agreement or the Indenture, as applicable, in each case as in effect on the Closing Date. In addition, as used in this Agreement, the following terms shall have the meanings set forth below:

 “ABL Collateral Agent” shall mean Bank of America, in its capacity as collateral agent for the ABL
Secured Parties under the ABL Credit Agreement and the other ABL Documents entered into pursuant to the ABL Credit Agreement, together with its successors and permitted assigns under the ABL Credit Agreement exercising substantially the same rights
and powers; and in each case provided that if such ABL Collateral Agent is not Bank of America, such ABL Collateral Agent shall have become a party to this Agreement and the other applicable ABL Security Documents. 

  
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 “ABL Controlled Accounts” shall mean (i) all Deposit Accounts
and all accounts and sub-accounts relating to any of the foregoing accounts and (ii) all cash, funds, checks, notes, “securities entitlements” (as such terms are defined in the UCC) and instruments from time to time on deposit in any
of the accounts or sub-accounts described in clause (i) of this definition, in each case, of any Grantor and which are subject to a control agreement in favor of the ABL Collateral Agent. 

“ABL Credit Agreement” shall have the meaning assigned to that term in the recitals to this Agreement.

 “ABL Documents” shall mean the credit, guaranty and security documents governing the ABL Obligations,
including, without limitation, the ABL Credit Agreement and the ABL Security Documents and documentation entered into by any Grantor relating to Bank Products (as defined in the ABL Credit Agreement as in effect on the date hereof). 

“ABL Obligations” shall mean all “Obligations” as defined in the ABL Credit Agreement. For the
avoidance of doubt, Notes Obligations shall not constitute ABL Obligations. 
 “ABL Recovery” shall have
the meaning set forth in Section 5.3. 
 “ABL Secured Parties” shall mean the “Secured
Parties” as defined in the ABL Credit Agreement. 
 “ABL Security Agreement” shall mean the U. S.
Security Agreement (as defined in the ABL Credit Agreement). 
 “ABL Security Documents” shall mean the
ABL Security Agreement and the other U.S. Security Documents (as defined in the ABL Credit Agreement) and any other agreement, document or instrument pursuant to which a Lien is granted or purported to be granted securing ABL Obligations or under
which rights or remedies with respect to such Liens are governed. 
 “Agreement” shall have the meaning
assigned to that term in the introduction to this Agreement. 
 “Bank of America” shall have the meaning
assigned to that term in the introduction to this Agreement. 
 “Bankruptcy Code” shall mean Title 11 of
the United States Code. 
 “Bankruptcy Law” shall mean the Bankruptcy Code and all other liquidation,
conservatorship, bankruptcy, assignment for benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect
affecting the rights of creditors generally. 
 “Co-Issuer” has the meaning set forth in the recitals to
this Agreement. 

  
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 “Collateral Agent(s)” shall mean individually the ABL Collateral
Agent or the Notes Collateral Agent and collectively means the ABL Collateral Agent and the Notes Collateral Agent. 

“Company” has the meaning set forth in the recitals to this Agreement. 

“Comparable Notes Security Document” shall mean, in relation to any Intercreditor Collateral subject to any Lien
created under any ABL Document, those Notes Security Documents that create a Lien on the same Intercreditor Collateral (but only to the extent relating to such Intercreditor Collateral), granted by the same Grantor or Grantors. 

“Credit Documents” shall mean the ABL Documents and the Notes Documents. 

“Deposit Account” shall have the meaning set forth in the UCC. 

“DIP Financing” shall have the meaning set forth in Section 6.1(a). 

“Discharge of ABL Obligations” shall mean, except to the extent otherwise provided in Section 5.3, with
respect to (i) any ABL Obligations that are non-Contingent Obligations, payment in full in cash of all ABL Obligations and, with respect to letters of credit or letter of credit guaranties outstanding under the ABL Documents, delivery of cash
collateral or backstop letters of credit in respect thereof in a manner consistent with the ABL Credit Agreement, in each case after or concurrently with the termination of all commitments to extend credit thereunder, and the termination of all
commitments of ABL Secured Parties under ABL Documents; and (ii) any ABL Obligations that are contingent in nature (other than ABL Obligations consisting of L/C Obligations or Bank Product Debt of a Borrower or Guarantor), the depositing of
cash with ABL Collateral Agent in an amount equal to 100% of any such ABL Obligations that have been liquidated or, if such ABL Obligations are unliquidated in amount and represent a claim which has been asserted against Administrative Agent or a
U.S. Lender and for which an indemnity has been provided by U.S. Borrowers in any of the Credit Documents, in an amount that is equal to such claim or Administrative Agent’s good faith estimate of such claim; provided that the Discharge
of ABL Obligations shall not be deemed to have occurred if such payments are made with the proceeds of other ABL Obligations that constitute an exchange or replacement for or a Refinancing of such ABL Obligations. In the event the ABL Obligations
are modified and the ABL Obligations are paid over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the ABL Obligations shall be deemed to be discharged when the final payment is made, in cash, in respect of such
indebtedness and any obligations pursuant to such new indebtedness shall have been satisfied. 

“Disposition” shall have the meaning set forth in Section 2.4(b). 

“Event of Default” shall mean an Event of Default under the ABL Credit Agreement or the Indenture as the context
requires. 

  
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 “Exercise Any Secured Creditor Remedies” or “Exercise of
Secured Creditor Remedies” shall mean, except as otherwise provided in the final sentence of this definition: 
 (a) the taking by any Secured Party of any action to enforce or realize upon any Lien on Intercreditor Collateral, including the institution of any foreclosure proceedings or the noticing of any public or
private sale pursuant to Article 9 of the Uniform Commercial Code; 
 (b) the exercise by any Secured Party of
any right or remedy provided to a secured creditor on account of a Lien on Intercreditor Collateral under any of the Credit Documents, under applicable law, in an Insolvency Proceeding or otherwise, including the election to retain any of the
Intercreditor Collateral in satisfaction of a Lien; 
 (c) the taking of any action by any Secured Party or the
exercise of any right or remedy by any Secured Party in respect of the collection on, set-off against, marshalling of, injunction respecting or foreclosure on the Intercreditor Collateral or the Proceeds thereof; 

(d) the appointment on the application of a Secured Party, of a receiver, receiver and manager or interim receiver of all
or part of the Intercreditor Collateral; 
 (e) the sale, lease, license, or other disposition of all or any
portion of the Intercreditor Collateral by private or public sale conducted by a Secured Party or any other means at the direction of a Secured Party permissible under applicable law; or 

(f) the exercise of any other right of a secured creditor under Part 6 of Article 9 of the Uniform Commercial Code in
respect of Intercreditor Collateral. 
 For the avoidance of doubt, none of the following shall be deemed to constitute an Exercise of Secured
Creditor Remedies: (i) the filing of a proof of claim in bankruptcy court or seeking adequate protection, (ii) the exercise of rights by the ABL Collateral Agent upon the occurrence of a Cash Dominion Event (as defined in the ABL Credit
Agreement), including, without limitation, the notification of account debtors, depository institutions or any other Person to deliver proceeds of Intercreditor Collateral to the ABL Collateral Agent (unless and until the Lenders under the ABL
Credit Agreement cease to extend credit to the Borrowers thereunder, in which event an Exercise of Secured Creditor Remedies shall be deemed to have occurred), (iii) the consent by a Secured Party to a sale or other disposition by any Grantor
of any of its assets or properties, (iv) the acceleration of all or a portion of the ABL Obligations or the Notes Obligations, (v) the reduction of the borrowing base, advance rates or sub-limits by the Administrative Agent under the ABL
Credit Agreement, the ABL Collateral Agent and the Lenders under the ABL Credit Agreement, (vi) the imposition of reserves by the ABL Collateral Agent, (vii) an account or item of inventory ceasing to be an “eligible account” or
“eligible inventory” under the ABL Credit Agreement, (viii) any action taken by any Notes Secured Party in respect of Non-Intercreditor Collateral or (ix) any of the actions permitted by Sections 2.3(b), 2.4(a) and 3.1.

 “Governmental Authority” shall mean any nation or government, any state or other political
subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

  
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 “Grantors” shall mean the Company and each Subsidiary that is party
to an ABL Security Document or a Notes Security Document. 
 “Indebtedness” shall have the meaning
provided in the ABL Credit Agreement and the Indenture as in effect on the date hereof. 
 “Indenture”
shall have the meaning assigned to that term in the recitals to this Agreement. 
 “Insolvency
Proceeding” shall mean: 
 (1) any case commenced by or against the Company or any other Grantor
under any Bankruptcy Law, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company or any other Grantor, any receivership or assignment for the benefit of creditors
relating to the Company or any other Grantor or any similar case or proceeding relative to the Company or any other Grantor or its creditors, as such, in each case whether or not voluntary; 

(2) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Company
or any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 
 (3) any other proceeding of any type or nature in which substantially all claims of creditors of the Company or any other Grantor are determined and any payment or distribution is or may be made on
account of such claims. 
 “Intercreditor Collateral” shall mean all “Pledged Collateral” (or
equivalent term) as defined in the ABL Security Agreement as in effect on the date hereof. 
 “Lien”
means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether such interest is based on common law, statute or contract. The term “Lien” shall also include security
interests, hypothecations, security assignments, pledges, statutory trusts, deemed trusts, reservations, exceptions, encroachments, easements, rights-of-way, servitudes, covenants, conditions, restrictions, leases pursuant to which the owner of the
Property is the lessor, and other title exceptions and encumbrances affecting Property. For the purpose of this Agreement, a Borrower shall be deemed to be the owner of any Property which it has acquired or holds subject to a conditional sale
agreement or other arrangement pursuant to which title to the Property has been retained by or vested in some other Person for security purposes. 
 “Lien Priority” shall mean with respect to any Lien of the ABL Collateral Agent, the ABL Secured Parties, the Notes Collateral Agent or the Notes Secured Parties on the
Intercreditor Collateral, the order of priority of such Lien as specified in Section 2.1. 
 “Non-Intercreditor
Collateral” shall mean all “Collateral” (or equivalent term) as defined in any Notes Security Document or the Indenture but excluding all Intercreditor Collateral. 

  
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 “Notes” shall mean (a) the initial $600,000,000 in aggregate
principal amount of 9% Senior Secured Notes due 2017 issued by the Company and the Co-Issuer pursuant to the Indenture, (b) the exchange notes issued in exchange therefor as contemplated by the Registration Rights Agreement dated as of
October 10, 2012, among the Company, the Co-Issuer, the Guarantors identified therein and the initial purchasers party thereto and (c) any additional notes issued under the Indenture by the Company and the Co-Issuer, to the extent
permitted by the Indenture and the ABL Credit Agreement. 
 “Notes Collateral Agent” shall mean
(i) so long as the obligations are outstanding under the Indenture, the Trustee in its capacity as collateral agent for the Notes Secured Parties, and (ii) at any time thereafter, such agent or trustee as is designated “Notes
Collateral Agent” by Notes Secured Parties holding a majority in principal amount of the Notes Obligations then outstanding or pursuant to such other arrangements as agreed to among the holders of the Notes Obligations; it being understood that
as of the date of this Agreement, the Trustee shall be the Notes Collateral Agent. 
 “Notes Documents”
shall mean the indenture, Notes and security documents governing the Notes Obligations, including, without limitation, the Indenture and the related Notes Security Documents. 
 “Notes Obligations” shall mean “Secured Obligations” (as defined in the Security Agreement (as such term is defined in the Indenture)). 

“Notes Secured Parties” shall mean (i) so long as the Notes are outstanding, the Trustee and the holders of
the Notes (including any additional Notes subsequently issued under and in compliance with the terms of the Indenture), (ii) the Notes Collateral Agent and (iii) the holders from time to time of any other Notes Obligations. 

“Notes Security Documents” shall mean (a) so long as the Notes are outstanding, the Security Documents (as
defined in the Indenture) and (b) thereafter any agreement, document or instrument pursuant to which a Lien is granted or purported to be granted securing Notes Obligations or under which rights or remedies with respect to such Liens are
governed, which in each case may include intercreditor and/or subordination agreements or arrangements among various Notes Secured Parties. 
 “Obligations” shall mean any principal, interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the
rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), premium, penalties, fees, indemnifications, reimbursements (including reimbursement
obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities,
payable under the documentation governing any Indebtedness. 
 “Party” shall mean the ABL Collateral
Agent or the Notes Collateral Agent, and “Parties” shall mean collectively the ABL Collateral Agent and the Notes Collateral Agent. 

  
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 “Proceeds” shall mean (a) all “proceeds,” as defined
in Article 9 of the UCC, with respect to the Intercreditor Collateral, and (b) whatever is recoverable or recovered when any Intercreditor Collateral is sold, exchanged, collected or disposed of, whether voluntarily or involuntarily.

 “Property” shall mean any interest in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible. 
 “Refinance” shall mean, in respect of any indebtedness, to refinance,
extend, renew, defease, amend, increase, modify, supplement, restructure, refund, replace or repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for such indebtedness, including by adding or
replacing lenders, creditors, agents, borrowers and/or guarantors, and including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated. “Refinanced” and
“Refinancing” have correlative meanings. 
 “Secured Parties” shall mean the ABL
Secured Parties and the Notes Secured Parties. 
 “Subsidiary” shall have the meaning given such term by
the ABL Credit Agreement and the Indenture, each as in effect on the date hereof. 
 “Trustee” shall
mean Wells Fargo Bank, National Association, in its capacity as trustee under the Indenture and as collateral agent on behalf of the Notes Secured Parties, and its permitted successors. 

“Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as the same
may, from time to time, be in effect in the State of New York; provided that to the extent that the Uniform Commercial Code is used to define any term in any security document and such term is defined differently in differing Articles of the
Uniform Commercial Code, the definition of such term contained in Article 9 shall govern; provided, further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, publication or
priority of, or remedies with respect to, Liens of any Party are governed by the Uniform Commercial Code or foreign personal property security laws as enacted and in effect in a jurisdiction other than the State of New York, the term “Uniform
Commercial Code” or “UCC” will mean the Uniform Commercial Code or such foreign personal property security laws as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such
attachment, perfection, publication, priority or remedies and for purposes of definitions related to such provisions. 

Section 1.2 Rules of Construction. Unless the context of this Agreement clearly requires otherwise, references
to the plural include the singular, references to the singular include the plural, the term “including” is not limiting and shall be deemed to be followed by the phrase “without limitation,” and the term “or” has,
except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this
Agreement as a whole and not to any particular provision of this Agreement. Article, section, subsection, clause, schedule and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this 

  
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Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders,
and supplements thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein).
Any reference herein to any Person shall be construed to include such Person’s successors and assigns. Any reference herein to the repayment in full of an obligation shall mean the payment in full in cash of such obligation, or in such other
manner as may be approved in writing by the requisite holders or representatives in respect of such obligation, or in such other manner as may be approved by the requisite holders or representatives in respect of such obligation. 

ARTICLE 2 

LIEN PRIORITY 
 Section 2.1 Priority of Liens. 
 (a) Notwithstanding
(i) the date, time, method, manner, or order of grant, attachment, or perfection of any Liens granted to the ABL Collateral Agent or the ABL Secured Parties in respect of all or any portion of the Intercreditor Collateral or of any Liens
granted to the Notes Collateral Agent or any Notes Secured Parties in respect of all or any portion of the Intercreditor Collateral, and regardless of how any such Lien was acquired (whether by grant, statute, operation of law, subrogation or
otherwise), (ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in favor of the ABL Collateral Agent or the Notes Collateral Agent (or the ABL Secured Parties or the Notes Secured Parties) on
any Intercreditor Collateral, (iii) any provision of the Uniform Commercial Code, the Bankruptcy Code or any other applicable law, or of any of the ABL Documents or any of the Notes Documents, or (iv) whether the ABL Collateral Agent or
the Notes Collateral Agent, in each case, either directly or through agents, holds possession of, or has control over, all or any part of the Intercreditor Collateral, the ABL Collateral Agent, on behalf of itself and the ABL Secured Parties, and
the Notes Collateral Agent, on behalf of itself the Notes Secured Parties, hereby agree that: 
 (1) any Lien in
respect of all or any portion of the Intercreditor Collateral now or hereafter held by or on behalf of the Notes Collateral Agent or any Notes Secured Party that secures all or any portion of the Notes Obligations shall in all respects be junior and
subordinate to all Liens granted to the ABL Collateral Agent and the ABL Secured Parties on the Intercreditor Collateral; and 
 (2) any Lien in respect of all or any portion of the Intercreditor Collateral now or hereafter held by or on behalf of the ABL Collateral Agent or any ABL Secured Party that secures all or any portion of
the ABL Obligations shall in all respects be senior and prior to all Liens granted to the Notes Collateral Agent or any Notes Secured Party on the Intercreditor Collateral. 
 The Notes Collateral Agent, for and on behalf of itself and each applicable Notes Secured Party, expressly agrees that any Lien purported to be granted on any Intercreditor Collateral as security for the
ABL Obligations shall be deemed to be and shall be deemed to remain senior in all respects and prior to all Liens on the Intercreditor Collateral securing any Notes Obligations for all purposes regardless of whether the Lien purported to be granted
is found to be improperly granted, improperly perfected, preferential, a fraudulent conveyance or legally or otherwise deficient in any manner. 

  
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 (b) The ABL Collateral Agent, for and on behalf of itself and the ABL Secured Parties,
acknowledges and agrees that, concurrently herewith, the Notes Collateral Agent, for the benefit of itself and the Notes Secured Parties, has been granted Liens upon all of the Intercreditor Collateral in which the ABL Collateral Agent has been
granted Liens and the ABL Collateral Agent hereby consents thereto. The subordination of Liens by the Notes Collateral Agent in favor of the ABL Collateral Agent as set forth herein shall not be deemed to subordinate the Liens of the Notes
Collateral Agent or the Notes Secured Parties to Liens securing any other Obligations other than the ABL Obligations. 

Section 2.2 Waiver of Right to Contest Liens. 
 (a) The Notes Collateral Agent, for and on behalf of itself and the Notes Secured Parties, agrees that it shall not (and hereby waives any right to) take any action to contest or challenge (or assist or
support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the ABL Collateral Agent
and the ABL Secured Parties in respect of Intercreditor Collateral or the provisions of this Agreement. Except to the extent expressly set forth in this Agreement, the Notes Collateral Agent, for itself and on behalf of the Notes Secured Parties,
agrees that it will not take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Collateral Agent or any ABL Secured Party under the ABL Documents with respect to the Intercreditor Collateral. Except
to the extent expressly set forth in this Agreement, the Notes Collateral Agent, for itself and on behalf of the Notes Secured Parties, hereby waives any and all rights it may have as a junior lien creditor or otherwise to contest, protest, object
to, or interfere with the manner in which the ABL Collateral Agent or any ABL Secured Party seeks to enforce its Liens in any Intercreditor Collateral. 
 (b) The ABL Collateral Agent, for and on behalf of itself and the ABL Secured Parties, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist
or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the respective Liens of the Notes
Collateral Agent or the Notes Secured Parties in respect of the Intercreditor Collateral or the provisions of this Agreement. 

Section 2.3 Remedies Standstill. 
 (a) The Notes Collateral Agent, on behalf of itself and the Notes Secured Parties, agrees that, from the date hereof until the date upon which the Discharge of ABL Obligations shall have occurred, neither
the Notes Collateral Agent nor any Notes Secured Party will Exercise Any Secured Creditor Remedies with respect to any Intercreditor Collateral without the prior written consent of the ABL Collateral Agent, and (i) will not take, receive or
accept any Proceeds of Intercreditor Collateral or (ii) in the event such Proceeds were received by the Notes 

  
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Collateral Agent, it will apply them in accordance with Section 4.1(c) . From and after the date upon which the Discharge of ABL Obligations shall have occurred, the Notes Collateral Agent
or any Notes Secured Party may Exercise Any Secured Creditor Remedies under the Notes Documents or applicable law as to any Intercreditor Collateral. 
 (b) Notwithstanding the provisions of Section 2.3(a) or any other provision of this Agreement, nothing contained herein shall be construed to prevent any Collateral Agent or any Secured Party from
(i) filing a claim or statement of interest with respect to the ABL Obligations or Notes Obligations owed to it in any Insolvency Proceeding commenced by or against any Grantor, (ii) taking any action (not adverse to the priority status of
the Liens of the other Collateral Agent or other Secured Parties on the Intercreditor Collateral in which such other Collateral Agent or other Secured Parties have a priority Lien or the rights of the other Collateral Agent or any of the other
Secured Parties to exercise remedies in respect thereof) in order to create, perfect, preserve or protect (but not enforce) its Lien on any Intercreditor Collateral, (iii) filing any necessary or responsive pleadings in opposition to any
motion, adversary proceeding or other pleading filed by any Person objecting to or otherwise seeking disallowance of the claim or Lien of such Collateral Agent or Secured Party, (iv) filing any pleadings, objections, motions, or agreements
which assert rights available to unsecured creditors of the Grantors arising under any Insolvency Proceeding or applicable non-bankruptcy law, (v) voting on any plan of reorganization or filing any proof of claim in any Insolvency Proceeding of
any Grantor, or (vi) objecting to the proposed retention of collateral by the other Collateral Agent or any other Secured Party in full or partial satisfaction of any ABL Obligations or Notes Obligations due to the other Collateral Agent or
such other Secured Party, in each case (i) through (vi) above to the extent not inconsistent with, or could not result in a resolution inconsistent with, the terms of this Agreement. 

(c) Subject to Section 2.3(b), (i) the Notes Collateral Agent, for itself and on behalf of the Notes Secured Parties, agrees
that neither it nor any Notes Secured Party will take any action that would hinder any exercise of remedies undertaken by the ABL Collateral Agent or the ABL Secured Parties with respect to the Intercreditor Collateral, including any sale, lease,
exchange, transfer or other disposition of Intercreditor Collateral, whether by foreclosure or otherwise, and (ii) the Notes Collateral Agent, for itself and on behalf of the Notes Secured Parties, hereby waives any and all rights it or any
such Notes Secured Party may have as a junior lien creditor or otherwise to object to the manner in which the ABL Collateral Agent or the ABL Secured Parties seek to enforce or collect the ABL Obligations or the Liens granted in any of the
Intercreditor Collateral, regardless of whether any action or failure to act by or on behalf of the ABL Collateral Agent or ABL Secured Parties is adverse to the interests of the Notes Secured Parties. 

(d) The Notes Collateral Agent, for itself and on behalf of the Notes Secured Parties, hereby acknowledges and agrees that no covenant,
agreement or restriction contained in any Notes Document shall be deemed to restrict in any way the rights and remedies of the ABL Collateral Agent or the ABL Secured Parties with respect to the Intercreditor Collateral as set forth in this
Agreement and the ABL Documents. 

  
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 (e) Subject to Section 2.3(b), the Notes Collateral Agent, for itself and on behalf of
the Notes Secured Parties, agrees that, unless and until the Discharge of ABL Obligations has occurred, it will not commence, or join with any Person (other than the ABL Secured Parties and the ABL Collateral Agent upon the request thereof) in
commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Intercreditor Collateral. 
 Section 2.4 Exercise of Rights. 
 (a) No Other
Restrictions. Except as otherwise expressly set forth in Section 2.1(a), Section 2.2(a), Section 2.3, Section 3.5 and Article 6 of this Agreement, the Notes Collateral Agent and each Notes Secured Party may exercise rights
and remedies as an unsecured creditor and as a secured creditor with respect to the Non-Intercreditor Collateral against the Company or any Subsidiary that has guaranteed the Notes Obligations in accordance with the terms of the applicable Notes
Documents and applicable laws. Nothing in this Agreement shall prohibit the receipt by the Notes Collateral Agent or any Notes Secured Party of the required payments of interest and principal so long as such receipt is not the direct or indirect
result of the exercise by the Notes Collateral Agent or any Notes Secured Party of rights or remedies as a secured creditor in respect of Intercreditor Collateral or enforcement in contravention of this Agreement of any Lien on the Intercreditor
Collateral in respect of Notes Obligations held by any of them or in any Insolvency Proceeding. In the event the Notes Collateral Agent or Notes Secured Party becomes a judgment lien creditor or other secured creditor in respect of Intercreditor
Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Notes Obligations or otherwise, such judgment or other Lien shall be subordinated to the Liens securing ABL Obligations on the same basis as the other
Liens securing the Notes Obligations are so subordinated to such Liens securing ABL Obligations under this Agreement. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the ABL Collateral Agent or the ABL Secured
Parties may have with respect to the Intercreditor Collateral. Furthermore, subject to Section 3.3 hereof, for the avoidance of doubt, nothing in this Agreement shall restrict any right any Notes Secured Party may have (secured or otherwise) in
any property or asset of any Grantor that does not constitute Intercreditor Collateral. 
 (b) Release of Liens. If, at
any time any Grantor or any ABL Secured Party delivers notice to the Notes Collateral Agent with respect to any specified Intercreditor Collateral that: 
 (A) such specified Intercreditor Collateral is sold, transferred or otherwise disposed of (a “Disposition”) by the owner of such Intercreditor Collateral in a transaction permitted
under the ABL Credit Agreement and the Indenture; or 
 (B) the ABL Secured Parties are releasing or have
released their Liens on such Intercreditor Collateral in connection with a Disposition in connection with an Exercise of Secured Creditor Remedies with respect to such Intercreditor Collateral, 

then the Liens upon such Intercreditor Collateral securing Notes Obligations will automatically be released and discharged as and when, but only to the
extent, such Liens on such Intercreditor Collateral securing ABL Obligations are released and discharged (provided that in the case of clause (B) of this Section 2.4(b), the Liens on any Intercreditor Collateral disposed of in
connection with an Exercise of Secured Creditor Remedies shall be automatically released but any 

  
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proceeds thereof not applied to repay ABL Obligations shall be subject to the respective Liens securing Notes Obligations and shall be applied pursuant to Section 4.1). Upon delivery to the
Notes Collateral Agent of a notice from the ABL Collateral Agent stating that any such release of Liens securing or supporting the ABL Obligations has become effective (or shall become effective upon the Notes Collateral Agent releasing its Liens on
such collateral), together with the instruments, releases, termination statements or other documents effecting or evidencing such release (which instruments, releases and termination statements shall be substantially identical to the comparable
instruments, releases and termination statements executed by the ABL Collateral Agent in connection with such release), the Notes Collateral Agent shall, at the Company’s expense, promptly execute and deliver such instruments, releases,
termination statements or other documents. 
 Section 2.5 No New Liens. Until the date upon which the
Discharge of ABL Obligations shall have occurred, the parties hereto agree that no Notes Secured Party shall acquire or hold any Lien on any accounts receivable or inventory of any Grantor, the proceeds thereof or any deposit or other accounts of
any Grantor in which accounts receivable or proceeds of inventory or accounts receivable are held or deposited, in each case of the type that would constitute Intercreditor Collateral as described in the definition thereof, whether in the form of
accounts receivable, inventory or otherwise, securing any Notes Obligation, if such accounts receivable, inventory or proceeds are not also subject to the Lien of the ABL Collateral Agent under the ABL Documents (and subject to the Lien Priorities
contemplated herein). If any Notes Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any such accounts receivable, inventory or proceeds securing any Notes Obligation, which accounts receivable, inventory or proceeds
are not also subject to the Lien of the ABL Collateral Agent under the ABL Documents, subject to the Lien Priority set forth herein, then the Notes Collateral Agent (or the applicable Notes Secured Party) shall, without the need for any further
consent of any other Notes Secured Party and notwithstanding anything to the contrary in any other Notes Document, be deemed to also hold and have held such Lien as agent or bailee for the benefit of the ABL Collateral Agent as security for the ABL
Obligations (subject to the Lien Priority and other terms hereof) and shall use its best efforts to promptly notify the ABL Collateral Agent in writing of the existence of such Lien. 

Section 2.6 Waiver of Marshalling. Until the Discharge of the ABL Obligations, the Notes Collateral Agent, on behalf
of itself and the Notes Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of any marshalling, appraisal, valuation
or other similar right that may otherwise be available under applicable law with respect to the Intercreditor Collateral or any other similar rights a junior secured creditor may have under applicable law. 

ARTICLE 3 

ACTIONS OF THE PARTIES 
 Section 3.1 Certain Actions Permitted. The Notes Collateral Agent and the ABL Collateral Agent may make such demands or file such claims in respect of the Notes Obligations or the ABL
Obligations, as applicable, as are necessary to prevent the waiver or bar of such claims under applicable statutes of limitations or other statutes, court orders, or rules of 

  
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procedure at any time. Except as provided in Section 5.2, nothing in this Agreement shall prohibit the receipt by the Notes Collateral Agent or any Notes Secured Party of the required
payments of interest, principal and other amounts owed in respect of the Notes Obligations so long as such receipt is not the direct or indirect result of the exercise by the Notes Collateral Agent or any Notes Secured Party of rights or remedies as
a secured creditor with respect to the Intercreditor Collateral (including set-off with respect to the Intercreditor Collateral) or enforcement in contravention of this Agreement of any Lien held by any of them on the Intercreditor Collateral.

 Section 3.2 Agent for Perfection. The Notes Collateral Agent appoints the ABL Collateral Agent, and the
ABL Collateral Agent expressly accepts such appointment, to act as agent of the Notes Collateral Agent and each Notes Secured Party under each control agreement with respect to all ABL Controlled Accounts for the purpose of perfecting the respective
security interests granted under the Notes Security Documents. None of the ABL Collateral Agent, any ABL Secured Party, the Notes Collateral Agent or any Notes Secured Party, as applicable, shall have any obligation whatsoever to the others to
assure that the Intercreditor Collateral is genuine or owned by the Company, any Grantor or any other Person or to preserve rights or benefits of any Person. The duties or responsibilities of the ABL Collateral Agent under this Section 3.2 are
and shall be limited solely to holding or maintaining control of the Intercreditor Collateral as agent for the Notes Secured Parties for purposes of perfecting the respective Liens held by the Notes Secured Parties. The ABL Collateral Agent is not
and shall not be deemed to be a fiduciary of any kind for the Notes Collateral Agent or any Notes Secured Party, or any other Person. The Notes Collateral Agent is not and shall not be deemed to be a fiduciary of any kind for any other Notes Secured
Party, or any other Person. Prior to the Discharge of ABL Obligations, in the event that the Notes Collateral Agent or any Notes Secured Party receives any Intercreditor Collateral or Proceeds of Intercreditor Collateral in violation of the terms of
this Agreement, then the Notes Collateral Agent or such Notes Secured Party, as the case may be, shall promptly pay over such Proceeds or Intercreditor Collateral to the ABL Collateral Agent in the same form as received with any necessary
endorsements, for application in accordance with the provisions of Section 4.1 of this Agreement. 
 Section 3.3
Inspection and Access Rights. Without limiting any rights the ABL Collateral Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, in the event of any liquidation of any Intercreditor Collateral (or
any other Exercise of Secured Creditor Remedies by the ABL Collateral Agent) and whether or not the Notes Collateral Agent or any Notes Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies of any Notes Secured
Party, the ABL Collateral Agent shall have the right (a) during normal business hours on any business day, to access Intercreditor Collateral that is stored or located in or on Non-Intercreditor Collateral, and (b) to reasonably use the
Non-Intercreditor Collateral (including, without limitation, equipment, computers, software, intellectual property, real property and books and records) in order to inspect, copy or download information stored on, take actions to perfect its Lien
on, or otherwise deal with the Intercreditor Collateral, in each case with a prior written notice to, but without the involvement of or interference by, the Notes Collateral Agent or any Notes Secured Party and without liability to any Notes Secured
Party; provided, however, if the Notes Collateral Agent takes actual possession of any Non-Intercreditor Collateral in contemplation of a sale of such Non-Intercreditor Collateral or is otherwise exercising a remedy with respect to
Non-Intercreditor Collateral, the Notes Collateral Agent shall (i) either give the ABL Collateral Agent an opportunity during the 120 day period 

  
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immediately following a notice from the Notes Collateral Agent prior to the Notes Collateral Agent’s sale of any such Non-Intercreditor Collateral to access Intercreditor Collateral as
contemplated in (a) and (b) above or (ii) have the purchaser of such Non-Intercreditor Collateral agree in writing to be bound by the provisions of clause (i) of this sentence. For the avoidance of doubt, this Section 3.3
governs the rights of access, use and inspection as between the ABL Secured Parties on the one hand and the Notes Secured Parties on the other (and not as between the Secured Parties and the Grantors, which rights are set forth in and governed by
the applicable Credit Documents and are not affected by this Section 3.3). 
 Section 3.4 Insurance.
Proceeds of Intercreditor Collateral include insurance proceeds and, therefore, the Lien Priority shall govern the ultimate disposition of insurance proceeds to the extent such insurance insures Intercreditor Collateral. Prior to the Discharge of
ABL Obligations, the ABL Collateral Agent shall have the sole and exclusive right, as against the Notes Collateral Agent, to the extent permitted by the ABL Documents and subject to the rights of the Grantors thereunder, to adjust settlement of
insurance claims to the extent such insurance insures Intercreditor Collateral in the event of any covered loss, theft or destruction of Intercreditor Collateral. Prior to the Discharge of ABL Obligations, all proceeds of such insurance with respect
to Intercreditor Collateral shall be remitted for application in accordance with Section 4.1 hereof. 
 Section 3.5
Exercise of Remedies – Set-Off and Tracing of and Priorities in Proceeds. The Notes Collateral Agent, for itself and on behalf of the Notes Secured Parties, acknowledges and agrees that, to the extent the Notes Collateral Agent or
any Notes Secured Party exercises its rights of set-off against any Grantor’s Deposit Accounts to the extent constituting or containing Intercreditor Collateral or proceeds thereof, the amount of such set-off shall be deemed to be Intercreditor
Collateral to be held and distributed pursuant to Section 4.1. In addition, unless and until the Discharge of ABL Obligations occurs, the Notes Collateral Agent and each Notes Secured Party hereby consents to the application of cash or other
proceeds of Intercreditor Collateral deposited under control agreements to the repayment of ABL Obligations pursuant to the ABL Documents. 
 ARTICLE 4 
 APPLICATION OF PROCEEDS 

Section 4.1 Application of Proceeds. 
 (a) Revolving Nature of ABL Obligations. The Notes Collateral Agent, for and on behalf of itself and the Notes Secured Parties, expressly acknowledges and agrees that (i) the ABL Credit
Agreement includes a revolving commitment, that in the ordinary course of business the ABL Collateral Agent and the ABL Secured Parties will apply payments and make advances thereunder, and that no application of any Intercreditor Collateral or the
release of any Lien by the ABL Collateral Agent upon any portion of the Intercreditor Collateral in connection with a permitted disposition by the Grantors under the ABL Credit Agreement shall constitute an Exercise of Secured Creditor Remedies
under this Agreement; (ii) subject to the limitations set forth in clause (i) of the definition of “Permitted Debt” in the Indenture (as in effect on the date hereof) or such additional amounts as consented to by the holders of
the Notes Obligations (in accordance with the provisions thereof), the amount of the ABL Obligations that may be 

  
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outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of the ABL Obligations may be modified, extended or amended from time to
time, and that the aggregate amount of the ABL Obligations may be increased, replaced or Refinanced, in each event, without notice to or consent by the Notes Secured Parties and without affecting the provisions hereof; and (iii) all
Intercreditor Collateral received by the ABL Collateral Agent may be applied, reversed, reapplied, credited, or reborrowed, in whole or in part, to the ABL Obligations at any time. The Lien Priority shall not be altered or otherwise affected by any
such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or Refinancing of either the ABL Obligations or any Notes Obligations, or any portion thereof. 

(b) Application of Proceeds of Intercreditor Collateral. The ABL Collateral Agent and the Notes Collateral Agent hereby agree that
all Intercreditor Collateral and all Proceeds thereof received by any of them in connection with any Exercise of Secured Creditor Remedies with respect to the Intercreditor Collateral shall be applied, first, to the payment of costs and
expenses of the ABL Collateral Agent in connection with such Exercise of Secured Creditor Remedies, and second, to the payment of the ABL Obligations in accordance with the ABL Documents until the Discharge of ABL Obligations shall have
occurred. 
 (c) Payments Over. Any Intercreditor Collateral or Proceeds thereof received by the Notes Collateral Agent or
any Notes Secured Party in connection with the exercise of any right or remedy (including set-off or credit bid) or in any Insolvency Proceeding relating to the Intercreditor Collateral prior to the Discharge of ABL Obligations and not expressly
permitted by this Agreement shall be segregated and held in trust for the benefit of and forthwith paid over to the ABL Collateral Agent (and/or its designees) for the benefit of the ABL Secured Parties in the same form as received, with any
necessary endorsements or as a court of competent jurisdiction may otherwise direct. The ABL Collateral Agent is hereby authorized to make any such endorsements as agent for the Notes Collateral Agent and each Notes Secured Party. This authorization
is coupled with an interest and is irrevocable. 
 (d) Limited Obligation or Liability. In exercising remedies, whether as
a secured creditor or otherwise, the ABL Collateral Agent shall have no obligation or liability to the Notes Collateral Agent or any Notes Secured Party regarding the adequacy of any proceeds realized on any collateral or for any action or omission,
save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement. Notwithstanding anything to the contrary herein contained, none of the Parties hereto waives any claim
that it may have against a Secured Party on the grounds that any sale, transfer or other disposition by the Secured Party was not commercially reasonable in every respect as required by the UCC. 

(e) Turnover of Collateral After Discharge. Upon the Discharge of ABL Obligations, the ABL Collateral Agent shall (a) notify
the Notes Collateral Agent in writing of the occurrence of such Discharge of ABL Obligations and (b) at the Company’s expense, deliver to the Notes Collateral Agent or execute such documents as the Notes Collateral Agent may reasonably
request (including assignment of control agreements with respect to ABL Controlled Accounts) in order to effect a transfer of control to the Notes Collateral Agent over any and all ABL Controlled Accounts in the same form as received with any
necessary endorsements, or as a court of competent jurisdiction may otherwise direct. 

  
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 Section 4.2 Specific Performance. Each of the ABL Collateral Agent and
the Notes Collateral Agent is hereby authorized to demand specific performance of this Agreement, whether or not the Company or any Grantor shall have complied with any of the provisions of any of the Credit Documents, at any time when the other
Party shall have failed to comply with any of the provisions of this Agreement applicable to it. Each of the ABL Collateral Agent, for and on behalf of itself and the ABL Secured Parties, and the Notes Collateral Agent, for and on behalf of itself
and the Notes Secured Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance. 

ARTICLE 5 

INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS 
 Section 5.1 Notice of Acceptance and Other Waivers. 
 (a) All
ABL Obligations at any time made or incurred by the Company or any Grantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the Notes Collateral Agent, on behalf of itself and the Notes Secured Parties, hereby
waives notice of acceptance, or proof of reliance by the ABL Collateral Agent or any ABL Secured Party of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the ABL
Obligations. All Notes Obligations at any time made or incurred by the Company or any Grantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the ABL Collateral Agent, on behalf of itself and the ABL Secured
Parties, hereby waives notice of acceptance, or proof of reliance, by the Notes Collateral Agent or any such Notes Secured Party of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all
or any part of the Notes Obligations. 
 (b) None of the ABL Collateral Agent, any ABL Secured Party or any of their respective
Affiliates, directors, officers, employees, or agents shall be liable for failure to demand, collect or realize upon any of the Intercreditor Collateral or any Proceeds thereof, or for any delay in doing so, or shall be under any obligation to sell
or otherwise dispose of any Intercreditor Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Intercreditor Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement. If the
ABL Collateral Agent or any ABL Secured Party honors (or fails to honor) a request by any Borrower under the ABL Credit Agreement for an extension of credit pursuant to any ABL Credit Agreement or any of the other ABL Documents, whether the ABL
Collateral Agent or any ABL Secured Party has knowledge that the honoring of (or failure to honor) any such request would constitute a default under the terms of any Notes Document (but not a default under this Agreement) or an act, condition, or
event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the ABL Collateral Agent or any ABL Secured Party otherwise should exercise any of its contractual rights or remedies under any ABL
Documents (subject to the express terms and conditions hereof), neither the ABL Collateral Agent nor any ABL Secured Party shall have any liability whatsoever to the Notes Collateral Agent or any Notes Secured Party as a result of such action,
omission, or exercise (so long as any 

  
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such exercise does not breach the express terms and provisions of this Agreement). The ABL Collateral Agent and the ABL Secured Parties shall be entitled to manage and supervise their loans and
extensions of credit under any ABL Credit Agreement and any of the other ABL Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the
Notes Collateral Agent or any Notes Secured Party have in the Intercreditor Collateral, except as otherwise expressly set forth in this Agreement. The Notes Collateral Agent, on behalf of itself and the Notes Secured Parties, agrees that neither the
ABL Collateral Agent nor any ABL Secured Party shall incur any liability as a result of a sale, lease, license, application, or other disposition of all or any portion of the Intercreditor Collateral or Proceeds thereof, pursuant to the ABL
Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement. The Notes Collateral Agent and the Notes Secured Parties shall be entitled to manage
and supervise the Non-Intercreditor Collateral, hold their second lien on the Intercreditor Collateral in accordance with the terms hereof and manage and supervise the extensions of credit under the Notes Documents as provided in the Indenture and
the Notes Security Documents, in each case without regard to any rights or interests of the ABL Collateral Agent or any ABL Secured Parties, except as otherwise expressly set forth in this Agreement. 

Section 5.2 Modifications to ABL Documents and Notes Documents. 

(a) In the event that the ABL Collateral Agent or the ABL Secured Parties enter into any amendment, waiver or consent in respect of, or
replace any of the ABL Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any ABL Security Document or changing in any manner the rights of the ABL Collateral Agent,
the ABL Secured Parties, the Company or any other Grantor thereunder (excluding the release of any Liens in Intercreditor Collateral except in accordance with Section 2.4(b)), then such amendment, waiver or consent, to the extent related to
Intercreditor Collateral, shall upon delivery of written notice of such amendment, waiver or consent to the Notes Collateral Agent together with a conforming amendment of the Comparable Notes Security Document, apply automatically to any comparable
provision (but only to the extent as such provision relates to Intercreditor Collateral) of each Comparable Notes Security Document without the consent of the Notes Collateral Agent or any Notes Secured Party and without any action by the Notes
Collateral Agent, any Notes Secured Party, the Company or any other Grantor; provided, however, that such amendment, waiver or consent does not materially adversely affect the rights of the Notes Secured Parties or the interests of the
Notes Secured Parties in the Intercreditor Collateral in a manner materially different from that affecting the rights of the ABL Secured Parties thereunder or therein. For the avoidance of doubt, no such amendment, modification or waiver shall apply
to or otherwise affect (a) any Non-Intercreditor Collateral or (b) any document, agreement or instrument which neither grants nor purports to grant a Lien on, nor governs nor purports to govern any rights or remedies in respect of,
Intercreditor Collateral. The Notes Collateral Agent shall execute and deliver any conforming amendment, waiver or consent complying with this Section 5.2(a) with respect to the Notes Security Documents promptly after receipt thereof.

  
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 (b) So long as the Discharge of ABL Obligations has not occurred, without the prior written
consent of the ABL Collateral Agent, the Notes Collateral Agent shall not consent to amend, supplement or otherwise modify any, or enter into any new, Notes Security Document relating to Intercreditor Collateral to the extent such amendment,
supplement or modification, or the terms of such new Notes Security Document, would be prohibited by or inconsistent with any of the terms of this Agreement. The Notes Collateral Agent agrees that each Notes Security Document relating to
Intercreditor Collateral shall include the following language (or language to similar effect approved by the ABL Collateral Agent): 
 “Notwithstanding anything herein to the contrary, the liens and security interests granted to Wells Fargo Bank, National Association pursuant to this Agreement and the exercise of any right or remedy
by Wells Fargo Bank, National Association hereunder are subject to the limitations and provisions of the Intercreditor Agreement, dated as of October 10, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the
“Intercreditor Agreement”), among Bank of America, N.A., as ABL Collateral Agent, and Wells Fargo Bank, National Association, as Notes Collateral Agent, and certain other persons party or that may become party thereto from
time to time, and consented to by the Grantors identified therein. In the event of any conflict between the terms of the Intercreditor Agreement and the terms of this Agreement, the terms of the Intercreditor Agreement shall govern and
control.” 
 (c) No consent furnished by the ABL Collateral Agent or the Notes Collateral Agent pursuant to
Section 5.2(a) or 5.2(b) hereof shall be deemed to constitute the modification or waiver of any provisions of the ABL Documents or any of the Notes Documents, each of which remain in full force and effect as written. 

(d) The ABL Obligations and the several Notes Obligations may be Refinanced, in whole or in part, in each case, without notice to, or the
consent (except to the extent a consent is required to permit the refinancing transaction under any ABL Document or any Notes Document) of, the ABL Collateral Agent, the ABL Secured Parties, the Notes Collateral Agent or any Notes Secured Parties,
as the case may be, provided such Refinancing does not affect the relative Lien Priorities provided for herein or directly alter the other provisions hereof to the extent relating to the relative rights, obligations and priorities of the ABL
Secured Parties on the one hand and the Notes Secured Parties on the other. 
 Section 5.3 Reinstatement and
Continuation of Agreement. 
 If the ABL Collateral Agent or any ABL Secured Party is required in any Insolvency
Proceeding or otherwise to turn over or otherwise pay to the estate of the Company or the Co-Issuer, any Grantor, or any other Person any payment made in satisfaction of all or any portion of the ABL Obligations (an “ABL
Recovery”), then the ABL Obligations shall be reinstated to the extent of such ABL Recovery. If this Agreement shall have been terminated prior to such ABL Recovery, this Agreement shall be reinstated in full force and effect in the
event of such ABL Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement. The ABL Collateral Agent shall use commercially reasonable
efforts to give written notice to the Notes Collateral Agent of the occurrence of any such ABL Recovery (provided that the failure to give such notice shall not affect the ABL Collateral Agent’s rights hereunder, except it being
understood that the Notes Collateral Agent shall not be charged with knowledge of such ABL Recovery or required to take any actions based on such ABL Recovery until it has received such written notice of the occurrence of such ABL Recovery).

  
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 All rights, interests, agreements, and obligations of the ABL Collateral Agent, the Notes
Collateral Agent, the ABL Secured Parties and the Notes Secured Parties under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of,
any Insolvency Proceeding by or against the Company, the Co-Issuer or any Grantor or any other circumstance which otherwise might constitute a defense (other than a defense that such obligations have in-fact been repaid) available to, or a discharge
of the Company, the Co-Issuer or any Grantor in respect of the ABL Obligations or the Notes Obligations. No priority or right of the ABL Collateral Agent or any ABL Secured Party shall at any time be prejudiced or impaired in any way by any act or
failure to act on the part of the Company, the Co-Issuer or any Grantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the ABL Documents, regardless of any knowledge thereof which the ABL Collateral Agent or
any ABL Secured Party may have. 
 ARTICLE 6 
 INSOLVENCY PROCEEDINGS 
 Section 6.1 DIP
Financing. 
 (a) If the Company, the Co-Issuer or any Grantor shall be subject to any Insolvency Proceeding at any time
prior to the Discharge of ABL Obligations, and the ABL Collateral Agent or the ABL Secured Parties shall seek to provide the Company, the Co-Issuer or any Grantor with, or consent to a third party providing, any financing under Section 364 of
the Bankruptcy Code or consent to any order for the use of cash collateral constituting Intercreditor Collateral under Section 363 of the Bankruptcy Code (each, a “DIP Financing”), with such DIP Financing to be secured
by all or any portion of the Intercreditor Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code, would be Intercreditor Collateral) but not any other asset or any Non-Intercreditor Collateral, then
the Notes Collateral Agent, on behalf of itself and the Notes Secured Parties, agrees that it will raise no objection and will not support any objection to such DIP Financing or use of cash collateral or to the Liens securing the same on the grounds
of a failure to provide “adequate protection” for the Liens of the Notes Collateral Agent securing the Notes Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP Financing or use
of cash collateral that is Intercreditor Collateral, except as permitted by Section 6.3(b)), so long as (i) the Notes Collateral Agent retains its Lien on the Intercreditor Collateral to secure the Notes Obligations (in each case,
including Proceeds thereof arising after the commencement of the case under the Bankruptcy Code); (ii) the terms of the DIP Financing do not compel the applicable Grantor to seek confirmation of a specific plan of reorganization for which all
or substantially all of the material terms of such plan are set forth in the DIP Financing documentation or related document; (iii) all Liens on Intercreditor Collateral securing any such DIP Financing shall be senior to or on a parity with the
Liens of the ABL Collateral Agent and the ABL Secured Parties securing the ABL Obligations on Intercreditor Collateral and (iv) no Notes Secured Party is required (without its consent) to lend or incur any monetary obligation in connection with
such DIP Financing; 

  
 -19-

 
provided, however, that nothing contained in this Agreement shall prohibit or restrict the Notes Collateral Agent or any Notes Secured Party from raising any objection or supporting any objection
to such DIP Financing or use of cash collateral or to the Liens securing the same on the grounds of a failure to provide “adequate protection” for the Liens of the Notes Collateral Agent on Non- Intercreditor Collateral securing the Notes
Obligations. 
 (b) All Liens granted to the ABL Collateral Agent or the Notes Collateral Agent in any Insolvency Proceeding,
whether as adequate protection or otherwise, are intended by the Parties to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this Agreement. 

Section 6.2 Relief from Stay. The Notes Collateral Agent, on behalf of itself and the Notes Secured Parties, agrees
not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the Intercreditor Collateral without the ABL Collateral Agent’s express written consent. 

Section 6.3 No Contest; Adequate Protection. 
 (a) The Notes Collateral Agent, on behalf of itself and the Notes Secured Parties, agrees that it shall not contest (or support any other Person contesting) (x) any request by the ABL Collateral
Agent or any ABL Secured Party for adequate protection of its interest in the Intercreditor Collateral, (y) any objection by the ABL Collateral Agent or any ABL Secured Party to any motion, relief, action, or proceeding based on a claim by the
ABL Collateral Agent or any ABL Secured Party that its interests in the Intercreditor Collateral are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the
ABL Collateral Agent as adequate protection of its interests are subject to this Agreement or (z) any lawful exercise by the ABL Collateral Agent or any ABL Secured Party of the right to credit bid ABL Obligations at any sale of Intercreditor
Collateral or Intercreditor Collateral; provided, however, that nothing contained in this Agreement shall prohibit or restrict the Notes Collateral Agent or any Notes Secured Party from contesting or challenging (or support any other
Person contesting or challenging) any request by the ABL Collateral Agent or any ABL Secured Party for “adequate protection” (or the grant of any such “adequate protection”) to the extent such “adequate protection” is
in the form of a Lien on any Non-Intercreditor Collateral. 
 (b) Notwithstanding the foregoing provisions in this
Section 6.3, in any Insolvency Proceeding, if the ABL Secured Parties (or any subset thereof) are granted adequate protection with respect to Intercreditor Collateral in the form of additional collateral (even if such collateral is not of a
type which would otherwise have constituted Intercreditor Collateral), then the ABL Collateral Agent, on behalf of itself and the ABL Secured Parties, agrees that the Notes Collateral Agent, on behalf of itself and/or any of the Notes Secured
Parties, may seek or request (and the ABL Secured Parties will not oppose such request) adequate protection with respect to its interests in such Intercreditor Collateral in the form of a Lien on the same additional collateral, which Lien will be
subordinated to the Liens securing the ABL Obligations on the same basis as the other Liens of the Notes Collateral Agent on the Intercreditor Collateral (it being understood that to the extent that any such additional collateral constituted
Non-Intercreditor Collateral at the time it was granted to the ABL Secured Parties, the Lien thereon in favor of the ABL Secured Parties shall be subordinate in all respects to the Liens thereon in favor of the Notes Secured Parties). 

  
 -20-

 Section 6.4 Asset Sales. The Notes Collateral Agent agrees, on behalf of
itself and the Notes Secured Parties, that it will not oppose any sale consented to by the ABL Collateral Agent of any Intercreditor Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under the law applicable
to any Insolvency Proceeding) so long as the proceeds of such sale are applied in accordance with this Agreement. 

Section 6.5 Separate Grants of Security and Separate Classification. The Notes Collateral Agent, each Notes Secured
Party, each ABL Secured Party and the ABL Collateral Agent each acknowledge and agree that (i) the grants of Liens pursuant to the ABL Security Documents on the one hand and the Notes Security Documents on the other hand constitute separate and
distinct grants of Liens and the Notes Secured Parties’ claims against the Company, the Co-Issuer and/or any Grantor in respect of Intercreditor Collateral constitute junior claims separate and apart (and of a different class) from the senior
claims of the ABL Secured Parties against the Company, the Co-Issuer and the Grantors in respect of Intercreditor Collateral and (ii) because of, among other things, their differing rights in the Intercreditor Collateral, the Notes Obligations
are fundamentally different from the ABL Obligations and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately
preceding sentence, if it is held that the claims of the ABL Secured Parties and any Notes Secured Parties in respect of the Intercreditor Collateral constitute only one secured claim (rather than separate classes of senior and junior secured
claims), then the ABL Secured Parties and the Notes Secured Parties hereby acknowledge and agree that all distributions in respect of or from the Proceeds of Intercreditor Collateral shall be made as if there were separate classes of ABL Obligation
claims and Notes Obligation claims against the Grantors (with the effect being that, to the extent that the aggregate value of the Intercreditor Collateral is sufficient (for this purpose ignoring all claims held by the Notes Secured Parties), the
ABL Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest at the relevant contract rate,
before any distribution is made in respect of the claims held by the Notes Secured Parties from such Intercreditor Collateral), with the Notes Secured Parties hereby acknowledging and agreeing to turn over to the ABL Secured Parties amounts
otherwise received or receivable by them in respect of or from the Proceeds of Intercreditor Collateral to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries.

 Section 6.6 Enforceability. The provisions of this Agreement are intended to be and shall be enforceable
under Section 510(a) of the Bankruptcy Code. 
 Section 6.7 ABL Obligations and Notes Obligations
Unconditional. All rights, interests, agreements and obligations of the ABL Collateral Agent and the ABL Secured Parties, and the Notes Collateral Agent and the Notes Secured Parties, respectively, hereunder shall remain in full force and
effect irrespective of: 
 (a) any lack of validity or enforceability of any ABL Documents or any Notes Documents; 

  
 -21-

 (b) any change in the time, manner or place of payment of, or in any other
terms of, all or any of the ABL Obligations or Notes Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the ABL Credit Agreement or
any other ABL Document or of the terms of the Indenture or any other Notes Document; 
 (c) any exchange of any
security interest in any Intercreditor Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the ABL Obligations or Notes Obligations or any
guarantee thereof; 
 (d) the commencement of any Insolvency Proceeding in respect of the Company or any other
Grantor; or 
 (e) any other circumstances that otherwise might constitute a defense (other than a defense that
such obligations have in fact been repaid) available to, or a discharge of, the Company or any other Grantor in respect of ABL Obligations or Notes Obligations in respect of this Agreement. 

ARTICLE 7 

MISCELLANEOUS 
 Section 7.1 Rights of Subrogation. The Notes Collateral Agent, for and on behalf of itself and the Notes Secured Parties, agrees that no payment to the ABL Collateral Agent or any ABL
Secured Party pursuant to the provisions of this Agreement shall entitle the Notes Collateral Agent or any Notes Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of ABL Obligations shall have occurred.
Following the Discharge of ABL Obligations, the ABL Collateral Agent agrees to execute such documents, agreements, and instruments as the Notes Collateral Agent or any Notes Secured Party may reasonably request, at the Company’s expense, to
evidence the transfer by subrogation to any such Person of an interest in the ABL Obligations resulting from payments to the ABL Collateral Agent by such Person. 
 Section 7.2 Further Assurances. The Parties will, at their own expense and at any time and from time to time, promptly execute and deliver all further instruments and documents, and
take all further action, that may be necessary or desirable, or that any Party may reasonably request, in order to protect any right or interest granted or purported to be granted hereby or to enable the ABL Collateral Agent or the Notes Collateral
Agent to exercise and enforce its rights and remedies hereunder; provided, however, that no Party shall be required to pay over any payment or distribution, execute any instruments or documents, or take any other action referred to in
this Section 7.2, to the extent that such action would contravene any law, order or other legal requirement or any of the terms or provisions of this Agreement, and in the event of a controversy or dispute, such Party may interplead any payment
or distribution in any court of competent jurisdiction, without further responsibility in respect of such payment or distribution under this Section 7.2. 

  
 -22-

 Section 7.3 Representations. The Notes Collateral Agent represents and
warrants (for itself and solely in its capacity as Notes Collateral Agent) to the ABL Collateral Agent that it has the requisite power and authority under the Notes Documents to enter into, execute, deliver, and carry out the terms of this Agreement
on behalf of itself and the Notes Secured Parties and that this Agreement shall be binding obligations of the Notes Collateral Agent and the Notes Secured Parties, enforceable against the Notes Collateral Agent and Notes Secured Parties in
accordance with its terms. The ABL Collateral Agent represents and warrants to the Notes Collateral Agent that it has the requisite power and authority under the ABL Documents to enter into, execute, deliver, and carry out the terms of this
Agreement on behalf of itself and the ABL Secured Parties and that this Agreement shall be binding obligations of the ABL Collateral Agent and the ABL Secured Parties, enforceable against the ABL Collateral Agent and the ABL Secured Parties in
accordance with its terms. 
 Section 7.4 Amendments. No amendment or waiver of any provision of this
Agreement nor consent to any departure by any Party hereto shall be effective unless it is in a written agreement executed by the Notes Collateral Agent and the ABL Collateral Agent, and consented to in writing by the Company and the Co-Issuer, and
then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. Notwithstanding anything in this Section 7.4 to the contrary, this Agreement may be amended from time to time at the
request of the Company or the Co-Issuer, at the Company’s expense, and without the consent of the ABL Collateral Agent, any ABL Secured Party, the Notes Collateral Agent or any Notes Secured Party to (i) provide for a replacement ABL
Collateral Agent in accordance with the ABL Documents, provide for a replacement Notes Collateral Agent in accordance with the applicable Notes Documents (including for the avoidance of doubt to provide for a replacement Notes Collateral Agent
assuming such role in connection with any Refinancing of the Notes Documents permitted hereunder) and/or secure additional extensions of credit or add other parties holding ABL Obligations or Notes Obligations to the extent such Indebtedness does
not expressly violate the ABL Credit Agreement or the Indenture and (ii) in the case of such additional Notes Obligations, (a) establish that the Lien on the Intercreditor Collateral securing such Notes Obligations shall be junior and
subordinate in all respects to all Liens on the Intercreditor Collateral securing any ABL Obligations (at least to the same extent as (taken together as a whole) the Liens on Intercreditor Collateral in favor of the Notes Obligations are junior and
subordinate to the Liens on Intercreditor Collateral in favor of the ABL Obligations pursuant to this Agreement immediately prior to the incurrence of such additional Notes Obligations) and (b) provide to the holders of such Notes Obligations
(or any agent or trustee thereof) the comparable rights and benefits (including any improved rights and benefits that have been consented to by the ABL Collateral Agent) as are provided to the Notes Secured Parties under this Agreement. 

Section 7.5 Addresses for Notices. All notices to the ABL Secured Parties and the Notes Secured Parties permitted or
required under this Agreement may be sent to the applicable Collateral Agent for such Secured Party, respectively, as provided in the applicable Credit Document. Unless otherwise specifically provided herein, any notice or other communication herein
required or permitted to be given shall be in writing and may be personally served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon
receipt of a telecopy or electronic mail or upon receipt via U.S. mail (registered or certified, with postage prepaid and properly addressed). 

  
 -23-

 Section 7.6 No Waiver, Remedies. No failure on the part of any Party to
exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 7.7 Continuing
Agreement, Transfer of Secured Obligations. This Agreement is a continuing agreement and shall (a) subject to Section 5.3, remain in full force and effect until the Discharge of ABL Obligations shall have occurred, (b) be
binding upon the Parties and their successors and assigns, and (c) inure to the benefit of and be enforceable by the Parties and their respective successors, transferees and assigns. Nothing herein is intended, or shall be construed to give,
any other Person any right, remedy or claim under, to or in respect of this Agreement or any Intercreditor Collateral. All references to any Grantor shall include any Grantor as debtor-in-possession and any receiver or trustee for such Grantor in
any Insolvency Proceeding. Without limiting the generality of the foregoing clause (c), the ABL Collateral Agent, any ABL Secured Party, the Notes Collateral Agent and any Notes Secured Party may assign or otherwise transfer all or any portion of
the ABL Obligations or the Notes Obligations, as applicable, to any other Person (other than the Company, any Grantor or any Affiliate of the Company or any Grantor and any Subsidiary of the Company or any Grantor), and such other Person shall
thereupon become vested with all the rights and obligations in respect thereof granted to the ABL Collateral Agent, the Notes Collateral Agent, any ABL Secured Party, or any applicable Notes Secured Party, as the case may be, herein or otherwise.
The ABL Secured Parties and the Notes Secured Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide Indebtedness to, or for the benefit of, any
Grantor on the faith hereof. 
 Section 7.8 Governing Law; Entire Agreement. The validity, performance, and
enforcement of this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. This Agreement constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof
and supersedes any prior agreements, written or oral, with respect thereto. 
 Section 7.9 Counterparts. This
Agreement may be executed in any number of counterparts, including by means of facsimile or “pdf” file thereof, and it is not necessary that the signatures of all Parties be contained on any one counterpart hereof, each counterpart will be
deemed to be an original, and all together shall constitute one and the same document. 
 Section 7.10 No Third Party
Beneficiaries. Except for the Company and the Co-Issuer to the extent provided in Section 7.4, this Agreement is solely for the benefit of the ABL Collateral Agent, the ABL Secured Parties, the Notes Collateral Agent and the Notes
Secured Parties. No other Person (including except to the extent provided in Section 7.4, the Company, any Grantor or any Affiliate or Subsidiary of the Company or any Grantor) shall be deemed to be a third party beneficiary of this Agreement.

 Section 7.11 Headings. The headings of the articles and sections of this Agreement are inserted for
purposes of convenience only and shall not be construed to affect the meaning or construction of any of the provisions hereof. 

  
 -24-

 Section 7.12 Severability. If any of the provisions in this Agreement
shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement and shall not invalidate the Lien Priority or the application of
Proceeds and other priorities set forth in this Agreement. 
 Section 7.13 Attorneys’ Fees. The Parties
agree that if any dispute, arbitration, litigation, or other proceeding is brought with respect to the enforcement of this Agreement or any provision hereof, the prevailing party in such dispute, arbitration, litigation, or other proceeding shall be
entitled to recover its reasonable attorneys’ fees and all other costs and expenses incurred in the enforcement of this Agreement, irrespective of whether suit is brought. 

Section 7.14 VENUE; JURY TRIAL WAIVER. The parties hereto consent to the jurisdiction of any state or federal court
located in New York, New York, and consent that all service of process may be made by registered mail directed to such party as provided in Section 7.5 for such party. Service so made shall be deemed to be completed three days after the same
shall be posted as aforesaid. The parties hereto waive any objection to any action instituted hereunder in any such court based on forum non conveniens, and any objection to the venue of any action instituted hereunder in any such court. EACH OF THE
PARTIES HERETO WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF
ANY PARTY HERETO IN CONNECTION WITH THE SUBJECT MATTER HEREOF. 
 (a) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO
SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 7.5. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

Section 7.15 Intercreditor Agreement. This Agreement is the Intercreditor Agreement referred to in the ABL Documents
and the Notes Documents. Nothing in this Agreement shall be deemed to subordinate the obligations due to (i) any ABL Secured Party to the obligations due to any Notes Secured Party or (ii) any Notes Secured Party to the obligations due to
any ABL Secured Party (in each case, whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the Parties that this Agreement shall effectuate a subordination of Liens but not a subordination of Indebtedness.

 Section 7.16 Effectiveness. This Agreement shall become effective when executed and delivered by the
parties hereto. This Agreement shall be effective both before and after the commencement of any Insolvency Proceeding. 

Section 7.17 Collateral Agents. It is understood and agreed that (a) Bank of America is entering into this
Agreement in its capacity as collateral agent under the ABL Credit Agreement, and the provisions of Section 13 of the ABL Credit Agreement applicable to the administrative agent and collateral agent thereunder shall also apply to the ABL
Collateral Agent hereunder, and (b) Wells Fargo Bank, National Association is entering into this Agreement in its capacity as collateral agent under the Indenture, and the provisions of Article VII of the Indenture applicable to the Trustee and
collateral agent thereunder shall also apply to the Notes Collateral Agent hereunder. 

  
 -25-

 The Notes Collateral Agent shall not be responsible for and makes no representation as to
the validity or adequacy of, or the existence, genuineness, value or protection of any Intercreditor Collateral or Non-Intercreditor Collateral, for the legality, effectiveness or sufficiency of any Notes Security Document or ABL Security Document,
or for the creation, perfection, priority, sufficiency or protection of any Lien (except, without degradation, as otherwise expressly provided herein), and it shall not be responsible for any statement with respect to any other party or recital
herein or any statement in the Indenture or the Notes, any statement or recital in any document in connection with this Agreement. Anything to the contrary herein notwithstanding, the Notes Collateral Agent shall have no liability to any other
Secured Party as a consequence of its performance or non-performance hereunder, except for gross negligence, willful misconduct and willful breach hereof. The Notes Collateral Agent shall not have any duties or responsibilities except those
expressly set forth herein or therein or any fiduciary relationship with any party hereto, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into the Indenture or any Security Document or
otherwise exist against the Notes Collateral Agent. The Notes Collateral Agent may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law (including the Trust Indenture Act of 1939, as amended) shall be
full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder or under the Security Documents in good faith and in accordance with the advice or opinion of such counsel. The Notes
Collateral Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including,
without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services;
accidents; labor disputes; acts of civil or military authority and governmental action. The Notes Collateral Agent may conclusively rely and shall be fully protected in acting or refraining from acting on any document believed by it to be genuine
and to have been signed or presented by the proper Person. The Notes Collateral Agent need not investigate any fact or matter stated in any such document. The provisions of this Section shall survive satisfaction and discharge or the termination for
any reason of this Agreement and the resignation or removal of the Notes Collateral Agent. Without limiting the generality of the foregoing, Section 7.14 of the Indenture is hereby incorporated herein as if full set forth herein. 

In no event shall any party hereto be liable under or in connection with this Agreement for indirect, special, incidental, punitive or
consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if such party has been advised of the possibility thereof and regardless of the form of action in which such damages
are sought. 
 Section 7.18 No Warranties or Liability. Each of the ABL Collateral Agent and the Notes
Collateral Agent acknowledges and agrees that none of the other has made any representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of any other ABL Document or Notes Document, as
the case may be. 

  
 -26-

 Section 7.19 Conflicts. In the event of any conflict between the
provisions of this Agreement and the provisions of any Credit Document, the provisions of this Agreement shall govern. 

Section 7.20 Information Concerning Financial Condition of the Credit Parties. Each of the Notes Collateral Agent and
the ABL Collateral Agent hereby assumes responsibility for keeping itself informed of the financial condition of the Grantors and all other circumstances bearing upon the risk of nonpayment of the ABL Obligations or the Notes Obligations. The ABL
Collateral Agent and the Notes Collateral Agent each hereby agree that no party shall have any duty to advise any other party of information known to it regarding such condition or any such circumstances. In the event either the ABL Collateral Agent
or the Notes Collateral Agent, in its sole discretion, undertakes at any time or from time to time to provide any information to any other party to this Agreement, (a) it shall be under no obligation (i) to provide any such information to
any other party or any other party on any subsequent occasion, (ii) to undertake any investigation not a part of its regular business routine, or (iii) to disclose any other information, and (b) it makes no representation as to the
accuracy or completeness of any such information and shall not be liable for any information contained therein, and (c) the Party receiving such information hereby agrees to hold the other Party harmless from any action the receiving Party may
take or conclusion the receiving Party may reach or draw from any such information, as well as from and against any and all losses, claims, damages, liabilities, and expenses to which such receiving Party may become subject arising out of or in
connection with the use of such information. 
 Section 7.21 Acknowledgement. The ABL Collateral Agent hereby
acknowledges for itself and on behalf of each ABL Secured Party that there are assets of the Company and its Subsidiaries (including, the Co-Issuer and Grantors) which are subject to Liens in favor of the Notes Collateral Agent or other creditors
but which do not constitute Intercreditor Collateral and nothing in this Agreement shall grant or imply the grant of any Lien or other security interest in such assets in favor of the ABL Collateral Agent to secure any ABL Obligations and nothing in
this Agreement shall affect or limit the rights of the Notes Collateral Agent or any Notes Secured Party in any Non-Intercreditor Collateral or any other assets of the Company or any of its Subsidiaries (other than Intercreditor Collateral) securing
any Notes Obligations. 
 [Signature pages follow] 

  
 -27-

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	 BANK OF AMERICA, N.A.,
 as ABL Collateral Agent

		
	By:	 	/s/ Stephen King
		 	Name: Stephen King
		 	Title: Senior Vice President
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Notes Collateral Agent

		
	By:	 	/s/ Lynn M. Steiner
		 	Name: Lynn M. Steiner
		 	Title: Vice President

  
 S-1

 CONSENT OF COMPANY AND GRANTORS 

Dated: October 10, 2012 
 Reference is made to the Intercreditor Agreement dated as of the date hereof between Bank of America, N.A., as ABL Collateral Agent, and Wells Fargo Bank, National Association, as Notes Collateral Agent,
as the same may be amended, restated, supplemented, waived, or otherwise modified from time to time (the “Intercreditor Agreement”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms
in the Intercreditor Agreement. 
 Each of the undersigned Grantors has read the foregoing Intercreditor Agreement and consents
thereto. Each of the undersigned Grantors agrees not to take any action that would be contrary to the express provisions of the foregoing Intercreditor Agreement applicable to it, agrees to abide by the requirements expressly applicable to it under
the foregoing Intercreditor Agreement and agrees that, except as otherwise provided therein, no ABL Secured Party or Notes Secured Party shall have any liability to any Grantor for acting in accordance with the provisions of the foregoing
Intercreditor Agreement provided that such party has not acted in violation of the ABL Security Documents, Notes Security Documents or applicable Credit Documents. Each Grantor understands that the foregoing Intercreditor Agreement is for the sole
benefit of the ABL Secured Parties and the Notes Secured Parties and their respective successors and assigns, and that such Grantor is not an intended beneficiary or third party beneficiary thereof except to the extent otherwise expressly provided
therein. 
 Without limitation to the foregoing, each Grantor agrees to take such further action and shall execute and deliver
such additional documents and instruments (in recordable form, if requested) as the ABL Collateral Agent or the Notes Collateral Agent (or any of their respective agents or representatives) may reasonably request to effectuate the terms of and the
lien priorities contemplated by the Intercreditor Agreement. 
 This Consent shall be governed and construed in accordance with
the laws of the State of New York. Notices delivered to any Grantor pursuant to this Consent shall be delivered in accordance with the notice provisions set forth in the ABL Credit Agreement. 

  
 -1-

 IN WITNESS WHEREOF, this Consent is hereby executed by each of the Grantors as of the date
first written above. 
  

			
	RYERSON INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	 Name: Mary Ann Sigler

Title: Vice President

	
	JOSPEH T. RYERSON & SON, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	 Name: Eva M. Kalawski

Title: Vice President & Secretary

  
 -2-

 
			
	RCJV HOLDINGS, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RDM HOLDINGS, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva M. Kalawski
		 	Title: Vice President & Secretary
	
	RYERSON AMERICAS, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RYERSON INTERNATIONAL MATERIAL MANAGEMENT SERVICES, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RYERSON INTERNATIONAL TRADING, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President

  
 -3-

 
			
	RYERSON INTERNATIONAL, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RYERSON PAN-PACIFIC LLC
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RYERSON PROCUREMENT CORPORATION
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	J.M. TULL METALS COMPANY, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	EPE, LLC
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President

  
 -4-

 
			
	TURRET HOLDING CORPORATION
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RYERSON HOLDINGS (BRAZIL), LLC
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	TURRET STEEL INDUSTRIES, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	SUNBELT-TURRET STEEL INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President

  
 -5-

 
			
	IMPERIAL TRUCKING COMPANY, LLC
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	WILCOX-TURRET COLD DRAWN, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President

  
 -6-EX-10.6

 Exhibit 10.6 
 EXECUTION VERSION 
  

 
  

SECURITY AGREEMENT 
 By 
 RYERSON INC. and JOSEPH T. RYERSON & SON, INC., 

as Issuers 
 and

 THE GUARANTORS PARTY HERETO 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Collateral Agent 
  

 
 Dated as of
October 10, 2012 
  
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 PREAMBLE
	  	 	1	  
		
	 RECITALS
	  	 	1	  
		
	 AGREEMENT
	  	 	2	  
	
	ARTICLE I	  
	
	DEFINITIONS AND INTERPRETATION	  
		
	 SECTION 1.1. DEFINITIONS
	  	 	2	  
	 SECTION 1.2. INTERPRETATION
	  	 	13	  
	 SECTION 1.3. RESOLUTION OF DRAFTING AMBIGUITIES
	  	 	13	  
	 SECTION 1.4. PERFECTION CERTIFICATE
	  	 	13	  
	
	ARTICLE II	  
	
	GRANT OF SECURITY AND SECURED OBLIGATIONS	  
		
	 SECTION 2.1. GRANT OF SECURITY INTEREST
	  	 	14	  
	 SECTION 2.2. FILINGS
	  	 	15	  
	
	ARTICLE III	  
	
	PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;	  
	USE OF PLEDGED COLLATERAL	  
		
	 SECTION 3.1. DELIVERY OF CERTIFICATED SECURITIES COLLATERAL
	  	 	16	  
	 SECTION 3.2. PERFECTION OF UNCERTIFICATED SECURITIES COLLATERAL
	  	 	16	  
	 SECTION 3.3. FINANCING STATEMENTS AND OTHER FILINGS; MAINTENANCE OF PERFECTED SECURITY INTEREST
	  	 	16	  
	 SECTION 3.4. OTHER ACTIONS
	  	 	17	  
	 SECTION 3.5. JOINDER OF ADDITIONAL GUARANTORS
	  	 	20	  
	 SECTION 3.6. SUPPLEMENTS; FURTHER ASSURANCES
	  	 	21	  

  
 -i-

					
	 	  	Page	 
	
	ARTICLE IV	  
	
	REPRESENTATIONS, WARRANTIES AND COVENANTS	  
		
	 SECTION 4.1. TITLE
	  	 	21	  
	 SECTION 4.2. VALIDITY OF SECURITY INTEREST
	  	 	22	  
	 SECTION 4.3. DEFENSE OF CLAIMS; TRANSFERABILITY OF PLEDGED COLLATERAL
	  	 	22	  
	 SECTION 4.4. OTHER FINANCING STATEMENTS
	  	 	22	  
	 SECTION 4.5. LOCATION OF INVENTORY AND EQUIPMENT.
	  	 	22	  
	 SECTION 4.6. DUE AUTHORIZATION AND ISSUANCE
	  	 	23	  
	 SECTION 4.7. CONSENTS, ETC.
	  	 	23	  
	 SECTION 4.8. PLEDGED COLLATERAL
	  	 	23	  
	 SECTION 4.9. INSURANCE
	  	 	23	  
	 SECTION 4.10. CHIEF EXECUTIVE OFFICE; CHANGE OF NAME; JURISDICTION OF ORGANIZATION
	  	 	23	  
	
	ARTICLE V	  
	
	CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL	  
		
	 SECTION 5.1. PLEDGE OF ADDITIONAL SECURITIES COLLATERAL
	  	 	24	  
	 SECTION 5.2. VOTING RIGHTS; DISTRIBUTIONS; ETC.
	  	 	24	  
	 SECTION 5.3. DEFAULTS, ETC
	  	 	25	  
	 SECTION 5.4. CERTAIN AGREEMENTS OF PLEDGORS AS ISSUERS AND HOLDERS OF EQUITY INTERESTS
	  	 	26	  
	
	ARTICLE VI	  
	
	CERTAIN PROVISIONS CONCERNING INTELLECTUAL	  
	PROPERTY COLLATERAL	  
		
	 SECTION 6.1. GRANT OF INTELLECTUAL PROPERTY LICENSE
	  	 	26	  
	 SECTION 6.2. PROTECTION OF COLLATERAL AGENT’S SECURITY
	  	 	26	  
	 SECTION 6.3. AFTER-ACQUIRED PROPERTY
	  	 	27	  
	 SECTION 6.4. LITIGATION
	  	 	27	  
	
	ARTICLE VII	  
	
	CERTAIN PROVISIONS CONCERNING RECEIVABLES	  
		
	 SECTION 7.1. MAINTENANCE OF RECORDS
	  	 	28	  
	 SECTION 7.2. LEGEND
	  	 	28	  
	 SECTION 7.3. MODIFICATION OF TERMS, ETC
	  	 	28	  
	 SECTION 7.4. COLLECTION
	  	 	29	  

  
 -ii-

					
	 	  	Page	 
	
	ARTICLE VIII	  
	
	TRANSFERS	  
		
	 SECTION 8.1. TRANSFERS OF PLEDGED COLLATERAL
	  	 	29	  
	
	ARTICLE IX	  
	
	ADDITIONAL SECURED OBLIGATIONS	  
		
	 SECTION 9.1. ADDITIONAL SECURED OBLIGATIONS
	  	 	29	  
	
	ARTICLE X	  
	
	REMEDIES	  
		
	 SECTION 10.1. REMEDIES
	  	 	30	  
	 SECTION 10.2. NOTICE OF SALE
	  	 	32	  
	 SECTION 10.3. WAIVER OF NOTICE AND CLAIMS
	  	 	32	  
	 SECTION 10.4. CERTAIN SALES OF PLEDGED COLLATERAL
	  	 	32	  
	 SECTION 10.5. NO WAIVER; CUMULATIVE REMEDIES
	  	 	33	  
	 SECTION 10.6. CERTAIN ADDITIONAL ACTIONS REGARDING INTELLECTUAL PROPERTY
	  	 	34	  
	
	ARTICLE XI	  
	
	APPLICATION OF PROCEEDS	  
		
	 SECTION 11.1. APPLICATION OF PROCEEDS
	  	 	34	  
	 SECTION 11.2. SHARING OF PROCEEDS
	  	 	35	  
	
	ARTICLE XII	  
	
	MISCELLANEOUS	  
		
	 SECTION 12.1.  CONCERNING COLLATERAL AGENT
	  	 	36	  
	 SECTION 12.2. COLLATERAL AGENT MAY PERFORM; COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT
	  	 	40	  
	 SECTION 12.3.  CONTINUING SECURITY INTEREST; ASSIGNMENT
	  	 	41	  
	 SECTION 12.4.  TERMINATION; RELEASE
	  	 	41	  
	 SECTION 12.5.  MODIFICATION IN WRITING
	  	 	41	  
	 SECTION 12.6.  NOTICES
	  	 	42	  
	 SECTION 12.7. GOVERNING LAW, CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL
	  	 	42	  
	 SECTION 12.8. SEVERABILITY OF PROVISIONS
	  	 	42	  

  
 -iii-

					
	 	  	Page	 
	 SECTION 12.9. EXECUTION IN COUNTERPARTS
	  	 	42	  
	 SECTION 12.10. BUSINESS DAYS
	  	 	42	  
	 SECTION 12.11. NO CREDIT FOR PAYMENT OF TAXES OR IMPOSITION
	  	 	42	  
	 SECTION 12.12. NO CLAIMS AGAINST COLLATERAL AGENT
	  	 	42	  
	 SECTION 12.13. NO RELEASE
	  	 	43	  
	 SECTION 12.14. OBLIGATIONS ABSOLUTE
	  	 	43	  
	 SECTION 12.15. JURY TRIAL WAIVER
	  	 	44	  
		
	 SIGNATURES
	  	 	S-1	  
		
	 EXHIBIT 1 Form of Securities Pledge Amendment
	  			
	 EXHIBIT 2 Form of Joinder Agreement
	  			
	 EXHIBIT 3 Form of Copyright Security Agreement
	  			
	 EXHIBIT 4 Form of Patent Security Agreement
	  			
	 EXHIBIT 5 Form of Trademark Security Agreement
	  			
	 EXHIBIT 6 Form of Additional Secured Party Joinder
	  			
	 EXHIBIT 7 Form of Collateral Access Agreement
	  			

  
 -iv-

 SECURITY AGREEMENT 
 This SECURITY AGREEMENT dated as of October 10, 2012 (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the provisions hereof, this
“Agreement”) made by RYERSON INC., a Delaware corporation (“Ryerson”), JOSEPH T. RYERSON & SON, INC., a Delaware corporation (the “Co-Issuer” and, together with Ryerson, the
“Issuers”), and the Guarantors from to time to time party hereto (the “Guarantors”), as pledgors, assignors and debtors (the Issuers, together with the Guarantors, in such capacities and together with any successors
in such capacities, the “Pledgors,” and each, a “Pledgor”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, solely in its capacity as collateral agent, as pledgee, assignee and secured party (in such capacities
and together with any successors in such capacities, the “Collateral Agent”) for the benefit of the Secured Parties (as hereinafter defined) and acknowledged and agreed to by (i) WELLS FARGO BANK, NATIONAL ASSOCIATION on its
behalf solely in its capacity as trustee (the “Trustee”) and on behalf of the Noteholders (as defined below) under the Indenture (as defined below) and (ii) each other Authorized Representative (as defined below), from time to
time, for any Class of Additional Secured Obligations with respect to which an Additional Secured Party Joinder has been delivered to the Collateral Agent and the other Authorized Representatives in accordance with Section 9.1. 

R E C I T A L S : 

A. The Issuers are issuing $600,000,000 aggregate principal amount of 9% Senior Secured Notes due 2017 (the “Secured
Notes” and, together with the Secured Notes, any Exchange Notes and Additional Notes and any additional Secured Notes of the Issuers issued pursuant to the Indenture, the “Notes”) pursuant to the indenture (the
“Indenture”) dated as of October 10, 2012 among the Issuers, the Guarantors and the Trustee on behalf of the holders of the Notes (the “Noteholders”). 

B. From time to time after the date hereof, the Issuers may, subject to the terms and conditions of the Indenture and the Security
Documents (as defined), incur additional Indebtedness (including Additional Notes issued under the Indenture), which is pari passu in right of payment to the Notes and any Additional Secured Obligations, that the Issuers desire to secure on a pari
passu basis with the Notes and by the Pledged Collateral. 
 C. Each Guarantor has, pursuant to the Indenture, among other
things, unconditionally guaranteed the obligations of the Issuer under the Indenture and the Notes and may do so under the terms of Additional Secured Obligations permitted to be incurred under the Indenture. 

D. The Issuer and each Guarantor will receive substantial benefits from the execution, delivery and performance of the obligations under
the Indenture, the Notes and any Additional Secured Obligations it guarantees and each is, therefore, willing to enter into this Agreement. 

  
 -1-

 E. This Agreement is given by each Pledgor in favor of the Collateral Agent for the benefit
of the Secured Parties to secure the payment and performance of all of the Secured Obligations (as defined). 
 F. It is a
condition to the issuance of the Notes that each Pledgor execute and deliver the applicable Security Documents, including this Agreement. 
 A G R E E M E N T : 
 NOW THEREFORE, in consideration of the foregoing
premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Pledgor and the Collateral Agent hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 

SECTION 1.1. Definitions. 
 (a) Unless otherwise defined herein or in the Indenture, capitalized terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC; provided that in any event,
the following terms shall have the meanings assigned to them in the UCC: 
 “Accounts”;
“Bank”; “Chattel Paper”; “Commodity Account”; “Commodity Contract”; “Commodity Intermediary”; “Documents”; “Electronic Chattel
Paper”; “Entitlement Order”; “Equipment”; “Financial Asset”; “Fixtures”; “Goods”, “Inventory”; “Letter-of-Credit Rights”;
“Letters of Credit”; “Money”; “Payment Intangibles”; “Proceeds”; “ Records”; “Securities Account”; “Securities Intermediary”;
“Security Entitlement”; “Supporting Obligations”; and “Tangible Chattel Paper.” 
 (b) Terms used but not otherwise defined herein that are defined in the Indenture shall have the meanings given to them in the Indenture. 

(c) The following terms shall have the following meanings: 
 “ABL Agent” shall mean Bank of America, N.A. as Administrative Agent and Collateral Agent under the Credit Agreement and its successors and/or assigns in such capacity. 

“ABL Collateral” shall have the meaning assigned to such term in the Intercreditor Agreement. 

  
 -2-

 “Account Debtor” shall mean each person who is obligated on a Receivable or
Supporting Obligation related thereto. 
 “Additional Secured Debt Documents” means any document or instrument
executed and delivered with respect to any Additional Secured Obligations. 
 “Additional Secured Obligations”
shall have the meaning provided in Section 9.1. 
 “Additional Secured Parties” shall mean the
holders from time to time of Additional Secured Obligations. 
 “Additional Secured Party Joinder” shall mean a
completed additional secured party joinder in the form of Exhibit 6 hereto. 
 “Authorized
Representative” means (i) the Trustee for so long as the Notes are Secured Obligations hereunder and (ii) any other trustee, agent or representative designated as an “Authorized Representative” for any Additional Secured
Parties in an Additional Secured Party Joinder delivered to the Collateral Agent and the other Authorized Representatives in accordance with Section 9.1 for so long as the Additional Secured Obligations for which such party is serving in
such capacity constitutes Secured Obligations hereunder; provided that so long as there are no Additional Secured Obligations the Trustee will be deemed to be the only Authorized Representative for the Secured Parties. 

“Class” with respect to any Secured Obligations, refers to all Secured Obligations under a Secured Agreement or group of
related Secured Agreements with respect to which a single Authorized Representative is acting as such hereunder. 

“Collateral Access Agreement” shall be an agreement in form substantially similar to Exhibit 7 hereto or such
other form with respect to which the Collateral Agent shall have received an Officers’ Certificate stating that such other form is sufficient for its intended purpose or that is substantially similar to the form executed in favor of the ABL
Agent. 
 “Collateral Account Funds” shall mean, collectively, the following from time to time on deposit in
the Collateral Account (as defined in the Indenture): all funds (including, without limitation, all Trust Monies (as defined in the Indenture)), investments (including, without limitation, Cash Equivalents (as defined in the Indenture)) and all
certificates and instruments from time to time representing or evidencing such investments; all notes, certificates of deposit, checks and other instruments from time to time hereafter delivered to or otherwise possessed by the Trustee for or on
behalf of any Pledgor in substitution for, or in addition to, any or all of the Pledged Collateral or Mortgaged Property; and all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the items constituting Pledged Collateral or Mortgaged Property. 

“Collateral Agent” shall have the meaning assigned to such term in the Preamble hereof. 

  
 -3-

 “Collateral Support” shall mean all property (real or personal) assigned,
hypothecated or otherwise securing any Pledged Collateral and shall include any security agreement or other agreement granting a lien or security interest in such real or personal property. 

“Commercial Tort Claim” shall mean any Commercial Tort Claim, as defined in the UCC that has been asserted in judicial
proceedings. 
 “Commodity Account Control Agreement” shall mean a control agreement establishing the
Collateral Agent’s Control with respect to any Commodity Account. 
 “Contingent Obligation” shall mean
with respect to any Person, any obligation of such Person arising from any guaranty, indemnity or other assurance of payment or performance of any Debt, lease, dividend or other obligation (“primary obligations”) of any other Person (the
“primary obligor”) in any manner, whether directly or indirectly, including (i) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with
recourse or sale with recourse by such Person of the obligation of a primary obligor, (ii) the obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties to an agreement,
(iii) any obligation of such Person, whether or not contingent, (A) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (B) to advance or supply funds (1) for the purchase or
payment of any such primary obligations or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (C) to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (D) otherwise to assure or hold harmless the holder of such primary obligation
against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation with respect to which such Contingent Obligation is made (or, if less, the
maximum amount of such primary obligation for which such Person may be liable pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect
thereto (assuming such Person is required to perform thereunder), as determined by such Person in good faith. 

“Contracts” shall mean, collectively, with respect to each Pledgor, all sale, service, performance, equipment or
property lease contracts, agreements and grants and all other contracts, agreements or grants (in each case, whether written or oral, or third party or intercompany), between such Pledgor and any third party, and all assignments, amendments,
restatements, supplements, extensions, renewals, replacements or modifications thereof. 
 “Control” shall mean
(i) in the case of each Deposit Account, “control,” as such term is defined in Section 9-104 of the UCC, (ii) in the case of any Security Entitlement, “control,” as such term is defined in Section 8-106 of the
UCC, and (iii) in the case of any Commodity Contract, “control,” as such term is defined in Section 9-106 of the UCC. 

  
 -4-

 “Control Agreements” shall mean, collectively, the Deposit Account Control
Agreement, the Securities Account Control Agreement and the Commodity Account Control Agreement. 
 “Controlled Foreign
Corporation” shall mean “controlled foreign corporation” as defined in the United States Internal Revenue Code of 1986, as amended from time to time. 
 “Copyrights” shall mean, collectively, with respect to each Pledgor, all copyrights (whether statutory or common law, whether established or registered in the United States or any other
country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished) and all copyright registrations and applications made by such Pledgor, in each case, whether now owned or hereafter created or
acquired by or assigned to such Pledgor, together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of such copyrights, (ii) reissues, renewals, continuations and extensions
thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including damages and payments for past, present or future infringements thereof,
(iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements thereof. 
 “Copyright Security Agreement” shall mean an agreement substantially in the form of Exhibit 3 hereto. 
 “Deposit Account Control Agreement” shall mean a control agreement establishing the Collateral Agent’s Control with respect to any Deposit Account. 

“Deposit Accounts” shall mean, collectively, with respect to each Pledgor, all “deposit accounts” (other than
the Collateral Account and all Collateral Account Funds) as such term is defined in the UCC and in any event shall include all cash, funds, checks and notes from time to time on deposit in any of the accounts or sub-accounts thereof. 

“Discharge of ABL Obligations” shall have the meaning assigned to such term in the Intercreditor Agreement. 

“Distributions” shall mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights,
instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged
Securities, from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities or Intercompany Notes. 

“Event of Default” shall mean (i) any Event of Default under the Indenture and (ii) any event of default under
any Additional Secured Debt Document. 

  
 -5-

 “Excluded Accounts” means (i) any deposit accounts specially and
exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Pledgor’s salaried employees, (ii) any deposit account the balance of which is swept at the end of each Business Day into
a deposit account subject to a control agreement, (iii) deposit accounts not otherwise subject to the provisions of this definition the aggregate average daily balance for a ten consecutive day period of which for the Pledgors do not exceed
$1,000,000 at any time; and (iv) escrow accounts including any deposit account holding customer deposits that by its terms or applicable law may not be pledged. 
 “Excluded Assets” shall mean 
 (a) any property in
which any Pledgor now or hereafter has rights, to the extent in each case, a security interest may not be granted by the Pledgor in such property as a matter of applicable law, or under the effective terms of the governing document applicable
thereto, without the consent of one or more parties thereto other than the Pledgor, but only for so long as such consent has not been obtained (after giving effect to Sections 9-406(d), 9-407(a), 9-408(a) or 9-409 of the UCC (or any successor
provision or provisions) or any other applicable law (including the Bankruptcy Code) or principles of equity); 

(b) assets securing Purchase Money Indebtedness, Capital Lease Obligations, letters of credit or Hedging Obligations
permitted to be incurred under the Indenture to the extent such Purchase Money Indebtedness, Capital Lease Obligations, letters of credit or Hedging Obligations prohibit granting a security interest in such assets; 

(c) any application for registration of a trademark filed with the United States Patent and Trademark Office
(“PTO”) on an intent-to-use basis until such time (if any) as a statement of use or amendment to allege use is accepted by the PTO, at which time such trademark shall automatically become part of the Collateral and subject to the
security interest pledged; 
 (d) motor vehicles and other goods covered by a certificate of title; 

(e) assets of the Pledgors located outside of the United States to the extent a lien in such assets cannot be created and
perfected under the United States federal or state law; 
 (f) the voting capital stock of all first-tier
controlled foreign corporations (as defined in the Code) in excess of 65% of the voting rights of such corporations and the voting stock of all other controlled foreign corporations; 

(g) any leasehold interests in real property of any Pledgor as tenant; 

(h) interests in joint ventures to the extent and for so long as the documents governing such joint venture interests
prohibit the granting of a security interest therein; 

  
 -6-

 (i) any collateral as to which the Collateral Agent has determined in its
sole discretion that the collateral value thereof is insufficient to justify the difficulty, time and/or expense of obtaining a perfected security interest therein; 

(j) all of the Pledgors’ right, title and interest in owned real property, other than Mortgaged Property, to the
extent the book value or estimated fair market value (determined in good faith by the Issuers or the Guarantors) thereof does not exceed $1.0 million; provided, however, that to the extent any owned interest in real property shall,
after the Issue Date, have a book value or estimated fair market value in excess of $1.0 million (as determined in good faith by the Issuer) as a result of any improvements, accessions, alterations, replacements or repairs thereto, such owned
interest shall not constitute Excluded Assets hereunder, and within a reasonable period of time following notice to the Collateral Agent, shall be made subject to the Lien of the Security Documents in accordance with the provisions of the Indenture;

 (k) any Capital Interests or other securities of Ryerson’s Subsidiaries to the extent that the pledge of
such Capital Interests or securities results in Ryerson being required to file separate financial statements of such Subsidiary with the Commission, but only to the extent necessary for Ryerson not to be subject to such requirement and only for so
long as such requirement is in existence; 
 (l) property and assets released in accordance with the Indenture,
the Credit Agreement, this Agreement or the Intercreditor Agreement; 
 (m) Excluded Accounts; 

(n) property and assets owned by any Pledgor to the extent that it is intended to be subject to the Lien created by the
Security Documents but is not so subject and is excluded from collateral under the Credit Agreement because the cost of obtaining a Lien thereon would be excessive in relation to the benefit thereof but only to the extent its fair market value
determined at the time of the exclusion does not exceed $2,000,000 individually; 
 (o) Letters of Credit with a
value of less than $5,000,000 individually and $10,000,000 in the aggregate; and 
 provided, however, that Excluded Assets shall
not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in clauses (a) through (n) (unless such Proceeds, substitutions or replacements would constitute an Excluded Asset referred to in clauses
(a) through (n)). 
 “Foreign Subsidiary” shall mean a Subsidiary organized under the laws of any
jurisdiction other than United States of America, any State thereof or the District of Columbia. 

  
 -7-

 “General Intangibles” shall mean, collectively, with respect to each
Pledgor, all “general intangibles,” as such term is defined in the UCC, of such Pledgor and, in any event, shall include (i) all of such Pledgor’s rights, title and interest in, to and under all Contracts and insurance policies
(including all rights and remedies relating to monetary damages, including indemnification rights and remedies, and claims for damages or other relief pursuant to or in respect of any Contract), (ii) all know-how and warranties relating to
any of the Pledged Collateral or the Mortgaged Property, (iii) any and all other rights, claims, choses-in-action and causes of action of such Pledgor against any other person and the benefits of any and all collateral or other security given
by any other person in connection therewith, (iv) all guarantees, endorsements and indemnifications on, or of, any of the Pledged Collateral or any of the Mortgaged Property, (v) all lists, books, records, correspondence, ledgers,
printouts, files (whether in printed form or stored electronically), tapes and other papers or materials containing information relating to any of the Pledged Collateral or any of the Mortgaged Property, including all customer or tenant lists,
identification of suppliers, data, plans, blueprints, specifications, designs, drawings, appraisals, recorded knowledge, surveys, studies, engineering reports, test reports, manuals, standards, processing standards, performance standards, catalogs,
research data, computer and automatic machinery software and programs and the like, field repair data, accounting information pertaining to such Pledgor’s operations or any of the Pledged Collateral or any of the Mortgaged Property and all
media in which or on which any of the information or knowledge or data or records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data, (vi) all licenses,
consents, permits, variances, certifications, authorizations and approvals, however characterized, now or hereafter acquired or held by such Pledgor, including building permits, certificates of occupancy, environmental certificates, industrial
permits or licenses and certificates of operation and (vii) all rights to reserves, deferred payments, deposits, refunds, indemnification of claims and claims for tax or other refunds against any Governmental Authority. 

“Goodwill” shall mean, collectively, with respect to each Pledgor, the goodwill connected with such Pledgor’s
business including all goodwill connected with (i) the use of and symbolized by any Trademark or Intellectual Property License with respect to any Trademark in which such Pledgor has any interest, (ii) all know-how, trade secrets, customer
and supplier lists, proprietary information, inventions, methods, procedures, formulae, descriptions, compositions, technical data, drawings, specifications, name plates, catalogs, confidential information and the right to limit the use or
disclosure thereof by any person, pricing and cost information, business and marketing plans and proposals, consulting agreements, engineering contracts and such other assets which relate to such goodwill and (iii) all product lines of such
Pledgor’s business. 
 “Guarantors” shall have the meaning assigned to such term in the Preamble hereof.

 “Indenture” shall have the meaning assigned to such term in Recital A hereof. 

“Instruments” shall mean, collectively, with respect to each Pledgor, all “instruments,” as such term is
defined in Article 9, rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances. 

  
 -8-

 “Intellectual Property Collateral” shall mean, collectively, the Patents,
Trademarks, Copyrights, Intellectual Property Licenses and Goodwill. 
 “Intellectual Property Licenses” shall
mean, collectively, with respect to each Pledgor, all license and distribution agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such
Pledgor is a licensor or licensee, distributor or distributee under any such license or distribution agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties,
damages, claims and payments now and hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and
future infringements or violations thereof and (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. 

“Intercompany Notes” shall mean, with respect to each Pledgor, all intercompany notes described in
Schedule 10 to the Perfection Certificate and intercompany notes hereafter acquired by such Pledgor and all certificates, instruments or agreements evidencing such intercompany notes, and all assignments, amendments, restatements,
supplements, extensions, renewals, replacements or modifications thereof to the extent permitted pursuant to the terms hereof. 

“Intercreditor Agreement” shall have the meaning assigned to such term in Section 2.1. 

“Investment Property” shall mean a security, whether certificated or uncertificated, Security Entitlement, Securities
Account, Commodity Contract or Commodity Account, excluding, however, the Securities Collateral. 
 “Issuer”
shall have the meaning assigned to such term in the Preamble hereof. 
 “Joinder Agreement” shall mean an
agreement substantially in the form of Exhibit 2 hereto. 
 “Material Adverse Effect” shall mean the
effect of any event, condition, action, omission or circumstance, which, alone or when taken together with other events, conditions, actions, omissions or circumstances occurring or existing concurrently therewith, (i) has or could reasonably
be expected to have a material adverse effect upon the business, operations, properties (including the Pledged Collateral) or condition (financial or otherwise) of the Pledgors taken as a whole; (ii) has or could be reasonably expected to have
any material adverse effect upon the validity or enforceability of this Agreement or any of the other Secured Agreements or the ability of any Secured Party to realize upon any of the Pledged Collateral or to enforce or collect the Obligations; or
(iii) has any material adverse effect, upon the Liens of the Security Documents or the priority of any such Liens. 

  
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 “Material Intellectual Property Collateral” shall mean any Intellectual
Property Collateral that is material (i) to the use and operation of the Pledged Collateral or Mortgaged Property or (ii) to the business, results of operations, prospects or condition, financial or otherwise, of the Pledgors taken as a
whole. 
 “Mortgaged Property” shall have the meaning assigned to such term in the Mortgages (as defined in the
Indenture). 
 “Noteholders” shall have the meaning assigned to such term in Recital A hereof. 

“Ordinary Course of Business” means with respect to any transaction involving any Person, the ordinary course of such
Person’s business as undertaken by such Person in good faith and not for the purpose of evading any covenant or restriction in any Secured Agreement. 
 “Paid in Full” shall mean with respect to (i) any non-Contingent Obligations, the indefeasible payment in full, in cash of such Obligations, including all interest, fees and other
charges payable in connection therewith, whether such interest, fees or other charges accrue or are incurred prior to or during the pendency of an insolvency proceeding and whether or not any of the same are allowed or recoverable in any bankruptcy
case pursuant to Section 506 of the Bankruptcy Code or any other Bankruptcy Laws or otherwise; and (ii) any Obligations that are contingent in nature, such as a right of the Collateral Agent, the Trustee or any other person to
reimbursement or indemnification by any Obligor, the depositing of cash with the Collateral Agent in an amount equal to 100% of any such Obligations that have been liquidated or, if such Obligations are unliquidated in amount and represent a claim
which has been asserted against the Collateral Agent, the Trustee or any other person and for which an indemnity has been provided hereunder, in an amount that is equal to such claim or the Collateral Agent’s good faith estimate of such claim.

 “Patents” shall mean, collectively, with respect to each Pledgor, all patents issued or assigned to, and all
patent applications and registrations made by, such Pledgor (whether established or registered or recorded in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges
arising under applicable law with respect to such Pledgor’s use of any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part
thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements thereof,
(v) rights corresponding thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof. 
 “Patent Security Agreement” shall mean an agreement substantially in the form of Exhibit 4 hereto. 

  
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 “Perfection Certificate” shall mean that certain perfection certificate
dated October 10, 2012, executed and delivered by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties, and each other Perfection Certificate (which shall be in form and substance reasonably acceptable to the
Collateral Agent) executed and delivered by the applicable Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties contemporaneously with the execution and delivery of each Joinder Agreement executed in accordance with
Section 3.5 hereof. 
 “Pledge Amendment” shall have the meaning assigned to such term in
Section 5.1 hereof. 
 “Pledged Collateral” shall have the meaning assigned to such term in
Section 2.1 hereof. 
 “Pledged Securities” shall mean, collectively, with respect to each Pledgor,
(i) all issued and outstanding Equity Interests of each issuer set forth on Schedules 8(a) and 8(b) to the Perfection Certificate as being owned by such Pledgor and all options, warrants, rights, agreements and additional Equity
Interests of whatever class of any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests in each such issuer or under any
Organizational Document of each such issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such
Equity Interests, (ii) all Equity Interests of any issuer, which Equity Interests are hereafter acquired by such Pledgor (including by issuance) and all options, warrants, rights, agreements and additional Equity Interests of whatever class of
any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests or under any Organizational Document of any such issuer, and the
certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by such
Pledgor in any manner, and (iii) all Equity Interests issued in respect of the Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of such Equity Interests; provided,
however, that Pledged Securities shall not include (1) Equity Interests of any Subsidiary of a Controlled Foreign Corporation or (2) any outstanding voting capital stock of a first-tier Controlled Foreign Corporation in excess of
65% of the voting power of all classes of capital stock of such Controlled Foreign Corporation. 
 “Pledgor”
shall have the meaning assigned to such term in the Preamble hereof. 
 “Quarterly Update Date” means, as of
any date, the first date following such date (that may be extended in Collateral Agent’s sole discretion) that is the later of (i) forty-five (45) days after such date and (ii) that is a day on which financial statements are
required to be delivered pursuant to Section 4.3 of the Indenture with respect to the first three fiscal quarters, and a day within 45 days after the end of the last fiscal quarter of every year. 

  
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 “Receivables” shall mean all (i) Accounts, (ii) Chattel Paper,
(iii) Payment Intangibles, (iv) General Intangibles, (v) Instruments and (vi) all other rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, assigned or otherwise disposed
of, or services rendered or to be rendered, together with all of Pledgors’ rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto and all Records
relating thereto. 
 “Secured Agreements” shall mean (i) this Agreement, the Indenture, the Notes and the
other Security Documents and (ii) Additional Secured Debt Documents and, in each case of clause (i) and (ii) above, all other documents, certificates and instruments relating to, arising out of, or in any way connected therewith.

 “Secured Obligations” shall mean (i) all obligations, liabilities and indebtedness (including, without
limitation, principal, premium, interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any
Pledgor at the rate provided for in the respective documentation, whether or not such claim for post-petition interest is allowed in any such proceeding)) owing to the Collateral Agent, the Trustee and the holders under the Notes, the Indenture and
the Security Documents and the due performance and compliance by the Pledgors with all of the terms, conditions and agreements contained in the Notes, the Indenture and in Security Documents; (ii) any and all sums advanced by the Collateral
Agent in accordance with the Indenture or any of the Security Documents in order to preserve the Pledged Collateral or Mortgaged Property or preserve its security interest in, or Lien on, the Pledged Collateral or Mortgaged Property; (iii) in
the event of any proceedings for the collection or enforcement of any indebtedness, obligations, or liabilities of the Pledgors referred to in clause (i) above, the reasonable expenses of retaking, holding, preparing for sale or lease, selling
or otherwise disposing of or realizing on the Pledged Collateral or Mortgaged Property, or of any exercise by the Collateral Agent of its rights hereunder, or under any other Security Document, together with reasonable attorneys’ fees and court
costs; and (iv) if any Additional Secured Obligations are incurred, all obligations, liabilities and indebtedness (including, without limitation, principal, premium, interest (including, without limitation, all interest that accrues after the
commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor at the rate provided for in the respective documentation, whether or not a claim for post-petition
interest is allowed in any such proceeding)) owing to any holder of Additional Secured Obligations (that has been designated as Additional Secured Obligations pursuant to Section 9.1) under any Additional Secured Debt Documents.

 “Secured Parties” shall mean, collectively, the Collateral Agent, the Trustee, the Noteholders, Additional
Secured Parties and their Authorized Representatives; provided that such Additional Secured Parties and their Authorized Representatives comply with Section 9.1 hereof and execute an Additional Secured Party Joinder. 

“Securities Account Control Agreement” shall mean a control agreement in a establishing the Collateral Agent’s
Control with respect to any Securities Account. 
 “Securities Collateral” shall mean, collectively, the
Pledged Securities, the Intercompany Notes and the Distributions. 

  
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 “Trademarks” shall mean, collectively, with respect to each Pledgor, all
trademarks (including service marks), slogans, logos, certification marks, trade dress, uniform resource locators (URL’s), domain names, corporate names and trade names, whether registered or unregistered, owned by or assigned to such Pledgor
and all registrations and applications for the foregoing (whether statutory or common law and whether established or registered in the United States or any other country or any political subdivision thereof), together with any and all
(i) rights and privileges arising under applicable law with respect to such Pledgor’s use of any trademarks, (ii) reissues, continuations, extensions and renewals thereof and amendments thereto, (iii) income, fees, royalties,
damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and
(v) rights to sue for past, present and future infringements thereof. 
 “Trademark Security Agreement”
shall mean an agreement substantially in the form of Exhibit 5 hereto. 
 “UCC” shall mean the Uniform
Commercial Code as in effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s and the
Secured Parties’ security interest in any item or portion of the Pledged Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform
Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 

SECTION 1.2. Interpretation. The rules of interpretation specified in the Indenture (including Section 1.4 thereof)
shall be applicable to this Agreement. 
 SECTION 1.3. Resolution of Drafting Ambiguities. Each Pledgor acknowledges and
agrees that it was represented by counsel in connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that any rule of construction to the effect that
ambiguities are to be resolved against the drafting party (i.e., the Collateral Agent) shall not be employed in the interpretation hereof. 
 SECTION 1.4. Perfection Certificate . The Collateral Agent and each Secured Party agree that the Perfection Certificate and all descriptions of Pledged Collateral, schedules, amendments and
supplements thereto are and shall at all times remain a part of this Agreement. 

  
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 ARTICLE II 
 GRANT OF SECURITY AND SECURED OBLIGATIONS 
 SECTION 2.1. Grant of Security
Interest. As collateral security for the payment and performance in full of all the Secured Obligations, each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties, a lien on and security interest in
all of the right, title and interest of such Pledgor in, to and under the following property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”):

  

	 	(i)	all Accounts; 

  

	 	(ii)	all Equipment, Goods, Inventory and Fixtures; 

  

	 	(iii)	all Documents, Instruments and Chattel Paper; 

  

	 	(iv)	all Letters of Credit and Letter-of-Credit Rights; 

  

	 	(v)	all Securities Collateral; 

  

	 	(vi)	all Investment Property; 

  

	 	(vii)	all Intellectual Property Collateral; 

  

	 	(viii)	the Commercial Tort Claims described on Schedule 12 to the Perfection Certificate; 

 

	 	(ix)	all General Intangibles; 

  

	 	(x)	all Money and all Deposit Accounts; 

  

	 	(xi)	all Supporting Obligations; 

  

	 	(xii)	all books and records relating to the Pledged Collateral 

  

	 	(xiii)	the Collateral Account and all Collateral Account Funds; and 

  

	 	(xiv)	to the extent not covered by clauses (i) through (xiii) of this sentence, all other personal property of such Pledgor, whether tangible or intangible, and all
Proceeds and products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to
such Pledgor from time to time with respect to any of the foregoing; 

  
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 Notwithstanding anything to the contrary contained in clauses (i) through
(xiv) above, the security interest created by this Agreement shall not extend to, and the term “Pledged Collateral” shall not include, any Excluded Assets. Notwithstanding anything herein to the contrary, the liens and security
interests granted to the Collateral Agent pursuant to this Agreement and the exercise of any right or remedy by the Collateral Agent hereunder are subject to the limitations and provisions of the Intercreditor Agreement, dated as of October 10,
2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among Bank of America, N.A., as ABL Collateral Agent, and Wells Fargo Bank, National Association, as Notes
Collateral Agent, and certain other persons party or that may become party thereto from time to time, and consented to by the grantors identified therein. In the event of any conflict between the terms of the Intercreditor Agreement and the
terms of this Agreement, the terms of the Intercreditor Agreement shall govern and control. 
 SECTION 2.2. Filings.
(a) Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction any financing statements (including fixture filings) and amendments thereto that contain the information
required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment relating to the Pledged Collateral, including (i) whether such Pledgor is an organization, the type of
organization and any organizational identification number issued to such Pledgor, (ii) any financing or continuation statements or other documents without the signature of such Pledgor where permitted by law, including the filing of a financing
statement describing the Pledged Collateral as “all assets now owned or hereafter acquired by the Pledgor or in which Pledgor otherwise has rights” and (iii) in the case of a financing statement filed as a fixture filing or covering
Pledged Collateral constituting minerals or the like to be extracted or timber to be cut, a sufficient description of the real property to which such Pledged Collateral relates. Each Pledgor agrees to provide all information described in the
immediately preceding sentence to the Collateral Agent promptly upon request by the Collateral Agent. Anything to the contrary herein notwithstanding, the Collateral Agent shall not be required to make any filings of financing statements, filings
with the United States Patent and Trademark Office, the United States Copyright Office or otherwise except to the extent such filings are delivered to the Collateral Agent in proper form for recording, and the filing thereof is specified in the
Perfection Certificate or in a written direction to the Collateral Agent from the Trustee or a Pledgor. 
 (b) Each Pledgor
hereby further authorizes the Collateral Agent to file filings with the United States Patent and Trademark Office or United States Copyright Office (or any successor office), including this Agreement, the Copyright Security Agreement, the Patent
Security Agreement and the Trademark Security Agreement, or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest granted by such Pledgor hereunder, without the signature of such
Pledgor, and naming such Pledgor, as debtor, and the Collateral Agent, as secured party. 

  
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 ARTICLE III 
 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; 
 USE OF PLEDGED COLLATERAL 

SECTION 3.1. Delivery of Certificated Securities Collateral. Each Pledgor represents and warrants that all certificates,
agreements or instruments representing or evidencing the Securities Collateral in existence on the date hereof have been delivered to the Collateral Agent in suitable form for transfer by delivery or accompanied by duly executed instruments of
transfer or assignment in blank and that the Collateral Agent has a perfected first priority security interest therein under United States law subject to Permitted Liens. Each Pledgor hereby agrees that all certificates, agreements or instruments
representing or evidencing Securities Collateral acquired by such Pledgor after the date hereof shall, on or before the first Quarterly Update Date following the receipt thereof by such Pledgor, be delivered to and held by or on behalf of the
Collateral Agent pursuant hereto; provided, however, that all certificates representing or evidencing Equity Interests of any Subsidiary shall be delivered to and held by or on behalf of the Collateral Agent pursuant hereto within
thirty (30) days after receipt thereof by such Pledgor. All certificated Securities Collateral shall be in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank. The
Collateral Agent shall have the right, at any time upon the occurrence and during the continuance of any Event of Default, to endorse, assign or otherwise transfer to or to register in the name of the Collateral Agent or any of its nominees or
endorse for negotiation any or all of the Securities Collateral, without any indication that such Securities Collateral is subject to the security interest hereunder. In addition, upon the occurrence and during the continuance of an Event of
Default, the Collateral Agent shall have the right at any time to exchange certificates representing or evidencing Securities Collateral for certificates of smaller or larger denominations. 

SECTION 3.2. Perfection of Uncertificated Securities Collateral. Each Pledgor represents and warrants that the Collateral Agent
has a perfected first priority security interest in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date hereof subject to Permitted Liens. Each Pledgor hereby agrees that if any of the Pledged Securities
are at any time not evidenced by certificates of ownership, then each applicable Pledgor shall, to the extent permitted by applicable law, (i) after the occurrence and during the continuance of any Event of Default, upon request by the
Collateral Agent, cause the issuer to execute and deliver to the Collateral Agent an acknowledgment of the pledge of such Pledged Securities substantially in the form of Exhibit 1 hereto, (ii) after the occurrence and during the
continuance of any Event of Default, upon request by the Collateral Agent, if necessary or desirable to perfect a security interest in such Pledged Securities, cause such pledge to be recorded on the equityholder register or the books of the issuer,
execute pledge forms or other documents necessary or appropriate to complete the pledge and give the Collateral Agent the right to transfer such Pledged Securities under the terms hereof, and (iii) after the occurrence and during the
continuance of any Event of Default, upon request by the Collateral Agent, (A) cause the Organizational Documents of each such issuer that is a Subsidiary of the Issuer to be amended to provide that such Pledged Securities shall be treated as
“securities” for purposes of the UCC and (B) cause such Pledged Securities to become certificated and delivered to the Collateral Agent in accordance with the provisions of Section 3.1. 

  
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 SECTION 3.3. Financing Statements and Other Filings; Maintenance of Perfected Security
Interest. Each Pledgor represents and warrants that all financing statements, agreements, instruments and other documents necessary to perfect the security interest granted by it to the Collateral Agent in respect of the Pledged Collateral have
been delivered to the Collateral Agent in completed and, to the extent necessary or appropriate, duly executed form for filing in each governmental, municipal or other office specified in Schedule 6 to the Perfection Certificate. Each Pledgor
agrees that at the sole cost and expense of the Pledgors, such Pledgor will maintain the security interest created by this Agreement in the Pledged Collateral as a perfected first priority security interest to the extent required by this Agreement,
subject in priority only to Permitted Liens, including the Lien of the ABL Agent in the ABL Collateral until the Discharge of ABL Obligations. Notwithstanding anything contained herein to the contrary, perfection of the Collateral Agent’s
security interest in Money shall not be required other than to the extent it is (i) perfected as proceeds of collateral or (ii) deposited in a Deposit Account subject to a Control of the Collateral Agent. 

SECTION 3.4. Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the
Collateral Agent to enforce, the Collateral Agent’s security interest in the Pledged Collateral, each Pledgor represents and warrants (as to itself) as follows and agrees, in each case at such Pledgor’s own expense, to take the following
actions with respect to the following Pledged Collateral: 
 (a) Instruments and Tangible Chattel Paper.
As of the date hereof, no amounts payable under or in connection with any of the Pledged Collateral are evidenced by any Instrument or Tangible Chattel Paper other than such Instruments and Tangible Chattel Paper listed in Schedule 10 to
the Perfection Certificate. Each Instrument and each item of Tangible Chattel Paper listed in Schedule 10 to the Perfection Certificate has been properly endorsed, assigned and delivered to the Collateral Agent, accompanied by instruments of
transfer or assignment duly executed in blank. If any amount then payable under or in connection with any of the Pledged Collateral shall be evidenced by any Instrument or Tangible Chattel Paper, and such amount, together with all amounts payable
evidenced by any Instrument or Tangible Chattel Paper not previously delivered to the Collateral Agent exceeds $5,000,000 individually or $10,000,000 in the aggregate for all Pledgors, the Pledgor acquiring such Instrument or Tangible Chattel Paper
shall on or before the first Quarterly Update Date following the receipt thereof by such Pledgor endorse, assign and deliver the same to the Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the
Collateral Agent may from time to time specify. 
 (b) Deposit Accounts. As of the date hereof, no Pledgor
has any Deposit Accounts other than the accounts listed in Schedule 13 to the Perfection Certificate. The Collateral Agent has a security interest in each such Deposit Account, subject as to priority only to Permitted Liens (including with
respect to the ABL Collateral the Liens of the 

  
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ABL Agent until the Discharge of ABL Obligations), which security interest Pledgors shall use commercially reasonable efforts to be perfected by Control within 90 days of the date hereof. No
Pledgor shall hereafter establish and maintain any Deposit Account (other than Excluded Accounts) unless (1) it shall give the Collateral Agent prompt written notice that such new Deposit Account has been established with a Bank and
(2) such Bank, such Pledgor and the Collateral Agent shall within sixty (60) days of the date of acquisition of such Deposit Account have duly executed and delivered to the Collateral Agent a Deposit Account Control Agreement with respect
to such Deposit Account, such time to be extended by the Collateral Agent. The Collateral Agent agrees with each Pledgor that the Collateral Agent shall not give any instructions directing the disposition of funds from time to time credited to any
Deposit Account or withhold any withdrawal rights from such Pledgor with respect to funds from time to time credited to any Deposit Account unless an Event of Default has occurred and is continuing. The provisions of this Section 3.4(b)
shall not apply to Excluded Accounts. No Pledgor shall grant Control of any Deposit Account to any person other than the Collateral Agent and, subject to the Intercreditor Agreement, prior to the Discharge of ABL Obligations, the ABL Agent.

 (c) Securities Accounts and Commodity Accounts. (i) As of the date hereof, no Pledgor has any
Securities Accounts or Commodity Accounts other than those listed in Schedule 13 to the Perfection Certificate. The Collateral Agent has a first priority security interest in each such Securities Account and Commodity Account (other than
Excluded Accounts), which security interest Pledgor shall use commercially reasonable efforts to be perfected by Control within 90 days of the date hereof. No Pledgor shall hereafter establish and maintain any Securities Account or Commodity Account
(other than Excluded Accounts) with any Securities Intermediary or Commodity Intermediary unless (1) it shall give the Collateral Agent prompt written notice that such new Securities Account or Commodity Account has been established and
(2) such Securities Intermediary or Commodity Intermediary, as the case may be, such Pledgor and the Collateral Agent shall within sixty (60) days of the date of the acquisition of such Securities Account or Commodity Account have duly
executed and delivered a Control Agreement with respect to such Securities Account or Commodity Account. Each Pledgor shall accept any cash and Investment Property in trust for the benefit of the Collateral Agent and shall promptly deposit any and
all cash and Investment Property received by it into a Deposit Account or Securities Account subject to Collateral Agent’s Control. The Collateral Agent agrees with each Pledgor that the Collateral Agent shall not give any Entitlement Orders or
instructions or directions to any issuer of uncertificated securities, Securities Intermediary or Commodity Intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by such Pledgor, unless an Event of
Default has occurred and is continuing or, after giving effect to any such investment and withdrawal rights, would occur. The provisions of this Section 3.4(c) shall not apply to any Financial Assets credited to a Securities Account for
which the Collateral Agent is the Securities Intermediary and Excluded Accounts. No Pledgor shall grant Control over any Investment Property to any person other than the Collateral Agent. 

  
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 (ii) As between the Collateral Agent and the Pledgors, the Pledgors shall
bear the investment risk with respect to the Investment Property and Pledged Securities, and the risk of loss of, damage to, or the destruction of the Investment Property and Pledged Securities, whether in the possession of, or maintained as a
Security Entitlement or deposit by, or subject to the Control of, the Collateral Agent, a Securities Intermediary, a Commodity Intermediary, any Pledgor or any other person. 

(d) Electronic Chattel Paper and Transferable Records. As of the date hereof, no amount under or in connection with
any of the Pledged Collateral is evidenced by any Electronic Chattel Paper or any “transferable record” (as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act, or in
Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction) other than such Electronic Chattel Paper and transferable records listed in Schedule 10 to the Perfection Certificate. If any amount payable
under or in connection with any of the Pledged Collateral shall be evidenced by any Electronic Chattel Paper or any transferable record, the Pledgor acquiring such Electronic Chattel Paper or transferable record shall on or before the first
Quarterly Update Date following the receipt thereof by such Pledgor notify the Collateral Agent thereof and shall take such action as the Collateral Agent may reasonably request to vest in the Collateral Agent control of such Electronic Chattel
Paper under Section 9-105 of the UCC or control under Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act, as so in effect
in such jurisdiction, of such transferable record. The requirement in the preceding sentence shall not apply to the extent that such amount, together with all amounts payable evidenced by Electronic Chattel Paper or any transferable record in which
the Collateral Agent has not been vested control within the meaning of the statutes described in the immediately preceding sentence, does not exceed $5,000,000 individually or $10,000,000 in the aggregate for all Pledgors. The Collateral Agent
agrees with such Pledgor that the Collateral Agent will arrange, pursuant to procedures satisfactory to the Collateral Agent and so long as the Collateral Agent has been provided an opinion of counsel satisfactory to the Collateral Agent that such
procedures will not result in the Collateral Agent’s loss of control, for the Pledgor to make alterations to the Electronic Chattel Paper or transferable record permitted under Section 9-105 of the UCC or, as the case may be,
Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act for a party in control to allow without loss of control, unless an Event of Default has occurred
and is continuing or would occur after taking into account any action by such Pledgor with respect to such Electronic Chattel Paper or transferable record. 
 (e) Letter-of-Credit Rights. If any Pledgor is at any time a beneficiary under a Letter of Credit now or hereafter issued, such Pledgor shall on or before the first Quarterly Update Date following
the receipt thereof by such Pledgor notify the Collateral Agent thereof and such Pledgor shall, at the request of the Collateral Agent, pursuant to an agreement in customary and appropriate form and substance, either (i) arrange for the issuer
and any confirmer of such Letter of Credit to consent to an assignment to the 

  
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Collateral Agent of the proceeds of any drawing under the Letter of Credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of such Letter of Credit, with the
Collateral Agent agreeing, in each case, that the proceeds of any drawing under the Letter of Credit are to be applied as provided in the Indenture. The actions in the preceding sentence shall not be required to the extent that the amount of any
such Letter of Credit, together with the aggregate amount of all other Letters of Credit for which the actions described above in clause (i) and (ii) have not been taken, does not exceed $5,000,000 individually or $10,000,000 in the
aggregate for all Pledgors. 
 (f) Commercial Tort Claims. As of the date hereof, each Pledgor hereby
represents and warrants that it holds no Commercial Tort Claims other than those listed in Schedule 12 to the Perfection Certificate. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim, such Pledgor shall immediately
notify the Collateral Agent in writing signed by such Pledgor of the brief details thereof and grant to the Collateral Agent in such writing a security interest therein and in the Proceeds thereof, all upon the terms of this Agreement. The
requirement in the preceding sentence shall not apply to the extent that the amount of such Commercial Tort Claim, together with the amount of all other Commercial Tort Claims held by any Pledgor in which the Collateral Agent does not have a
security interest, does not exceed $10,000,000 in the aggregate for all Pledgors. 
 (g) Collateral Access
Agreements. Each Pledgor shall use its commercially reasonable efforts to obtain as soon as practicable after the date hereof with respect to each location where such Pledgor maintains Pledged Collateral, a Collateral Access Agreement, as
applicable, and use commercially reasonable efforts to obtain a Collateral Access Agreement and/or landlord’s lien waiver, as applicable, from all landlords, who from time to time have possession of any Pledged Collateral if reasonably
requested by the Collateral Agent. Notwithstanding the foregoing, each Pledgor shall not be required to seek to obtain a Collateral Access Agreement and/or landlord’s lien waiver, as applicable, at any locations if the value of the Pledged
Collateral maintained at such location is less than $1,000,000 in the aggregate, provided, further, however, a Collateral Access Agreement and/or landlord’s lien waiver, as applicable, shall be required by the Collateral
Agent for each location for which the ABL Agent has received a landlord access agreement and/or landlord’s lien waiver. 

SECTION 3.5. Joinder of Additional Guarantors. The Pledgors shall cause each Subsidiary of the Issuer which, from time to time,
after the date hereof shall be required to pledge any assets to the Collateral Agent for the benefit of the Secured Parties pursuant to the provisions of the Indenture or any Additional Secured Debt Documents, to execute and deliver to the
Collateral Agent (a) a Joinder Agreement substantially in the form of Exhibit 2 hereto and (b) a Perfection Certificate, in each case, within thirty (30) days of the date on which it was acquired or created, and upon such
execution and delivery, such Subsidiary shall constitute a “Guarantor” and a “Pledgor” for all purposes hereunder with the same force and effect as if originally named as a Guarantor and Pledgor herein. The execution and delivery
of such Joinder Agreement shall not require the consent of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor and Pledgor as a party to
this Agreement. 

  
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 SECTION 3.6. Supplements; Further Assurances. Each Pledgor shall take such further
actions, and execute and/or deliver to the Collateral Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as the Collateral Agent may request based on a written instruction from the
Trustee or a Pledgor or as required in a perfection opinion delivered to the Trustee pursuant to Section 10.2 of the Indenture in its reasonable judgment deem necessary or appropriate in order to create, perfect, preserve and protect the
security interest in the Pledged Collateral as provided herein and the rights and interests granted to the Collateral Agent hereunder, to carry into effect the purposes hereof or better to assure and confirm the validity, enforceability and priority
of the Collateral Agent’s security interest in the Pledged Collateral or permit the Collateral Agent to exercise and enforce its rights, powers and remedies hereunder with respect to any Pledged Collateral, including the filing of financing
statements, continuation statements and other documents (including this Agreement) under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby and the execution and
delivery of Control Agreements, all in form reasonably satisfactory to the Collateral Agent and in such offices (including the United States Patent and Trademark Office and the United States Copyright Office) wherever required by law to perfect,
continue and maintain the validity, enforceability and priority of the security interest in the Pledged Collateral as provided herein and to preserve the other rights and interests granted to the Collateral Agent hereunder, as against third parties,
with respect to the Pledged Collateral. If an Event of Default has occurred and is continuing, the Collateral Agent may institute and maintain, in its own name or in the name of any Pledgor, such suits and proceedings as the Collateral Agent may be
instructed by the Trustee to commence pursuant to (and subject to the requirements of) the Indenture to prevent any impairment of the security interest in or the perfection thereof in the Pledged Collateral. All of the foregoing shall be at the sole
cost and expense of the Pledgors. 
 ARTICLE IV 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Each Pledgor represents, warrants and
covenants as follows: 
 SECTION 4.1. Title. Except for the security interest granted to the Collateral Agent for the
benefit of the Secured Parties pursuant to this Agreement and Permitted Liens, such Pledgor owns and has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own and have rights in each item of Pledged
Collateral pledged by it hereunder, free and clear of any and all Liens or claims of others. 

  
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 SECTION 4.2. Validity of Security Interest. The security interest in and Lien on the
Pledged Collateral granted to the Collateral Agent for the benefit of the Secured Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment and performance of the Secured
Obligations, and (b) subject to the filings and other actions described in Schedule 6 to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is
made or deemed made) being duly made, a perfected security interest in all the Pledged Collateral, except as otherwise provided herein. The security interest and Lien granted to the Collateral Agent for the benefit of the Secured Parties pursuant to
this Agreement in and on the Pledged Collateral will at all times to the extent required by this Agreement, constitute a perfected, continuing security interest therein, prior to all other Liens on the Pledged Collateral except for Permitted Liens
including, with respect to the ABL Collateral, Liens granted to the ABL Agent until the Discharge of ABL Obligations. 
 SECTION
4.3. Defense of Claims; Transferability of Pledged Collateral. Each Pledgor shall, at its own cost and expense, defend title to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the
Collateral Agent and the priority thereof against all material claims and demands of all persons, at its own cost and expense, at any time claiming any interest therein adverse to the Collateral Agent or any other Secured Party other than Permitted
Liens. There is no agreement, order, judgment or decree, and no Pledgor shall enter into any agreement or take any other action, that would restrict the transferability of any of the Pledged Collateral or otherwise impair or conflict with such
Pledgor’s obligations or the rights of the Collateral Agent hereunder to the extent reasonably likely to have a Material Adverse Effect and after giving effect to Sections 9-406(d), 9-407(a), 9-408(a) or 9-409 of the UCC (or any successor
provision or provisions) or any other applicable law (including the Bankruptcy Code) or principles of equity. 
 SECTION 4.4.
Other Financing Statements. Such Pledgor has not filed, nor authorized any third party to file (nor will there be), any valid or effective financing statement (or similar statement, instrument of registration or public notice under the law of
any jurisdiction) covering or purporting to cover any interest of any kind in the Pledged Collateral, except such as have been filed in favor of the Collateral Agent pursuant to this Agreement or in favor of any holder of a Permitted Lien with
respect to such Permitted Lien or financing statements or public notices relating to the termination statements listed on Schedule 8 to the Perfection Certificate. No Pledgor shall execute, authorize or permit to be filed in any public office
any financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed
in respect of and covering the security interests granted by such Pledgor to the Collateral Agent and the holders of the Permitted Liens. 
 SECTION 4.5. Location of Inventory and Equipment. Except as in accordance with the Indenture, in no event shall any Equipment or Inventory be moved to any location outside of the United States.

  
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 SECTION 4.6. Due Authorization and Issuance. All of the Pledged Securities existing
on the date hereof have been, and to the extent any Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly authorized, validly issued and fully paid and non-assessable (except as such rights may arise
under mandatory provisions of applicable statutory law that may not be waived or otherwise agreed and not as a result of any rights contained in any organizational document) to the extent applicable. There is no amount or other obligation owing by
any Pledgor to any issuer of the Pledged Securities in exchange for or in connection with the issuance of the Pledged Securities or any Pledgor’s status as a partner or a member of any issuer of the Pledged Securities to the extent reasonably
likely to have a Material Adverse Effect. 
 SECTION 4.7. Consents, etc. In the event that the Collateral Agent desires
to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth in this Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor, then, upon the
reasonable request of the Collateral Agent, such Pledgor agrees to use its best efforts to assist and aid the Collateral Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and
powers. 
 SECTION 4.8. Pledged Collateral. All information set forth herein, including the schedules hereto, and all
information contained in any documents, schedules and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this Agreement, in each case, relating to the Pledged
Collateral, is accurate and complete in all material respects. The Pledged Collateral described on the schedules to the Perfection Certificate constitutes all of the property of such type of Pledged Collateral owned or held by the Pledgors.

 SECTION 4.9. Insurance. In the event that the proceeds of any insurance claim are paid to any Pledgor after the
Collateral Agent has exercised its right to foreclose after an Event of Default, such Net Cash Proceeds shall be held in trust for the benefit of the Collateral Agent and immediately after receipt thereof shall be paid to the Collateral Agent for
application in accordance with the Indenture. 
 SECTION 4.10. Chief Executive Office; Change of Name; Jurisdiction of
Organization. 
 (a) Such Pledgor will not effect any change (i) to its legal name, (ii) in its identity or
organizational structure, (iii) in its organizational identification number, if any, or (iv) in its jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating,
reorganizing or organizing in any other jurisdiction), unless (A) it shall have given the Collateral Agent promptly but in any event within 30 days after such change, written notice clearly describing such change and providing such other
information in connection therewith as the Collateral Agent may reasonably request and (B) it shall have taken or will promptly take all action necessary to maintain the perfection and priority of the security interest of the Collateral Agent
for the benefit of the Secured Parties in the Pledged Collateral. 

  
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 (b) The Collateral Agent shall have no duty to inquire about any of the changes described in
clause (a) above, the parties acknowledging and agreeing that each Pledgor is solely responsible to take all action described in Section 4.10(a)(B) above. 
 ARTICLE V 
 CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL 

SECTION 5.1. Pledge of Additional Securities Collateral. Each Pledgor shall, upon obtaining any Pledged Securities or Intercompany
Notes of any person, accept the same in trust for the benefit of the Collateral Agent and shall, on or before the first Quarterly Update Date following the receipt thereof by such Pledgor, deliver to the Collateral Agent a pledge amendment, duly
executed by such Pledgor, in substantially the form of Exhibit 1 hereto (each, a “Pledge Amendment”), and the certificates and other documents required under Section 3.1 and Section 3.2 hereof in
respect of the additional Pledged Securities or Intercompany Notes which are to be pledged pursuant to this Agreement; provided, however, that all certificates representing or evidencing Equity Interests of any Subsidiary shall be
delivered to and held by or on behalf of the Collateral Agent pursuant hereto within thirty (30) days after receipt thereof by such Pledgor. Each Pledgor hereby authorizes the Collateral Agent to attach each Pledge Amendment to this Agreement
and agrees that all Pledged Securities or Intercompany Notes listed on any Pledge Amendment delivered to the Collateral Agent shall for all purposes hereunder be considered Pledged Collateral. 

SECTION 5.2. Voting Rights; Distributions; etc. 
 (a) So long as no Event of Default shall have occurred and be continuing: 
 (i) Each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Securities Collateral or any part thereof for any purpose not in violation with the terms or
purposes hereof, the Indenture or any Additional Secured Debt Documents. 
 (ii) Each Pledgor shall be entitled
to receive and retain, and to utilize free and clear of the Lien hereof, any and all Distributions, but only if and to the extent made in accordance with the provisions of the Indenture; provided, however, that any and all such
Distributions consisting of rights or interests in the form of securities shall be forthwith delivered to the Collateral Agent to hold as Pledged Collateral and shall, if received by any Pledgor, be received in trust for the benefit of the
Collateral Agent, on or before the first Quarterly Update Date following the receipt thereof by such Pledgor delivered to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement). 

  
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 (b) So long as no Event of Default shall have occurred and be continuing, the Collateral
Agent shall be deemed without further action or formality to have granted to each Pledgor all necessary consents relating to voting rights and shall, if necessary, upon written request of any Pledgor and at the sole cost and expense of the
Pledgors, from time to time execute and deliver (or cause to be executed and delivered) to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and other rights which it is
entitled to exercise pursuant to Section 5.2(a)(i) hereof and to receive the Distributions which it is authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof. 

(c) Upon written notice by the Collateral Agent to the relevant Pledgor following the occurrence and during the continuance of any Event
of Default: 
 (i) All rights of each Pledgor to exercise the voting and other consensual rights it would
otherwise be entitled to exercise pursuant to Section 5.2(a)(i) hereof shall immediately cease, and all such rights shall thereupon become vested in the Collateral Agent, which, to the extent permitted by law, shall thereupon have the
sole right to exercise such voting and other consensual rights. 
 (ii) All rights of each Pledgor to receive
Distributions which it would otherwise be authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof shall immediately cease and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon
have the sole right to receive and hold as Pledged Collateral such Distributions. 
 (d) Each Pledgor shall, at its sole cost and
expense, from time to time execute and deliver to the Collateral Agent appropriate instruments as the Collateral Agent may reasonably request in order to permit the Collateral Agent to exercise the voting and other rights which it may be entitled to
exercise pursuant to Section 5.2(c)(i) hereof and to receive all Distributions which it may be entitled to receive under Section 5.2(c)(ii) hereof. 
 (e) All Distributions which are received by any Pledgor contrary to the provisions of Section 5.2(a)(ii) hereof shall be received in trust for the benefit of the Collateral Agent, and shall
immediately be paid over to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement). 
 SECTION 5.3. Defaults, etc. Other than to the extent not reasonably likely to cause a Material Adverse Effect, each Pledgor hereby represents and warrants that (i) such Pledgor is not in
default in the payment of any portion of any mandatory capital contribution, if any, required to be made under any agreement to which such Pledgor is a party relating to the Pledged Securities pledged by it, and such Pledgor is not in violation of
any other provisions of any such agreement to which such Pledgor is a party, or otherwise in default or violation thereunder, (ii) no Securities Collateral pledged by such Pledgor is subject to any defense, offset or counterclaim, nor have any
of the foregoing been asserted or alleged against such Pledgor by any person with respect thereto, and (iii) as of the date hereof, there are no certificates, instruments, documents or other writings (other than the Organizational Documents and
certificates representing such Pledged Securities that have been delivered to the Collateral Agent) which evidence any Pledged Securities of such Pledgor. 

  
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 SECTION 5.4. Certain Agreements of Pledgors as Issuers and Holders of Equity
Interests. 
 (a) In the case of each Pledgor which is an issuer of Securities Collateral, such Pledgor agrees to be bound by
the terms of this Agreement relating to the Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it. 
 (b) In the case of each Pledgor which is a partner, shareholder or member, as the case may be, in a partnership, limited liability company or other entity, such Pledgor hereby consents to the extent
required by the applicable Organizational Document to the pledge by each other Pledgor, pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability company or other entity and, upon the occurrence and during the
continuance of an Event of Default, to the transfer of such Pledged Securities to the Collateral Agent or its nominee and to the substitution of the Collateral Agent or its nominee as a substituted partner, shareholder or member in such partnership,
limited liability company or other entity with all the rights, powers and duties of a general partner, limited partner, shareholder or member, as the case may be. 
 ARTICLE VI 
 CERTAIN PROVISIONS CONCERNING INTELLECTUAL 

PROPERTY COLLATERAL 
 SECTION 6.1. Grant of Intellectual Property License. For the purpose of enabling the Collateral Agent, during the continuance of an Event of Default, to exercise rights and remedies under
Article X hereof at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, each Pledgor shall grant to the Collateral Agent, to the extent assignable, a non-exclusive
license to use, assign, license or sublicense any of the Intellectual Property Collateral now owned or hereafter acquired by such Pledgor, wherever the same may be located. Such license shall include access to all media in which any of the licensed
items may be recorded or stored and to all computer programs used for the compilation or printout hereof. 
 SECTION 6.2.
Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and expense, (i) on or before the first Quarterly Update Date following its becoming aware thereof, notify the Collateral Agent
of any adverse determination in any proceeding or the institution of any proceeding in any federal, state or local court or administrative body or in the United States Patent and Trademark Office or the United States Copyright Office regarding any
Material Intellectual Property Collateral, (ii) not permit to lapse or become abandoned any Material Intellectual Property Collateral, and not settle or compromise any pending or future litigation or administrative proceeding with respect to
any such Material 

  
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Intellectual Property Collateral, in either case except as shall be consistent with commercially reasonable business judgment, (iii) on or before the first Quarterly Update Date following
obtaining knowledge thereof, notify the Collateral Agent in writing of any event which may be reasonably expected to materially and adversely affect the value or utility of any Material Intellectual Property Collateral or the rights and remedies of
the Collateral Agent in relation thereto including a levy or threat of levy or any legal process against any Material Intellectual Property Collateral, (iv) except in each case as could not have resulted in a Material Adverse Effect, not
license any Intellectual Property Collateral other than licenses entered into by such Pledgor in, or incidental to, the prudent conduct of business, or amend or permit the amendment of any of the licenses in a manner that materially and adversely
affects the right to receive payments thereunder, or in any manner that would materially impair the value of any Intellectual Property Collateral or the Lien on and security interest in the Intellectual Property Collateral created therein hereby and
(v) furnish to the Collateral Agent from time to time reasonably detailed statements and amended schedules further identifying and describing the Intellectual Property Collateral and such other materials evidencing or reports pertaining to any
Intellectual Property Collateral as the Collateral Agent may from time to time request pursuant to an instruction from the Trustee pursuant to the Indenture. 
 SECTION 6.3. After-Acquired Property. If any Pledgor shall at any time after the date hereof (i) obtain any rights to any additional Intellectual Property Collateral or (ii) become
entitled to the benefit of any additional Intellectual Property Collateral or any renewal or extension thereof, including any reissue, division, continuation, or continuation-in-part of any Intellectual Property Collateral, or any improvement on any
Intellectual Property Collateral, or if any intent-to use trademark application is no longer subject to clause (c) of the definition of Excluded Assets, the provisions hereof shall automatically apply thereto and any such item enumerated in the
preceding clause (i) or (ii) shall automatically constitute Intellectual Property Collateral as if such would have constituted Intellectual Property Collateral at the time of execution hereof and be subject to the Lien and security
interest created by this Agreement without further action by any party. Each Pledgor shall promptly on or before the first Quarterly Update Date provide to the Collateral Agent written notice of any of the foregoing and confirm the attachment of the
Lien and security interest created by this Agreement to any rights described in clauses (i) and (ii) above by execution of an instrument in form of Exhibit 3, Exhibit 4 or Exhibit 5, as the case may be, and file such
instruments with the United States Patent and Trademark Office or the United States Copyright Office, as the case may be. Further, each Pledgor authorizes the Collateral Agent to modify this Agreement by amending Schedules 11(a) and
11(b) to the Perfection Certificate to include any Intellectual Property Collateral of such Pledgor acquired or arising after the date hereof. 
 SECTION 6.4. Litigation. Unless there shall occur and be continuing any Event of Default, each Pledgor shall have the right to commence and prosecute in its own name, as the party in interest, for
its own benefit and at the sole cost and expense of the Pledgors, such suits, proceedings or other actions to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value or other damage as are necessary to protect the
Intellectual Property Collateral. Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent shall have the right but shall in no way be obligated to bring suit in the 

  
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name of any Pledgor, the Collateral Agent or the Secured Parties to enforce the Intellectual Property Collateral and any license thereunder. In the event of such suit, each Pledgor shall, at the
reasonable request of the Collateral Agent, do any and all lawful acts and execute any and all documents requested by the Collateral Agent in aid of such enforcement and the Pledgors shall promptly reimburse and indemnify the Collateral Agent for
all costs and expenses incurred by the Collateral Agent in the exercise of its rights under this Section 6.4 in accordance with Section 7.7 of the Indenture. In the event that the Collateral Agent shall elect not to bring
suit to enforce the Intellectual Property Collateral, each Pledgor agrees, at the reasonable request of the Collateral Agent where such Pledgor deems prudent, to take all commercially reasonable actions necessary, whether by suit, proceeding or
other action, to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value of or other damage to any of the Intellectual Property Collateral by any person. 

ARTICLE VII 

CERTAIN PROVISIONS CONCERNING RECEIVABLES 
 SECTION 7.1. Maintenance of Records. Each Pledgor shall keep and maintain at its own cost and expense complete records of each Receivable, in a manner consistent with prudent business practice.
Each Pledgor shall, at such Pledgor’s sole cost and expense, upon the Collateral Agent’s demand made at any time after the occurrence and during the continuance of any Event of Default, deliver all tangible evidence of Receivables,
including all documents evidencing Receivables and any books and records relating thereto to the Collateral Agent or to its representatives (copies of which evidence and books and records may be retained by such Pledgor). Upon the occurrence and
during the continuance of any Event of Default, the Collateral Agent may transfer a full and complete copy of any Pledgor’s books, records, credit information, reports, memoranda and all other writings relating to the Receivables to and for the
use by any person that has acquired or is contemplating acquisition of an interest in the Receivables or the Collateral Agent’s security interest therein without the consent of any Pledgor. 

SECTION 7.2. Legend. After the occurrence and during the continuance of an Event of Default and upon the request of the Collateral
Agent, each Pledgor shall legend, at the request of the Collateral Agent and in form and manner satisfactory to the Collateral Agent, in each case upon instruction from the Trustee, the Receivables and the other books, records and documents of such
Pledgor evidencing or pertaining to the Receivables with an appropriate reference to the fact that the Receivables have been assigned to the Collateral Agent for the benefit of the Secured Parties and that the Collateral Agent has a security
interest therein. 
 SECTION 7.3. Modification of Terms, etc. No Pledgor shall rescind or cancel any obligations
evidenced by any Receivable or modify any term thereof or make any adjustment with respect thereto except consistent with prudent business practice, or extend or renew any such obligations except consistent with prudent business practice or
compromise or settle any dispute, claim, suit or legal proceeding relating thereto or sell any Receivable or interest therein except consistent with such Pledgor’s commercial judgment. Each Pledgor shall in all material respects timely fulfill
all obligations on its part to be fulfilled under or in connection with the Receivables consistent with prudent business practice. 

  
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 SECTION 7.4. Collection. Each Pledgor shall cause to be collected from the Account
Debtor of each of the Receivables, as and when due and consistent with prudent business practice (including Receivables that are delinquent to the extent deemed appropriate in the commercial judgment of such Pledgor exercised in the Ordinary Course
of Business, any and all amounts owing under or on account of such Receivable, and apply forthwith upon receipt thereof all such amounts as are so collected to the outstanding balance of such Receivable, except that any Pledgor may, with respect to
a Receivable, allow in the Ordinary Course of Business (i) a refund or credit due as a result of returned or damaged or defective merchandise or otherwise in such Pledgor’s commercial judgment and (ii) such extensions of time to pay
amounts due in respect of Receivables and such other modifications of payment terms or settlements in respect of Receivables as shall be commercially reasonable in the circumstances, all in accordance with the Ordinary Course of Business. The costs
and expenses (including attorneys’ fees) of collection, in any case, whether incurred by any Pledgor, the Collateral Agent or any Secured Party, shall be paid by the Pledgors. 

ARTICLE VIII 

TRANSFERS 

SECTION 8.1. Transfers of Pledged Collateral. No Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option
with respect to, any of the Pledged Collateral pledged by it hereunder except as permitted by the Indenture. 
 ARTICLE IX

 ADDITIONAL SECURED OBLIGATIONS 
 SECTION 9.1. Additional Secured Obligations. On or after the Issue Date the Issuers may from time to time designate additional Pari Passu Lien Obligations (as defined in the Indenture) of the
Issuers or any Guarantor permitted to be Incurred under the Indenture and to be secured by a Lien on the Collateral (as defined in the Indenture) permitted by the Indenture as additional Secured Obligations hereunder (“Additional Secured
Obligations”) by delivering to the Collateral Agent and each Authorized Representative (a) a certificate signed by the chief financial officer of the Issuers (i) identifying the Class of obligations so designated and the aggregate
principal amount or face amount thereof, stating that such Class of obligations is designated as an Additional Secured Obligation for purposes hereof, (ii) representing that such designation of such Class of obligations as an Additional Secured
Obligation complies with the terms of each of the Secured Agreements and (iii) specifying the name and address of the Authorized 

  
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Representative for such Class of obligations, (b) a fully executed Additional Secured Party Joinder (in the form attached as Exhibit 6); and (c) an Opinion of Counsel to the
effect that the designation of such Class of obligations as “Additional Secured Obligations” is in compliance with the terms of the Indenture. Each Authorized Representative agrees that upon the satisfaction of all conditions set forth in
the preceding sentence, the Collateral Agent shall act as agent under and subject to the terms of this Agreement for the benefit of all Secured Parties, including without limitation, any Secured Parties that hold any such Additional Secured
Obligations, and each Authorized Representative agrees to the appointment, and acceptance of the appointment, of the Collateral Agent as agent for the holders of such Additional Secured Obligations as set forth in each Additional Secured Party
Joinder and agrees, on behalf of itself and each Additional Secured Party it represents, to be bound by this Agreement. 

ARTICLE X 

REMEDIES 

SECTION 10.1. Remedies. Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent may from time
to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or otherwise available to it, the following remedies, in each case with respect to the ABL Collateral subject to the terms of the
Intercreditor Agreement: 
 (i) Personally, or by agents or attorneys, immediately take possession of the Pledged Collateral or
any part thereof, from any Pledgor or any other person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon any Pledgor’s premises where any of the Pledged Collateral is
located, remove such Pledged Collateral, remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection with such removal and possession any and all services,
supplies, aids and other facilities of any Pledgor; 
 (ii) Demand, sue for, collect or receive any money or property at any time
payable or receivable in respect of the Pledged Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral to make any payment required by the terms of such
agreement, instrument or other obligation directly to the Collateral Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided,
however, that in the event that any such payments are made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor shall hold all amounts received pursuant thereto in trust for the benefit of the
Collateral Agent and shall promptly (but in no event later than one (1) Business Day after receipt thereof) pay such amounts to the Collateral Agent; 

  
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 (iii) Sell, assign, grant a license to use or otherwise liquidate, or direct any Pledgor to
sell, assign, grant a license to use or otherwise liquidate, any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment, license or liquidation;

 (iv) Take possession of the Pledged Collateral or any part thereof, by directing any Pledgor in writing to deliver the same to
the Collateral Agent at any place or places so designated by the Collateral Agent, in which event such Pledgor shall at its own expense: (A) forthwith cause the same to be moved to the place or places designated by the Collateral Agent and
therewith delivered to the Collateral Agent, (B) store and keep any Pledged Collateral so delivered to the Collateral Agent at such place or places pending further action by the Collateral Agent and (C) while the Pledged Collateral shall
be so stored and kept, provide such security and maintenance services as shall be necessary to protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to deliver the Pledged Collateral as contemplated in
this Section 10.1(iv) is of the essence hereof. Upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by any Pledgor of such obligation; 

(v) Withdraw all moneys, instruments, securities and other property in any bank, financial securities, deposit or other account of any
Pledgor constituting Pledged Collateral for application to the Secured Obligations as provided in Article XI hereof; 

(vi) Retain and apply the Distributions to the Secured Obligations as provided in Article XI hereof; 

(vii) Exercise any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of and
exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral; and 
 (viii)
Exercise all the rights and remedies of a secured party on default under the UCC, and the Collateral Agent may also in its sole discretion, based upon a direction from the Trustee pursuant to the Indenture, without notice except as specified in
Section 10.2 hereof, sell, assign or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Collateral Agent’s
offices or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms as the Collateral Agent may determine (which determination may be based on the advice of counsel) to be commercially reasonable.
To the extent permitted by law, the Collateral Agent or any other Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Pledged Collateral or any part thereof at any such sale and shall be
entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations owed to such person
as a credit on account of the purchase price of the Pledged Collateral or any part thereof payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the property sold, assigned or licensed
absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under
any rule of law or 

  
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statute now existing or hereafter enacted. The Collateral Agent shall not be obligated to make any sale of the Pledged Collateral or any part thereof regardless of notice of sale having been
given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each
Pledgor hereby waives, to the fullest extent permitted by law, any claims against the Collateral Agent arising by reason of the fact that the price at which the Pledged Collateral or any part thereof may have been sold, assigned or licensed at such
a private sale was less than the price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Pledged Collateral to more than one offeree. 

SECTION 10.2. Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent notice of sale or other disposition of the
Pledged Collateral or any part thereof shall be required by law, ten (10) days’ prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale or other intended disposition is to take
place shall be commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any right to notification of sale or
other intended disposition. 
 SECTION 10.3. Waiver of Notice and Claims. Each Pledgor hereby waives, to the fullest
extent permitted by applicable law, notice or judicial hearing in connection with the Collateral Agent’s taking possession or the Collateral Agent’s disposition of the Pledged Collateral or any part thereof, including any and all prior
notice and hearing for any prejudgment remedy or remedies and any such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable law: (i) all damages
occasioned by such taking of possession, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder and (iii) all rights of
redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any applicable law. The Collateral Agent shall not be liable for any incorrect or improper payment made pursuant to this Article X in the
absence of gross negligence or willful misconduct on the part of the Collateral Agent. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged Collateral shall operate to divest all right, title, interest, claim
and demand, either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor and against any and all persons claiming or attempting to claim the Pledged Collateral
so sold, optioned or realized upon, or any part thereof, from, through or under such Pledgor. 
 SECTION 10.4. Certain Sales
of Pledged Collateral. 
 (a) Each Pledgor recognizes that, by reason of certain prohibitions contained in law, rules,
regulations or orders of any Governmental Authority, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of such Governmental Authority.
Each Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such
restricted sale shall be deemed to have been made in a commercially reasonable manner and that, except as may be required by applicable law, the Collateral Agent shall have no obligation to engage in public sales. 

  
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 (b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the
Securities Act, and applicable state securities laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Securities Collateral and Investment Property, to limit purchasers to persons who will agree, among other
things, to acquire such Securities Collateral or Investment Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may be at prices and on terms
less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such circumstances,
agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Securities Collateral
or Investment Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would agree
to do so. 
 (c) Intentionally omitted. 
 (d) If the Collateral Agent determines to exercise its right to sell any or all of the Securities Collateral or Investment Property, upon written request, the applicable Pledgor shall from time to time
furnish to the Collateral Agent all such information as the Collateral Agent may request in order to determine the number of securities included in the Securities Collateral or Investment Property which may be sold by the Collateral Agent as exempt
transactions under the Securities Act and the rules of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 
 (e) Each Pledgor further agrees that a breach of any of the covenants contained in this Section 10.4 will cause irreparable injury to the Collateral Agent and the other Secured Parties, that
the Collateral Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 10.4 shall be specifically enforceable against such
Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred and is continuing. 

SECTION 10.5. No Waiver; Cumulative Remedies. 
 (a) No failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the Collateral Agent in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power, privilege or remedy; nor
shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties. All rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law or
otherwise available. 

  
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 (b) In the event that the Collateral Agent shall have instituted any proceeding to enforce
any right, power, privilege or remedy under this Agreement or any other Security Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely
to the Collateral Agent, then and in every such case, the Pledgors, the Collateral Agent and each other Secured Party shall be restored to their respective former positions and rights hereunder with respect to the Pledged Collateral, and all rights,
remedies, privileges and powers of the Collateral Agent and the other Secured Parties shall continue as if no such proceeding had been instituted. 
 SECTION 10.6. Certain Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be continuing, upon the written demand of the Collateral Agent, each
Pledgor shall execute and deliver to the Collateral Agent an assignment or assignments of the registered Patents, Trademarks and/or Copyrights and Goodwill and such other documents as are necessary or appropriate to carry out the intent and purposes
hereof. Within five (5) Business Days of written notice thereafter from the Collateral Agent, each Pledgor shall make available to the Collateral Agent, to the extent within such Pledgor’s power and authority, such personnel in such
Pledgor’s employ on the date of the Event of Default as the Collateral Agent may reasonably designate to permit such Pledgor to continue, directly or indirectly, to produce, advertise and sell the products and services sold by such Pledgor
under the registered Patents, Trademarks and/or Copyrights, and such persons shall be available to perform their prior functions on the Collateral Agent’s behalf. 
 ARTICLE XI 
 APPLICATION OF PROCEEDS 

SECTION 11.1. Application of Proceeds. 
 (a) Subject to the terms of the Intercreditor Agreement with respect to the ABL Collateral, the proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization
upon all or any part of the Pledged Collateral or Mortgaged Property pursuant to the exercise by the Collateral Agent of its remedies under the Security Documents shall be applied, together with any other sums then held by the Collateral Agent
pursuant to this Agreement or the other Security Documents, by the Collateral Agent as follows: 
 (i)
First, to the payment of all reasonable costs and expenses, fees, commissions and taxes of such sale, collection or other realization including compensation to the Collateral Agent and the Trustee and its agents and counsel, and all expenses,
liabilities and advances made or incurred by the Collateral Agent and the Trustee in connection therewith and all indemnities and other amounts for which each of the Collateral Agent and the Trustee is entitled pursuant to the provisions of the
Indenture, any other Security Document or this Agreement; 

  
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 (ii) Second, to reimburse any Secured Party for any indemnification
amounts paid to the Collateral Agent in connection with any costs and expenses incurred by the Collateral Agent; 

(iii) Third, to the payment of all accrued and unpaid interest owing in respect of the Secured Obligations on a pro
rata basis in accordance with the respective amounts of all interest owed in respect of the Secured Obligations to Secured Parties; 
 (iv) Fourth, to the payment of all of all amounts of principal (or, in the case of discount notes, unpaid accreted value) owing in respect of the Secured Obligations on a pro rata basis in
accordance with the respective amounts of all principal (or, in the case of discount notes, unpaid accreted value) owed in respect of the Secured Obligations to Secured Parties; 

(v) Fifth, to all other amounts then owing in respect of the Secured Obligations; and 

(vi) Sixth, the balance, if any, to the Issuers or Guarantors or such other persons as are entitled thereto.

 All applications of proceeds pursuant to clauses (ii) though (v) above shall be allocated among the Secured Parties
on a pro rata basis according to the principal (or, in the case of discount notes, accreted value), interest and other amounts owing in respect of the Secured Obligations at the time of the distribution. In the event that any such proceeds
are insufficient to pay in full the items described in clauses (i) through (iv) of this Section 11.1, the Pledgors shall remain liable, jointly and severally, for any deficiency. 

(b) Upon the request of the Collateral Agent prior to any distribution under this Section 11.1, each Secured Party or their
Authorized Representative shall provide to the Collateral Agent certificates, in form and substance reasonably satisfactory to the Collateral Agent, setting forth the respective amounts referred to in Section 11.1(a), that each such
Secured Party or their Authorized Representative believes it is entitled to receive, and the Collateral Agent shall be fully entitled to rely on such certificates. 
 SECTION 11.2. Sharing of Proceeds. If, despite the provisions of this Agreement, any Secured Party shall receive any payment or other recovery in excess of its portion of payments on account of the
Secured Obligations to which it is then entitled in accordance with this Agreement, such Secured Party shall hold such payment or recovery in trust for the benefit of all Secured Parties for distribution in accordance with Section 11.1.

  
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 ARTICLE XII 
 MISCELLANEOUS 
 SECTION 12.1. Concerning Collateral Agent. 

(a) Each Secured Party hereby appoints Wells Fargo Bank, National Association, to serve as Collateral Agent and representative of the
Secured Parties under each of the Security Documents and the Intercreditor Agreement and authorizes and directs the Collateral Agent to act as agent for the Secured Parties for the purpose of executing and delivering, on behalf of all the Secured
Parties, the Security Documents and the Intercreditor Agreement and any other documents or instruments related thereto or necessary or, as determined by the Collateral Agent, desirable to perfect the Liens granted to the Collateral Agent thereunder
and, subject to the provisions of this Agreement, for the purpose of enforcing the Secured Parties’ rights in respect of the Pledged Collateral or Mortgaged Property and the obligations of the Pledgors under the Security Documents, and for the
purpose of, or in connection with, releasing the obligations of the Pledgors under the Security Documents. Without limiting the generality of the foregoing, the Collateral Agent is further hereby appointed as agent for each of the Secured Parties to
hold the Liens on the Pledged Collateral or Mortgaged Property granted pursuant to the Security Documents with sole authority (subject to the Indenture) to exercise remedies under the Security Documents. The Collateral Agent shall have the right
hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action (including the release or substitution of the Pledged Collateral or Mortgaged Property), in accordance with the
Secured Agreements and the Intercreditor Agreement. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be liable for the gross negligence or willful misconduct of any such agents or attorneys-in-fact
selected by it in good faith. The Collateral Agent may resign and a successor Collateral Agent may be appointed in the manner provided in Section 12.3. Upon the acceptance of any appointment as the Collateral Agent by a successor
Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent under the Secured Agreements, and the retiring Collateral Agent shall
thereupon be discharged from its duties and obligations under the Secured Agreements. After any retiring Collateral Agent’s resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under
the Secured Agreements while it was the Collateral Agent. 
 (b) The Collateral Agent shall be deemed to have exercised
reasonable care in the custody and preservation of the Pledged Collateral or Mortgaged Property in its possession if such Pledged Collateral or Mortgaged Property is accorded treatment substantially equivalent to that which the Collateral Agent, in
its individual capacity, accords its own property consisting of similar instruments or interests, it being understood that neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Securities Collateral, whether or not the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters or
(ii) taking any necessary steps to preserve rights against any person with respect to any Pledged Collateral or Mortgaged Property. 

  
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 (c) The Collateral Agent shall be entitled to rely upon any written notice, statement,
certificate, order or other document or any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters pertaining to the Secured Agreements and its duties
thereunder, upon advice of counsel selected by it (who may be counsel to one or more Pledgors). The Collateral Agent shall not be deemed to have actual, constructive, direct or indirect knowledge or notice of the occurrence of any Default or Event
of Default unless and until the Collateral Agent has received written notice from a Secured Party or the Company referring to the applicable Secured Agreement, describing such Default or Event of Default and stating that it is a “notice of
default” or a “notice of event of default”, setting forth in reasonable detail the facts and circumstances thereof and stating that the Collateral Agent may rely on such notice without further inquiry. The Collateral Agent shall have
no obligation or duty prior to or after receiving any such notice to inquire whether a Default or Event of Default has in fact occurred and shall be entitled to conclusively rely, and shall be fully protected in so relying, on any such notice
furnished to it. 
 (d) If any item of Pledged Collateral also constitutes collateral granted to the Collateral Agent under any
other deed of trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement, pledge or instrument of any
type in respect of such collateral, the terms of this Agreement shall control. 
 (e) The Collateral Agent may rely on advice of
counsel as to whether any or all UCC financing statements of the Pledgors need to be amended as a result of any of the changes described in Section 10.1 of the Indenture. If any Pledgor fails to direct the Collateral Agent to make an
additional filing or take other action in respect of any such change, the Collateral Agent shall not be liable or responsible to any party for any failure to maintain a perfected security interest in such Pledgor’s property constituting Pledged
Collateral or Mortgaged Property for which the Collateral Agent needed to have information relating to such changes. The Collateral Agent shall have no duty to inquire about such changes and the parties acknowledge and agree that it would not be
feasible or practical for the Collateral Agent to search for information on such changes. 
 (f) Notwithstanding anything to the
contrary contained herein or in any Security Document, the Collateral Agent shall not be required to take or refrain from taking, and shall have no liability to any Secured Party for taking or refraining from taking, any action (i) that exposes
or, in the good faith judgment of the Collateral Agent may expose, the Collateral Agent or its officers, directors, agents or employees to personal liability, unless the Collateral Agent and such officers, directors, agents or employees shall be
indemnified in a manner reasonably satisfactory to the Collateral Agent, or (ii) that is, or in the good faith judgment of the Collateral Agent may be, contrary to any Security Document, any other Secured Agreement or applicable law. Upon
receipt of such indemnity, however, the Collateral Agent shall act upon the specific instructions of the Authorized Representatives provided in accordance with the provisions of this Agreement, except for any instructions that in the good faith
judgment of the Collateral Agent may be contrary to any Security Document, any other Secured Agreement or applicable law. 

  
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 (g) For purposes of this Agreement and the other Security Documents, each Secured Party
shall appoint a Person as its Authorized Representative for the purpose of giving or delivering any notices or instructions hereunder and thereunder. Any instructions given by the Authorized Representatives on behalf of the applicable Secured
Parties to the Collateral Agent pursuant to the Security Documents shall be in writing signed by the Authorized Representative(s) of the applicable Secured Parties with respect to such instructions and such instructions shall certify to and for the
benefit of the Collateral Agent the outstanding aggregate principal amount (or, in the case of discount notes, accreted value) of all Secured Obligations that the Secured Parties authorizing such instructions hold. In determining whether the
applicable Secured Parties have consented to any action under the Security Documents, the Collateral Agent may conclusively rely on each Authorized Representative as to the amount of Secured Obligations held by holders represented by such Authorized
Representative. The Collateral Agent shall be entitled to rely conclusively and absolutely on such instructions and certifications as to the identity of the applicable Secured Parties with respect to such instructions, and the Collateral Agent shall
not be required to take any action, and shall not be liable to any Secured Party for failing or refusing to act, pursuant to any instructions which are not given or delivered by the Authorized Representatives of various Secured Parties comprising
the applicable Secured Parties as required by Section 10.1. The parties hereto acknowledge that the Authorized Representative of each of the Secured Parties shall be (x) the Trustee, in the case of the Noteholders, and (y) as set
forth in the applicable Additional Secured Party Joinder with respect to any Additional Secured Obligations. 
 (h) Each Pledgor
acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement with respect to any action taken or not taken by the Collateral Agent or the exercise or nonexercise by the Collateral Agent of any option, voting right,
request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the other Secured Parties, be governed by the provisions of this Agreement and by such other
agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the Pledgors, the Collateral Agent shall be conclusively presumed to be acting as agent for the Collateral Agent and the other
Secured Parties with full and valid authority so to act or refrain from acting, and no Pledgor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 

(i) Subject to clause (f) of this Section 12.1, neither the Collateral Agent nor any of its officers, directors,
employees or agents shall be liable for failure to monitor, to preserve the value of or to demand, collect or realize upon any of the Pledged Collateral or Mortgaged Property or for any delay in doing so or shall be under any obligation to sell or
otherwise dispose of any Pledged Collateral or Mortgaged Property upon the request of any Pledgor or any other person or to take any other action whatsoever with regard to the Pledged Collateral or Mortgaged Property or any part thereof. The powers
conferred on the Collateral Agent hereunder are solely to protect the interests of the Collateral Agent in the Pledged Collateral or Mortgaged Property and, subject to clause (f) of this Section 12.1, shall not impose any
duty upon the 

  
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Collateral Agent to exercise any such powers. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor
any of its officers, directors, employees or agents shall have any duty or liability or be responsible to any Pledgor for any act or failure to act hereunder, except for its own gross negligence or willful misconduct. The Collateral Agent shall have
no duty or liability as to the taking of any necessary steps to preserve or protect the Pledged Collateral or Mortgaged Property or to preserve rights against prior parties. Nothing contained in this Agreement shall be construed as requiring or
obligating the Collateral Agent, and the Collateral Agent shall not be required or obligated, to (i) present or file any claim or notice or take any action with respect to any Pledged Collateral or Mortgaged Property or in connection therewith
or (ii) notify any Pledgor of any decline in the value of any Pledged Collateral or Mortgaged Property. The Collateral Agent shall have no duty as to the collection of any Pledged Collateral or Mortgaged Property in its possession or control or
in the possession or control of any agent or nominee of the Collateral Agent, or any income thereon or any other rights pertaining thereto. 
 (j) The Collateral Agent shall not be responsible for perfecting or maintaining the perfection of any security interest granted to it under the Secured Agreements or for filing, refiling, recording,
re-recording or continuing any document, financing statement, notice or instrument in any public office at any time or times and shall not be responsible for seeing to the provision of insurance on or the payment of any taxes with respect to any
property subject to the Secured Agreements. 
 (k) No provision of the Secured Agreements shall be deemed to impose any duty or
obligation on the Collateral Agent to perform any act or acts, receive or obtain any interest in property or exercise any interest in property, or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which
it shall be illegal, or in which the Collateral Agent shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts, to receive or obtain any such interest in property or to exercise any such right, power,
duty or obligation; and no permissive or discretionary power or authority available to the Collateral Agent shall be construed to be a duty. Subject to clause (f) of this Section 12.1, no permissive or discretionary power or
authority available to the Collateral Agent hereunder, including any right to approve forms of filings, documents or instruments and rights to grant extensions of time, shall be construed to require the Collateral Agent to exercise such power or
authority and the Collateral Agent shall be permitted, before exercising such power or authority, to require a written direction from the Trustee under the Indenture, an Officers’ Certificate of the Issuer or such other supporting documentation
as the Collateral Agent may request. 
 (l) The Collateral Agent shall have the right hereunder to make demands, to give notices,
to exercise or refrain from exercising any rights, and to take or refrain from taking action (including without limitation, the release or substitution of Pledged Collateral or Mortgaged Property), in each case in accordance with the Secured
Agreements and the Indenture. 
 (m) Upon resignation of the Collateral Agent, the Collateral Agent shall thereupon be discharged
from its duties and obligations under the Secured Agreements. Following the resignation of the Collateral Agent, the provisions of the Secured Agreements shall continue to inure to its benefit as to any actions taken or omitted to be taken by it
under the Secured Agreements while it was the Collateral Agent. 

  
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 (n) The Collateral Agent shall not have any liability hereunder except for its own gross
negligence or willful misconduct and under no circumstances shall the Collateral Agent be liable for any special, punitive, exemplary or consequential damages. 
 (o) The Collateral Agent shall be vested with all of the rights, powers, benefits, privileges and protections of the Collateral Agent set forth in the Indenture, all of which are incorporated herein and
shall apply to all of the Secured Documents. 
 SECTION 12.2. Collateral Agent May Perform; Collateral Agent Appointed
Attorney-in-Fact. Upon the occurrence and during the continuance of an Event of Default, if any Pledgor shall fail to perform any covenants contained in this Agreement (including such Pledgor’s covenants to (i) pay the premiums in
respect of all required insurance policies hereunder, (ii) pay and discharge any taxes, assessments and special assessments, levies, fees and governmental charges imposed upon or assessed against, and landlords’, carriers’,
mechanics’, workmen’s, repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other claims arising by operation of law against, all or any portion of the Pledged Collateral or Mortgaged
Property, (iii) make repairs, (iv) discharge Liens or (v) pay or perform any obligations of such Pledgor under any Pledged Collateral or Mortgaged Property) or if any representation or warranty on the part of any Pledgor contained
herein shall be breached, the Collateral Agent may (but shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend funds for such purpose; provided, however, that the Collateral Agent shall
in no event be bound to inquire into the validity of any tax, Lien, imposition or other obligation which such Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest in accordance with the provisions of
the Indenture. Any and all amounts so expended by the Collateral Agent shall be paid by the Pledgors in accordance with the provisions of Section 7.7 of the Indenture. Neither the provisions of this Section 12.2 nor any
action taken by the Collateral Agent pursuant to the provisions of this Section 12.2 shall prevent any such failure to observe any covenant contained in this Agreement nor any breach of representation or warranty from constituting an
Event of Default. Each Pledgor hereby appoints the Collateral Agent its attorney-in-fact, with full power and authority in the place and stead of such Pledgor and in the name of such Pledgor, or otherwise, from time to time in the Collateral
Agent’s discretion to, after the continuance of an Event of Default, take any action and to execute any instrument consistent with the terms of the Indenture, the Notes, this Agreement and the other Security Documents which the Collateral Agent
may deem necessary or advisable to accomplish the purposes hereof (but the Collateral Agent shall not be obligated to and shall have no liability to such Pledgor or any third party for failure to so do or take action). The foregoing grant of
authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. 

  
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 SECTION 12.3. Continuing Security Interest; Assignment. This Agreement shall create a
continuing security interest in the Pledged Collateral or Mortgaged Property and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies of the Collateral Agent
hereunder, to the benefit of the Collateral Agent and the other Secured Parties and each of their respective successors, transferees and assigns. No other persons (including any other creditor of any Pledgor) shall have any interest herein or any
right or benefit with respect hereto (other than Permitted Liens). Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any
other person, and such other person shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Indenture. Each of the Pledgors agrees that its
obligations hereunder and the security interest created hereunder shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Secured Obligations is rescinded or must
otherwise be restored by the Secured Party upon the bankruptcy or reorganization of any Pledgor or otherwise. 
 SECTION 12.4.
Termination; Release. When all the Secured Obligations have been Paid in Full and no commitments remain under Additional Secured Debt Documents, this Agreement shall terminate. Upon termination of this Agreement the Pledged Collateral and
Mortgaged Property shall be released from the Lien of the Security Documents. In addition, the Pledged Collateral or Mortgaged Property or any portion thereof shall be released from the Lien of this Agreement pursuant to the Indenture, including
without limitation, Section 10.3 of the Indenture. Upon such release, the Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse
to or warranty by the Collateral Agent except as to the fact that the Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or Mortgaged Property or any part thereof to be released (in the case of a release) as may
be in possession of the Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral or Mortgaged Property proper documents and instruments (including UCC-3
termination financing statements or releases, terminations of Control Agreements, Collateral Access Agreements, Intellectual Property Collateral filings and mortgages, as applicable) acknowledging the termination hereof or the release of such
Pledged Collateral or Mortgaged Property as the case may be. 
 SECTION 12.5. Modification in Writing. Except as
permitted by Section 9.1 of the Indenture, no amendment, modification, supplement, termination or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be
made in accordance with the terms of the Indenture and unless in writing and signed by the Collateral Agent. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure
by any Pledgor from the terms of any provision hereof in each case shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other
document evidencing the Secured Obligations, no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances. 

  
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 SECTION 12.6. Notices. Unless otherwise provided herein or in the Indenture, any
notice or other communication herein required or permitted to be given shall be given in the manner and become effective as set forth in the Indenture, as to any Pledgor, addressed to it at the address of the Issuer set forth in the Indenture, as to
any Additional Secured Party, addressed to it at the address set forth in the applicable Additional Secured Party Joinder, and as to the Collateral Agent, addressed to it at the address set forth in the Indenture, or in each case at such other
address as shall be designated by such party in a written notice to the other party complying as to delivery with the terms of this Section 11.6. 
 SECTION 12.7. Governing Law, Consent to Jurisdiction and Service of Process; Waiver of Jury Trial. Section 13.8 of the Indenture are incorporated herein, mutatis mutandis, as if
a part hereof. 
 SECTION 12.8. Severability of Provisions. Any provision hereof which is invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof or affecting the validity, legality or
enforceability of such provision in any other jurisdiction. 
 SECTION 12.9. Execution in Counterparts. This Agreement
and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but
all such counterparts together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed
counterpart of this Agreement. 
 SECTION 12.10. Business Days. In the event any time period or any date provided in this
Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be made on such Business Day, with the
same force and effect as if made on such other day. 
 SECTION 12.11. No Credit for Payment of Taxes or Imposition. Such
Pledgor shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Indenture, and such Pledgor shall not be entitled to any credit against any other sums which may become payable under the terms thereof
or hereof, by reason of the payment of any Tax on the Pledged Collateral or Mortgaged Property or any part thereof. 
 SECTION
12.12. No Claims Against Collateral Agent. Nothing contained in this Agreement shall constitute any consent or request by the Collateral Agent, express or implied, for the performance of any labor or services or the furnishing of any
materials or other property in respect of the Pledged Collateral or Mortgaged Property or any part thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the performance of any labor or services or the furnishing
of any materials or other property in such fashion as would permit the making of any claim against the Collateral Agent in respect thereof or any claim that any Lien based on the performance of such labor or services or the furnishing of any such
materials or other property is prior to the Lien hereof. 

  
 -42-

 SECTION 12.13. No Release. Nothing set forth in this Agreement or any other Security
Document, nor the exercise by the Collateral Agent of any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on such Pledgor’s part to be performed or observed under
or in respect of any of the Pledged Collateral or Mortgaged Property or from any liability to any person under or in respect of any of the Pledged Collateral or Mortgaged Property or shall impose any obligation on the Collateral Agent or any other
Secured Party to perform or observe any such term, covenant, condition or agreement on such Pledgor’s part to be so performed or observed or shall impose any liability on the Collateral Agent or any other Secured Party for any act or omission
on the part of such Pledgor relating thereto or for any breach of any representation or warranty on the part of such Pledgor contained in this Agreement, the Indenture or the other Security Documents, or under or in respect of the Pledged Collateral
or Mortgaged Property or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, neither the Collateral Agent nor any other Secured Party shall have any obligation or liability under any contracts, agreements and
other documents included in the Pledged Collateral or Mortgaged Property by reason of this Agreement, nor shall the Collateral Agent or any other Secured Party be obligated to perform any of the obligations or duties of any Pledgor thereunder or to
take any action to collect or enforce any such contract, agreement or other document included in the Pledged Collateral or Mortgaged Property hereunder. The obligations of each Pledgor contained in this Section 12.13 shall survive the
termination hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Indenture and the other Security Documents. 
 SECTION 12.14. Obligations Absolute. All obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of: 

(i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any
other Pledgor; 
 (ii) any lack of validity or enforceability of the Indenture, the Notes or any other Security
Document, or any other agreement or instrument relating thereto; 
 (iii) any change in the time, manner or place
of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Indenture or any other Security Document or any other agreement or instrument relating
thereto; 
 (iv) any pledge, exchange, release or non-perfection of any other collateral, or any release or
amendment or waiver of or consent to any departure from any guarantee, for all or any of the Secured Obligations; 

  
 -43-

 (v) any exercise, non-exercise or waiver of any right, remedy, power or
privilege under or in respect hereof, the Indenture or any other Security Document except as specifically set forth in a waiver granted pursuant to the provisions of Section 12.5 hereof; or 

(vi) any other circumstances which might otherwise constitute a defense available to, or a discharge of, any Pledgor.

 SECTION 12.15. Jury Trial Waiver. Each of the Pledgors and the Secured Parties hereby irrevocably and unconditionally
waives any right it may have to a trial by jury in respect of any litigation based on, arising out of, under or in connection with this Agreement. 
 SECTION 12.16. Impairment and Intervening Creditors. In the event of any determination by a court of competent jurisdiction with respect to any series of Pari Passu Lien Obligations that
(i) such series of Pari Passu Lien Obligations is unenforceable under applicable law or are subordinated to any other obligations (other than another series of Pari Passu Lien Obligations), (ii) such series of Pari Passu Lien Obligations
does not have an enforceable security interest in any of the Collateral and/or (iii) any intervening security interest exists securing any other obligations (other than another series of Pari Passu Lien Obligations) on a basis ranking prior to
the security interest of such series of Pari Passu Lien Obligations but junior to the security interest of any other series of Pari Passu Lien Obligations (any such condition referred to in the foregoing clause (i), (ii) or (iii) with
respect to any series of Pari Passu Lien Obligations, an “Impairment” of such series of Pari Passu Lien Obligations), the results of such Impairment shall be borne solely by the holders of such series of Pari Passu Lien Obligations, and
the rights of the holders of such series of Pari Passu Lien Obligations (including, without limitation, the right to receive distributions in respect of such series of Pari Passu Lien Obligations) set forth herein shall be modified to the extent
necessary so that the effects of such Impairment are borne solely by the holders of such series of Pari Passu Lien Obligations subject to such Impairment. Notwithstanding the foregoing, with respect to any Collateral for which a third party
(other than a holder of another series of Pari Passu Lien Obligations) has a Lien or security interest that is junior in priority to the security interest of any series of Pari Passu Lien Obligations but senior (as determined by appropriate legal
proceedings in the case of any dispute) to the security interest of the holder of any other series of Pari Passu Lien Obligations (such third party, an “Intervening Creditor”), the value of any Collateral or proceeds which are allocated to
such Intervening Creditor shall be deducted on a ratable basis solely from the Collateral or proceeds to be distributed in respect of the series of Pari Passu Lien Obligations with respect to which such Impairment exists. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

  
 -44-

 IN WITNESS WHEREOF, each Pledgor and the Collateral Agent have caused this Agreement to be
duly executed and delivered by their duly authorized officers as of the date first above written. 
  

			
	RYERSON INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	JOSEPH T. RYERSON & SON, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva M. Kalawski
		 	Title: Vice President

  
 S-1

 
			
	RCJV HOLDINGS, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RDM HOLDINGS, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RYERSON AMERICAS, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RYERSON INTERNATIONAL MATERIAL MANAGEMENT SERVICES, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RYERSON INTERNATIONAL TRADING, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President

  
 S-2

 
			
	RYERSON INTERNATIONAL, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RYERSON PAN-PACIFIC LLC
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RYERSON PROCUREMENT CORPORATION
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	J.M. TULL METALS COMPANY, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	EPE, LLC
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President

  
 S-3

 
			
	TURRET HOLDING CORPORATION
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	RYERSON HOLDINGS (BRAZIL), LLC
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	TURRET STEEL INDUSTRIES, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	SUNBELT-TURRET STEEL INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President

  
 S-4

 
			
	IMPERIAL TRUCKING COMPANY, LLC
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President
	
	WILCOX-TURRET COLD DRAWN, INC.
		
	By:	 	/s/ Mary Ann Sigler
		 	Name: Mary Ann Sigler
		 	Title: Vice President

  
 S-5

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Collateral Agent
		
	By:	 	/s/ Lynn M. Steiner
		 	Name: Lynn M. Steiner
		 	Title: Vice President

  
 S-6

 EXHIBIT 1 
 [Form of] 
 SECURITIES PLEDGE AMENDMENT 

This Securities Pledge Amendment, dated as of [            ], is delivered
pursuant to Section 5.1 of the Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement;” capitalized terms used but not otherwise defined herein
shall have the meanings assigned to such terms in the Security Agreement), dated as of October 10, 2012, made by RYERSON INC., a Delaware corporation (“Ryerson”), JOSEPH T. RYERSON & SON, INC., a Delaware corporation
(the “Co-Issuer” and, together with Ryerson, the “Issuers”), the Guarantors party thereto and WELLS FARGO BANK NATIONAL ASSOCIATION, as collateral agent (in such capacity and together with any successors in such
capacity, the “Collateral Agent”). The undersigned hereby agrees that this Securities Pledge Amendment may be attached to the Security Agreement and that the Pledged Securities and/or Intercompany Notes listed on this Securities
Pledge Amendment shall be deemed to be and shall become part of the Pledged Collateral and shall secure all Secured Obligations. 

PLEDGED SECURITIES 
  

											
	 

ISSUER
	  	CLASS
OF STOCK
OR
INTERESTS	  	PAR
VALUE	  	

CERTIFICATE
NO(S).	  	NUMBER OF
SHARES
OR
INTERESTS	  	PERCENTAGE OF
ALL ISSUED CAPITAL
OR OTHER EQUITY
INTERESTS OF ISSUER

 
  

  
 -1-

 INTERCOMPANY NOTES 

 

									
	 
ISSUER
	  	PRINCIPAL
AMOUNT	  	DATE OF
ISSUANCE	  	INTEREST
RATE	  	MATURITY
DATE

  

 

			
	
[                        
     ],

	 as Pledgor

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  

			
	AGREED TO AND ACCEPTED:
	
	WELLS FARGO BANK NATIONAL ASSOCIATION,
	as Collateral Agent
		
	By:	 	 
		 	Name:
		 	Title:

  
 -2-

 EXHIBIT 2 
 [Form of] 
 JOINDER AGREEMENT 

[Name of New Pledgor] 
 [Address of New Pledgor] 
 [Date] 

 

			
		 	 
		
		 	 
		
		 	 
		
		 	 

 Ladies and Gentlemen: 
 Reference is made to the Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement;” capitalized terms used but
not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of October 10, 2012, made by RYERSON INC., a Delaware corporation (“Ryerson”), JOSEPH T. RYERSON & SON,
INC., a Delaware corporation (the “Co-Issuer” and, together with Ryerson, the “Issuers”), the Guarantors party thereto and WELLS FARGO BANK NATIONAL ASSOCIATION, as collateral agent (in such capacity and together
with any successors in such capacity, the “Collateral Agent”). 
 This Joinder Agreement supplements the
Security Agreement and is delivered by the undersigned, [            ] (the “New Pledgor”), pursuant to Section 3.5 of the Security Agreement. The New Pledgor
hereby agrees to be bound as a Guarantor and as a Pledgor party to the Security Agreement by all of the terms, covenants and conditions set forth in the Security Agreement to the same extent that it would have been bound if it had been a signatory
to the Security Agreement on the date of the Security Agreement. The New Pledgor also hereby agrees to be bound as a party by all of the terms, covenants and conditions applicable to it set forth in Articles V, VI and VII of the
Indenture to the same extent that it would have been bound if it had been a signatory to the Indenture on the execution date of the Indenture. Without limiting the generality of the foregoing, the New Pledgor hereby grants and pledges to the
Collateral Agent, as collateral security for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on

  
 -1-

 
and security interest in, all of its right, title and interest in, to and under the Pledged Collateral (other than Excluded Assets) and expressly assumes all obligations and liabilities of a
Guarantor and Pledgor thereunder. The New Pledgor hereby makes each of the representations and warranties and agrees to each of the covenants applicable to the Pledgors contained in the Security Agreement and Article III of the
Indenture. 
 Annexed hereto are supplements to each of the schedules to the Security Agreement and the Indenture, as
applicable, with respect to the New Pledgor. Such supplements shall be deemed to be part of the Security Agreement or the Indenture, as applicable. 
 This Joinder Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. 
 THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 -2-

 IN WITNESS WHEREOF, the New Pledgor has caused this Joinder Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	[NEW PLEDGOR]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	AGREED TO AND ACCEPTED:
	
	WELLS FARGO BANK NATIONAL ASSOCIATION,
	as Collateral Agent
		
	By:	 	 
		 	Name:
		 	Title:

 [Schedules to be attached] 

  
 -3-

 EXHIBIT 3 
 [Form of] 
 Copyright Security Agreement 

Copyright Security Agreement, dated as of [            ], by
[            ] and [            ] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in
favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”). 
 W I T N E S
S E T H: 
 WHEREAS, the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security
Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Copyright Security Agreement; 
 NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the Indenture, the Pledgors hereby
agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined
in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION 2. Grant of
Security Interest in Copyright Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all
the following Pledged Collateral of such Pledgor: 
 (a) Copyrights of such Pledgor listed on Schedule
I1 attached hereto; and 

(b) all Proceeds of any and all of the foregoing (other than Excluded Assets). 

 
  

	1 	 Should include same Copyrights listed on Schedule 11(b) of the Perfection Certificate. 

  
 -1-

 SECTION 3. Security Agreement. The security interest granted pursuant to this
Copyright Security Agreement is granted in conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with
respect to the security interest in the Copyrights made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any
provision of this Copyright Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 

SECTION 4. Termination. Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the
Collateral Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Copyrights under this Copyright Security
Agreement. 
 SECTION 5. Counterparts. This Copyright Security Agreement may be executed in any number of counterparts,
all of which shall constitute one and the same instrument, and any party hereto may execute this Copyright Security Agreement by signing and delivering one or more counterparts. 

[signature page follows] 

  
 -2-

 IN WITNESS WHEREOF, each Pledgor has caused
this Copyright Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Very truly yours,
	
	[PLEDGORS]2
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	Accepted and Agreed:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Collateral Agent

		
	By:	 	 
		 	Name:
		 	Title:

  
  

	2 	 This document needs only to be executed by the Borrower and/or any Guarantor which owns a pledged Copyright. 

  
 -3-

 SCHEDULE I 
 to 
 COPYRIGHT SECURITY AGREEMENT 

COPYRIGHT REGISTRATIONS AND COPYRIGHT APPLICATIONS 
 Copyright Registrations: 
  

					
	 OWNER
	  	REGISTRATION
NUMBER	  	TITLE

 Copyright Applications: 
  

			
	 OWNER
	  	TITLE

  
 -4-

 EXHIBIT 4 
 [Form of] 
 Patent Security Agreement 

Patent Security Agreement, dated as of [            ], by
[            ] and [            ] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in
favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”). 
 W I T N E S
S E T H: 
 WHEREAS, the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security
Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Patent Security Agreement; 
 NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the Indenture, the Pledgors hereby
agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined
in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION 2. Grant of
Security Interest in Patent Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the
following Pledged Collateral of such Pledgor: 
 (a) Patents of such Pledgor listed on Schedule I3 attached hereto; and 

(b) all Proceeds of any and all of the foregoing (other than Excluded Assets). 

 
  

	3 	 Should include same Patents listed on Schedule 11(a) of the Perfection Certificate. 

  
 -1-

 SECTION 3. Security Agreement. The security interest granted pursuant to this Patent
Security Agreement is granted in conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect
to the security interest in the Patents made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision
of this Patent Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 

SECTION 4. Termination. Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the
Collateral Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Patents under this Patent Security Agreement.

 SECTION 5. Counterparts. This Patent Security Agreement may be executed in any number of counterparts, all of which
shall constitute one and the same instrument, and any party hereto may execute this Patent Security Agreement by signing and delivering one or more counterparts. 
 [signature page follows] 

  
 -2-

 IN WITNESS WHEREOF, each Pledgor has caused
this Patent Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Very truly yours,
	
	[PLEDGORS]4
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 Accepted and Agreed:

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Collateral Agent

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
  

	4 	 This document needs only to be executed by the Borrower and/or any Guarantor which owns a pledged Patent. 

  
 -3-

 SCHEDULE I 
 to 
 PATENT SECURITY AGREEMENT  

PATENT REGISTRATIONS AND PATENT APPLICATIONS 
 Patent Registrations: 
  

					
	 OWNER
	  	REGISTRATION
NUMBER	  	NAME

 Patent Applications: 
  

					
	 OWNER
	  	APPLICATION
NUMBER	  	NAME

  
 -4-

 EXHIBIT 5 
 [Form of] 
 Trademark Security Agreement 

Trademark Security Agreement, dated as of [            ], by
[            ] and [            ] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in
favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”). 
 W I T N E S
S E T H: 
 WHEREAS, the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security
Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Trademark Security Agreement; 
 NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the Indenture, the Pledgors hereby
agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined
in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION 2. Grant of
Security Interest in Trademark Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all
the following Pledged Collateral of such Pledgor: 
 (a) Trademarks of such Pledgor listed on Schedule
I5 attached hereto; 

(b) all Goodwill associated with such Trademarks; and 
  

 

	5 	 Should include same Trademarks listed on Schedule 11(a) of the Perfection Certificate. 

  
 -1-

 (c) all Proceeds of any and all of the foregoing (in each case other than Excluded Assets).

 SECTION 3. Security Agreement. The security interest granted pursuant to this Trademark Security Agreement is granted
in conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security interest in the
Trademarks made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Trademark Security
Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 
 SECTION 4. Termination. Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the Collateral Agent shall execute, acknowledge, and deliver to the Pledgors
an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Trademarks under this Trademark Security Agreement. 

SECTION 5. Counterparts. This Trademark Security Agreement may be executed in any number of counterparts, all of which shall
constitute one and the same instrument, and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts. 
 [signature page follows] 

  
 -2-

 IN WITNESS WHEREOF, each Pledgor has caused
this Trademark Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	 Very truly yours,

	
	 [PLEDGORS]6

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  

			
	 Accepted and Agreed:

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Collateral Agent

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
  

	6 	 This document needs only to be executed by the Borrower and/or any Guarantor which owns a pledged Trademark. 

  
 -3-

 SCHEDULE I 
 to 
 TRADEMARK SECURITY AGREEMENT  

TRADEMARK REGISTRATIONS AND TRADEMARK APPLICATIONS 
 Trademark Registrations: 
  

					
	 OWNER
	  	REGISTRATION
NUMBER	  	TRADEMARK

 Trademark Applications: 
  

					
	 OWNER
	  	APPLICATION
NUMBER	  	TRADEMARK

  
 -4-

 EXHIBIT 6 
 [Form of] 
 ADDITIONAL SECURED PARTY JOINDER 

[Name of Additional Secured Creditor] 
 [Address of Additional Secured Creditor] 
 [Date] 

 

	
	  
	  
	  
	  

 The undersigned is the agent (the “Authorized Representative”) for Persons wishing to become
“Additional Secured Parties” (the “New Secured Parties”) under the Security Agreement dated as of dated as of October 10, 2012 (as heretofore amended and/or supplemented, the “Security
Agreement” (terms used without definition herein have the meanings assigned to such term by the Security Agreement)) among RYERSON INC., a Delaware corporation (“Ryerson”), JOSEPH T. RYERSON & SON, INC., a Delaware
corporation (the “Co-Issuer” and, together with Ryerson, the “Issuers”), the other Pledgors party thereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent (the “Collateral Agent”).

 In consideration of the foregoing, the undersigned hereby: 

(i) represents that the Authorized Representative has been authorized by the New Secured Parties to become a party to the
Security Agreement on behalf of the New Secured Parties under that [DESCRIBE OPERATIVE AGREEMENT] (the “New Secured Obligation”) and to act as the Authorized Representative for the New Secured Parties; 

(ii) acknowledges that the New Secured Parties has received a copy of the Security Agreement and the Indenture;

 (iii) appoints and authorizes the Collateral Agent to take such action as agent on its behalf and on behalf of
all other Secured Parties and to exercise such powers under the Security Agreement as are delegated to the Collateral Agent by the terms thereof, together with all such powers as are reasonably incidental thereto; and 

  
 -1-

 (iv) accepts and acknowledges the terms of the Security Agreement applicable
to it and the New Secured Parties and agrees to serve as Authorized Representative for the New Secured Parties with respect to the New Secured Obligations and agrees on its own behalf and on behalf of the New Secured Parties to be bound by the terms
thereof applicable to holders of Additional Secured Obligations, with all the rights and obligations of an Additional Secured Party thereunder and bound by all the provisions thereof as fully as if it had been an Additional Secured Party on the
effective date of the Security Agreement. 
 The Collateral Agent, by acknowledging and agreeing to this Additional Secured
Creditor Consent, accepts the appointment set forth in clause (ii) above. 
 The name and address of the representative for
purposes of Section 12.9 of the Security Agreement are as follows: 
 [name and address of Authorized
Representative] 
 Each Pledgor hereby grants and pledges to the Collateral Agent, as collateral security for the full,
prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on and security interest in, all of its right, title and interest in, to and under the Pledged
Collateral. Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction any initial financing statements (including fixture filings), amendments thereto and terminations
thereof that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment relating to the Pledged Collateral, including (i) whether such
Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor, (ii) any financing or continuation statements or other documents without the signature of such Pledgor where permitted by
law, including the filing of a financing statement describing the Pledged Collateral as “all assets now owned or hereafter acquired by the Pledgor or in which Pledgor otherwise has rights” and (iii) in the case of a financing
statement filed as a fixture filing or covering Pledged Collateral constituting minerals or the like to be extracted or timber to be cut, a sufficient description of the real property to which such Pledged Collateral relates. Each Pledgor agrees to
provide all information described in the immediately preceding sentence to the Collateral Agent promptly upon request by the Collateral Agent. Notwithstanding the foregoing, the Collateral Agent shall not be responsible for perfecting or maintaining
the perfection of any security interest granted to it under the Secured Agreements or for filing, refiling, recording, re-recording or continuing any document, financing statement, notice or instrument in any public office at any time or times and
shall not be responsible for seeing to the provision of insurance on or the payment of any taxes with respect to any property subject to the Secured Agreements. 
 THIS ADDITIONAL SECURED PARTY JOINDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 -2-

 IN WITNESS WHEREOF, the undersigned has caused this Additional Secured Party Joinder to be
duly executed by its authorized officer as of the             day of 20    . 

 

			
	 [NAME OF AUTHORIZED REPRESENTATIVE]

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Acknowledged and Agreed 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Collateral Agent

		
	By:	 	 
		 	Name:
		 	Title:
	
	RHOMBUS MERGER CORPORATION
	[                    ] a
[                    ]
	 [                    ] a
[                    ]

    each as Pledgor

		
	By:	 	 
		 	Name:
		 	Title:

  
 -3-

 EXHIBIT 7 
 Form of Collateral Access Agreement 
 LANDLORD 

ADDRESS 
 Ladies and Gentlemen: 

As part of a financing transaction, Ryerson Tull, Inc. and Joseph T. Ryerson & Son, Inc., (the “Tenant”) has
pledged and granted to Bank of America, N.A., as Agent for certain secured parties (together with its successors in such capacity, the “Credit Agreement Agent”), a continuing general lien upon and security interest in its present
and future merchandise, inventory and goods (“Inventory”), including the Inventory located at each of the addresses listed on Schedule 1 hereto (each a “Property” and together, the “Properties”) and
(ii) Wells Fargo Bank, N.A., as Collateral Agent for certain secured parties (together with its successors in such capacity, the “Note Agent” and, together with the Credit Agreement Agent, the “Agents”), a
continuing general lien upon and second priority security interest in its Inventory, including the Inventory located at each of the addresses and a first priority security interest in all other personal property of Tenant. 

We would therefore like to confirm with you, and by your execution and return of the enclosed copy of this letter you hereby confirm and
acknowledge, that: 
 1. You are the landlord under the leases listed in Schedule 1 hereto (each a “Lease” and
together, the “Leases”) executed by Tenant. The Leases are in full force and effect and have not been modified or amended except as described in Schedule 1, no other person has notified you regarding security interest in the
Inventory and, to the best of your knowledge, Tenant is not in default under the Leases. 
 2. The Tenant’s grant of a
security interest in the Inventory in favor of the Agents does not constitute a default under the Leases, and, to the extent (if any) that the Leases require your consent to such security interest, you hereby consent. 

3. You do not have title to any of the Inventory, nor do you have any claims to or lien upon any of the Inventory
[except as set forth in paragraph 5].7 

 

	7 	 See note 12. 

  
 -1-

 4. You will allow us, our auditors or our other designees access to each of the Properties,
upon reasonable prior notice, during ordinary business hours in order to inspect the Inventory and verify the types and quantify thereof. In addition, if either Agent elects to remove the Inventory from a Property pursuant to paragraph 5 below, you
will grant such Agent access to such Property, upon reasonable prior notice, during ordinary business hours to do so and will not hinder such Agent’s actions in removing the Inventory, but we shall have no obligation to remove any Inventory
from a Property or, having commenced such removal, to complete such removal. We will not interfere with your business operations and all costs and expenses of inspection, verification and removal shall be for such Agent’s account. 

5. Subject to any requirements of law, if either Agent certifies to you in writing that an event of default exists
under one of our financing or security documents, then, without any responsibility on your part to verify the existence of such default, you will permit the Agent to enter the Property and remove the Inventory to such Agent on written demand
[provided that such Agent has cured any monetary defaults under the Lease of which such Agent has been given written notice of in accordance with paragraph 7 below].8 
 6. You agree to send the Agents, by certified mail or by overnight courier, a copy of any notice of any material default under any of the Leases sent by you to the Tenant or any notice received by you
relating to any alleged material breach or default by the Tenant under any mortgage or other instrument that may affect any of the Leases or the Properties. 
 7. If the Tenant defaults under a Lease, you agree not to exercise any remedy under such Lease or applicable law or in equity unless you have provided the Agents written notice of such default within 30
days of the occurrence thereof and given the Agents 20 business days to cure a monetary default and 60 business day to cure a nonmonetary default and during such time, you will allow the Agent to enter the Property subject to such Lease and remove
the Inventory as set forth in paragraphs 4 and 5 above. If any default is cured during the applicable period, you agree to rescind the notice of default, but the Agents shall have no obligation to cure any default of the Tenant or, having commenced
such cure, to complete such cure. Notwithstanding the foregoing, your failure to provide such notice will not render you liable to the Agents in any manner or diminish or otherwise affect your rights under any Lease. 

 

	8 	 The Tenant agrees to use its best efforts to obtain an executed Collateral Access Agreement from each landlord that does not include the language in
brackets in paragraphs 3 and 5; provided that if a landlord refuses to execute a Collateral Access Agreement without the bracketed language notwithstanding the best efforts of the Tenant, the Tenant may deliver a Collateral Access Agreement to the
Agent executed by such landlord that contains the language set forth in the brackets in paragraphs 3 and 5. 

  
 -2-

 8. The Agreement shall run with the land and shall bind and benefit the successors and
assigns of the parties hereto. 
 9. Neither Agent shall be liable under this letter agreement for any action it takes or omits
to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that such Agent’s conduct does not constitute willful misconduct, negligence or bad faith. 

The arrangement or instructions outlined herein shall become effective upon our receipt of your executed counterpart of this letter and
shall continue without any change or modification until the Tenant and/or the Agents have given written notification to the contrary to you at the above address, which notification need be signed by the Tenant or an Agent. Upon delivery of any such
written notification, you agree to take our instructions as to any processing, holding or delivery of the Inventory. If you receive inconsistent instructions from each of us, the instructions from an Agent will control until such time as the
Inventory financing has terminated. 
 Nothing in this Agreement shall be interpreted or construed to limit, diminish or reduce
any of the Tenant’s obligations under any agreement it has with you or your rights and remedies thereunder (other than as expressly set forth herein) or require us to perform any obligations under any such agreements. 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK AND NOT THE CONFLICTS
OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 The Agreement may be executed
in any number of counterparts and by different parties hereto in separate counterparts, but all such counterparts together shall constitute but one and the same instrument. 

  
 -3-

 
			
	
	Very truly yours,
	
	 RYERSON TULL, INC.

	
	 
	 By:
	 	 
	 Title:
	 	 

 Notice Address: 
 Ryerson, Inc. 
 2621 W. 15th Place 
 Chicago, IL 60608 
 Attn: Brian Jay 

 

			
	 BANK OF AMERICA, N.A., as Credit

Agreement Agent

		
	 By:
	 	 
	 Title:
	 	 

 Notice Address: 
 Bank of America, N.A. 
 55 South Lake Avenue, Suite 900 

Pasadena, CA 91101 
 ATTN: Stephen King

  

			
	 WELLS FARGO BANK, N.A., as Note Agent

		
	 By:
	 	 
	 Title:
	 	 

  

			
	Title:
	Notice Address:
	
	 
	
	 
	
	 
	
	Attn:                           
                                         
                   

  
 -4-

			
	 Acknowledged and Agreed to as
 of the              date of             ,
20    .

	
	 [LANDLORD]

	
	 
	 Title:

  
 -5-

 SCHEDULE 1 
 LEASES 
 Property Address: 
 Lease: 
 Amendments (if any): 

  
 -6-

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