Document:

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”)
is dated as of October 21, 2016, November 3, 2016, November 16, 2016, December 5, 2016, December 12, 2016, December 16, 2016,
December 22, 2016, January 4, 2017, January 13, 2017 and January 17, 2017, by and among Cachet Financial Solutions, Inc.,
a Delaware corporation (the “Company”), the parties indicated as Purchasers on Schedule I attached hereto
and on one or more counterpart signature pages hereof, and the parties that may become parties to this Agreement in accordance
with Section 5.1 of this Agreement (each of the parties indicated as Purchasers on Schedule I attached hereto and on one
or more counterpart signature pages hereof and the parties that may become parties to this Agreement in accordance with Section
5.1 of this Agreement is a “Purchaser,” and collectively the “Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to an exemption from the registration requirements
of Section 5 of the Securities Act, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and
not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement;

 

NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser hereby agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, (a) capitalized terms that are not otherwise
defined herein have the meanings given to such terms in the Warrant (as defined herein), and (b) the following terms have the
meanings set forth in this Section 1.1:

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the Board of Directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.

 

“Closing”
means, with respect to any Purchaser, the closing of the purchase and sale of the Securities to such Purchaser pursuant to Section
2.1.

 

“Closing
Date” means, as to any Purchaser, the Trading Day on which all of the Transaction Documents have been executed and delivered
by the Company and such Purchaser, and all conditions precedent to (i) such Purchaser’s obligation to pay the Subscription
Amount payable by such Purchaser as set forth on Schedule I attached hereto and (ii) the Company’s obligation to
deliver the Securities purchased by such Purchaser, in each case, have been satisfied or waived, but in no event later than the
third Trading Day following the date on which such Purchaser has executed a counterpart hereof.

 

    	 	 	 

    	 	 	 

    

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.0001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock.

 

“Conversion
Price” shall have the meaning ascribed to such term in the applicable Convertible Note.

 

“Conversion
Shares” shall have the meaning ascribed to such term in the applicable Convertible Note.

 

“Convertible
Note” means the Convertible Term Promissory Note in the form attached hereto as Exhibit A, convertible into shares
of Common Stock at the Conversion Price (subject to adjustment as provided therein).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(m).

 

“Lien”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Resale
Registration Statement” shall have the meaning ascribed to such term in Section 4.4.

 

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“Rule
144” means Rule 144, promulgated by the Commission pursuant to the Securities Act, as such Rule 144 may be amended or
interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the
same purpose and effect as such Rule.

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Convertible Notes and the Warrants.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

“Senior
Obligations” means, collectively, all secured indebtedness of the Company in an aggregate amount of up to $1,500,000
that may be incurred at any time after the date hereof under any credit facility with, borrowed from or otherwise becoming owed
by agreement to an “institutional lender” (as defined below), which credit facility or other agreement provides the
Company with revolving credit loans, term loans, letters of credit or other working capital availability, including all principal,
interest (including interest accruing on or after the filing of petition in bankruptcy or for reorganization relating to the Company),
fees, charges, expenses and all other amounts payable thereunder or in respect thereof and together with any refinancing, extensions,
amendments, modifications, restructurings, renewals or replacements of any of the foregoing. As used above, “institutional
lender” means and includes a federally chartered ‘national bank’ or ‘national association,’ a state
chartered ‘insurance company’ or mutual insurance company, or state chartered bank, an investment banking entity or
institution, or any other Person that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its activities.

 

“Shares”
means the shares of Common Stock issuable to each Purchaser pursuant to this Agreement.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include the location and/or reservation of borrowable shares of Common Stock).

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for the Convertible Notes and the Warrants purchased
by such Purchaser hereunder as set forth opposite such Purchaser’s name under the column entitled “Subscription
Amount” on Schedule I attached hereto, in United States dollars and in immediately available funds.

 

“Subsidiary”
means Cachet Financial Solutions Inc., a Minnesota corporation.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the
New York Stock Exchange, the OTC Bulletin Board or the OTC Markets (e.g., OTCQX or OTCQB), or any successors to any of the foregoing.

 

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“Transaction
Documents” means this Agreement, the Convertible Notes, the Warrants, all exhibits and schedules thereto and any other
documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Underlying
Shares” means the Conversion Shares and the Warrant Shares.

 

“Warrant”
means the Warrant to Purchase Common Stock in the form of Exhibit B attached hereto.

 

“Warrant
Shares” means the shares of Common Stock issuable upon exercise of a Warrant.

 

ARTICLE
II.

PURCHASE AND SALE

 

2.1
Closing. At the Closing, upon the terms and subject to the conditions set forth herein, substantially concurrent with the
execution and delivery of this Agreement by the parties hereto, the Company agrees to sell to each Purchaser acquiring Securities
hereunder at such Closing, and such Purchaser agrees to purchase from the Company, (a) a Convertible Note with such principal
amount as set forth opposite such Purchaser’s name under the column entitled “Note Principal Amount”
on Schedule I attached hereto for a purchase price equal to such Purchaser’s Subscription Amount, and (b) a Warrant
to purchase up to such number of shares of Common Stock as set forth opposite such Purchaser’s name under the column entitled
“Number of Warrants” on Schedule I attached hereto, subject to adjustment as provided therein. At the
Closing, (i) each Purchaser acquiring Securities hereunder at such Closing shall deliver to the Company, via wire transfer of
immediately available funds, such Purchaser’s Subscription Amount, (ii) the Company shall deliver to such Purchaser such
Purchaser’s Convertible Note and Warrant, and (iii) the Company and such Purchaser shall deliver the other items set forth
in Section 2.2.

 

2.2
Deliveries.

 

(a)
At the Closing, the Company shall deliver or cause to be delivered to each Purchaser acquiring Securities hereunder at such Closing
the following:

 

(i)
this Agreement duly executed by the Company;

 

(ii)
a Convertible Note, registered in such name or names as such Purchaser shall specify to the Company in writing, in the principal
amount set forth opposite such Purchaser’s name under the column entitled “Note Principal Amount” on
Schedule I attached hereto; and

 

(iii)
a Warrant registered in the name of such Purchaser to purchase up to the number of shares of Common Stock set forth opposite such
Purchaser’s name under the column entitled “Number of Warrants” on Schedule I attached hereto.

 

(b)
At the Closing, each Purchaser acquiring Securities hereunder at such Closing shall deliver or cause to be delivered to the Company
the following:

 

(i)
this Agreement duly executed by such Purchaser; and

 

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(ii)
such Purchaser’s Subscription Amount by wire transfer to the account specified in writing by the Company.

 

2.3
Closing Conditions.

 

(a)
The obligations of the Company hereunder in connection with any Closing are subject to the following conditions being met:

 

(i)
all representations and warranties of the Purchaser acquiring Securities hereunder at such Closing contained herein shall have
been accurate in all material respects when made and on the Closing Date (unless as of a specific date therein in which case they
shall have been accurate as of such date);

 

(ii)
all obligations, covenants and agreements of the Purchaser acquiring Securities hereunder at such Closing required to be performed
at or prior to the Closing Date shall have been performed; and

 

(iii)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof.

 

(iv)
the Company shall have obtained all necessary “blue sky” law permits and qualifications, or have the availability
of exemptions therefrom, required by any state for the offer and sale of the Securities and issuance of the Underlying Shares;
and

 

(v)
the Purchaser acquiring Securities hereunder at such Closing shall have delivered all of the items set forth in Section 2.2(b)
of this Agreement.

 

(b)
The respective obligations of each Purchaser hereunder in connection with the Closing in which such Purchaser participates are
subject to the following conditions being met:

 

(i)
all representations and warranties of the Company contained herein shall have been accurate in all material respects when made
and on the applicable Closing Date (unless as of a specific date therein in which case they shall have been accurate as of such
date);

 

(ii)
all obligations, covenants and agreements of the Company required to be performed at or prior to the applicable Closing Date shall
have been performed;

 

(iii)
the Company shall have delivered all of the items set forth in Section 2.2(a) of this Agreement; and

 

(iv)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof.

 

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ARTICLE
III.

REPRESENTATIONS AND WARRANTIES

 

3.1
Representations and Warranties of the Company. Except as set forth in the Company’s SEC Reports, which shall qualify
any representation or warranty otherwise made herein to the extent of the disclosure contained in the corresponding section of
the SEC Reports, the Company hereby makes the following representations and warranties to each Purchaser:

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth in the Company’s SEC Reports.
The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear
of any Liens except for Liens in connection with financing arrangements disclosed in the SEC Reports, and all of the issued and
outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive
and similar rights to subscribe for or purchase securities.

 

(b)
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the
Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, would not reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability
of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business or condition (financial
or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s
ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii)
or (iii), a “Material Adverse Effect”).

 

(c)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders
in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction
Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in
accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

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(d)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents
to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon
any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing
a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which
any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict
with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court
or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations),
or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii)
and (iii), such as would not reasonably be expected to result in a Material Adverse Effect.

 

(e)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other
than: (i) any filings with the Commission pursuant to Sections 4.1 and 4.2, and (ii) the notice and/or application(s) to each
applicable Trading Market for the issuance and sale of the Securities and the listing of the Underlying Shares for trading thereon
in the time and manner required thereby, if any (collectively, the “Required Approvals”).

 

(f)
Issuance of the Securities. The Shares are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and non-assessable, free and clear of all Liens imposed by
the Company other than restrictions on transfer provided for in the Transaction Documents and under applicable state and federal
securities laws. The Underlying Shares, when issued in accordance with the terms of the Transaction Documents, will be validly
issued, fully paid and non-assessable, free and clear of all Liens imposed by the Company other than restrictions on transfer
provided for in the Transaction Documents. The Underlying Shares have been duly reserved for issuance upon exercise of the Warrants.

 

(g)
Capitalization. The issued and outstanding shares of Common Stock have been duly authorized and validly issued, are fully
paid and nonassessable, have been issued in compliance with all federal and state securities laws, were not issued in violation
of or subject to any preemptive rights or other rights to subscribe for or purchase securities, and conform in all material respects
to the description thereof contained in the Company’s filings with the SEC. The Company has not issued any capital stock
except as may be disclosed in SEC Reports, other than pursuant to the exercise of employee stock options under the Company’s
stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s employee stock purchase
plans and pursuant to the conversion and/or exercise of Common Stock Equivalents disclosed in SEC Reports. No Person has any right
of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated
by the Transaction Documents. Except as a result of the purchase and sale of the Securities, and except as disclosed in the SEC
Reports, there are no outstanding options, warrants, rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any
right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements by which
the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. Except
as disclosed in the Company’s SEC Reports, the issuance and sale of the Securities will not obligate the Company to issue
shares of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a right of any holder
of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities.

 

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(h)
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, for the two (2) years preceding the date hereof (or such shorter period as the Company was required by law or regulation
to file such material) including the Company’s Registration Statement on Form S-1 (File No. 333-212610) initially filed
with the Commission on July 20, 2016 (which has not been declared effective by the Commission and the Company has applied for
withdrawal of such registration statement on October 19, 2016) (the foregoing materials, including the exhibits thereto and documents
incorporated by reference therein, being collectively referred to herein as the “SEC Reports”). As of their respective
dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as
applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The financial statements of the Company included in the SEC Reports comply in all material
respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect
at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting
principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified
in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case
of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(i)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements
included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i)
there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse
Effect, (ii) the Company has not incurred any material liabilities (contingent or otherwise) other than (A) trade payables and
accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to
be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii)
the Company has not altered its method of accounting, and (iv) the Company has not declared or made any dividend or distribution
of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of
its capital stock. Except as disclosed in the Company’s Current Report on Form 8-K filed on July 15, 2016, the Company does
not have pending before the Commission any request for confidential treatment of information.

 

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(j)
Litigation. Except as disclosed in the Company’s SEC Reports, there is no action, suit, inquiry, notice of violation,
proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary
or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory
authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects
or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if
there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. The Commission has
not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any
Subsidiary under the Exchange Act or the Securities Act.

 

(k)
Compliance. Except as disclosed in the Company’s SEC Reports, neither the Company nor any Subsidiary: (i) is in default
under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would
result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim
that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument
to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived),
(ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or
has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation
all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product
quality and safety and employment and labor matters, except in each case described in clauses (i) – (iii) above as would
not reasonably be expected to result in a Material Adverse Effect.

 

(l)
Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned
by them and good and marketable title in all personal property owned by them that is material to the business of the Company and
the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially interfere with the use made
and proposed to be made of such property by the Company and the Subsidiaries, (ii) Liens for the payment of federal, state or
other taxes, for which appropriate reserves have been made in accordance with GAAP and, the payment of which is neither delinquent
nor subject to penalties and (iii) Liens in connection with financing arrangements disclosed in the SEC Reports.

 

(m)
Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights necessary or required for use in connection with their respective businesses as described in
the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property
Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of,
the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned,
within two years from the date of this Agreement. Neither the Company nor any Subsidiary has received, since the date of the latest
audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that
the Intellectual Property Rights violate or infringe upon the rights of any Person, except as would not reasonably be expected
to not have a Material Adverse Effect or except as disclosed in the SEC Reports. To the knowledge of the Company, all such Intellectual
Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights.
The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of
all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

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(n)
[Reserved.]

 

(o)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which
it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined
to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the
payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There
are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of
the Company or of any Subsidiary know of no basis for any such claim.

 

(p)
Investment Company. The Company (including its subsidiaries) is not an “investment company” or an “affiliated
person” of, or “promoter” or “principal underwriter” for an investment company, within the meaning
of the Investment Company Act of 1940 and will not be deemed an “investment company” as a result of the transactions
contemplated by this Agreement.

 

(q)
Related Party Transactions. To the knowledge of the Company, no material transaction has occurred between or among the
Company and any of its affiliates (including, without limitation, any of its subsidiaries), officers or directors or any affiliate
or affiliates of any such affiliate, officer or director that with the passage of time will be required to be disclosed pursuant
to Sections 13, 14 or 15(d) of the Exchange Act, other than (1) those transactions that have already been so disclosed, or will
be so disclosed on or before the Closing Date, in the Company’s SEC Reports.

 

(r)
No General Solicitation. Neither the Company, nor any of its affiliates, nor any person action on its or their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D promulgated under the
Securities Act) in connection with the offer or sale of the Securities.

 

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(s)
No Manipulation; Disclosure of Information. The Company has not taken and will not take any action designed to or that
might reasonably be expected to cause or result in an unlawful manipulation of the price of the Common Stock to facilitate the
sale or resale of the Securities. The Company confirms that, to its knowledge, with the exception of the proposed sale of Securities
as contemplated herein (as to which the Company makes no representation), neither it nor any other person acting on its behalf
has provided any of the Purchasers or their agents or counsel with any information that constitutes or might constitute material,
non-public information. The Company understands and confirms that the Purchasers will be relying on the foregoing representations
in effecting transactions in securities of the Company. All disclosures provided to the Purchasers regarding the Company, its
business and the transactions contemplated hereby furnished by the Company are true and correct and do not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light
of the circumstances under which they were made, not misleading.

 

(t)
Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section
21E of the Exchange Act) made by the Company or any of its officers or directors contained in the SEC Reports, or made available
to the public generally since December 31, 2015, has been made or reaffirmed without a reasonable basis or has been disclosed
other than in good faith.

 

(u)
No Additional Agreements. Other than with respect to closing mechanics, the Company has no other agreements or understandings
(including, without limitation, side letters) with any Purchaser or other person to purchase any of the Securities on terms more
favorable to such person than as set forth herein.

 

(v)
No “Bad Actor” Disqualification. The Company has exercised reasonable care, in accordance with SEC rules and
guidance, and has conducted a factual inquiry, the nature and scope of which reflect reasonable care under the relevant facts
and circumstances, to determine whether any Covered Person (as defined below) is subject to any of the “bad actor”
disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (“Disqualification Events”). To
the Company’s knowledge, after conducting such sufficiently diligent factual inquiries, no Covered Person is subject to
a Disqualification Event, except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The
Company has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under the Securities Act. “Covered
Persons” are those persons specified in Rule 506(d)(1) under the Securities Act, including the Company; any predecessor
or affiliate of the Company; any director, executive officer, other officer participating in the offering, general partner or
managing member of the Company; any beneficial owner of 20% or more of the Company’s outstanding voting equity securities,
calculated on the basis of voting power; any promoter (as defined in Rule 405 under the Securities Act) connected with the Company
in any capacity at the time of the sale of the Convertible Notes; and any person that has been or will be paid (directly or indirectly)
remuneration for solicitation of purchasers in connection with the sale of the Convertible Notes (a “Solicitor”),
any general partner or managing member of any Solicitor, and any director, executive officer or other officer participating in
the offering of any Solicitor or general partner or managing member of any Solicitor.

 

    	 	11	 

    	 	 	 

    

 

Each
Purchaser, for itself and for no other Purchaser, acknowledges and agrees that the representations contained in Section 3.1 shall
not modify, amend or affect the Company’s right to rely on such Purchaser’s representations and warranties contained
in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument
executed or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby.

 

3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein):

 

(a)
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporation or formation, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership,
limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the
Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction
Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized
by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.
Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser
in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against
it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(b)
Understandings or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no
direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of the Securities
(this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Resale Registration
Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities
hereunder in the ordinary course of its business. Such Purchaser understands that (i) on October 19, 2016, the
Company has applied for withdrawal of the Company’s Registration Statement on Form S-1 (File No. 333-212610) initially filed
with the Commission on July 20, 2016 (which registration statement has not been declared effective by the Commission),
(ii) the offering of Securities to the Purchasers hereunder is not registered under the Securities Act and the Purchasers of Securities
hereunder do not have the protection of Section 11 of the Securities Act, (iii) the Convertible Notes, Warrants and Underlying
Shares have not been registered under the Securities Act or any applicable state securities law and are and will be “restricted
securities” (as that term is defined in Rule 144(a)(3) under the Securities Act) and may not be resold unless they are
registered under the Securities Act or an exemption from registration is available and (iv) such Purchaser is acquiring the
Securities as principal for its own account and not with a view to or for distributing or reselling the Securities or any part
thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any
of the Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement
or understandings with any other persons to distribute or regarding the distribution of the Securities in violation of the Securities
Act or any applicable state securities law (this representation and warranty not limiting such Purchaser’s right to sell
the Securities pursuant to the Resale Registration Statement or otherwise in compliance with applicable federal and state securities
laws). The Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

 

    	 	12	 

    	 	 	 

    

 

(c)
Opportunity to Obtain Information. Such Purchaser acknowledges that representatives of the Company have made available
to such Purchaser the opportunity to review the books and records of the Company and its Subsidiaries and to ask questions of
and receive answers from such representatives concerning the business and affairs of the Company and its Subsidiaries. Such Purchaser
further acknowledges the availability of the Company’s SEC Reports, specifically include the Company’s Annual Report
on Form 10-K for the year ended December 31, 2015.

 

(d)
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is and at
the Closing will be, and on each date on which it converts any portion of a Convertible Note or exercises any Warrants, it will
be an “accredited investor” as defined in Rule 501 under the Securities Act.

 

(e)
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(f)
General Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice
or other communication regarding the Securities or any other securities of the Company published in any newspaper, magazine or
similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.
Such Purchaser has a pre-existing relationship with the Company.

 

(g)
No Investment, Tax or Legal Advice. Each Purchaser understands that nothing in the Company SEC Reports, this Agreement,
or any other materials presented to the Purchaser in connection with the purchase and sale of the Securities constitutes legal,
tax or investment advice. Each Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion,
has deemed necessary or appropriate in connection with its purchase of Securities.

 

(h)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser
has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed
any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no knowledge of the investment decisions made
by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall only
apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the
Securities covered by this Agreement. Other than to other Persons party to this Agreement, such Purchaser has maintained the confidentiality
of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).

 

    	 	13	 

    	 	 	 

    

 

The
Company acknowledges and agrees that the representations contained in Section 3.2 shall not modify, amend or affect such Purchaser’s
right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties
contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this
Agreement or the consummation of the transaction contemplated hereby.

 

ARTICLE
IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1
Reporting Status. With a view to making available to the Purchasers the benefits of certain rules and regulations of the
SEC which may permit the sale of the Shares and Underlying Shares to the public without registration, the Company agrees to use
its reasonable efforts to file with the SEC, in a timely manner, all reports and other documents required of the Company under
the Exchange Act. The Company will otherwise take such further action as a Purchaser may reasonably request, all to the extent
required from time to time to enable such Purchaser to sell the Securities and Underlying Shares without registration under the
Securities Act or any successor rule or regulation adopted by the SEC.

 

4.2
Quotation. So long as a Purchaser owns any of the Securities or Underlying Shares, the Company will use its reasonable
efforts to maintain the quotation of its Common Stock on the OTCQB or OTCQX, each as administered by OTC Markets Group or, in
lieu thereof, on a national securities exchange and will comply in all material respects with the Company’s reporting, filing
and other obligations under the rules of any such market or exchange, as applicable.

 

4.3
Non-Public Information. The Company covenants and agrees that neither it nor any other person acting on its behalf will
provide any Purchaser or its agents or counsel with any information that the Company believes constitutes material non-public
information, unless prior thereto such Purchaser shall have executed a written agreement regarding the confidentiality and use
of such information. The Company understands and confirms that each Purchaser shall be relying on the foregoing representations
in effecting transactions in securities of the Company. Furthermore, if the Company has disclosed any material non-public information
to the Purchaser, the Purchaser has no duty to keep such information confidential following the public announcement of the offering.

 

4.4
Resale Registration Statement. Within 21 days following the Company’s next underwritten public offering or 90 days
following the date that the Company’s current financing plan is terminated (the “Resale Date”) the Company
shall file, and thereafter use its reasonable best efforts to effect the registration, qualification and compliance (including
without limitation the execution of an undertaking to file post-effective amendments, appropriate qualification under applicable
blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act
and any other governmental requirements or regulations) to permit or facilitate the sale and distribution of all of the Common
Stock and Underlying Shares no later than ninety (90) days after the Resale Date (such registration statement, the “Resale
Registration Statement”); provided, however, that the Company shall not be obligated to take any action to effect any
such registration, qualification or compliance:

 

    	 	14	 

    	 	 	 

    

 

(a)
in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction and except
as may be required by the Securities Act; or

 

(b)
If a Purchaser fails to cooperate in providing the Company with all information reasonably required to be included in the Resale
Registration Statement or otherwise required to be obtained by the Company for purposes of preparing and filing the Resale Registration
Statement and any amendments thereto; provided, however, that such failure shall not affect the Company’s obligations with
respect to any Underlying Shares of any other Purchasers.

 

Once
declared effective by the Commission, the Company shall use best efforts to keep the Resale Registration Statement registering
the resale of the Underlying Shares effective during the period beginning on its effective date until the earliest of (i) such
time as all of the Common Stock and Underlying Shares shall have been sold, (ii) at least two years have passed since the Closing,
and (iii) such time as all Underlying Shares may be sold under Rule 144. For the avoidance of doubt, a Purchaser may only exercise
such resale registration rights once.

 

4.5
Registration Deadlines. If the Company fails to file a registration statement by the Resale Date, the Company shall issue
to each Purchaser a Warrant to purchase up to the number of shares of Common Stock set forth opposite such Purchaser’s name
under the column entitled “Number of Warrants Upon Failure to Register” on Schedule I attached hereto
(adjusted for stock splits, reverse stock splits and the like) at an exercise price of $5.55 per share (adjusted for stock splits,
reverse stock splits and the like) with a five year term. The Company shall issue to each Purchaser an additional Warrant to purchase
up to the number of shares of Common Stock set forth opposite such Purchaser’s name under the column entitled “Number
of Warrants Upon Failure to Register” on Schedule I attached hereto (adjusted for stock splits, reverse stock
splits and the like) for each subsequent 30 day period for which a registration statement has not been filed.

 

4.6
Expenses. The Company will pay all expenses incurred by the Company in complying with Section 4.4, including without limitation
all registration and filing fees, printing expenses (if required), fees and disbursements of counsel and independent public accountants
for the Company, fees and expenses (including reasonable counsel fees) incurred in connection with complying with state securities
or “blue sky” laws, fees of the FINRA, transfer taxes, and fees of transfer agents and registrars.

 

4.7
Use of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder primarily for working
capital purposes and to fund the general corporate purposes of the Company and its Subsidiaries, and to fund certain contractual
obligations relating to acquisitions and to repay certain outstanding indebtedness (to the extent such indebtedness shall not
have earlier converted into common stock).

 

    	 	15	 

    	 	 	 

    

 

4.8
Indemnification of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each
Purchaser and its directors, officers, stockholders, members, partners, employees and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls
such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, stockholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation
that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations,
warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action
instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of
the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction
Documents (unless such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants
under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or
any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes
fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect
of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing,
and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the
Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent
that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after
a reasonable period of time to assume such defense and to employ counsel, or (iii) in such action there is, in the reasonable
opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser
Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel
in the aggregate (i.e., for all Purchaser Parties). The Company will not be liable to any Purchaser Party under this Agreement
(y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably
withheld or delayed, or (z) to the extent, but only to the extent, that a loss, claim, damage or liability is attributable to
any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party
in this Agreement or in the other Transaction Documents.

 

4.9
Reservation of Common Stock; Reporting Status. The Company shall maintain a reserve from its duly authorized shares of
Common Stock for issuance pursuant to the Transaction Documents in such amount as may then be required to issue all of the Underlying
Shares.

 

4.10
Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or
sales, including Short Sales of any of the Company’s securities during the period commencing with the execution of this
Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced by the Company.
Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated
by this Agreement are publicly disclosed by the Company, such Purchaser will maintain the confidentiality of the existence and
terms of this transaction and the information included in the Transaction Documents and the Disclosure Schedules.

 

    	 	16	 

    	 	 	 

    

 

4.11
Transfer Restrictions.

 

(a)
The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of
any Securities other than pursuant to an effective Resale Registration Statement or Rule 144, or to the Company, the Company may
require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable
to the Company (the fees and expenses of which shall be paid by such Purchaser), the form and substance of which opinion shall
be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred
Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the
terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.

 

(b)
The Purchasers agree to the imprinting, so long as is required by this Agreement, of a legend on any instruments evidencing the
Convertible Notes, Warrants and Underlying Shares in the following form, as applicable:

 

[NEITHER]
THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS [EXERCISABLE] [CONVERTIBLE]] HAS [NOT] BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED
BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

(c)
Certificates evidencing the Underlying Shares shall not contain any legend (including the legend set forth in paragraph (b) above):
(i) while a registration statement (including the Resale Registration Statement) covering the resale of such security is effective
under the Securities Act, (ii) following any sale of such Underlying Shares pursuant to Rule 144, or (iii) if such legend is not
required under applicable requirements of the Securities Act. The Company shall cause its counsel to issue a legal opinion to
the Company’s transfer agent promptly after the effective date of the Registration Statement if required by the Transfer
Agent to effect the removal of the legend hereunder. If all or any portion of a Convertible Note is converted or any portion of
a Warrant is exercised at a time when the Resale Registration Statement is effective to cover the resale of the Underlying Shares,
or if such Underlying Shares may be sold under Rule 144 or if such legend is not otherwise required under applicable requirements
of the Securities Act, then such Underlying Shares shall be issued free of all legends.

 

    	 	17	 

    	 	 	 

    

 

(d)
Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such Purchaser will sell any
Securities pursuant to either the registration requirements of the Securities Act, including, if the sale is being effected pursuant
to a registration statement (including the Resale Registration Statement), the plan of distribution contained within such registration
statement and any applicable prospectus-delivery requirements, or an exemption therefrom.

 

4.12
Security Interest. The Purchasers acknowledge that the Company has expressed its intent to grant a security interest in
the assets and properties of the Company (the “Security Interest”) to the Purchasers listed on Schedule
I attached hereto as of the date hereof, as soon as practicable following the repayment in full of the indebtedness owed by
the Company to Trooien Capital, LLC and the release, discharge and termination in full of the security interest granted in favor
of Trooien Capital, LLC in connection therewith. The Purchasers agree that the Security Interest, when granted, shall (i) secure
the full and timely payment and performance by the Company of the obligations of the Company under the Convertible Notes on a
pari passu basis among the Purchasers, and (ii) be subordinate and junior in right of payment and security to the prior payment
in full of all Senior Obligations and the liens securing the Senior Obligations. The Purchasers agree to promptly execute and
deliver to each holder of Senior Obligations, or to an agent on their behalf (individually or collectively, as applicable, the
“Senior Creditor”) such documents, agreements and instruments, and take such other actions (including, without
limitation, entering into an intercreditor agreement or subordination agreement with the Senior Creditor), as the Senior Creditor
shall request to memorialize such status of the obligations and liens, and such other arrangements as they may agree upon.

 

ARTICLE
V.

GENERAL PROVISIONS

 

5.1
Additional Purchasers. At any time and from time to time after the date hereof (whether prior to or after the Closing Date),
subject to the Company’s prior written consent:

 

(a)
Additional Person(s) may become a party to this Agreement by executing and delivering to the Company an additional counterpart
signature page to this Agreement and, upon such execution and delivery of such additional counterpart signature page, each such
additional Person shall be deemed a “Purchaser” for all purposes hereunder. No consent or approval of any other Purchaser
shall be required for such joinder to this Agreement by any additional Person, so long as such additional Person has agreed in
writing to be bound by all of the obligations as a “Purchaser” hereunder. Upon the joinder to this Agreement by an
additional Person, the Company shall be entitled to update Schedule I attached hereto to reflect the same without first
obtaining the consent or approval of any other Purchaser.

 

    	 	18	 

    	 	 	 

    

 

(b)
Any Purchaser may increase its Subscription Amount by executing and delivering to the Company an additional counterpart signature
page to this Agreement reflecting such increase in the Subscription Amount. No consent or approval of any other Purchaser shall
be required for any increase in the Subscription Amount of any Purchaser, and the Company shall be entitled to update Schedule
I attached hereto to reflect such increase in the Subscription Amount without first obtaining the consent or approval of any
other Purchaser.

 

5.2
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the
fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all transfer
agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

 

5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral
or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto at or prior to 5:30 p.m. (Minneapolis
time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later
than 5:30 p.m. (Minneapolis time) on any Trading Day, (c) the third Trading Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be
given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

 

5.1
Amendments; Waivers. Except as provided in Section 5.1, no provision of this Agreement may be waived, modified, supplemented
or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchasers holding at
least 50% in interest of the Securities calculated based on the aggregate amount of all Subscription Amounts of the Purchasers
or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default
with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future
or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay
or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

5.2
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof.

 

5.3
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of each Purchaser. Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser
assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred
Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

    	 	19	 

    	 	 	 

    

 

5.4
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except for
the Purchasers.

 

5.5
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of Minnesota, without regard
to the conflicts-of-law principles thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, stockholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of Minneapolis, Minnesota. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of Minneapolis, Minnesota, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either
party shall commence an action, suit or proceeding to enforce any provisions of the Transaction Documents, then the prevailing
party in such action, suit or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other
costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

5.6
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities
for a one-year period after the Closing Date.

 

5.7
Execution. This Agreement may be executed in counterparts, all of which when taken together shall be considered one and
the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party,
it being understood that the parties need not sign the same counterpart. If any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of
the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

    	 	20	 

    	 	 	 

    

 

5.8
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.9
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any
such obligation the defense that a remedy at law would be adequate.

 

5.10
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained
herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed
to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without
limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary
for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented
by its own separate legal counsel in its review and negotiation of the Transaction Documents. The Company has elected to provide
all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required
or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement
and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers
collectively and not between and among the Purchasers.

 

5.11
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

5.12
Construction. The parties agree that each of them and their respective counsel have reviewed and had an opportunity to
revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto.

 

5.13
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

*
* * * * * *

 

    	 	21	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

CACHET
FINANCIAL SOLUTIONS, INC.

 

	By:
    	/s/
    Bryan Meier	 
	Name:	Bryan
    Meier	 
	Title:	Chief
    Financial Officer	 

 

Address
for Notice:

 

18671
Lake Drive E.

Southwest
Tech Center A

Minneapolis,
Minnesota 55317

Facsimile:
(952) 698-6999

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    	 	22	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Columbus Capital Partners, L.P.

 

Tax
ID Number/EIN: 94-3264193

 

Signature
of Authorized Signatory of Purchaser: /s/ Matt Ockner

 

Name
of Authorized Signatory: Matt Ockner

 

Title
of Authorized Signatory: Managing Member, Columbus Capital Management, LLC, General Partner

 

Email
Address of Authorized Signatory: matt@ccmfunds.com

 

Facsimile
Number of Authorized Signatory: 415-986-5130

 

Address
for Notice to Purchaser:

 

350
California St., 22nd Floor, San Francisco, CA 94104

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $578,000

 

DWAC
Instructions – Broker no:________________      Account no:________________

 

    	 	23	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Columbus Capital QP Partners, L.P.

 

Tax
ID Number/EIN: 45-3042671

 

Signature
of Authorized Signatory of Purchaser: /s/ Matt Ockner

 

Name
of Authorized Signatory: Matt Ockner

 

Title
of Authorized Signatory: Managing Member, Columbus Capital Management, LLC, General Partner

 

Email
Address of Authorized Signatory: matt@ccmfunds.com

 

Facsimile
Number of Authorized Signatory: 415-986-5130

 

Address
for Notice to Purchaser:

 

350
California St., 22nd Floor, San Francisco, CA 94104

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $122,000

 

DWAC
Instructions – Broker no: __________________       Account no:______________

 

    	 	24	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: FLMM Ltd.

 

Tax
ID Number/EIN: N/A

 

Signature
of Authorized Signatory of Purchaser: /s/ Per Magnus Andersson

 

Name
of Authorized Signatory: Per Magnus Andersson

 

Title
of Authorized Signatory: President

 

Email
Address of Authorized Signatory: dmartin@kitanocapital.com

 

Facsimile
Number of Authorized Signatory: 214-515-3401

 

Address
for Notice to Purchaser:

 

2711
N. Haskell, Suite 1650, Dallas, TX 75204

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $1,650,000

 

DWAC
Instructions – Broker no: _________________       Account no:______________

 

    	 	25	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Jon D and Linda W Gruber Trust

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Jon D. Gruber

 

Name
of Authorized Signatory: Jon D. Gruber

 

Title
of Authorized Signatory: Trustee

 

Email
Address of Authorized Signatory: jon@gmcm.com

 

Facsimile
Number of Authorized Signatory: ____________________

 

Address
for Notice to Purchaser:

 

300
Tamal Plaza Ste 280, Corte Madera, CA 94925

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $500,000

 

DWAC
Instructions – Broker no: _________________         Account no:_______________

 

    	 	26	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Tiburon Opportunity Fund, L.P.

 

Tax
ID Number/EIN: 27-1985953

 

Signature
of Authorized Signatory of Purchaser: /s/ Peter Bortel

 

Name
of Authorized Signatory: Peter Bortel

 

Title
of Authorized Signatory: General Partner

 

Email
Address of Authorized Signatory: pbortel@BIM1.net

 

Facsimile
Number of Authorized Signatory: ____________________

 

Address
for Notice to Purchaser:

 

Bortel
Investment Management, LLC, 13313 Point Richmond Beach Rd. NW, Gig Harbor, WA 98332

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $500,000

 

DWAC
Instructions – Broker no:______________          Account no:_____________

 

    	 	27	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Roy and Ruth Rogers Unitrust UAD 09/28/89

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Roy L. Rogers

 

Name
of Authorized Signatory: Roy Rogers

 

Title
of Authorized Signatory: Trustee

 

Email
Address of Authorized Signatory: rogers.roy@comcast.net

 

Facsimile
Number of Authorized Signatory: 27927 Briones Way, Los Altos Hills, CA 94022-3210

 

Address
for Notice to Purchaser: ______________________________

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $100,000

 

DWAC
Instructions – Broker no:_____________         Account no:_____________

 

    	 	28	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: The Rogers Family Trust

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Roy L. Rogers

 

Name
of Authorized Signatory: Roy Rogers

 

Title
of Authorized Signatory: Trustee

 

Email
Address of Authorized Signatory: rogers.roy@comcast.net

 

Facsimile
Number of Authorized Signatory: ______________________

 

Address
for Notice to Purchaser: 27927 Briones Way, Los Altos Hills, CA 94022-3210

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $200,000

 

DWAC
Instructions – Broker no: __________________       Account no:_______________

 

    	 	29	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: KH Wm Krueger

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ KH Wm Krueger

 

Name
of Authorized Signatory: KH Wm Krueger

 

Title
of Authorized Signatory: Self

 

Email
Address of Authorized Signatory: khwk@pacbell.net

 

Facsimile
Number of Authorized Signatory: _______________

 

Address
for Notice to Purchaser: 591 Redwood Hwy. Suite 5295, Mill Valley, CA 94941

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $45,000

 

DWAC
Instructions – Broker no: _______________         Account no: _______________

 

    	 	30	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Casilli Revocable Trust UAD 10/15/96 Gerald S Casilli & Jeanne L Casilli TTEES

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Gerald S. Casilli

 

Name
of Authorized Signatory: Gerald S. Casilli

 

Title
of Authorized Signatory: Trustee

 

Email
Address of Authorized Signatory: jerry@casillipartners.com

 

Facsimile
Number of Authorized Signatory:  _______________

 

Address
for Notice to Purchaser: 2905 Woodside Rd., Woodside, CA 94062

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $50,000

 

DWAC
Instructions – Broker no: _______________       Account no: _______________

 

    	 	31	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Joseph W. and Patricia Abrams Family Trust UAD 3/15/95 Joseph Abrams & Patricia Abrams TTEES

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Joseph W. Abrams

 

Name
of Authorized Signatory: Joseph W. Abrams

 

Title
of Authorized Signatory: Trustee

 

Email
Address of Authorized Signatory: joe@toolworks.com

 

Facsimile
Number of Authorized Signatory:  _______________

 

Address
for Notice to Purchaser: 131 Laurel Grove Ave, Kentfield, CA 94904-1540

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

Subscription
Amount: $25,000

 

 

DWAC
Instructions – Broker no: _______________       Account no: _______________

 

    	 	32	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: The Gilbert Matthews Family Trust UAD 4/25/12

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Gilbert E. Matthews

 

Name
of Authorized Signatory: Gilbert E. Matthews

 

Title
of Authorized Signatory: Trustee

 

Email
Address of Authorized Signatory: gil@suttersf.com

 

Facsimile
Number of Authorized Signatory: 415-352-6304

 

Address
for Notice to Purchaser: 220 Montgomery St. Suite 1700, San Francisco, CA 94104

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $25,000

 

DWAC
Instructions – Broker no: _______________        Account no: _______________

 

    	 	33	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Michael J. Hanson

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Michael J. Hanson

 

Name
of Authorized Signatory: Michael J. Hanson

 

Title
of Authorized Signatory: Self

 

Email
Address of Authorized Signatory: mhanson@huntelec.com

 

Facsimile
Number of Authorized Signatory: NA

 

Address
for Notice to Purchaser: 7624 Mississippi Ln., Brooklyn Park, MN 55444 

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $250,000 

 

DWAC
Instructions – Broker no: ____________       Account no: ____________

 

    	 	34	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Michael J. Hanson 

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Michael J. Hanson

 

Name
of Authorized Signatory: Michael J. Hanson

 

Title
of Authorized Signatory: Self 

 

Email
Address of Authorized Signatory: mhanson@huntelec.com 

 

Facsimile
Number of Authorized Signatory: NA 

 

Address
for Notice to Purchaser: 7624 Mississippi Ln., Brooklyn Park, MN 55444 

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $55,000 

 

DWAC
Instructions – Broker no: ____________       Account no: ____________

 

    	 	35	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: James L. Davis 

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ James L. Davis

 

Name
of Authorized Signatory: James L. Davis

 

Title
of Authorized Signatory: Self 

 

Email
Address of Authorized Signatory: jim.davis@davisassociatesinc.com 

 

Facsimile
Number of Authorized Signatory: NA 

 

Address
for Notice to Purchaser: 6446 Flying Cloud Dr., Eden Prairie, MN 55344 

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $55,000 

 

DWAC
Instructions – Broker no: ____________       Account no: ____________

 

    	 	36	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Sydne and Allan Bortel Living Trust 

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Allan Bortel

 

Name
of Authorized Signatory: Allan Bortel

 

Title
of Authorized Signatory: Trustee 

 

Email
Address of Authorized Signatory: inverness@earthlink.net 

 

Facsimile
Number of Authorized Signatory: ________________________

 

Address
for Notice to Purchaser: 2 Neds Way, Tiburon, CA 98920 

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $100,000

 

DWAC
Instructions – Broker no: ____________       Account no: ____________

 

    	 	37	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: London Family Trust

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Robert S. London

 

Name
of Authorized Signatory: Robert S. London

 

Title
of Authorized Signatory: Trustee

 

Email
Address of Authorized Signatory: Londonfamilytrust@gmail.com

 

Facsimile
Number of Authorized Signatory: 805-565-0027

 

Address
for Notice to Purchaser: 212 Aurora Drive, Montecito, CA 93108

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $300,000

 

DWAC
Instructions – Broker no: ____________       Account no: ____________

 

    	 	38	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Sydne and Allan Bortel Living Trust 

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Allan Bortel

 

Name
of Authorized Signatory: Allan Bortel

 

Title
of Authorized Signatory: Trustee 

 

Email
Address of Authorized Signatory: inverness@earthlink.net 

 

Facsimile
Number of Authorized Signatory: ______________________

 

Address
for Notice to Purchaser: 2 Neds Way, Tiburon, CA 98920 

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $50,000

 

DWAC
Instructions – Broker no: ____________       Account no: ____________

 

    	 	39	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Brian and Suzanne Swift Living Trust 

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Brian Swift

 

Name
of Authorized Signatory: Brian Swift

 

Title
of Authorized Signatory: Trustee 

 

Email
Address of Authorized Signatory: briangswift@gmail.com 

 

Facsimile
Number of Authorized Signatory: 415-332-4441

 

Address
for Notice to Purchaser: 2400 Bridgeway, Ste 230, Sausalito, CA 94965 

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $25,000

 

DWAC
Instructions – Broker no: ____________       Account no: ____________

 

    	 	40	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Howard Miller

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Howard Miller

 

Name
of Authorized Signatory: Howard Miller

 

Title
of Authorized Signatory: Self 

 

Email
Address of Authorized Signatory: howardnmiller@msn.com

 

Facsimile
Number of Authorized Signatory: ______________

 

Address
for Notice to Purchaser: 4851 Bonita Bay Blvd. #2303, Bonita Spring, FL 34134 

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $50,000

 

DWAC
Instructions – Broker no: ____________       Account no: ____________

 

    	 	41	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: David Boehnen 

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ David Boehnen

 

Name
of Authorized Signatory: David Boehnen

 

Title
of Authorized Signatory: Self 

 

Email
Address of Authorized Signatory: davidboehnen@comcast.net

 

Facsimile
Number of Authorized Signatory: ______________

 

Address
for Notice to Purchaser: 50 S. 6th Street, Suite 1500, Minneapolis, MN 55402

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $250,000

 

DWAC
Instructions – Broker no: ____________      Account no: ____________

 

    	 	42	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Brett Nesland 

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Brett Nesland

 

Name
of Authorized Signatory: Brett Nesland

 

Title
of Authorized Signatory: Self 

 

Email
Address of Authorized Signatory: nesland911@hotmail.com 

 

Facsimile
Number of Authorized Signatory: ________________________

 

Address
for Notice to Purchaser: 13835 N Tatum Blvd 9-438, Phoenix, AZ 85032 

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $100,000

 

DWAC
Instructions – Broker no: ____________       Account no: ____________

 

    	 	43	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Cross River Partners LP 

 

Tax
ID Number/EIN: 30-0028204

 

Signature
of Authorized Signatory of Purchaser: /s/Richard A. Murphy

 

Name
of Authorized Signatory: Richard A. Murphy

 

Title
of Authorized Signatory: Managing Partner 

 

Email
Address of Authorized Signatory: rmurphy@cross-river.com 

 

Facsimile
Number of Authorized Signatory: 203-493-0166 

 

Address
for Notice to Purchaser: 31 Bailey Ave. Suite D, Ridgefield, CT 06877

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice): Same

 

Subscription
Amount: $2,000,000

 

DWAC
Instructions – Broker no: ____________       Account no: ____________

 

    	 	44	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Anglian Holdings, Inc. 

 

Tax
ID Number/EIN: 98-0664005

 

Signature
of Authorized Signatory of Purchaser: /s/ Allan Silber

 

Name
of Authorized Signatory: Allan Silber

 

Title
of Authorized Signatory: A.S.O 

 

Email
Address of Authorized Signatory: allan.silbert@streetcapital.ca 

 

Facsimile
Number of Authorized Signatory: 416-866-3050 

 

Address
for Notice to Purchaser: 1 Toronto St.

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):  

 

 

Subscription
Amount: $ 500,000 

 

DWAC
Instructions __________ Broker no: Account no: _____________

 

    	 	 45	 

    	 	 	 

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: David Boehnen

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ David Boehnen

 

Name
of Authorized Signatory: David Boehnen

 

Title
of Authorized Signatory: Self

 

Email
Address of Authorized Signatory: davidboehnen@comcast.net

 

Facsimile
Number of Authorized Signatory: ______________

 

Address
for Notice to Purchaser: 50 S. 6th Street, Suite 1500, Minneapolis, MN 55402

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $ 100,000

 

DWAC
Instructions __________ Broker no: Account no: _____________

 

    	46

     

    

 

[PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: Vikki Lansing Copley

 

Tax
ID Number/EIN: ###-##-####

 

Signature
of Authorized Signatory of Purchaser: /s/ Vikki Lansing Copley

 

Name
of Authorized Signatory: Vikki Lansing Copley

 

Title
of Authorized Signatory: Self

 

Email
Address of Authorized Signatory: vikki3@msn.com

 

Facsimile
Number of Authorized Signatory:

 

Address
for Notice to Purchaser: 2813 Ridgeview Way, Sioux Falls, SD 57105

 

Address
for Delivery of Convertible Notes and Warrants to Purchaser (if not same as address for notice):

 

 

Subscription
Amount: $100,000

 

DWAC
Instructions __________ Broker no: Account no: _____________

 

    	47

     

    

 

SCHEDULE
I

 

	Purchaser	 	Note
    Principal Amount	 	Number
    of Warrants	 	Subscription
    Amount, net of Discount	 	Number
    of Warrants Upon Failure to Register
	Columbus Capital Partners,
    L.P.	 	$	608,421	 	 	 	98,663	 	 	$	578,000	 	 	 	4,933	 
	Columbus Capital QP Partners, L.P.	 	$	128,421	 	 	 	20,825	 	 	$	122,000	 	 	 	1,041	 
	FLMM Ltd.	 	$	1,736,842	 	 	 	281,650	 	 	$	1,650,000	 	 	 	14,083	 
	Tiburon Opportunity Fund, L.P.	 	$	526,316	 	 	 	85,349	 	 	$	500,000	 	 	 	4,267	 
	Jon D & Linda W Gruber Trust	 	$	526,316	 	 	 	85,349	 	 	$	500,000	 	 	 	4,267	 
	Casilli Revocable Trust	 	$	52,632	 	 	 	8,535	 	 	$	50,000	 	 	 	427	 
	Roy and Ruth Rogers Unitrust UAD
    09/28/89	 	$	105,263	 	 	 	17,070	 	 	$	100,000	 	 	 	853	 
	The Rogers Family Trust	 	$	210,526	 	 	 	34,139	 	 	$	200,000	 	 	 	1,707	 
	Joseph W. & Patricia G. Abrams
    Family Trust	 	$	26,316	 	 	 	4,267	 	 	$	25,000	 	 	 	213	 
	K. H. WM Krueger	 	$	47,368	 	 	 	7,681	 	 	$	45,000	 	 	 	384	 
	The Gilbert Matthews Family Trust
    UAD 4/25/12	 	$	26,316	 	 	 	4,267	 	 	$	25,000	 	 	 	213	 
	Michael J. Hanson	 	$	263,158	 	 	 	42,674	 	 	$	250,000	 	 	 	2,134	 
	Michael J. Hanson	 	$	57,895	 	 	 	9,388	 	 	$	55,000	 	 	 	469	 
	James L. Davis	 	$	57,895	 	 	 	9,388	 	 	$	55,000	 	 	 	469	 
	Sydne and Allan Bortel Living Trust	 	$	105,263	 	 	 	17,070	 	 	$	100,000	 	 	 	853	 
	London Family Trust	 	$	315,789	 	 	 	51,209	 	 	$	300,000	 	 	 	2,560	 
	Sydne and Allan Bortel Living Trust	 	$	52,632	 	 	 	8,535	 	 	$	50,000	 	 	 	427	 
	Brian and Suzanne Swift Living Trust	 	$	26,316	 	 	 	4,267	 	 	$	25,000	 	 	 	213	 
	Howard Miller	 	$	52,632	 	 	 	8,535	 	 	$	50,000	 	 	 	427	 
	David Boehnen	 	$	263,158	 	 	 	42,674	 	 	$	250,000	 	 	 	2,134	 
	Brett Nesland	 	$	105,263	 	 	 	17,070	 	 	$	100,000	 	 	 	853	 
	Cross River Partners LP	 	$	2,105,263	 	 	 	379,327	 	 	$	2,000,000	 	 	 	18,966	 
	Anglian Holdings, Inc.	 	$	526,316	 	 	 	94,832	 	 	$	500,000	 	 	 	4,742	 
	David Boehnen	 	$	105,263	 	 	 	18,966	 	 	$	100,000	 	 	 	948	 
	Vikki Lansing
    Copley	 	$	105,263	 	 	 	18,966	 	 	$	100,000	 	 	 	948	 
	Total	 	$	8,136,842	 	 	 	1,370,697	 	 	$	7,730,000	 	 	 	68,535	 

  

    	 	 	 

    	 	 	 

    

 

Exhibit
A

 

NEITHER
THIS NOTE NOR THE SECURITIES THAT ARE ISSUABLE UPON CONVERSION HEREOF OR UPON EXCHANGE HEREUNDER (COLLECTIVELY, THE “SECURITIES”)
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION. NEITHER THE SECURITIES NOR ANY INTEREST OR PARTICIPATION THEREIN MAY BE OFFERED FOR SALE, SOLD,
TRANSFERRED OR ASSIGNED: (I) IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT,
AND APPLICABLE STATE SECURITIES LAWS; OR (II) AN OPINION OF COUNSEL, IN A FORM ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT.

 

CONVERTIBLE
TERM PROMISSORY NOTE

 

	Issuance
    Date: October _____, 2016	[$xx]
    (USD)

 

For
Value Received, Cachet Financial Solutions, Inc.,
a corporation incorporated under the laws of the State of Delaware and located at 18671 Lake Drive East, Chanhassen, MN 55317
(the “Company”), hereby promises to pay to the order of [Insert Purchaser] or its successors or assigns
(as applicable, the “Holder”), the principal amount of [$xx] (USD), on or prior to October ____, 2017 (the
“Maturity Date”), in accordance with the terms hereof. This Convertible Term Promissory Note is hereinafter
referred to as the “Note.”

 

1.
Interest and Payments

 

1.1
Interest. The principal amount of this Note shall not bear interest.

 

1.2
Term and Payment. The principal amount of this Note shall be due and payable at the close of business on the Maturity Date.

 

1.3
Prepayment. The Company may not prepay this Note without the consent of Holder.

 

2.
Conversion Rights and Mandatory Conversion

 

Holder
will have the right, at its sole option and discretion, to convert principal and interest under this Note as specified in paragraphs
2.1 and 2.2 below.

 

2.1
Conversion Before an Event of Default. Holder shall have the right at its election to convert the principal amount of this
Note, together with accrued but unpaid interest thereon, into shares of common stock of the Company (the “Conversion
Shares”), at a conversion rate equal to the lower of (i) $7.00 per share and (ii) 80% of the Company’s per share
price in the next underwritten public offering (which for the avoidance of doubt, shall not be adjusted for stock splits, reverse
stock splits and recapitalizations occurring before the next public offering) (the “Conversion Price”).

 

    	 	 	 

    	 	 	 

    

 

2.2
Conversion After an Event of Default. After an Event of Default (as defined below), if lower, this Note shall be convertible
at a conversion price, if lower than the Conversion Price, at sixty percent (60%) of the lowest daily VWAP in the 20 trading days
immediately prior to conversion. For this purpose, “VWAP” means, for any date, the price determined by the
first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume-weighted
average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock
is then listed or quoted for trading as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time)
to 4:00 p.m. (New York City time); (b) if the Common Stock is not then quoted for trading on the OTC Bulletin Board or and if
prices for the Common Stock are then reported in the OTC Markets (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price per share of the Common Stock so reported; or (c) in all other cases, the fair
market value of a share of Common Stock as determined by an independent appraiser selected in good faith by Holder and reasonably
acceptable to the Company. The term “Trading Day” means a day on which the principal Trading Market is open
for business; and the term “Trading Market” means the following markets or exchanges on which the Common Stock
is listed or quoted for trading on the date in question: the American Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global
Market, the Nasdaq Global Select Market, the New York Stock Exchange or the OTC Bulletin Board.

 

2.3
Manner of Conversion. Upon any exercise by the Holder of the foregoing conversion rights, the conversion of principal under
this Note shall be effected in the following manner:

 

2.3.1
The Company shall, within 20 business days of the date of the conversion (which shall be deemed effective as of the date on which
the conversion notice was given, as determined in accordance with Section 10 below), deliver to the Holder one or more certificates
representing the Conversion Shares in such name(s) and denomination(s) as the Holder shall have specified; provided, however,
that no fractional shares shall be issued in connection therewith, nor shall any transfers be permitted except in accordance with
applicable securities laws. Upon any such conversion, the number of Conversion Shares issuable shall be rounded to the nearest
whole number (with even halves rounded up).

 

2.3.2
The issuance of certificates for Conversion Shares upon a conversion shall be made without charge to the Holder in respect thereof
or other cost incurred by the Company.

 

2.3.3
All Conversion Shares issued upon a conversion hereunder shall, when so issued, be duly authorized and validly issued, fully paid
and non-assessable and free from all taxes, liens and charges. The Company shall take all such actions as may be necessary to
ensure that all such Conversion Shares may be so issued without violation of any applicable law or governmental regulation or
any requirements of any domestic securities exchange upon which such securities are quoted.

 

2.3.4
If the Company at any time after the date hereof, subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding shares of Common Stock into a greater number of shares, the conversion price in effect
immediately prior to such subdivision will be proportionately reduced and the number of shares issued upon conversion will be
proportionately increased. If the Company at any time on or after the date hereof combines (by combination, reverse stock split
or otherwise) one or more classes of its outstanding shares of common stock into a smaller number of shares, the conversion price
in effect immediately prior to such combination will be proportionately increased. Any adjustment under this Section shall become
effective at the close of business on the date the subdivision or combination becomes effective.

 

    	 	2	 

    	 	 	 

    

 

2.4
Mandatory Conversion. Notwithstanding anything in this Note to the contrary, the Company may, in its sole discretion, require
the Holder to convert the principal amount of this Note, together with accrued but unpaid interest thereon, into Conversion Shares
if the Company’s common stock is listed on the Nasdaq Capital Market, the Nasdaq Global Market, or the Nasdaq Global Select
Market. Such mandatory conversion shall be treated as if it were a conversion pursuant to Section 2.1 above and shall be effective
as of the date of such listing.

 

3.
Transfer, Exchange and Replacement

 

3.1
Transfer or Exchange. This Note has not been and is not being registered under the provisions of the Securities Act or
any state securities laws and this Note may not be transferred prior to the end of the holding period applicable to sales under
Rule 144 unless in accordance with applicable law and unless: (1) the transferee is an “accredited investor” (as defined
in Regulation D under the Securities Act) and (2) the Holder shall have delivered to the Company an opinion of counsel, reasonably
satisfactory in form, scope and substance to the Company, to the effect that this Note may be sold or transferred without registration
under the Securities Act. Upon surrender of any Note for registration of transfer or for exchange to the Company at its principal
office, the Company at its sole expense will execute and deliver in exchange therefore a new Note or Notes, as the case may be,
as requested by the Holder or transferee, which aggregate principal amount is equal the unpaid principal amount of such Note,
registered as such Holder or transferee may request; provided, however, that this Note may not be transferred by Holder to any
Person other than Holder’s affiliates without the prior written consent of the Company. The Company shall be entitled to
regard the registered Holder of this Note as the Holder of the Note so registered for all purposes until the Company or its agent,
as applicable, is required to record a transfer of this Note on its register.

 

3.2
Replacement. Upon notice to the Company of the loss, theft, destruction or mutilation of this Note, and, in the case of
loss, theft or destruction, of an indemnification undertaking by the Holder to the Company in a form reasonably acceptable to
the Company and, in the case of mutilation, upon surrender and cancellation of the Note, the Company shall execute and deliver
a new Note of like tenor and date and in substantially the same form as this Note; provided, however, the Company shall not be
obligated to re-issue a Note if the Holder contemporaneously requests the Company to convert such remaining principal amount and
interest into Common Stock.

 

4.
Defaults and Remedies

 

The
occurrence of any one or more of the following events (regardless of the reason therefor) shall constitute an “Event
of Default” hereunder which shall be deemed to be continuing until waived in writing by Holder or until cured by the
Company:

 

(a)
the Company shall fail to pay principal on the Maturity Date;

 

    	 	3	 

    	 	 	 

    

 

(b)
a case or proceeding shall have been commenced involuntarily against the Company in a court having competent jurisdiction seeking
a decree or order under the United States Bankruptcy Code or any other applicable federal, state or foreign bankruptcy or other
similar law, and seeking either (A) the appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or
similar official) for such person or of any substantial part of its properties, or (B) the reorganization or winding up or liquidation
of the affairs of any such person, and such case or proceeding shall remain undismissed or unstayed for 60 consecutive days or
such court shall enter a decree or order granting the relief sought in such case or proceeding; or

 

(c)
the Company shall commence any case, proceeding or other action under any existing or future law of any jurisdiction, domestic
or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order
for relief entered with respect to it or seeking appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator
(or similar official) for it or any substantial part of its properties, (ii) make a general assignment for the benefit of creditors.

 

If
any Event of Default shall have occurred and be continuing, then Holder may, upon written notice to the Company, take any one
or more of the following actions: (i) declare all or any portion of the principal amount of this Note to be forthwith due and
payable, whereupon such principal shall become and be due and payable; (ii) convert this Note into Conversion Shares as provided
herein, or (iii) exercise any rights and remedies provided by law.

 

5.
Amendment and Waiver

 

The
provisions of this Note may not be modified, amended or waived, and the Company may not take any action herein prohibited, or
omit to perform any act herein required to be performed by it, without the written consent of the Holder.

 

6.
Cancellation

 

After
all principal owed on this Note has been paid in full or converted pursuant to Section 2, this Note shall automatically be deemed
canceled, and upon the Company’s request the Holder shall surrender this Note to the Company.

 

7.
Company’s Waiver of Notice

 

To
the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices in connection
with the delivery, acceptance, performance, default or enforcement of this Note.

 

8.
Governing Law

 

This
Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation
and performance of this Note shall be governed by, the laws of the State of Minnesota, without giving effect to provisions thereof
regarding conflict of laws.

 

    	 	4	 

    	 	 	 

    

 

9.
Waiver of Rights

 

No
failure or delay on the part of this Note in the exercise of any power, right or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof
or of any other right, power or privilege.

 

10.
Notices

 

Notices
shall be given at the address and as deemed for the Company or Holder, as applicable, indicated in that certain Securities Purchase
Agreement by and among the Company, Holder and the other purchasers party thereto, dated on or about the date hereof.

 

*
* * * * * *

 

    	 	5	 

    	 	 	 

    

 

In
Witness Whereof, the Company has caused this
Note to be executed as of the date first indicated above.

 

	 	CACHET
    FINANCIAL SOLUTIONS, INC.
	 	 	 
	 	By:	 
	 	Name:	Bryan
    Meier
	 	Title:	Chief
    Financial Officer

 

[Signature
Page to Convertible Promissory Note]

 

    	 	6	 

    	 	 	 

    

 

Exhibit
B

 

NEITHER
THIS WARRANT NOR ANY OF THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION. BY ACQUIRING THIS WARRANT, HOLDER REPRESENTS THAT HOLDER
WILL NOT SELL OR OTHERWISE DISPOSE OF THIS WARRANT OR THE SECURITIES FOR WHICH IT MAY BE EXERCISED WITHOUT REGISTRATION OR COMPLIANCE
WITH AN EXEMPTION FROM REGISTRATION UNDER THE AFORESAID ACTS AND THE RULES AND REGULATIONS THEREUNDER.

 

WARRANT
TO PURCHASE COMMON STOCK

 

Number
of Shares of Common Stock: [xx]

Date
of Issuance: October ___, 2016 (“Issuance Date”)

 

This
Certifies That, for value received, [Insert
Purchaser] (including any permitted and registered assigns, the “Holder”), is entitled to purchase from
Cachet Financial Solutions, Inc., a Delaware corporation (the “Company”), up to [xx] shares of Common Stock
(the “Warrant Shares”) at the Exercise Price then in effect. This Warrant to Purchase Common Stock (this “Warrant”)
is issued by the Company pursuant to that certain Securities Purchase Agreement executed on the Issuance Date by and among the
Company, Holder and other parties thereto, if any (the “Purchase Agreement”).

 

Capitalized
terms used in this Warrant shall have the meanings set forth in the Purchase Agreement unless otherwise defined in the body of
this Warrant or in Section 13 below. For purposes of this Warrant, the term “Exercise Price” shall mean the
lower of (i) $5.55 per share and (ii) 80% of the Company’s per share price in the next underwritten public offering (which
for the avoidance of doubt, shall not be adjusted for stock splits, reverse stock splits and recapitalizations occurring before
the next public offering), subject to adjustment as provided herein, and the term “Exercise Period” shall mean
the period commencing on the Issuance Date and ending on 5:00 p.m. New York time on the five-year anniversary thereof.

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised
in whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto
as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. The Holder
shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the
Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original
Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the
third Trading Day (the “Warrant Share Delivery Date”) following the date on which the Company shall have received
the Exercise Notice, and upon receipt by the Company of (i) payment to the Company of an amount equal to the applicable Exercise
Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise
Price” and together with the Exercise Notice, the “Exercise Delivery Documents”) in cash or by wire
transfer of immediately available funds or (ii) notification from the Holder that this Warrant is being exercised pursuant to
a Cashless Exercise, as defined below, the Company shall (or direct its transfer agent to) issue and dispatch by overnight courier
to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name
of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise.
Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder
of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of
the certificates evidencing such Warrant Shares. If this Warrant is submitted in connection with any exercise pursuant to Section
1(c) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant
Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three Business
Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 6) representing the right to purchase
the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares
with respect to which this Warrant is exercised.

 

    	 	 	 

    	 	 	 

    

 

(b)
No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes
of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise
would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder
otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then-current fair market
value of a Warrant Share by such fraction.

 

(c)
Cashless Exercise. The Holder may, in its sole discretion, at any time prior to the effective date of a registration statement
filed by the Company or any Subsidiary under the Securities Act covering the Warrant Shares, exercise this Warrant in whole or
in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment
of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of
Common Stock determined according to the following formula (a “Cashless Exercise”):

 

	 	Net
    Number =	(A
    x B) - (A x C)
	 	 	             B

 

	 	For
    purposes of the foregoing formula:
	 	 	 
	 	A
    =	the
    total number of shares with respect to which this Warrant is then being exercised.
	 	 	 
	 	B
    =	the
    Weighted Average Price of the shares of Common Stock for the five consecutive Trading Days ending on the date immediately
    preceding the date of the Exercise Notice.
	 	 	 
	 	C
    =	the
    Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

    	 	2	 

    	 	 	 

    

 

(d)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, to the extent that after giving effect to issuance of Warrant Shares upon
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess
of the Beneficial Ownership Limitation, as defined below. For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock
which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder
or any of its Affiliates and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of
the Company (including without limitation any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in
the preceding sentence, for purposes of this paragraph (d), beneficial ownership shall be calculated in accordance with Section
13(d) of the Exchange Act, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation
is in compliance with Section 13(d) of the Securites Exchange Act of 1934, as amended, and the Holder is solely responsible for
any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this paragraph applies,
the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in
each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination.

 

For
purposes of this paragraph, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of
outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the
Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the
Company or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the request of a Holder, the
Company shall within two Trading Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of
shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon
exercise of this Warrant. Upon no fewer than 61 days’ prior notice to the Company, a Holder may increase or decrease the
Beneficial Ownership Limitation provisions of this paragraph, provided that the Beneficial Ownership Limitation in no event exceeds
9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock upon exercise of this Warrant held by the Holder and the provisions of this paragraph shall continue to apply. Any such
increase or decrease will not be effective until the 61st day after such notice is delivered to the Company and shall only apply
to such Holder and no other Holder. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.

 

    	 	3	 

    	 	 	 

    

 

2.
ADJUSTMENTS. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a)
Subdivision or Combination of Common Stock. If the Company at any time on or after the Issuance Date subdivides (by any
stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into
a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced
and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines
(by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller
number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the
number of Warrant Shares will be proportionately decreased. Any adjustment under this Section shall become effective at the close
of business on the date the subdivision or combination becomes effective.

 

(b)
Distribution of Assets. If the Company shall declare or make any dividend or other distribution of its assets (or rights
to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation
any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate
rearrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant,
then, in each such case:

 

(i)
any Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders
of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such
record date, to a price determined by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Closing
Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution
(as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the
denominator of which shall be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such
record date; and

 

(ii)
the number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable
immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock
entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause
(i); provided, however, that in the event that the Distribution is of shares of common stock of a company (other than the Company)
whose common stock is traded on a national securities exchange or a national automated quotation system (“Other Shares
of Common Stock”), then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of
an increase in the number of Warrant Shares, the terms of which shall be identical to those of this Warrant, except that such
warrant shall be exercisable into the number of shares of Other Shares of Common Stock that would have been payable to the Holder
pursuant to the Distribution had the Holder exercised this Warrant immediately prior to such record date and with an aggregate
exercise price equal to the product of the amount by which the exercise price of this Warrant was decreased with respect to the
Distribution pursuant to the terms of the immediately preceding clause (i) and the number of Warrant Shares calculated in accordance
with the first part of this clause (ii).

 

    	 	4	 

    	 	 	 

    

 

3.
FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the
Company with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor
Entity”), (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related
transactions, (iii) any tender offer or exchange offer (whether by the Company or by another individual or entity, and approved
by the Company) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common
Stock for other securities, cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the
Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination
of shares of Common Stock covered by Section 2(a) above) (in any such case, a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive the number of shares of Common Stock
of the Successor Entity or of the Company and any additional consideration (the “Alternate Consideration”)
receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder
of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event (disregarding any
limitation on exercise contained herein solely for the purpose of such determination). For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount
of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall
apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different
components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. To the extent necessary to effectuate the
foregoing provisions, any Successor Entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent
with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration.

 

4.
NON-CIRCUMVENTION. The Company covenants and agrees that it will not, by amendment of its certificate of incorporation,
bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or
sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of
this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required
to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the
par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect,
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant
is outstanding, have authorized and reserved, free from preemptive rights, a sufficient number of shares of Common Stock to provide
for the exercise of the rights represented by this Warrant (without regard to any limitations on exercise).

 

    	 	5	 

    	 	 	 

    

 

5.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself,
shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained
in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company.

 

6.
REISSUANCE.

 

(a)
Lost, Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms
as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new
Warrant which is the same as the Issuance Date.

 

7.
TRANSFER.

 

(a)
Notice of Transfer. The Holder agrees to give written notice to the Company before transferring this Warrant or transferring
any Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly
upon receiving such written notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer
may be effected without registration or qualification (under any federal or state securities laws), the Company, as promptly as
practicable, shall notify the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of
Warrant Shares received upon the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by
the Holder to the Company; provided, however, that an appropriate legend may be endorsed on this Warrant or the certificates for
such Warrant Shares respecting restrictions upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory
to the Company to prevent further transfers which would be in violation of Section 5 of the Securities Act and applicable state
securities laws; and provided further that the prospective transferee or purchaser shall execute the Assignment of Warrant attached
hereto as Exhibit B and such other documents and make such representations, warranties, and agreements as may be required
solely to comply with the exemptions relied upon by the Company for the transfer or disposition of the Warrant or Warrant Shares.

 

(b)
If the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant
to this Section 7 may not be effected without registration or qualification of this Warrant or such Warrant Shares, the Holder
will limit its activities in respect to such transfer or disposition as are permitted by law.

 

    	 	6	 

    	 	 	 

    

 

(c)
Any transferee of all or a portion of this Warrant shall succeed to the rights and benefits of the initial Holder of this Warrant
under Sections 4.1 and 4.3 (subject, however, to the limitations set forth in Section 4.2), 4.4 and 4.5 of the Purchase Agreement
(registration rights, expenses, and indemnity).

 

8.
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall
be given in accordance with the notice provisions contained in the Purchase Agreement. The Company shall provide the Holder with
prompt written notice (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation
of such adjustment and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with
respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of
any stock or other securities directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock
or other property, pro rata to the holders of shares of Common Stock or (C) for determining rights to vote with respect to any
Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public
prior to or in conjunction with such notice being provided to the Holder.

 

9.
AMENDMENT AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance
and either retroactively or prospectively) only with the written consent of the Company and the Holder. In addition, the restrictions
set forth in Section 1(d) can be waived, as to a particular original purchaser of Common Stock and its affiliates, pursuant to
a writing signed and delivered by the Company and such original Purchaser prior to the execution and delivery of this Warrant.

 

10.
GOVERNING LAW. This Warrant and all rights, obligations and liabilities hereunder shall be governed by, and construed in
accordance with, the internal laws of the State of Minnesota, without giving effect to the conflicts-of-law principles thereof.

 

11.
DISPUTE RESOLUTION. A dispute as to the determination of the Exercise Price, the Closing Sale Price, or the arithmetic
calculation of the Warrant Shares, the Company or the Holder (as the case may be) shall submit the disputed determinations or
arithmetic calculations via facsimile (a) within two Business Days after receipt of the applicable notice giving rise to such
dispute to the Company or the Holder, as the case may be, or (b) if no notice gave rise to such dispute, at any time after the
Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to agree upon such determination
or calculation of the Exercise Price, Closing Sale Price or the Warrant Shares within three Business Days of such disputed determination
or arithmetic calculation being submitted to the Company or the Holder, as the case may be, then the Company shall, within two
Business Days thereafter submit via facsimile (x) the disputed determination of the Exercise Price or Closing Sale Price to an
independent, reputable investment bank selected by the Company and approved by the Holder or (y) the disputed arithmetic calculation
of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its expense the investment
bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder
of the results no later than ten Business Days from the time it receives the disputed determinations or calculations. Such investment
bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent
manifest error.

 

    	 	7	 

    	 	 	 

    

 

12.
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and
conditions contained herein.

 

13.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
“Bloomberg” means Bloomberg Financial Markets.

 

(b)
“Closing Sale Price” means, for any security as of any date, (i) the last closing trade price for such security
on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and
does not designate the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported
by Bloomberg, or (ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter market for
such security as reported by Bloomberg, or (iii) if no last trade price is reported for such security by Bloomberg, the average
of the bid and ask prices of any market makers for such security as reported by the OTC Markets. If the Closing Sale Price cannot
be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such
date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation
period.

 

(c)
“Common Stock” means the Company common stock, par value $0.0001 per share, and any other class of securities
into which such securities may hereafter be reclassified or changed.

 

(d)
“Common Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire
at any time Common Stock, including without limitation any debt, preferred stock, rights, options, warrants or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock.

 

(e)
“Principal Market” means the primary national securities exchange on which the Common Stock is then traded.

 

(f)
“Trading Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market,
(ii) if the Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading
occurs on any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any Business Day.

 

*
* * * * * *

 

    	 	8	 

    	 	 	 

    

 

In
Witness Whereof, the Company has caused this
Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set forth above.

 

	 	CACHET
    FINANCIAL SOLUTIONS, INC.
	 	 
	 	 
	 	Bryan
    Meier
	 	Executive
    Vice President & Chief Financial Officer

 

    	 	 	 

    	 	 	 

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

(To
be executed by the registered holder to exercise this Warrant to Purchase Common Stock)

 

The
Undersigned holder hereby exercises the right
to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of Cachet Financial Solutions, Inc.,
a Delaware corporation (the “Company”), evidenced by the attached copy of the Warrant to Purchase Common Stock (the
“Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in
the Warrant.

 

	1.	Form
    of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as (check one):
	 	 
	 	 	[  ]
    a cash exercise with respect to _________________ Warrant Shares; and/or 
	 	 	 
	 	 	[  ]
    a “Cashless Exercise” with respect to _______________ Warrant Shares. 
	 	 
	2.	Payment
    of Exercise Price. In the event that the holder has elected a cash exercise with respect to some or all of the Warrant
    Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________
    to the Company in accordance with the terms of the Warrant.
	 	 
	3.	Delivery
    of Warrant Shares. The Company shall deliver to the holder __________________ Warrant Shares in accordance with the terms
    of the Warrant. 

 

	Date:
    	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	(Print
    Name of Registered Holder) 
	 	 	 	 
	 	 	 	By:
    	 
	 	 	 	Name:
    	 
	 	 	 	Title:
    	 

 

    	 	 	 

    	 	 	 

    

 

EXHIBIT
B

 

ASSIGNMENT
OF WARRANT

 

(To
be signed only upon authorized transfer of the Warrant)

 

For
Value Received, the undersigned hereby sells,
assigns, and transfers unto ____________________ the right to purchase _______________ shares of common stock of Cachet Financial
Solutions, Inc., to which the within Warrant to Purchase Common Stock relates and appoints ____________________, as attorney-in-fact,
to transfer said right on the books of Cachet Financial Solutions, Inc. with full power of substitution and re-substitution in
the premises. By accepting such transfer, the transferee has agreed to be bound in all respects by the terms and conditions of
the within Warrant.

 

	Dated:
    	 	 	 

 

	 	 	 
	 	 	(Signature)
    *
	 	 	 
	 	 	 
	 	 	(Name)
    
	 	 	 
	 	 	 
	 	 	(Address)
	 	 	 
	 	 	 
	 	 	(Social
    Security or Tax Identification No.) 

 

*
The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Warrant to Purchase Common
Stock in every particular without alteration or enlargement or any change whatsoever. When signing on behalf of a corporation,
partnership, trust or other entity, please indicate your position(s) and title(s) with such entity.EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 $1,250,000,000

 364-DAY CREDIT AGREEMENT 

dated as of January 18, 2017 

among 
 STANLEY
BLACK & DECKER, INC., 
 as Initial Borrower 

and 
 THE INITIAL LENDERS NAMED
HEREIN, 
 as Initial Lenders 

and 
 CITIBANK, N.A., 

as Administrative Agent 

CITIGROUP GLOBAL MARKETS INC., 

GOLDMAN SACHS BANK USA 
 and

 WELLS FARGO SECURITIES, LLC, 

as Lead Arrangers and Book Runners 

GOLDMAN SACHS BANK USA 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Syndication Agents 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS AND ACCOUNTING TERMS	  
			
	 SECTION 1.01
	 	 Certain Defined Terms
	  	 	1	  
	 SECTION 1.02
	 	 Computation of Time Periods; Terms Generally
	  	 	19	  
	 SECTION 1.03
	 	 Accounting Terms
	  	 	20	  
	
	ARTICLE II	  
	
	AMOUNTS AND TERMS OF THE ADVANCES	  
			
	 SECTION 2.01
	 	 The Commitment
	  	 	20	  
	 SECTION 2.02
	 	 Making the Revolving Credit Advances
	  	 	21	  
	 SECTION 2.03
	 	 Fees
	  	 	24	  
	 SECTION 2.04
	 	 Continuation and Conversion
	  	 	24	  
	 SECTION 2.05
	 	 Interest on Advances
	  	 	25	  
	 SECTION 2.06
	 	 Additional Interest on Eurocurrency Rate Advances
	  	 	26	  
	 SECTION 2.07
	 	 Repayment; Prepayment of Advances; Etc.
	  	 	26	  
	 SECTION 2.08
	 	 Increased Costs
	  	 	28	  
	 SECTION 2.09
	 	 Payments and Computations
	  	 	29	  
	 SECTION 2.10
	 	 Taxes
	  	 	31	  
	 SECTION 2.11
	 	 Promissory Notes
	  	 	32	  
	 SECTION 2.12
	 	 Use of Proceeds of Advances
	  	 	32	  
	 SECTION 2.13
	 	 Defaulting Lenders
	  	 	32	  
	 SECTION 2.14
	 	 Borrowings by Designated Borrowers
	  	 	34	  
	 SECTION 2.15
	 	 European Monetary Union
	  	 	36	  
	 SECTION 2.16
	 	 The Swing Line Advances
	  	 	37	  
	
	ARTICLE III	  
	
	CONDITIONS TO EFFECTIVENESS AND LENDING	  
			
	 SECTION 3.01
	 	 Condition Precedent to Effectiveness
	  	 	39	  
	 SECTION 3.02
	 	 Conditions Precedent to Each Borrowing and Term Loan Election
	  	 	39	  
	
	ARTICLE IV	  
	
	REPRESENTATIONS AND WARRANTIES	  
			
	 SECTION 4.01
	 	 Representations and Warranties of the Company
	  	 	40	  

  
 i 

							
	ARTICLE V	  
	
	COVENANTS OF THE COMPANY	  
			
	 SECTION 5.01
	 	 Affirmative Covenants
	  	 	42	  
	 SECTION 5.02
	 	 Negative Covenants
	  	 	45	  
		
	ARTICLE VI	  			
		
	EVENTS OF DEFAULT	  			
			
	 SECTION 6.01
	 	 Events of Default
	  	 	47	  
		
	ARTICLE VII	  			
		
	THE ADMINISTRATIVE AGENT	  			
			
	 SECTION 7.01
	 	 Appointment and Authority
	  	 	49	  
	 SECTION 7.02
	 	 Rights as a Lender
	  	 	50	  
	 SECTION 7.03
	 	 Exculpatory Provisions
	  	 	50	  
	 SECTION 7.04
	 	 Reliance by Administrative Agent
	  	 	51	  
	 SECTION 7.05
	 	 Indemnification
	  	 	52	  
	 SECTION 7.06
	 	 Delegation of Duties
	  	 	52	  
	 SECTION 7.07
	 	 Resignation of Administrative Agent
	  	 	52	  
	 SECTION 7.08
	 	 Non-Reliance on Administrative Agent and Other
Parties
	  	 	53	  
	 SECTION 7.09
	 	 Sub-Agent
	  	 	54	  
	 SECTION 7.10
	 	 No Other Duties, Etc.
	  	 	54	  
		
	ARTICLE VIII	  			
		
	MISCELLANEOUS	  			
			
	 SECTION 8.01
	 	 Amendments, Etc.
	  	 	54	  
	 SECTION 8.02
	 	 Notices, Communications and Treatment of Information
	  	 	55	  
	 SECTION 8.03
	 	 No Waiver; Remedies
	  	 	60	  
	 SECTION 8.04
	 	 Costs and Expenses; Breakage Indemnification
	  	 	60	  
	 SECTION 8.05
	 	 Sharing of Payments, Etc.
	  	 	61	  
	 SECTION 8.06
	 	 Binding Effect
	  	 	61	  
	 SECTION 8.07
	 	 Successors and Assigns
	  	 	62	  
	 SECTION 8.08
	 	 Limitation on Assignments and Participations
	  	 	66	  
	 SECTION 8.09
	 	 Withholding
	  	 	66	  
	 SECTION 8.10
	 	 Mitigation
	  	 	67	  
	 SECTION 8.11
	 	 Governing Law; Waiver of Jury Trial
	  	 	67	  
	 SECTION 8.12
	 	 Execution in Counterparts
	  	 	67	  
	 SECTION 8.13
	 	 Submission to Jurisdiction; Etc.
	  	 	67	  
	 SECTION 8.14
	 	 Judgment Currency
	  	 	68	  
	 SECTION 8.15
	 	 USA PATRIOT Act
	  	 	69	  
	 SECTION 8.16
	 	 No Fiduciary Duty
	  	 	69	  
	 SECTION 8.17
	 	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	69	  

  
 ii 

							
	ARTICLE IX	  			
		
	GUARANTEE	  			
			
	 SECTION 9.01
	 	 Guarantee
	  	 	70	  
	 SECTION 9.02
	 	 Acknowledgments, Waivers and Consents
	  	 	70	  
	 SECTION 9.03
	 	 Reinstatement
	  	 	73	  
	 SECTION 9.04
	 	 Subrogation
	  	 	74	  
	 SECTION 9.05
	 	 Remedies
	  	 	74	  
	 SECTION 9.06
	 	 Payments
	  	 	74	  

  

			
	 SCHEDULE I
	  	 COMMITMENTS

	 SCHEDULE II
	  	 DESIGNATED BORROWER JURISDICTIONS

	 EXHIBIT A
	  	 FORM OF NOTICE OF BORROWING

	 EXHIBIT B
	  	 FORM OF NOTICE OF CONVERSION OR CONTINUATION

	 EXHIBIT C-1
	  	 FORM OF OPINION OF COUNSEL TO THE COMPANY

	 EXHIBIT C-2
	  	 FORM OF OPINION OF SPECIAL NEW YORK COUNSEL TO THE ADMINISTRATIVE AGENT

	 EXHIBIT D
	  	 FORM OF ASSIGNMENT AND ASSUMPTION

	 EXHIBIT E
	  	 FORM OF NOTE

	 EXHIBIT F
	  	 FORM OF DESIGNATION LETTER

	 EXHIBIT G
	  	 FORM OF TERMINATION LETTER

  
 iii 

 364-DAY CREDIT AGREEMENT 

This 364-DAY CREDIT AGREEMENT (as amended, supplemented or otherwise modified from time to time, the
“Agreement”) is made as of January 18, 2017 between STANLEY BLACK & DECKER, INC., a Connecticut corporation (the “Company”), the banks, financial institutions and other institutional lenders (the
“Initial Lenders”) listed on the signature pages hereof, and CITIBANK, N.A. (“Citibank”), as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders (as hereinafter
defined). 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

SECTION 1.01 Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “Acquiring Person” means
any person (other than the ESOP) who is or becomes the beneficial owner, directly or indirectly, of 10% or more of the Company’s outstanding common stock. 

“Administrative Agent’s Account” means, with respect to any Currency, the account of the Administrative Agent maintained
by the Administrative Agent for such Currency and most recently designated by it by notice to the Lenders and the Company. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

“Advance” means a Revolving Credit Advance by a Lender to a Borrower as part of a Borrowing, or any Swing Line Advance made
by a Swing Line Lender, and refers to a Base Rate Advance or a Eurocurrency Rate Advance, each of which shall be a “Type” of Advance. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Alternate Currency”
means Euros. 
 “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Company
or any of its Affiliates from time to time concerning or relating to bribery or corruption, including, but not limited to, the United Kingdom Bribery Act 2010 and the U.S. Foreign Corrupt Practices Act of 1977. 

“Applicable Base Rate Margin” means, on any day, a rate per annum equal to the higher of (a) the Applicable Eurocurrency
Margin for such day minus 1.00% and (b) 0.00%. 
  

  
 364-DAY CREDIT AGREEMENT 

 “Applicable Commitment Fee Rate” means, on any date, a rate per
annum equal to 
 (i) 0.030% if on such date the Company’s outstanding Long-Term Indebtedness is rated A+ or higher by
Standard & Poor’s, A1 or higher by Moody’s, or A+ or higher by Fitch, 
 (ii) 0.040% if on such date
clause (i) is inapplicable and the Company’s outstanding Long-Term Indebtedness is rated A or higher by Standard & Poor’s, A2 or higher by Moody’s, or A or higher by Fitch, 

(iii) 0.070% if on such date clauses (i) and (ii) are inapplicable and the Company’s outstanding Long-Term
Indebtedness is rated A- or higher by Standard & Poor’s, A3 or higher by Moody’s, or A- or higher by Fitch, 

(iv) 0.095% if on such date clauses (i), (ii) and (iii) are inapplicable and the Company’s outstanding Long-Term
Indebtedness is rated BBB+ or higher by Standard & Poor’s, Baa1 or higher by Moody’s, or BBB+ or higher by Fitch, and 

(v) 0.120% if on such date clauses (i), (ii), (iii) and (iv) are inapplicable (including if such Long-Term
Indebtedness is no longer rated by any agency); 
 provided that if the respective levels of the Company’s outstanding Long-Term
Indebtedness credit ratings differ, the “Applicable Commitment Fee Rate” will be determined based on, (a) if two of the ratings are at the same level and the other rating is higher or lower than those same ratings, the level
corresponding to the two same ratings shall apply and (b) if each of the three ratings falls within different levels, then the level corresponding to the rating that is in between the highest and the lowest ratings shall apply. 

“Applicable Eurocurrency Margin” means, on any date for each Eurocurrency Rate Advance, the rate per annum equal to the
Credit Default Rate Spread on the applicable Spread Determination Date; provided, that the Applicable Eurocurrency Margin shall in no event be less than a rate per annum equal to the Floor or greater than a rate per annum equal to the Cap. 

Notwithstanding anything else to the contrary in this definition of “Applicable Eurocurrency Margin”, the Applicable Eurocurrency
Margin shall be the rate per annum equal to the Cap from and after the Term Loan Conversion Date. 
 “Applicable Lending
Office” means, with respect to each Lender, such Lender’s Domestic Lending Office in the case of a Base Rate Advance and such Lender’s Eurocurrency Lending Office in the case of a Eurocurrency Rate Advance. 

“Approved Electronic Communications” means each Communication that any Loan Party is obligated to, or otherwise chooses to,
provide to the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein, including any financial statement, financial and other report, notice, request, certificate and other information material; provided,
however, that, solely with respect to delivery of any such Communication by any Loan Party to the Administrative Agent and without limiting or otherwise affecting either the Administrative Agent’s right to effect delivery of such
Communication by posting such Communication to the Approved Electronic Platform or the protections afforded hereby to the 

  
 2 

 
Administrative Agent in connection with any such posting, “Approved Electronic Communication” shall exclude (i) any notice of borrowing, letter of credit request, swing loan
request, notice of conversion or continuation, and any other notice, demand, communication, information, document and other material relating to a request for a new, or a conversion or continuation of an existing, Borrowing, (ii) any notice
pursuant to Section 2.07(a) and Section 2.07(b) and any other notice relating to the payment of any principal or other amount due under any Loan Document prior to the scheduled date therefor, (iii) all notices of any Default
or Event of Default and (iv) any notice, demand, communication, information, document and other material required to be delivered to satisfy any of the conditions set forth in Article 3 or any other condition to any Borrowing or other
extension of credit hereunder or any condition precedent to the effectiveness of this Agreement. 
 “Approved Electronic
Platform” has the meaning provided in Section 8.02(b). 
 “Assignment and Assumption” means an Assignment and
Assumption accepted by the Administrative Agent, and the Company where applicable, in substantially the form of Exhibit D hereto. 

“Attributable Debt” means, in respect of any lease transaction described in Section 5.02(c), as of the date of
determination, the lesser of (i) the sale price of the property so leased multiplied by a fraction the numerator of which is the remaining portion of the base term of the lease included in such transaction and the denominator of which is the
base term of such lease, and (ii) the total obligation (discounted to present value at the implicit interest factor, determined in accordance with generally accepted financial practice, included in the rental payments or, if such interest
factor cannot readily be determined, at a rate of interest of 10 % per annum, compounded semi-annually) of the lessee for rental payments (other than amounts required to be paid on account of property taxes as well as maintenance, repairs,
insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such transaction. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Base Rate” means a fluctuating interest rate per annum as shall be in effect from time to time,
which rate per annum shall at all times be equal to the highest of: 
 (a) the rate of interest announced publicly by the
Reference Bank in New York, New York, from time to time, as its base rate; 
 (b) 1/2 of one percent per annum above the
Federal Funds Rate; and 

  
 3 

 (c) the rate equal to the Eurocurrency Rate for a Dollar denominated Advance
having an Interest Period of one month determined for each day that a Base Rate Loan is outstanding (and in respect of any day that is not a London Banking Day, such rate as in effect on the immediately preceding London Banking Day) plus
1.00% per annum. 
 “Base Rate Advance” means a Revolving Credit Advance denominated in Dollars that bears interest as
provided in Section 2.05(a). 
 “Borrowers” means, collectively, the Company and each Designated Borrower. 

“Borrowing” means a Revolving Credit Borrowing or Swing Line Borrowing. 

“Business Day” means a day of the year (a) on which banks are not required or authorized to close in New York City,
(b) if the applicable Business Day relates to any Eurocurrency Rate Advances or Swing Line Advances, on which dealings in Dollars are carried on in the London interbank market, and (c) if such day relates to a Borrowing of, or a payment or
prepayment of principal of or interest on or an Interest Period for an Advance denominated in Euros, or a notice with respect thereto, that is also a Target Day; provided that, in the case of any Borrowing of a Swing Line Advance, a Business
Day shall be a day on which dealings are carried on in the London interbank market and that is also a Target Day. 
 “Cap”
means, on any date, a rate per annum equal to 
 (i) 0.875% if on such date the Company’s outstanding Long-Term
Indebtedness is rated A+ or higher by Standard & Poor’s, A1 or higher by Moody’s, or A+ or higher by Fitch, 

(ii) 1.000% if on such date clause (i) is inapplicable and the Company’s outstanding Long-Term Indebtedness is
rated A or higher by Standard & Poor’s, A2 or higher by Moody’s, or A or higher by Fitch, 
 (iii) 1.125%
if on such date clauses (i) and (ii) are inapplicable and the Company’s outstanding Long-Term Indebtedness is rated A- or higher by Standard & Poor’s, A3 or higher by Moody’s,
or A- or higher by Fitch, 
 (iv) 1.250% if on such date clauses (i), (ii) and
(iii) are inapplicable and the Company’s outstanding Long-Term Indebtedness is rated BBB+ or higher by Standard & Poor’s, Baa1 or higher by Moody’s, or BBB+ or higher by Fitch, and 

(v) 1.500% if on such date clauses (i), (ii), (iii) and (iv) are inapplicable (including if such Long-Term
Indebtedness is no longer rated by any agency); 
 provided that if the respective levels of the Company’s outstanding Long-Term Indebtedness
credit ratings differ, the “Cap” will be determined based on, (a) if two of the ratings are at the same level and the other rating is higher or lower than those same ratings, the level corresponding to the two same ratings shall apply
and (b) if each of the three ratings falls within different levels, then the level corresponding to the rating that is in between the highest and the lowest ratings shall apply. 

  
 4 

 “Capital Lease” means any lease of property, real or personal, the obligations
under which are capitalized on the consolidated balance sheet of the Company and its Subsidiaries. 
 “Change of Control”
means, with respect to the Company, the occurrence of any event, act or condition which results in either (i) any Person other than the ESOP becoming the beneficial owner, directly or indirectly, of 30% or more of the outstanding common stock
of the Company or (ii) individuals who constitute the Continuing Directors ceasing for any reason to constitute at least the majority of the Board of Directors of the Company. 

“Citibank” has the meaning specified in the first paragraph of this Agreement. 

“Commitments” means the Revolving Credit Commitments and the Swing Line Commitments. 

“Communications” means each notice, demand, communication, information, document and other material provided for hereunder or
under any other Loan Document or otherwise transmitted between the parties hereto relating to this Agreement, the other Loan Documents, any Loan Party or its Affiliates, or the transactions contemplated by this Agreement or the other Loan Documents
including, without limitation, all Approved Electronic Communications. 
 “Company” has the meaning specified in the first
paragraph of this Agreement. 
 “Consolidated Net Worth” means the excess over current liabilities of all assets
properly appearing on a consolidated balance sheet of the Company and its Subsidiaries after deducting the minority interests of others in Subsidiaries. 

“Consolidated Subsidiary” means at any date any Subsidiary or other entity the financial statements of which would, under
GAAP, be consolidated with those of the Company in its consolidated financial statements as of such date. 
 “Contingent
Obligation” as to any Person means any obligation of such Person guaranteeing or intended to guarantee any Indebtedness, leases, dividends or other obligations (“primary obligations”) of any other Person (the
“primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (x) for the purchase or payment of any such primary obligation or (y) to maintain working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor, (iii) 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 (iv) otherwise to assure or hold harmless the owner of such primary obligation against loss in respect thereof; provided, however, that the term Contingent Obligation shall not include endorsements of
instruments for deposit or collection in the ordinary course of business. 

  
 5 

 
The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made
or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. 

“Continuing Director” means any member of the Board of Directors of the Company on the date of this Agreement and any
successor to a Continuing Director who is recommended or approved to succeed a Continuing Director by a majority of Continuing Directors who are then members of the Board of Directors of the Company. 

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

“Credit Default Rate Spread” means the one-year credit default swap mid-rate spread of the Company established on the most recent Spread Determination Date and based on the credit default swap mid-rate spreads specified by Markit Group Ltd.,
determined on the Spread Determination Date. 
 If at any time the Credit Default Rate Spread cannot be determined or is otherwise
unavailable, the Company and the Required Lenders shall negotiate in good faith (for a period of up to thirty days after the Credit Default Rate Spread first becomes unavailable (such thirty-day period,
the “Negotiation Period”)) to agree on an alternative method for establishing the Credit Default Rate Spread. The Credit Default Rate Spread at any date of determination thereof which falls during the Negotiation Period shall be
based upon the then most recently available quote provided by Markit Group Limited (or any successor thereto) of the Credit Default Rate Spread. If no such alternative method is agreed upon during the Negotiation Period, the Credit Default Rate
Spread at any date of determination subsequent to the end of the Negotiation Period shall be a rate per annum equal to the applicable Cap. 

“Currency” means either Dollars or an Alternate Currency. 

“Default” means an event which would constitute an Event of Default but for the giving of notice, the lapse of time or both.

 “Defaulting Lender” means at any time, subject to Section 2.13(c), (i) any Lender that has failed for two or
more Business Days to comply with its obligations under this Agreement to make an Advance, unless such Lender has notified the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that
one or more conditions precedent to funding has not been satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing), (ii) any Lender that has notified the Administrative
Agent or the Company in writing, or has stated publicly, that it does not intend to comply with its funding obligations hereunder, (iii) any Lender that has defaulted on its funding obligations under other loan agreements or credit agreements
generally or that has notified, or whose Parent Company has notified, the 

  
 6 

 
Administrative Agent or the Company in writing, or has stated publicly, that it does not intend to comply with its funding obligations under loan agreements or credit agreements generally,
(iv) any Lender that has, for three or more Business Days after written request of the Administrative Agent or the Company, failed to confirm in writing to the Administrative Agent and the Company that it will comply with its prospective
funding obligations hereunder (provided that such Lender will cease to be a Defaulting Lender pursuant to this clause (iv) upon the Administrative Agent’s and the Company’s receipt of such written confirmation), or (v) any
Lender with respect to which a Lender Insolvency Event has occurred and is continuing with respect to such Lender or its Parent Company. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any of clauses
(i) through (v) above will be conclusive and binding absent manifest error, and such Lender will be deemed to be a Defaulting Lender (subject to Section 2.13(c)) upon notification of such determination by the Administrative Agent to
the Company and the Lenders. 
 “Designated Borrowers” means any Subsidiary of the Company as to which a Designation Letter
has been delivered to the Administrative Agent in accordance with and together with the other documents required by Section 2.14, and no Termination Letter has been delivered to the Administrative Agent thereunder. 

“Designation Letter” has the meaning provided in Section 2.14. 

“Dollar Equivalent” means, with respect to any amount denominated in an Alternate Currency on any date, the spot rate of
exchange that appears at 11:00 A.M. (London time), on the display page applicable to the relevant currency on the Oanda website on such date; provided that if there shall at any time no longer exist such a page on such website, the spot rate of
exchange shall be determined by reference to another similar rate publishing service selected by the Administrative Agent. 

“Dollars” and “$” mean lawful money of the United States of America. 

“Domestic Lending Office” means, with respect to any Lender, the office of such Lender specified in its Administrative
Questionnaire or in the Assignment and Assumption pursuant to which it became a Lender, or such other office of such Lender as such Lender may from time to time specify in writing to the Company and the Administrative Agent. 

“EBITDA” means, for any period, the sum (without duplication) for the Company and its Consolidated Subsidiaries on a
consolidated basis of the following: (a) net income for such period plus (b) to the extent deducted in determining net income for such period, the sum of (i) depreciation and amortization for such period,
(ii) Interest Expense for such period and (iii) taxes for such period. Notwithstanding the foregoing, (1) in calculating EBITDA for any period, any impairment charges or asset write-offs, in each case pursuant to Financial Accounting
Standards Board’s Staff Position Accounting Principles Board Opinion No. 144 (“Accounting for the Impairment or Disposal of Long-Lived Assets (Issued 8/01)”), shall be excluded, (2) in calculating EBITDA for any period, non-cash charges arising from purchase accounting adjustments (including the effects of such adjustments pushed down to such Person and its Subsidiaries) in component amounts required or permitted by GAAP, resulting
from the write-up of assets or application of purchase accounting in relation to any consummated acquisition or the amortization, depreciation, or write-off of any
amounts thereof, net of taxes, shall be excluded, and (3) in calculating EBITDA for any period, charges associated with stock-based compensation shall be excluded. 

  
 7 

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

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

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

“Effective Date” has the meaning provided in Section 3.01. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successors thereto,
and the regulations promulgated and the rulings found thereunder. 
 “ERISA Controlled Group” means a group consisting of
any ERISA Person and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control with such Person that, together with such Person, are treated as a single employer under
regulations promulgated under ERISA. 
 “ERISA Person” has the meaning provided in Section 3(9) of ERISA for the term
“person.” 
 “ERISA Plan” means (i) any Plan that (x) is not a Multiemployer Plan and (y) has
Unfunded Benefit Liabilities in excess of $20,000,000 and (ii) any Plan that is a Multiemployer Plan. 
 “ESOP” means
Stanley Account Value Plan or any successor plan. 
 “EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Euro” has the meaning provided in Section 2.15. 

“Eurocurrency Liabilities” has the meaning provided in Regulation D (or any successor regulation) of the Federal Reserve
Board, as in effect from time to time. 

  
 8 

 “Eurocurrency Lending Office” means, with respect to any Lender, the office of
such Lender specified in its Administrative Questionnaire or in the Assignment and Assumption pursuant to which it became a Lender (or, if no such office of such Lender is specified, its Domestic Lending Office), or such other office of such Lender
as such Lender may from time to time specify in writing to the Company and the Administrative Agent. 
 “Eurocurrency Rate”
means, for any Interest Period: 
 (a) for each Eurocurrency Rate Advance denominated in Dollars comprising part of the same
Borrowing, an interest rate per annum equal to the offered rate for deposits in such Currency as quoted on the relevant Screen Page at 11:00 A.M. (London time) two London Banking Days before the first day of such Interest Period, for a period equal
to such Interest Period; or 
 (b) for each Eurocurrency Rate Advance denominated in Euros comprising part of the same
Borrowing, an interest rate per annum equal to the offered rate for deposits in such Currency as quoted on the relevant Screen Page at 11:00 A.M. (Brussels time) two TARGET Days before the first day of such Interest Period, for a period equal to
such Interest Period); 
 provided that if the Eurocurrency Rate shall be less than zero, such rate shall be deemed to
be zero for the purposes of this Agreement. 
 “Eurocurrency Rate Advance” means a Revolving Credit Advance that bears
interest as provided in Section 2.05(b). 
 “Eurocurrency Rate Reserve Percentage” for any Lender for any Eurocurrency
Rate Advances owing to such Lender means the reserve percentage applicable two Business Days before the first day of the applicable Interest Period under regulations issued from time to time by the Federal Reserve Board for determining the maximum
reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for such Lender with respect to liabilities or assets consisting of or including Eurocurrency Liabilities having a term equal to
the applicable Interest Period. 
 “Events of Default” has the meaning provided in Section 6.01. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended form time to time, and the rules and regulations
promulgated thereunder from time to time in effect. 
 “Excluded Representation” means the representation and warranty set
forth in Section 4.01(g). 
 “FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of
this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Internal Revenue Code, any intergovernmental agreement between the United States of America and any other relevant jurisdiction entered into in connection with the implementation of such Sections of the Internal
Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement. 

  
 9 

 “Federal Bankruptcy Code” means Title 11 of the United States Code entitled
“Bankruptcy”, as amended from time to time, or any successor thereto. 
 “Federal Funds Rate” means, for any
period, a fluctuating interest rate per annum equal for each day during such period as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York for overnight Federal
funds transactions with members of the Federal Reserve System, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three
Federal funds brokers of recognized standing selected by it; provided that if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System as constituted from time to time. 

“Fitch” means Fitch Ratings Ltd. and any successor or successors thereto. 

“Floor” means, on any date, a rate per annum equal to 

(i) 0.250% if on such date the Company’s outstanding Long-Term Indebtedness is rated A+ or higher by Standard &
Poor’s, A1 or higher by Moody’s, or A+ or higher by Fitch, 
 (ii) 0.375% if on such date clause (i) is
inapplicable and the Company’s outstanding Long-Term Indebtedness is rated A or higher by Standard & Poor’s, A2 or higher by Moody’s, or A or higher by Fitch, 

(iii) 0.500% if on such date clauses (i) and (ii) are inapplicable and the Company’s outstanding Long-Term
Indebtedness is rated A- or higher by Standard & Poor’s, A3 or higher by Moody’s, or A- or higher by Fitch, 

(iv) 0.625% if on such date clauses (i), (ii) and (iii) are inapplicable and the Company’s outstanding Long-Term
Indebtedness is rated BBB+ or higher by Standard & Poor’s, Baa1 or higher by Moody’s, or BBB+ or higher by Fitch, and 

(v) 0.750% if on such date clauses (i), (ii), (iii) and (iv) are inapplicable (including if such Long-Term
Indebtedness is no longer rated by any agency); 
 provided that if the respective levels of the Company’s outstanding Long-Term
Indebtedness credit ratings differ, the “Floor” will be determined based on, (a) if two of the ratings are at the same level and the other rating is higher or lower than those same ratings, the level corresponding to the two same
ratings shall apply and (b) if each of the three ratings falls within different levels, then the level corresponding to the rating that is in between the highest and the lowest ratings shall apply. 

  
 10 

 “Foreign Currency Equivalent” means, with respect to any amount in Dollars, the
spot rate of exchange that appears at 11:00 A.M. (London time), on the display page applicable to the relevant currency on the Oanda website on such date; provided that if there shall at any time no longer exist such a page on such website, the spot
rate of exchange shall be determined by reference to another similar rate publishing service selected by the Administrative Agent. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to any Swing Line Lender, such Defaulting
Lender’s Pro Rata Share of outstanding Swing Line Advances made by such Swing Line Lender other than Swing Line Advances as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders. 

“GAAP” means United States generally accepted accounting principles as in effect from time to time. 

“Hedge Agreements” means interest rate swap, cap or collar agreements, interest rate future or option contracts, currency
swap agreements, currency future or option contracts and other similar agreements. 
 “Indebtedness” of any Person means,
without duplication, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of business of such Person), (ii) all
indebtedness of such Person evidenced by a note, bond, debenture or similar instrument, (iii) the principal component of all Capital Lease obligations of such Person, (iv) the face amount of all letters of credit issued for the account of
such Person and, without duplication, all unreimbursed amounts drawn thereunder, (v) all indebtedness of any other Person secured by any Lien on any property owned by such Person, whether or not such indebtedness has been assumed, (vi) all
Contingent Obligations of such Person, and (vii) all indebtedness of such Person in respect of Hedge Agreements. 

“Information” has the meaning provided in Section 8.02(d). 

“Information Memorandum” means the document in the form approved by the Company concerning the Loan Parties and their
Subsidiaries which, at the Company’s request and on its behalf, was prepared in relation to this transaction and distributed by the Lead Arrangers to selected financial institutions before the date of this Agreement. 

“Initial Lenders” has the meaning provided in the first paragraph of this Agreement. 

“Interest Coverage Ratio” means, for any period of four consecutive fiscal quarters, the ratio of (a) EBITDA for such
period to (b) Interest Expense for such period. 
 “Interest Expense” means, for any period, the sum
(determined without duplication) of the aggregate amount of interest reported in respect of such period on the Indebtedness of the Company and its Consolidated Subsidiaries on a consolidated basis, including, without limitation, the interest portion
of payments under Capital Lease obligations and any capitalized interest but excluding imputed (non-cash) interest expense in respect of convertible bonds issued by the Company or any of its Consolidated
Subsidiaries as calculated in 

  
 11 

 
accordance with the Financial Accounting Standards Board’s Staff Position Accounting Principles Board Opinion No. 14-1 (“Accounting for
Convertible Debt Instruments That May be Settled in Cash upon Conversion (Including Partial Cash Settlement)”), minus (i) interest income of the Company and its Consolidated Subsidiaries on a consolidated basis reported in
respect of such period, (ii) interest on deferred compensation reported in respect of such period, and (iii) any income/expense in respect of such period associated with
spot-to-forward differences or points on foreign currency trades that are included in interest income/expense as a result of Statement of Financial Accounting Standards
No. 133, as amended and interpreted. 
 “Interest Period” means, for each Eurocurrency Rate Advance comprising part of
the same Borrowing, the period commencing on the date of such Advance or the date of the continuation of such Eurocurrency Rate Advance or the date of the conversion of any Base Rate Advance into such Eurocurrency Rate Advance and ending on the last
day of the period selected by a Borrower pursuant to the provisions below. The duration of each such Interest Period shall be one, two, three or six months as a Borrower may select in the Notice of Borrowing or Notice of Conversion or
Continuation for such Advance, as the case may be; provided that: 
 (i) a Borrower may not select any Interest Period
which ends after the Termination Date or, if the Advances have been converted to a term loan pursuant to Section 2.07(a) prior to such selection, that ends after the Maturity Date; 

(ii) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of
such Interest Period shall be extended to occur on the next succeeding Business Day; provided that if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest
Period shall occur on the next preceding Business Day; 
 (iii) any Interest Period which begins on the last Business Day of
a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (iv) below, end on the last Business Day of a calendar month; 

(iv) (A) any Interest Period which would otherwise end after the Termination Date shall end on the Termination Date or
(B) if the Advances have been converted to a term loan pursuant to Section 2.07(a) prior to such selection, any Interest Period which would otherwise end after the Maturity Date shall end on the Maturity Date; 

(v) if, upon the expiration of any Interest Period with respect to a Borrowing, a Borrower has failed to elect a new Interest
Period to be applicable to such Advances as provided above, such Borrower (x) if such Borrower is the Company, shall be deemed to have elected to convert such Advances into a Base Rate Advance effective as of the expiration date of such current
Interest Period and (y) if such Borrower is a Designated Borrower, shall be deemed to have elected a new Interest Period of 1 month to be applicable to such Advances; and 

  
 12 

 (vi) Interest Periods commencing on the same date for Eurocurrency Rate Advances
comprising part of the same Borrowing shall be of the same duration. 
 “Internal Revenue Code” means the Internal Revenue
Code of 1986, as amended from time to time, or any successor thereto. 
 “Lender Insolvency Event” means that (i) a
Lender or its Parent Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or
(ii) (x) such Lender or its Parent Company is the subject of a Bail-In Action or a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or (y) such Lender or its Parent Company
had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance
Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender Insolvency Event shall not result solely by virtue of the ownership or acquisition of any equity interest in such Lender or its
Parent Company by a governmental authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such governmental authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender; provided, further, that a Lender Insolvency Event shall not
result solely by virtue of the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator with respect to a Lender or its Parent Company under
the Dutch Financial Supervision Act 2007 (as amended from time to time and including any successor legislation). 

“Lenders” means the Initial Lenders, each Swing Line Lender and each Person that shall become a party hereto pursuant to
Section 8.07. 
 “Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), or preferential payment arrangement, priority or other security agreement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease having
substantially the same effect as any of the foregoing and the filing of any financing statement or similar instrument under the Uniform Commercial Code or comparable law of any jurisdiction, domestic or foreign. 

“Loan Documents” means, collectively, this Agreement, the Notes, each Designation Letter and each Termination Letter. 

“Loan Parties” means, collectively, the Company and the Designated Borrowers. 

“Local Time” means (a) with respect to any Advance denominated or any payment to be made in Dollars, New York City time,
and (b) with respect to any Advance denominated or any payment to be made in an Alternate Currency, the local time in the Principal Financial Center for such Alternate Currency. 

  
 13 

 “London Banking Day” means any day on which commercial banks are open for
business (including dealings in foreign exchange and foreign currency deposits) in London. 
 “Long-Term Indebtedness”
means the long-term Senior Unsecured Indebtedness of the Company. 
 “Margin Stock” has the meaning provided in
Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
 “Material Adverse
Effect” means a material adverse effect on the business, financial condition or results of operations of the Company and its Consolidated Subsidiaries taken as a whole. 

“Maturity Date” means the earlier of (a) the date selected by the Company and notified to the Administrative Agent in
the Term Loan Election, but not later than the first anniversary of the Termination Date and (b) the date of termination in whole of the aggregate Commitments pursuant to Section 2.01(b) or 6.01. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor or successors thereto. 

“Multiemployer Plan” means a Plan which is a “multiemployer plan” as defined in Section 4001(a)(3) of
ERISA. 
 “Non-Defaulting Lender” means, at any time, a Lender that is not a
Defaulting Lender. 
 “Note” has the meaning provided in Section 2.11. 

“Notice of Borrowing” has the meaning provided in Section 2.02(b). 

“Notice of Conversion or Continuation” has the meaning provided in Section 2.04(b). 

“Other Taxes” has the meaning provided in Section 2.10(b). 

“Overnight Rate” means, in relation to a Business Day and any amount denominated in Euro, the applicable euro overnight index
average administered by the Banking Federation of the European Union (or any other person which takes over the administration of that rate) for the relevant Business Day displayed on page EONIA= of the Reuters screen (or any replacement Reuters page
which displays that rate) as of 5:00 P.M. (London Time) on the Business Day preceding the date of determination for the offering of deposits in Euro for the period from one Business Day to the immediately following Business Day; provided that if the
forgoing rate is not available, the Overnight Rate shall the rate per annum applicable to an overnight period beginning on one Business Day and ending on the next Business Day equal to the sum of 1% and the average, rounded upward to the nearest
whole multiple of 1/100 of 1%, if such average is not such a multiple, of the respective rates per annum quoted by each Swing Line Lender to the Sub-Agent on request as the rate at which it is offering
overnight deposits in the Euro in amounts comparable to such Swing Line Lender’s Swing Line Advances; provided, further, that if the Overnight Rate is less than zero, such rate shall be deemed to be zero for purposes of this
Agreement. 

  
 14 

 “Parent Company” means, with respect to a Lender, the bank holding company (as
defined in Federal Reserve Board Regulation Y), if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender. 

“PBGC” means the Pension Benefit Guaranty Corporation established under ERISA, or any successor thereto. 

“Person” means an individual, partnership, corporation (including a business trust), joint stock company, trust,
unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. 

“Plan” means any employee benefit plan covered by Title IV of ERISA, the funding requirements of which: 

(i) were the responsibility of the Company or a member of its ERISA Controlled Group at any time within the five years
immediately preceding the date hereof, 
 (ii) are currently the responsibility of the Company or a member of its ERISA
Controlled Group, or 
 (iii) hereafter become the responsibility of the Company or a member of its ERISA Controlled Group,
including any such plans as may have been, or may hereafter be, terminated for whatever reason. 
 “Principal Financial
Center” means, in the case of any Currency, the principal financial center in the country of issue of such Currency, as reasonably determined by the Administrative Agent. 

“Principal Property” means all real property and tangible personal property constituting a manufacturing plant owned by the
Company or any of its Subsidiaries, exclusive of (i) motor vehicles, mobile materials handling equipment and other rolling stock, (ii) office furnishings and equipment, information and electronic data processing equipment, (iii) any
property financed through obligations issued by a state, territory or possession of the United States, or any political subdivision or instrumentality of the foregoing, on which the interest cannot, in the opinion of tax counsel of recognized
standing or in accordance with a ruling issued by the Internal Revenue Service, be included in gross income of the holder under Section 103(a)(1) of the Internal Revenue Code (or any successor to such provision) as in effect at the time of
the issuance of such obligations, (iv) any real property held for development or sale, or (v) any property and equipment included therein without deduction of any depreciation reserves the book value of which property and equipment in the
aggregate is less than 10% of Consolidated Net Worth or which the Board of Directors of the Company determines is not material to the operation of the business of the Company and its Subsidiaries taken as a whole. 

  
 15 

 “Principal Subsidiary” means any Subsidiary of the Company which has net sales
which represent 15% or more of the consolidated net sales of the Company and its Consolidated Subsidiaries taken as a whole. 

“Process Agent” has the meaning provided in Section 8.13(b). 

“Pro Rata Share” means, with respect to any Lender, the percentage corresponding to the fraction the numerator of which shall
be the amount of the Revolving Credit Commitment of such Lender and the denominator of which shall be the aggregate amount of the Revolving Credit Commitments of all Lenders. 

“Rate Notification” has the meaning provided in Section 2.02(a). 

“Rate Request” has the meaning provided in Section 2.02(a). 

“Reference Bank” means Citibank or, if Citibank is no longer the Administrative Agent, such Person (which shall be a Lender
or the Administrative Agent) as shall be designated by the Company with the consent of the Required Lenders, which consent shall not be unreasonably withheld and with the consent of the Lender so appointed. 

“Register” has the meaning provided in Section 8.07(c). 

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

“Reportable Event” has the meaning provided in Section 4043(b) of ERISA (other than a Reportable Event as to which
the provision of 30 days notice to the PBGC is waived under applicable regulations). 
 “Required Lenders” means at
any time Lenders representing in the aggregate at least 51% of the Revolving Credit Commitments or, if the Revolving Credit Commitments shall have terminated, Lenders representing in the aggregate at least 51% of the sum of the Revolving Credit
Advances owing to the Lenders (with the aggregate amount of each Lender’s risk participation and funded participation in Swing Line Advances being deemed “owing” to such Lender for purposes of this definition) (computed, in the case
of Advances in an Alternate Currency, as the Dollar Equivalent thereof as determined by the Administrative Agent), provided that if any Lender shall be a Defaulting Lender at such time, there shall be excluded from the determination of
Required Lenders at such time the Commitments of such Lender at such time. 
 “Restricting Information” has the meaning
provided in Section 8.02(d). 
 “Revolving Credit Advance” means an advance by a Lender to a Borrower as part of a
Revolving Credit Borrowing and refers to a Base Rate Advance or a Eurocurrency Rate Advance. 

  
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 “Revolving Credit Borrowing” means a borrowing consisting of simultaneous
Revolving Credit Advances of the same Type made by each of the Lenders to a Borrower pursuant to Section 2.01. 
 “Revolving
Credit Commitment” means, with respect to any Lender, the amount specified opposite such Lender’s name on Schedule I hereto and identified as its “Revolving Credit Commitment” or, if such Lender has entered into any
Assignment and Assumption, set forth as the “Revolving Credit Commitment” for such Lender in the Register maintained by the Administrative Agent pursuant to Section 8.07(c), as such amount may be reduced pursuant to
Section 2.01(b). The aggregate amount of the Revolving Credit Commitments on the date hereof is $1,250,000,000. 
 “Sanctioned
Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the date of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any European Union member state, (b) any Person operating,
organized or resident in a Sanctioned Country or (c) any Person directly or indirectly owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any
European Union member state or Her Majesty’s Treasury of the United Kingdom or (c) the jurisdiction of organization of any Designated Borrower. 

“Screen Page” means the display designated as Reuters LIBOR01 Page or EURIBOR01 Page, as the case may be (or such other page
as may replace that page for the purpose of displaying London interbank offered rates or the Euro interbank offered rates of major banks). If more than one relevant rate appears on said LIBOR01 Page or EURIBOR01 Page with respect to an Interest
Period, the Eurocurrency Rate for that Interest Period will be based upon the arithmetic mean of such relevant rates. 
 “SEC
Filings” means the Company’s Exchange Act disclosures documents filed with the Securities and Exchange Commission on Forms 8K, 10K or 10Q (or their equivalents). 

“Senior Unsecured Indebtedness” means Indebtedness that is not subordinated to any other Indebtedness and is not secured or
supported by a guarantee, letter of credit or other form of credit enhancement. 
 “Spread Determination Date” means
(i) for each Eurocurrency Rate Advance, the Business Day that is two Business Days prior to the day of delivery of the request to make, convert or continue, as applicable, such Eurocurrency Rate Advance (and if such Advance has an Interest
Period longer than three months, the Credit Default Rate Spread shall be reset to the 

  
 17 

 
Credit Default Rate Spread as reported on the Business Day that is two Business Days prior to the day that is three months after the later of (x) the day on which such Eurocurrency Rate
Advance was made, converted or continued and (y) the last day on which the Credit Default Rate Spread was reset) or (ii) for each Base Rate Advance and each Swing Line Advance, the last day of each calendar month. 

“Standard & Poor’s” means Standard & Poor’s Ratings Services and any successor or
successors thereto. 
 “Sub-Agent” means Citibank Europe plc, UK Branch. 

“Subsidiary” of any Person means (i) any corporation 50% or more of whose stock of any class or classes having by the
terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries and (ii) any partnership, association, joint venture, limited liability company or other entity in which such Person, directly or
indirectly through Subsidiaries, is either a general partner or has a 50% or more equity interest at the time. 
 “Swing Line
Advance” means an advance made by any Swing Line Lender pursuant to Section 2.16(a). 
 “Swing Line Borrowing”
means a Borrowing consisting of simultaneous Swing Line Advances made by each of the Swing Line Lenders pursuant to Section 2.16. 

“Swing Line Commitment” means, with respect to each Swing Line Lender, the amount specified opposite such Lender’s name
on Schedule I hereto and identified as its “Swing Line Commitment” or, if such Lender has entered into any Assignment and Acceptance, the amount set forth as the “Swing Line Commitment” for such Lender in the Register
maintained by the Administrative Agent pursuant to Section 8.07(c), as such amount may be reduced pursuant to Section 2.01(b). 

“Swing Line Lenders” means, collectively, Citibank, Goldman Sachs Bank USA, Wells Fargo Bank, National Association and each
Person that shall become a Swing Line Lender pursuant to Section 7.07 or Section 8.07. 
 “Swing Line Sublimit”
means an amount equal to the Euro Equivalent of $400,000,000. 
 “TARGET Day” means any day on which TARGET2 is open for
the settlement of payments in Euros. 
 “TARGET2” means the Trans-European Automated Real Time Gross Settlement Express
transfer payment system which utilizes a single shared platform and which was launched on 19 November 2007. 
 “Taxes”
has the meaning provided in Section 2.10(a). 

  
 18 

 “Term Loan Conversion Date” means the Termination Date, if on such date all
Advances outstanding on such date are converted into a term loan pursuant to Section 2.07(a). 
 “Term Loan Election”
has the meaning specified in Section 2.07(a). 
 “Termination Date” means the earlier of (a) January 17, 2018 or
(b) the date of termination in whole of the Commitments pursuant to Section 2.01(b) or Section 6.01. 

“Termination Event” means (i) a Reportable Event, or (ii) the initiation of any action by the Company, any member
of the Company’s ERISA Controlled Group or any ERISA Plan fiduciary to terminate an ERISA Plan or the treatment of an amendment to an ERISA Plan as a termination under ERISA, or (iii) the institution of proceedings by the PBGC under
Section 4042 of ERISA to terminate an ERISA Plan or to appoint a trustee to administer any ERISA Plan. 
 “Termination
Letter” has the meaning provided in Section 2.14. 
 “Type” has the meaning provided in the definition of
Advance. 
 “Unfunded Benefit Liabilities” means with respect to any Plan at any time, the amount (if any) by which
(i) the present value of all benefit liabilities under such Plan as defined in Section 4001(a)(16) of ERISA, exceeds (ii) the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent
valuation date for such Plan (on the basis of assumptions prescribed by the PBGC for the purpose of Section 4044 of ERISA). 

“Unused Revolving Credit Commitment” means, with respect to any Lender at any time, (a) such Lender’s Revolving
Credit Commitment at such time, less (b) the sum of (based in respect of any Advances denominated in Euro by reference to the Dollar Equivalent thereof at such time): 

(i) the aggregate principal amount of all Revolving Credit Advances made by such Lender (in its capacity as a Lender) and
outstanding at such time; and 
 (ii) such Lender’s Pro Rata Share of the aggregate principal amount of all Swing Line
Advances outstanding at such time. 
 “Write-Down and Conversion Powers” means, with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule. 
 SECTION 1.02 Computation of Time
Periods; Terms Generally. In this Agreement in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until”
each mean “to but excluding”. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. 

  
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 SECTION 1.03 Accounting Terms. All accounting terms not specifically defined herein
shall be construed in accordance with GAAP. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be
made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial
Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any Subsidiary at “fair value”, as defined therein, (ii) without giving effect to any treatment of
Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result
or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof and (iii) in a manner such that any
obligations relating to a lease that was accounted for by a Person as an operating lease as of the Effective Date and any similar lease entered into after the Effective Date by such Person shall be accounted for as obligations relating to an
operating lease and not as Capital Lease obligations. 
 ARTICLE II 

AMOUNTS AND TERMS OF THE ADVANCES 

SECTION 2.01 The Commitment. (a) The Revolving Credit Advances. (i) Each Lender severally agrees, on the terms and
conditions hereinafter set forth to make Revolving Credit Advances to the Company and any Designated Borrower in Dollars or an Alternate Currency from time to time on any Business Day during the period from the Effective Date until the Termination
Date in an aggregate amount not to exceed such Lender’s Unused Revolving Credit Commitment; provided that at no time shall the aggregate outstanding principal amount of all Advances (determined, in the case of an Advance denominated in an
Alternate Currency, at the Dollar Equivalent thereof) exceed the total amount of the Revolving Credit Commitments at such time. 

(ii) Within the limits of each Lender’s Revolving Credit Commitment and subject to the limitation set forth in
Section 2.07(c), each Borrower may borrow, repay, prepay (as provided in Section 2.07) and reborrow such amount or any portion thereof. 

(iii) Each Revolving Credit Borrowing shall be in an aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in
excess thereof (or, in the case of a Revolving Credit Borrowing denominated in an Alternate Currency, the Foreign Currency Equivalent thereof in such Alternate Currency, rounded to the nearest 1,000,000 units of such Alternate Currency) or, if less,
the aggregate amount of the Unused Revolving Credit Commitments and shall consist of Revolving Credit Advances of the same Type made on the same day by the Lenders ratably according to their respective Revolving Credit Commitments. 

  
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 (b) Termination and Reduction. The Company shall have the right, upon at least three
Business Days’ notice to the Administrative Agent, to terminate in whole or reduce each Lender’s Pro Rata Share of the Unused Revolving Credit Commitments. Each partial reduction of the Revolving Credit Commitments shall be in the
aggregate amount of at least $10,000,000 or a larger whole multiple of $1,000,000. If, after giving effect to any reduction of the Unused Revolving Credit Commitments, the aggregate Swing Line Commitments exceeds the aggregate amount of the
Revolving Credit Commitments at such time, the aggregate Swing Line Commitments shall be automatically reduced by the amount of such excess. The Company shall have the right, upon at least three Business Days’ notice to the Administrative Agent
and each Swing Lender, to terminate in whole or permanently reduce in part the Swing Line Commitments of the Swing Line Lenders ratably; provided that each partial reduction shall be in the aggregate amount of $10,000,000. On the Termination
Date, if the Borrowers have made the Term Loan Election in accordance with Section 2.07(a), and from time to time thereafter upon each prepayment of the Advances, the Revolving Credit Commitments of the Lenders shall be automatically and
permanently reduced on a pro rata basis by an amount equal to the amount by which (i) the aggregate Revolving Credit Commitments immediately prior to such reduction exceeds (ii) the aggregate unpaid principal amount of all Advances
outstanding at such time. 
 SECTION 2.02 Making the Revolving Credit Advances. (a) [Reserved]. 

(b) Notice of Borrowing. Each Revolving Credit Borrowing shall be made on notice by the Company (on its own behalf or on behalf of any
Designated Borrower) to the Administrative Agent, which shall give to each Lender prompt notice thereof by telecopier, given not later than 11:00 A.M. (New York City time) on the date of the proposed Revolving Credit Borrowing if such Revolving
Credit Borrowing is to be comprised of Base Rate Advances and no earlier than 9:00 A.M. (New York City time) and no later than 4:00 P.M. (New York City time) on the third Business Day prior to such date if such Revolving Credit Borrowing is to be
comprised of Eurocurrency Rate Advances. Each such notice of a Revolving Credit Borrowing (a “Notice of Borrowing”) shall be by telecopier, or by email, in substantially the form of Exhibit A hereto, specifying therein:
(i) the name of the Borrower (which shall be the Company or a Designated Borrower), (ii) the requested date of such Revolving Credit Borrowing, (iii) the Type of Revolving Credit Advances comprising such Revolving Credit Borrowing,
(iv) the aggregate amount and, for any Designated Borrower, the Currency of such Revolving Credit Borrowing, and (v) in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances, the initial Interest Period for each
such Revolving Credit Advance. Each Lender shall, before 1:00 P.M. (Local Time) on the date of such Revolving Credit Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative
Agent’s Account for Revolving Credit Advances denominated in the relevant Currency, in the relevant Currency and in same day funds, such Lender’s Pro Rata Share of the requested amount of such Revolving Credit Borrowing. Promptly after the
Administrative Agent’s receipt of such funds (and in any event by the close of business New York City time on the date of such Revolving Credit Borrowing) and upon fulfillment of the applicable conditions set forth in Article III, the
Administrative Agent will make the funds so received available to the Company or such other Borrower by depositing the same in such Currency and in immediately available funds into such account of the Company or such other Borrower, as applicable,
as shall have been specified in the related Notice of Borrowing; provided, however, that, if such Revolving Credit Borrowing is denominated in Euro, the Administrative Agent shall first make a portion of such funds equal to the
aggregate principal amount of Swing Line Advances made to such Borrower by the Swing Line Lenders and by any other Lender and outstanding on the date 

  
 21 

 
of such Revolving Credit Borrowing, plus interest accrued and unpaid thereon to and as of such date, available to the Swing Line Lenders and the other Lenders for repayment of such Swing Line
Advances. Each Lender may, at its option, make any Revolving Credit Advance by causing any domestic or foreign branch or Affiliate of such Lender to make such Revolving Credit Advance; provided that any exercise of such option shall not
affect in any manner the obligation of the applicable Borrower to repay such Revolving Credit Advance in accordance with the terms of this Agreement. 

(c) Illegality, Etc. Anything in subsection (a) or (b) above to the contrary notwithstanding, 

(i) if any Lender shall notify the Administrative Agent that the introduction of or any change in or in the interpretation of
any law or regulation makes it unlawful, or that any central bank or other governmental authority asserts that it is unlawful, for such Lender or its Eurocurrency Lending Office to perform its obligations hereunder to make Eurocurrency Rate Advances
or to fund or maintain Eurocurrency Rate Advances hereunder, the Administrative Agent shall forthwith give notice thereof to the other Lenders and the Company, whereupon (A) such Lender shall have no obligation to make Eurocurrency Rate
Advances, or to convert Revolving Credit Advances into Eurocurrency Rate Advances, until such Lender notifies the Company and the Administrative Agent that the circumstances causing such suspension no longer exist and (B) each Borrower shall be
deemed to have converted all Eurocurrency Rate Advances of such Lender then outstanding into Base Rate Advances in accordance with Section 2.04 on and as of the date of the Administrative Agent’s receipt of such notice, unless and to the
extent such notice directs that one or more Eurocurrency Rate Advances shall be so converted on the last day of the applicable Interest Period, provided that (w) before giving any such notice, such Lender agrees to use reasonable efforts
(consistent with its internal policy and legal and regulatory restrictions) to designate a different Applicable Lending Office if the making of such a designation would avoid the need for such suspension and conversion and would not, in the
reasonable judgment of such Lender, be otherwise disadvantageous to such Lender, (x) any request by a Borrower for Eurocurrency Rate Advances during a time when a Lender’s obligation to make, or convert Revolving Credit Advances into,
Eurocurrency Rate Advances shall be suspended hereunder shall be deemed to be a request for, or for conversion into, Base Rate Advances from such Lender, (y) all Revolving Credit Advances that would otherwise be made by such Lender as
Eurocurrency Rate Advances during any such suspension shall instead be made as Base Rate Advances and (z) in the event any Lender shall notify the Administrative Agent and the Company of the occurrence of the circumstances causing such
suspension under this Section 2.02(c), all payments and prepayments of principal that would otherwise have been applied to repay the Eurocurrency Rate Advances that would have been made by such Lender or the converted Eurocurrency Rate Advances
shall instead be applied to repay the Base Rate Advances made by such Lender in lieu of, or resulting from the conversion of, such Eurocurrency Rate Advances; 

  
 22 

 (ii) if the Administrative Agent cannot furnish the Eurocurrency Rate for any
Revolving Credit Borrowing consisting of Eurocurrency Rate Advances because of conditions existing in the London interbank market, the right of the Borrowers to select Eurocurrency Rate Advances shall be suspended until the Administrative Agent
shall notify the Company and the Lenders that the circumstances causing such suspension no longer exist; 
 (iii) if the
Required Lenders shall, at least one Business Day before the date of any requested Eurocurrency Rate Advance, notify the Administrative Agent that the Eurocurrency Rate for any Interest Period will not adequately reflect the cost to the Required
Lenders of making, funding or maintaining their respective Eurocurrency Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify the Company and the Lenders, whereupon the Lenders shall have no obligation to make,
or convert Revolving Credit Advances into, Eurocurrency Rate Advances until the Administrative Agent shall notify the Company and the Lenders that the circumstances causing such suspension no longer exist; and 

(iv) if any Lender shall notify the Administrative Agent that the introduction of or any change in or in the interpretation of
any law or regulation makes it unlawful, or that any central bank or other governmental authority asserts that it is unlawful, for such Lender to perform its obligations hereunder to make Advances or to fund or maintain Advances hereunder to such
Designated Borrower, the Administrative Agent shall forthwith give notice thereof to the Company, whereupon such Lender shall have no obligation to make Advances to such Designated Borrower, until such Lender notifies the Company and the
Administrative Agent that the circumstances causing such suspension no longer exist. 
 (d) Effect of Failure to Fulfill Conditions.
Each Notice of Borrowing shall be irrevocable and binding on the Company and the relevant Designated Borrower. In the case of any Revolving Credit Borrowing that the related Notice of Borrowing specifies is to be comprised of Eurocurrency Rate
Advances, the relevant Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable
conditions set forth in Article III, including, without limitation, any loss (excluding anticipated profits), cost or expense reasonably incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to
fund the Revolving Credit Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date, such indemnity to be paid promptly upon receipt by the relevant Borrower of a certificate
of such Lender setting forth the calculation of the amount of the indemnity claimed by such Lender. 
 (e) Funds Available. Unless the
Administrative Agent shall have received notice from a Lender prior to 1:00 P.M. (New York City time) on the date of any Revolving Credit Borrowing that such Lender will not make available to the Administrative Agent such Lender’s ratable
portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the
Administrative Agent may, in reliance upon such assumption, make available to the relevant Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable

  
 23 

 
portion available to the Administrative Agent, such Lender and the relevant Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together
with interest thereon, for each day from the date such amount is made available to the relevant Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the relevant Borrower, the interest rate applicable
at the time to Revolving Credit Advances comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall
constitute such Lender’s Revolving Credit Advance as part of such Borrowing for purposes of this Agreement. 
 (f) Failure to Make
Advances. The failure of any Lender to make the Revolving Credit Advance to be made by it as part of any Revolving Credit Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Revolving Credit Advance on
the date of such Revolving Credit Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Advance to be made by such other Lender on the date of any Revolving Credit Borrowing. 

SECTION 2.03 Fees. (a) Commitment Fee. The Company agrees to pay to the Administrative Agent for the account of each Lender
a commitment fee in Dollars on (i) the amount of such Lender’s Revolving Credit Commitment minus (ii) the aggregate principal amount of the Revolving Credit Advances made by such Lender from the date hereof in the case
of each Lender and, in the case of each Person which becomes a Lender pursuant to Section 8.07, from the effective date specified in the Assignment and Assumption pursuant to which it became a Lender, until the Termination Date at the
Applicable Commitment Fee Rate, payable quarterly in arrears on the last day of each March, June, September and December during the term hereof and on the Termination Date; provided that no Defaulting Lender shall be
entitled to receive any commitment fee for any period during which that Lender is a Defaulting Lender (and the Company shall not be required to pay such fee that otherwise would have been required to have been paid to that Defaulting Lender). All
computations of the commitment fee shall be based on a year of 360 days. 
 (b) Administrative Agent’s Fees. The
Company shall pay to the Administrative Agent in Dollars for its own account such fees as may from time to time be agreed between the Company and the Administrative Agent. 

SECTION 2.04 Continuation and Conversion . (a) General. Subject to the other provisions hereof, each Borrower shall have
the option (i) to convert all or any part of an outstanding Revolving Credit Borrowing consisting of Base Rate Advances to a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances, (ii) to convert all or any part
of an outstanding Revolving Credit Borrowing in Dollars consisting of Eurocurrency Rate Advances to a Revolving Credit Borrowing consisting of Base Rate Advances, or (iii) to continue all or any part of an outstanding Revolving Credit
Borrowing consisting of Eurocurrency Rate Advances as a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances for an additional Interest Period; provided that no Revolving Credit Borrowing consisting of Eurocurrency Rate Advances shall
be so converted other than as contemplated by Section 2.02(c) or continued, until the expiration of the Interest Period applicable thereto. 

  
 24 

 (b) Notice of Conversion or Continuation. In order to elect to convert or continue a
Revolving Credit Borrowing hereunder, the Company (on its own behalf or on behalf of any Designated Borrower) shall deliver an irrevocable notice thereof (a “Notice of Conversion or Continuation”) to the Administrative Agent by
telecopier or by email, no later than (i) 11:00 A.M., (New York City time) on the proposed conversion date in the case of a conversion to Base Rate Advances and (ii) no earlier than 9:00 A.M. (New York City time) and no later than 4:00
P.M. (New York City time) on the third Business Day in advance of the proposed conversion or continuation date in the case of a conversion to, or a continuation of, Eurocurrency Rate Advances, substantially in the form of Exhibit B hereto. A
Notice of Conversion or Continuation shall specify (w) the requested conversion or continuation date (which shall be a Business Day), (x) the amount and Type of the Revolving Credit Advances to be converted or continued, (y) whether a
conversion or continuation is requested, and (z) in the case of a conversion to, or a continuation of, Eurocurrency Rate Advances, the requested Interest Period. The relevant Eurocurrency Rate for such Interest Period in the case of a
conversion to, or a continuation of, Eurocurrency Rate Advances shall be determined in the manner provided in Section 2.02(a) as if such conversion or continuation is instead new Eurocurrency Rate Advances in such amount, on such date and
for such Interest Period. If the Company fails to give a Notice of Conversion or Continuation with respect to an outstanding Revolving Credit Borrowing consisting of Eurocurrency Rate Advances in Dollars as provided in clause (ii) above,
the Company shall be deemed to have converted such Eurocurrency Rate Advances into Base Rate Advances in accordance with this Section 2.04 if such Revolving Credit Advances are outstanding after the last day of the Interest Period with respect
thereto. If the Company fails to give a Notice of Conversion or Continuation with respect to an outstanding Revolving Credit Borrowing consisting of Eurocurrency Rate Advances in an Alternate Currency as provided in clause (ii) above, the
Company shall be deemed to have converted such Eurocurrency Rate Advances into a Eurocurrency Rate Advance with an Interest Period of one (1) month in accordance with this Section 2.04 if such Revolving Credit Advances are outstanding
after the last day of the Interest Period with respect thereto. 
 SECTION 2.05 Interest on Advances. (a) Each Borrower shall
pay interest on the unpaid principal amount of each Revolving Credit Advance owing to each Lender from the date the proceeds of such Advance are made available to such Borrower until such principal amount shall be paid in full, at the following
rates per annum: 
 (i) Base Rate Advances. If such Advance is a Base Rate Advance, a rate per annum equal to the Base
Rate in effect from time to time plus the Applicable Base Rate Margin, payable in arrears quarterly on the last Business Day of each fiscal quarter during the period such Base Rate Advance remains outstanding and on the date such Base Rate Advance
shall be paid in full; and 
 (ii) Eurocurrency Rate Advances. If such Advance is a Eurocurrency Rate Advance, a rate
per annum equal at all times during the Interest Period for such Advance to the sum of the Eurocurrency Rate for such Interest Period plus the Applicable Eurocurrency Margin for such Interest Period, payable in arrears on the last day of such
Interest Period and, if such Interest Period has a duration of more than three months, on each day which occurs during such Interest Period every three months from the first day of such Interest Period. 

  
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 (b) Each Borrower shall pay interest on the unpaid principal amount of each Swing
Line Advance made to it at the Overnight Rate plus the Applicable Eurocurrency Margin, with such interest to be due and payable on the maturity date for such Swing Line Advance. For the period from the date of such Swing Line Borrowing and ending on
the date the Lenders fund their participations in such Swing Line Advance in accordance with Section 2.16(e), such interest shall be for the sole account of the Swing Line Lenders. 

(c) Default Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the
outstanding principal amount of all Advances and, to the extent permitted by law, overdue interest in respect of all Advances, shall bear interest at a rate per annum equal to the sum of two percent (2%) plus the interest rate otherwise applicable
hereunder to such principal amount in effect from time to time. In the event that, and for so long as, any Default under Section 6.01(a) shall have occurred and be continuing, the outstanding principal amount of the Advance with respect to
which such Default has occurred and is continuing shall bear interest at a rate per annum equal to the sum of two percent (2%) plus the interest rate otherwise applicable hereunder to such principal amount in effect from time to time. 

SECTION 2.06 Additional Interest on Eurocurrency Rate Advances. Each Borrower shall pay to each Lender, during each period as such
Lender shall be required under regulations of the Federal Reserve Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of each
Eurocurrency Rate Advance of such Lender outstanding during such period, from the later of the date such reserves are required and the making of such Advance until the earlier of the date such reserves are no longer required and such principal
amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the Eurocurrency Rate for the Interest Period applicable to such Advance from (ii) the rate obtained by dividing such
Eurocurrency Rate by a percentage equal to 100% minus the average Eurocurrency Rate Reserve Percentage of such Lender during such period, payable on each date on which interest is payable on such Advance. Such Lender shall determine the amount of
such additional interest, if any, and promptly notify the relevant Borrower through the Administrative Agent of the amount thereof. 

SECTION 2.07 Repayment; Prepayment of Advances; Etc. (a) Repayment. (i) Revolving Credit Advances. Each
Borrower shall, subject to the next succeeding sentence, repay to the Administrative Agent for the ratable account of each Lender on the Termination Date the aggregate principal amount of the Revolving Credit Advances then outstanding. The Company
may, upon not less than 15 days’ notice to the Administrative Agent, elect (the “Term Loan Election”) to convert all of the Advances outstanding on the Termination Date in effect at such time into a term loan which
the Borrowers shall repay in full ratably to the Lenders on the Maturity Date; provided, that the Term Loan Election may not be exercised unless (i) the Borrowers have, on or prior to the Termination Date, paid to the
Administrative Agent for the account of each Lender, a fee equal to 1.00% of the principal amount of the Revolving Credit Advances outstanding on the Termination Date, each such fee to be allocated to the Lenders in accordance with their respective
Pro Rata Shares; and (ii) the conditions listed in Section 3.02(i)(x) and (y) are satisfied on the date of notice of the Term Loan Election and on the 

  
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date on which the Term Loan Election is to be effected. All Revolving Credit Advances converted into a term loan pursuant to this Section 2.07 shall continue to constitute Revolving Credit
Advances except that the Borrowers may not reborrow pursuant to Section 2.01 after all or any portion of such Advances have been prepaid pursuant to Section 2.07(b). 

(ii) Swing Line Advances. Each Borrower shall repay to the Administrative Agent, for the ratable account of each Swing
Line Lender and each Lender that has funded its participation in a Swing Line Advance, the aggregate outstanding principal amount of such Swing Line Advance made to such Borrower and owing to such Lender on the earlier of (i) the Termination
Date and (ii) seven Business Days after such Swing Line Advance is made. 
 (b) Prepayment of Advances. No Borrower shall have
the right to prepay any principal amount of any Advances other than as provided in this Section 2.07. 
 (c) (i) Optional.
Any Borrower may, upon notice no later than 11:00 A.M. (New York City time) on the second Business Day before the prepayment of Eurocurrency Rate Advances, no later than 11:00 A.M. (New York City time) on the day of the prepayment in the case
of Base Rate Advances and no later than 11:00 A.M. (London time) on the day of the prepayment in the case of Swing Line Advances, in each case to the Administrative Agent (and, in the case of a prepayment related to a Swing Line Advance, to the
Sub-Agent) and stating the proposed date and principal amount of the prepayment, and if such notice is given such Borrower shall, prepay the outstanding principal amount of the Advances comprising part of the
same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that each partial prepayment shall be in the aggregate principal amount of at least
$5,000,000 or a larger whole multiple of $1,000,000 (or, in the case of Advances denominated in an Alternate Currency, the Foreign Currency Equivalent thereof in such Alternate Currency, rounded to the nearest 1,000,000 units of such Alternate
Currency) and, in the case of a payment or prepayment of a Eurocurrency Rate Advance other than on the last day of the Interest Period for such Advance as provided herein, shall have the consequences set forth in Section 8.04(b). 

(ii) Change of Control. The Company shall notify the Administrative Agent immediately upon becoming aware of any Change of Control.
Upon receipt of such notice and for a period of 90 days thereafter, the Required Lenders shall be entitled, by written notice to the Company received within such period, to terminate the Commitments in whole and require the Company and any
other Borrower to prepay all outstanding Advances within 5 Business Days of its receipt of such notice, together with any accrued and unpaid interest thereon to the date of such prepayment and any other amounts due hereunder. Notwithstanding any
other provision contained herein, a Change of Control shall not, in and of itself, constitute a Default hereunder. 
 (d) Alternate
Currency Revaluation. (i) If at any time by reason of fluctuations in foreign exchange rates the aggregate outstanding principal amount of all Advances (for which purpose the amount of any Advance that is denominated in an Alternate
Currency shall be deemed to be the Dollar Equivalent thereof as of the date of determination) exceeds 105% of the aggregate amount of the Revolving Credit Commitments at such time, the 

  
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Administrative Agent shall use all reasonable efforts to give prompt written notice thereof to the Company, specifying the amount to be prepaid under this clause (i), and the Company shall,
within five Business Days of the date of such notice, prepay the Advances, or cause Advances to be prepaid, in an amount so that after giving effect thereto the aggregate outstanding principal amount of the Advances (determined as aforesaid) does
not exceed the aggregate amount of the Revolving Credit Commitments; provided that any such payment shall be accompanied by any amounts payable under Section 8.04(b). The determination of which Advances to prepay hereunder shall be at the sole
option of the Company. The determinations of the Administrative Agent hereunder shall be conclusive and binding on the Borrowers in the absence of manifest error. 

(ii) In addition, if on the last day of any Interest Period the aggregate outstanding principal amount of the Advances (for which purpose the
amount of any Advance that is denominated in an Alternate Currency shall be deemed to be the Dollar Equivalent thereof as of the date of determination), would exceed 100% of the aggregate amount of the Revolving Credit Commitments, the
Administrative Agent shall use all reasonable efforts to give prompt written notice thereof to the Company, specifying the amount to be prepaid under this clause (ii), and the Company shall, within five Business Days of the date of such notice,
prepay the Advances, or cause Advances to be prepaid, or reduce the requested Advances in such amounts that after giving effect to such action the aggregate outstanding principal amount of the Advances does not exceed the aggregate amount of the
Revolving Credit Commitments; provided that any such payment shall be accompanied by any amounts payable under Section 8.04(b). The determination of which Advances to prepay hereunder shall be at the sole option of the Company. The
determinations of the Administrative Agent hereunder shall be conclusive and binding on the Borrowers in the absence of manifest error. 

SECTION 2.08 Increased Costs. (a) Changes in Law, Etc. If, due to (i) the introduction of or any change in or
in the official interpretation of any law or regulation on or after the date of this Agreement, or (ii) the compliance with any guideline or request not applicable on the date of this Agreement from any central bank or other governmental
authority (whether or not having the force of law), there shall be any increase in the cost to any Lender of agreeing to make or making, funding, continuing, converting into or maintaining Eurocurrency Rate Advances, then upon demand by such Lender
received by the Company (with a copy of such demand to the Administrative Agent) accompanied by the certificate described in the next sentence, pay, or cause to be paid, to the Administrative Agent for the account of such Lender additional amounts
sufficient to compensate such Lender for such increased cost, such amounts to be due and payable within two Business Days of such Lender’s invoice therefor. A certificate as to the amount of such increased cost, submitted to the Company and the
Administrative Agent by such Lender, shall be conclusive and binding on the Borrowers for all purposes, absent manifest error. 
 (b)
Capital Adequacy. If, due to (i) the introduction of or any change in or in the official interpretation of any law or regulation on or after the date of this Agreement, or (ii) the compliance with any guideline or request not
applicable on the date of this Agreement from any central bank or other governmental authority (whether or not having the force of law, any Lender determines that the amount of capital or liquidity required or expected to be maintained by such
Lender or any corporation controlling such Lender has been or would be 

  
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affected and that the amount of such capital or liquidity is increased by or based upon the existence of such Lender’s Advances or commitment to lend hereunder and other commitments of this
type, then, upon demand by such Lender received by the Company within such time from the relevant change or introduction described above as is reasonably required in order to determine the effect thereof (with a copy of such demand to the
Administrative Agent) accompanied by a certificate of such Lender as to the amounts demanded, the Company shall pay, or cause to be paid, to the Administrative Agent for the account of such Lender, from time to time as specified by such Lender,
additional amounts sufficient to compensate such Lender or such corporation, as the case may be, to the extent that such Lender reasonably determines such increase in capital or liquidity to be allocable to the existence of such Lender’s
Advances or commitment to lend hereunder, such amounts to be due and payable within two days of such Lender’s invoice therefor. A certificate as to such amounts submitted to the Company and the Administrative Agent by such Lender shall be
conclusive and binding on the Borrowers for all purposes, absent manifest error. 
 (c) For the avoidance of doubt, subsections (a) and
(b) of this Section above shall include any changes resulting from (x) requests, rules, guidelines or directives concerning capital adequacy issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act and
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, and in each case for both clauses (x) and (y), regardless of the date enacted, adopted, issued or implemented. 

SECTION 2.09 Payments and Computations. (a) Manner of Payment. Each Borrower shall make each payment hereunder and under
the Notes without deduction, setoff or counterclaim not later than 11:00 A.M. (Local Time) on the day when due to the Administrative Agent at the Administrative Agent’s Account in the Principal Financial Center for the relevant Currency in same
day funds. The Administrative Agent will promptly thereafter cause to be distributed like Currency and funds relating to the payment of principal or interest or commitment fees ratably (other than amounts payable pursuant to Section 2.02(d),
2.06, 2.08, 2.10, 2.16 or 8.04(b)) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to such Lender for the account of its Applicable
Lending Office, in each case to be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment and Assumption and recording of the information contained therein in the Register pursuant to
Section 8.07(c), from and after the effective date specified in such Assignment and Assumption, the Administrative Agent shall make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender
assignee thereunder, and the parties to such Assignment and Assumption (which shall not include any Borrower) shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves. The making by
any Borrower of any payment to the Administrative Agent for the account of any Lender as herein provided shall pro tanto discharge the relevant obligation of such Borrower to such Lender. 

  
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 (b) Setoff. If a Default or an Event of Default shall have occurred and be continuing,
each Lender and its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency)
at any time held and other indebtedness at any time owing by such Lender or its Affiliates to any Borrower against any of and all the obligations of such Borrower now or hereafter existing under this Agreement and the Notes held by such Lender,
although such obligations may be unmatured. The rights of each Lender and its Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

(c) Interest. All computations of interest based on (i) the Base Rate shall be made by the Administrative Agent on the basis of a
year of 365 or 366 days, as the case may be, and (ii) the Eurocurrency Rate, Overnight Rate or the Federal Funds Rate and all computations of interest pursuant to Section 2.06 shall be made by the Administrative or the Sub-Agent, as the case may be, on the basis of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such
interest is payable. Each determination by the Administrative Agent of an interest rate for any Advance hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(d) Business Days. Whenever any payment hereunder or under the Notes shall be stated to be due on a day other than a Business Day, such
payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or commitment fee, as the case may be; provided that if such extension would cause payment
of interest on or principal of Eurocurrency Rate Advances to be made in the next following calendar month, such payment shall be made on the next preceding Business Day. 

(e) Assumption of Payment. Unless the Administrative Agent shall have received notice from a Borrower prior to the date on which any
payment is due to the Lenders hereunder that such Borrower will not make such payment in full, the Administrative Agent may assume that such Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent
may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent such Borrower shall not have so made such payment in full to the Administrative
Agent, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender
repays such amount to the Administrative Agent, at the Federal Funds Rate (if such Advance is denominated in Dollars) or at the cost of funds incurred by the Administrative Agent or the Sub-Agent, as
applicable (if such Advance is denominated in an Alternate Currency). 
 (f) Rate Information. The Reference Bank shall notify the
Company and the Administrative Agent of the Base Rate in effect on the first Business Day on which a Base Rate Advance is outstanding and each day on which a change in the Base Rate occurs, each in sufficient detail to enable the Company to
calculate interest payments hereunder with respect to Base Rate Advances, and shall provide such information to any Lender promptly upon its request. The Company will provide to the Administrative Agent (i) promptly upon receipt thereof copies
of the information received by the Company pursuant to the immediately preceding sentence or any Rate Notification received pursuant to Section 2.02(a), (ii) promptly 

  
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upon the making of any interest payment with respect to a Base Rate Advance hereunder a schedule based on such information setting forth the Base Rate for each day in the period in which such
Advance was outstanding, and (iii) promptly upon obtaining knowledge thereof, notice of any change in the rating assigned by Standard & Poor’s, Moody’s, or Fitch to the Company’s Long-Term Indebtedness and the date of
such change, provided that the Company’s failure to provide any of the foregoing information shall be deemed not to be a Default or an Event of Default hereunder. 

(g) Currency of Payments. All payments of principal of and interest on, and any amounts payable under Section 2.06 in respect of,
an Advance that is denominated in a particular Currency shall be made in such Currency, and all other amounts payable under this Agreement (except as specified in Section 9.06) shall be paid in Dollars. 

SECTION 2.10 Taxes. (a) General. Any and all payments by each Loan Party hereunder or under the Notes shall be made in
accordance with Section 2.09, free and clear of and without deduction for any and all taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto (which are, with respect to payments by the Company
only, and with respect to United States withholding tax, not in effect or not imposed on the date of this Agreement); excluding, in the case of each Lender and the Administrative Agent, taxes imposed on its income, and franchise taxes imposed
on it by the jurisdiction under the laws of which such Lender or the Administrative Agent (as the case may be) is organized or any political subdivision thereof and, in the case of each Lender, taxes imposed on its income, and franchise taxes
imposed on it, by the jurisdiction of such Lender’s Applicable Lending Office or any political subdivision thereof, and any U.S. federal withholding taxes imposed under FATCA (all such non-excluded taxes, levies, imposts, deductions, charges,
withholdings and liabilities being hereinafter referred to as “Taxes”). 
 (b) Other Taxes. In addition, each Loan
Party agrees to pay any stamp or documentary taxes or any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or under the Notes or from the execution, delivery or registration of, or otherwise with
respect to, this Agreement not in effect or not imposed on the date of this Agreement or the Notes (hereinafter referred to as “Other Taxes”) upon notice from the Lender. 

(c) Tax Indemnity. Each Loan Party will indemnify each Lender and the Administrative Agent for the full amount of Taxes or Other Taxes
(including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 2.10) paid by such Lender or the Administrative Agent (as the case may be) and any liability (including penalties,
interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within 30 days from the date such Lender or the Administrative
Agent (as the case may be) makes written demand therefor. 
 (d) Receipt. Within 30 days after the date of any payment of Taxes,
each Loan Party will furnish to the Administrative Agent, at its address referred to in Section 8.02, the original or a certified copy of a receipt evidencing payment thereof. 

  
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 SECTION 2.11 Promissory Notes. Any Lender may request that Advances of any Type made
by it be evidenced by a promissory note. In such event, the relevant Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns)
substantially in the form of Exhibit E (a “Note”) in the case of the Advances. Thereafter, such Advances evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to
Section 8.07) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

SECTION 2.12 Use of Proceeds of Advances. Each Borrower will use the proceeds of the Advances solely for general corporate
purposes, including, without limitation, for the acquisition of the Newell Tools business. 
 SECTION 2.13 Defaulting Lenders.
(a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, the Administrative Agent shall deliver written notice to such effect upon obtaining knowledge of such event to the Company and such
Defaulting Lender, and the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (i) any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of any Defaulting Lender under this Agreement (whether voluntary or mandatory, at maturity, pursuant to Article VI or otherwise) shall be
applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata
basis of any amounts owing by such Defaulting Lender to any Swing Line Lender hereunder; third, as the Company may request (so long as no Default or Event of Default exists), to the funding of any Advance in respect of which that Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent
jurisdiction obtained by any Lender or Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default exists, to
the payment of any amounts owing to any Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under
this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advance in respect of which such
Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made at a time when the applicable conditions set forth in Article III were satisfied or waived, such payment shall be applied solely to pay the
Advances of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of such Defaulting Lender and provided further that any amounts held as cash
collateral for funding obligations of a Defaulting Lender shall be returned to such Defaulting Lender upon the termination of this Agreement and the satisfaction of such Defaulting Lender’s obligations hereunder. Any payments, prepayments or
other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.13 shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto. 

  
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 (ii) all or any part of such Defaulting Lender’s participation in Swing Line
Advances shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares thereof (calculated without regard to such Defaulting Lender’s Revolving Credit
Commitment) but only to the extent that such reallocation does not cause such Non-Defaulting Lender’s aggregate principal amount of outstanding Revolving Credit Advances plus such Non-Defaulting Lender’s participation in Swing Line Advances to exceed such Non-Defaulting Lender’s Revolving Credit Commitment. Subject to Section 8.17, no
reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a
Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. To the extent that the reallocation described
above cannot, or can only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under applicable law, prepay outstanding Swing Line Advances in an amount equal to the Swing Line
Lenders’ Fronting Exposure. 
 (b) No Revolving Credit Commitment of any Lender shall be increased or otherwise affected, and, except as
otherwise expressly provided in this Section 2.13, performance by the Borrowers of their obligations shall not be excused or otherwise modified as a result of the operation of this Section 2.13. The rights and remedies against a Defaulting
Lender under this Section 2.13 are in addition to any other rights and remedies which the Borrowers, the Administrative Agent or any Lender may have against such Defaulting Lender. 

(c) If the Company, each Swing Line Lender and the Administrative Agent agree in writing in their reasonable determination that a Defaulting
Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include
arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Revolving Credit Advances of the other Lenders or take such other actions as the Administrative Agent may
determine to be necessary to cause such Revolving Credit Advances and funded and unfunded participations in Swing Line Advances to be held on a pro rata basis by the Lenders in accordance with their pro rata share, whereupon such Lender will cease
to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further,
that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a
Defaulting Lender. 
 (d) New Swing Line Advances. So long as any Lender is a Defaulting Lender, no Swing Line Lender shall be
required to fund any Swing Line Advances unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Advance. 

  
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 SECTION 2.14 Borrowings by Designated Borrowers. (a) The Company may, at any time or
from time to time, upon not less than 15 Business Days notice to the Administrative Agent and the Sub-Agent, designate one or more Subsidiaries organized in any of the jurisdictions listed on Schedule II
or, subject to the final two paragraphs of this clause (a) below, any other jurisdiction, as Borrowers hereunder. Upon any such designation of a Subsidiary and the Administrative Agent’s receipt of each of the following
(copies of which will be promptly furnished by the Administrative Agent to the Lenders), which shall be in form and substance reasonably satisfactory to the Administrative Agent, such Subsidiary shall be a Designated Borrower and a Borrower entitled
to make Borrowings on and subject to the terms and conditions of this Agreement: 
 (i) Executed Counterparts. A
designation letter (a “Designation Letter”) in duplicate, in substantially the form of Exhibit F, duly completed and executed by the Company and such Designated Borrower and delivered to the Administrative Agent at least ten
Business Days before the date on which such Subsidiary is to become a Designated Borrower; 
 (ii) Opinion of Counsel to
the Designated Borrower. A favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the date of the Designation Letter) of reputable counsel to such Designated Borrower (which may be internal counsel) in the
relevant jurisdiction (and such Designated Borrower hereby and by delivery of such Designation Letter instruct such counsel to deliver such opinion to the Lenders and the Administrative Agent), as to the due organization of such Designated Borrower
under the laws of its jurisdiction of organization, the due authorization, execution and delivery by such Designated Borrower of such Designation Letter and of the making of Borrowings by it hereunder, the obtaining of all licenses, approvals and
consents of, and the making of all filings and registrations with, any applicable Governmental Authority required in connection therewith and the legality, validity and binding effect and enforceability thereof, and such other legal matters relating
thereto as the Administrative Agent may reasonably request; 
 (iii) Corporate Documents. Such documents and
certificates as the Administrative Agent may reasonably request (including without limitation certified copies of the charter and by-laws of such Designated Borrower and of resolutions of its Board of
Directors authorizing such Designated Borrower’s acceptance of the Company’s designation as a “Designated Borrower” and its becoming a Borrower under this Agreement, and of all documents evidencing all other necessary corporate
or other action required with respect to such Designated Borrower becoming party to this Agreement; 
 (iv) Process
Agent. Evidence that the Process Agent has agreed to act as agent for service of process in New York, New York on behalf of such Designated Borrower under the Loan Documents; 

(v) Expenses. Evidence that such Designated Borrower or the Company shall have paid any and all expenses reasonably
incurred by the Administrative Agent (including the reasonable fees and expenses of counsel to the Administrative Agent) in connection with its designation as a Designated Borrower; and 

  
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 (vi) Other Items. Such other documents relating thereto as the
Administrative Agent or any Lender or special New York counsel to the Administrative Agent may reasonably request, including any documentation and other evidence which may be requested by the Administrative Agent or any Lender to comply with and/or
administer any “know your customer” or other customer identification related policies and procedures required under applicable laws and regulations. 

If the Company shall designate as a Designated Borrower hereunder any Subsidiary not organized under the laws of the United States or any
State thereof, any Lender may, with notice to the Administrative Agent and the Company, fulfill its Commitment by causing an Affiliate or branch of such Lender to act as the Lender in respect of such Designated Borrower. 

As soon as practicable after receiving notice from the Company or the Administrative Agent of the Company’s intent to designate a
Subsidiary as a Designated Borrower, and in any event no later than five Business Days after the delivery of such notice, for a Designated Borrower that is organized under the laws of a jurisdiction other than of the United States or a political
subdivision thereof or a jurisdiction listed on Schedule II, any Lender that (x) may not legally lend to, establish credit for the account of and/or do any business whatsoever with such Designated Borrower directly or through an Affiliate
of such Lender as provided in the immediately preceding paragraph or (y) reasonably determines that it would incur additional expenses (including taxes) by lending to such foreign Borrower (a “Protesting Lender”) shall so
notify the Company and the Administrative Agent in writing. With respect to each Protesting Lender, the Company shall, effective on or before the date that such Designated Borrower shall have the right to borrow hereunder, either (A) notify the
Administrative Agent and such Protesting Lender that the Commitments of such Protesting Lender shall be terminated; provided that such Protesting Lender shall have received payment of an amount equal to the outstanding principal of its
Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, or (B) cancel its request to designate such Subsidiary as a “Designated Borrower” hereunder. 

(b) So long as all principal of and interest on all Advances made to any Designated Borrower and all other amounts payable by such Designated
Borrower under this Agreement and the other Loan Documents have been paid in full, the Company may terminate the status of such Designated Borrower as a Borrower hereunder by furnishing to the Administrative Agent and the Sub-Agent a letter (a “Termination Letter”) in substantially the form of Exhibit G, duly completed and executed by the Company. Any Termination Letter furnished hereunder shall be effective
upon receipt thereof by the Administrative Agent, which shall promptly so notify the Lenders. Notwithstanding the foregoing, the delivery of a Termination Letter with respect to any Designated Borrower shall not terminate (i) any obligation of
such Borrower that remains unpaid at the time of such delivery (including without limitation any obligation arising thereafter in respect of such Borrower under Section 2.08 or Section 2.10) or (ii) the obligations of the Company
under Article IX with respect to any unpaid obligations of such Borrower. 

  
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 SECTION 2.15 European Monetary Union. (a) Definitions. In this
Section 2.15 and in each other provision of this Agreement to which reference is made in this Section 2.15 (whether expressly or impliedly), the following terms have the meanings given to them in this
Section 2.15: 
 “EMU” shall mean economic and monetary union as contemplated in the
Treaty on European Union. 
 “EMU Legislation” shall mean legislative measures of the European Council for
the introduction of, changeover to or operation of a single or unified European currency, being in part the implementation of the third stage of EMU. 

“Euro” shall mean the single currency of Participating Member States of the European Union. 

“Participating Member State” shall mean each state so described in any EMU Legislation. 

“Treaty on European Union” shall mean the Treaty of Rome of March 25, 1957, as amended by the Single
European Act 1986 and the Maastricht Treaty (which was signed at Maastricht on February 7, 1992, and came into force on November 1, 1993), as amended from time to time. 

(b) Payments by the Administrative Agent Generally. With respect to the payment of any amount denominated in the Euro, the
Administrative Agent shall not be liable to the Company or any of the Lenders in any way whatsoever for any delay, or the consequences of any delay, in the crediting to any account of any amount required by this Agreement to be paid by the
Administrative Agent if the Administrative Agent shall have taken all relevant steps to achieve, on the date required by this Agreement, the payment of such amount in immediately available, freely transferable, cleared funds to the account of the
Company or any Lender, as the case may be, in the Principal Financial Center in the Participating Member State which the Company or, as the case may be, such Lender shall have specified for such purpose. In this paragraph (b), “all
relevant steps” shall mean all such steps as may be prescribed from time to time by the regulations or operating procedures of such clearing or settlement system as the Administrative Agent may from time to time reasonably determine for the
purpose of clearing or settling payments of the Euro. 
 (c) Determination of Eurocurrency Rate. For the purposes of determining the
date on which the applicable rate for Eurocurrency Rate Advances is determined under this Agreement for any Advance denominated in the Euro for any Interest Period therefor, references in this Agreement to London Banking Days shall be deemed to be
references to Target Days. 
 (d) Determination of Overnight Rate. If requested by the
Sub-Agent, each Swing Line Lender agrees to furnish to the Sub-Agent timely information for the purpose of determining the Overnight Rate. If any one or more of the
Swing Line Lenders shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest rate, the Sub-Agent shall determine such interest rate on the basis of
timely information furnished by the remaining Swing Line Lenders. The Sub-Agent shall give prompt notice to the 

  
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Borrower and the Swing Line Lenders of the applicable interest rate determined by the Sub-Agent for purposes of Section 2.05(b) (it being understood
that the Sub-Agent shall not be required to disclose to any party hereto any information regarding any Swing Line Lender or any rate provided by such Swing Line Lender in accordance with the definition of
“Overnight Rate”, including, without limitation, whether a Swing Line Lender has provided a rate or the rate provided by any individual Swing Line Lender). 

SECTION 2.16 The Swing Line Advances. (a) Subject to the terms and conditions set forth herein, each Swing Line Lender severally
agrees to make a portion of the credit otherwise available from time to time to the Borrowers by making swing line advances (“Swing Line Advances”) on any Business Day during the period from the Effective Date until the Termination Date to
the Borrower requesting such extension of credit under subsection (b) of this Section 2.16. Such Swing Line Advances shall be denominated in Euros and, in the aggregate, shall not exceed (x) at any time outstanding
(i) for each Swing Line Lender (1) such Swing Line Lender’s Swing Line Commitment then in effect and (2) when aggregated to such Swing Line Lender’s outstanding Revolving Credit Advances and such Swing Line
Lender’s unfunded participations in Swing Line Advances made by any other Swing Line Lender, such Swing Line Lender’s Revolving Credit Commitment then in effect and (ii) for all Swing Line Advances, the amount of the Swing Line Sublimit or
(y) at the time of such Swing Line Advance, the aggregate Unused Revolving Credit Commitments of the Lenders. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may borrow under this
Section 2.16, prepay under Section 2.07, and reborrow under this Section 2.16. Immediately upon the making of a Swing Line Advance, each Lender shall be deemed to have purchased, and hereby irrevocably and unconditionally
agrees to purchase, from the applicable Swing Line Lender a risk participation in such Swing Line Advance in an amount equal to such Lender’s Pro Rata Share of such Swing Line Advance. 

(b) Each Swing Line Advance shall be made on notice to the Sub-Agent, given not later than 11:00 A.M.
(London time) on the Business Day on which the proposed Swing Line Advance is to be made. Such notice requirement shall be satisfied by the delivery of a Notice of Borrowing for such Swing Line Advance by email, confirmed promptly by telephone or by
telecopier and such notice shall specify therein (A) the requested date of such Swing Line Advance (which shall be a Business Day), (B) the requested aggregate amount of Swing Line Advances being requested by such Borrower and (C) the
requested account with the Sub-Agent to which the proceeds of the requested Swing Line Advance are to be transferred. The Sub-Agent will promptly advise the Swing Line
Lenders of any such notice received from a Borrower. Each Swing Line Lender shall make its ratable portion of the requested Swing Line Advance (such ratable portion to be calculated based upon such Swing Line Lender’s Swing Line Commitment to
the total Swing Line Commitments of all of the Swing Line Lenders) available for the account of its Applicable Lending Office to the Sub-Agent at the account designated by the
Sub-Agent, in same day funds, before 1:00 P.M. (London time) on the date a Borrower has requested such Swing Line Advance. After the Sub-Agent’s receipt of such
funds and upon fulfillment of the applicable conditions set forth in Section 3.02, the Sub-Agent will make such funds available to such Borrower by transferring the amount thereof to
the account designated by such Borrower for such purpose on the date specified in such Notice of Borrowing. 

  
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 (c) The failure of any Swing Line Lender to make the Swing Line Advance to be made by it as part
of any Swing Line Borrowing shall not relieve any other Swing Line Lender of its obligation, if any, hereunder to make its Swing Line Advance on the date of such Swing Line Borrowing, but no Swing Line Lender shall be responsible for the failure of
any other Swing Line Lender to make the Swing Line Advance to be made by such other Lender on the date of any Swing Line Borrowing. 
 (d)
Upon written demand by a Swing Line Lender, with a copy of such demand to the Administrative Agent, each other Lender will purchase from such Swing Line Lender, and such Swing Line Lender shall sell and assign to each such other Lender, such other
Lender’s Pro Rata Share of such outstanding Swing Line Advance, by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of such Swing Line Lender, by deposit to the Administrative
Agent’s Account, in same day funds, an amount equal to the portion of the outstanding principal amount of such Swing Line Advance to be purchased by such Lender. Each Borrower hereby agrees to each such sale and assignment. Each Lender hereby
absolutely and unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent, to purchase its Pro Rata Share of an outstanding Swing Line Advance on the third Business Day after the date demand therefor. Each Lender
acknowledges and agrees that its obligation to acquire participations in Swing Line Advances pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance
of a Default or Event of Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Upon any such assignment by any Swing Line Lender to any
other Lender of a portion of a Swing Line Advance, such Swing Line Lender represents and warrants to such other Lender that such Swing Line Lender is the legal and beneficial owner of such interest being assigned by it, but makes no other
representation or warranty and assumes no responsibility with respect to such Swing Line Advance, this Agreement, the Notes or the Borrowers. If and to the extent that any Lender shall not have so made the amount of such Swing Line Advance available
to the Administrative Agent, such Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date such Lender is required to have made such amount available to the
Administrative Agent until the date such amount is paid to the Administrative Agent, at the higher of the Overnight Rate and the cost of funds incurred by the Administrative Agent in respect of such amount, plus any administrative, processing or
similar fees customarily charge by the Administrative Agent in connection with the foregoing. If such Lender shall pay to the Administrative Agent such amount for the account of such Swing Line Lender on any Business Day, such amount so paid in
respect of principal shall constitute a Swing Line Advance made by such Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Swing Line Advance made by such Swing Line Lender shall be reduced by
such amount on such Business Day. 
 (e) At any time after any Lender has funded a risk participation in a Swing Line Advance, if any Swing
Line Lender receives any payment on account of such Swing Line Advance, such Swing Line Lender will promptly distribute to such Lender its ratable share thereof in the same funds as those received by such Swing Line Lender. 

  
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 ARTICLE III 

CONDITIONS TO EFFECTIVENESS AND LENDING 

SECTION 3.01 Condition Precedent to Effectiveness. This Agreement shall become effective as of the date (the
“Effective Date”), which shall be on or before January 18, 2017, as of which the Administrative Agent shall confirm to the Company that it has received the following, each dated such day, in form and substance satisfactory to the
Administrative Agent and (except for any Notes) in sufficient copies for each Lender: 
 (a) Executed Counterparts.
From each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this
Agreement) that such party has signed a counterpart of this Agreement; 
 (b) Authority and Approvals. Certified
copies of the resolutions of the Board of Directors of the Company (or equivalent documents) authorizing and approving this Agreement, the other Loan Documents to which it is a party and the transactions contemplated hereby and thereby and certified
copies of all documents evidencing all necessary corporate action and all other necessary action (corporate, partnership or otherwise) and governmental approvals, if any, with respect to this Agreement and the other Loan Documents to which it is a
party; 
 (c) Secretary’s or Assistant Secretary’s Certificate. A certificate of the Secretary or an
Assistant Secretary of the Company, dated the Effective Date, certifying the names and true signatures of the officers of the Company authorized to execute and deliver this Agreement, the Notes, and the other documents to which it is a party and to
be delivered hereunder; 
 (d) Legal Opinions. An opinion of Brown Rudnick, LLP, as special counsel to the Company,
dated the Effective Date, substantially in the form of Exhibit C-1 hereto and an opinion of special New York counsel to the Administrative Agent, dated the Effective Date, substantially in the form of Exhibit C-2 hereto; 
 (e) Closing Certificate. A certificate of a senior
financial officer of the Company, dated the Effective Date, certifying that the representations and warranties set forth in Article IV are true on such date as if made on and as of such date and that no Default or Event of Default has occurred
and is continuing on such date; and 
 (f) Fees and Expenses. Evidence satisfactory to the Administrative Agent that
the Company shall have paid to the Administrative Agent for account of the Lenders such up-front fees in connection with the execution of this Agreement as the Company and the Administrative Agent shall have
agreed upon. 
 SECTION 3.02 Conditions Precedent to Each Borrowing and Term Loan Election. The obligation of each Lender
to make each Advance (including the initial Advance) as part of a Borrowing (other than a Swing Line Advance in which a participation is funded by a Lender pursuant to Section 2.16(d)) and the effectiveness of any Term Loan Election shall be

  
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subject to the further conditions precedent that (i) on the date of such Borrowing or Term Loan Election the following statements shall be true (and each of the giving of the applicable
Notice of Borrowing and the acceptance by the relevant Borrower of the proceeds of such Advance or the notice of the Term Loan Election shall constitute a representation and warranty by such Borrower that on the date of such Advance or Term Loan
Election the following statements shall be true): (x) the representations and warranties contained in Section 4.01 (other than the Excluded Representation) and, to the extent applicable, in the Designation Letter of such Borrower are correct in
all material respects (other than any representation or warranty qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the date of such Borrowing or notice of Term Loan Election, before
and after giving effect to such Borrowing and to the application of the proceeds therefrom or such Term Loan Election, as though made on and as of such date (it being understood and agreed that any representation or warranty which expressly refers
by its terms to a specified date shall be required to be true and correct in all material respects only as of such date), and (y) no event has occurred and is continuing, or would result from such Borrowing or from the application of the
proceeds therefrom or from the Term Loan Election, that would constitute a Default or an Event of Default; and (ii) in the case of a requested Borrowing the proceeds of which are to be used to buy or carry any Margin Stock, the Company shall
deliver to the Administrative Agent a certificate of a senior financial officer of the Company accompanying the relevant Notice of Borrowing setting forth in reasonable detail the basis upon which the Company has made the representation set forth in
the third sentence of Section 4.01(l) on and as of the date of such Borrowing, before and after giving effect to such Borrowing and to the application of the proceeds therefrom, together with (if so requested by the Administrative Agent) a duly
completed Form U-1 or Form G-3 satisfactory to the Administrative Agent. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.01 Representations and Warranties of the Company. The Company represents and warrants as follows: 

(a) Corporate Existence. The Company is a corporation duly organized and validly existing under the laws of the State of
Connecticut. 
 (b) Corporate Authorization, Etc. The execution, delivery and performance by the Company of this
Agreement and the Notes are within the Company’s corporate powers, have been duly authorized by all necessary corporate action and do not contravene (i) the charter or bylaws of the Company or (ii) any law or contractual restriction
binding on or affecting the Company or any of its Subsidiaries. 
 (c) No Approvals. No authorization, approval or
action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by the Company of this Agreement or the Notes. 

(d) Enforceability. This Agreement is and, upon issuance and delivery thereof in accordance with this Agreement, each
Note will be the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms. 

  
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 (e) Financial Information. The consolidated balance sheet of the Company
and its Consolidated Subsidiaries as of January 3, 2015, and the related statements of income and retained earnings of the Company and its Consolidated Subsidiaries for the fiscal year then ended, copies of which have been furnished to the
Lenders, fairly present in all material respects the financial condition of the Company and its Consolidated Subsidiaries as of such date and the results of the operations of the Company and its Consolidated Subsidiaries for the period ended on such
date, all in accordance with GAAP consistently applied. 
 (f) No Litigation. Except as disclosed in the reports,
schedules, forms, statements and other documents filed or furnished by the Company with the Securities Exchange Commission since January 2, 2016, filed on or prior to the date five days prior to the date hereof, there is no pending or (to the
best of the Company’s knowledge) threatened action or proceeding against the Company or any of its Subsidiaries or relating to any of their respective properties before any court, governmental agency or arbitrator, which could reasonably be
expected to have a Material Adverse Effect or which purports to affect the legality, validity or enforceability of this Agreement or any Note. 

(g) No Material Adverse Effect. Except as disclosed in the reports, schedules, forms, statements and other documents
filed or furnished by the Company with the Securities Exchange Commission since January 2, 2016, filed on or prior to the date five days prior to the date hereof, there has been no event, act or condition which has had a Material Adverse
Effect. 
 (h) Environmental Matters. Except as disclosed in the reports, schedules, forms, statements and other
documents filed or furnished by the Company with the Securities Exchange Commission since January 2, 2016, filed on or prior to the date five days prior to the date hereof, neither the Company nor any of its Subsidiaries has received notice or
otherwise obtained knowledge of any claim, demand, action, event, condition, report or investigation indicating or concerning any potential or actual liability which could reasonably be expected to, individually or in the aggregate, have a Material
Adverse Effect arising in connection with (i) any non-compliance with or violation of the requirements of any applicable federal, state or local environmental health or safety statutes or regulations, or
(ii) the release or threatened release of any toxic or hazardous waste, substance or constituent into the environment. 

(i) Investment Company. The Company is not an “investment company” within the meaning of the Investment
Company Act of 1940, as amended. 
 (j) Disclosure. The information furnished in writing by or on behalf of any Loan
Party to the Lenders in connection with the negotiation, execution and delivery of this Agreement or any other Loan Document does not contain any material misstatements of fact or omit to state a material fact necessary to make the statements
contained therein, in light of the circumstances under which they were made, not misleading. 

  
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 (k) No Defaults. The Company (i) is not in default under or with
respect to this Agreement or any Note, and (ii) is not in default under or with respect to any other agreement, instrument or undertaking to which it is a party or by which it or any of its property is bound in any respect which could
reasonably be expected to result in a Material Adverse Effect. 
 (l) Use of Proceeds, Etc. All proceeds of each
Advance will be used by each Borrower only in accordance with the provisions of Section 2.12. No Borrower is or will be engaged in the business of extending credit for the purpose of buying or carrying Margin Stock and no proceeds of any
Advance will be used to extend credit to others for the purpose of buying or carrying any Margin Stock. Neither the making of any Advance nor the use of the proceeds thereof will violate or be inconsistent with the provisions of Regulations U or X
issued by the Board of Governors of the Federal Reserve System. 
 (m) Anti-Corruption Laws and Sanctions. The Company
has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions, and the Company, its Subsidiaries, their respective officers and employees and, to the knowledge of the Company, their directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.
None of (a) the Company, any Subsidiary or to the knowledge of the Company or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the Company, any agent of any Borrower or any Subsidiary
that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing, use of proceeds or other transaction contemplated by
this Agreement will, directly or indirectly, be used (x) to fund any activities or business of or with a Sanctioned Person or in any Sanctioned Country, except to the extent permissible for a Person in compliance with Sanctions or (y) in
any other manner in violation of any Anti-Corruption Law or applicable Sanctions. 
 (n) EEA Financial Institution. No
Borrower is an EEA Financial Institution. 
 ARTICLE V 

COVENANTS OF THE COMPANY 

SECTION 5.01 Affirmative Covenants. So long as any Advance or any other amount owing hereunder shall remain unpaid or any Lender
shall have any Commitment hereunder: 
 (a) Financial Information. The Company will furnish to the Lenders: 

  
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 (i) Quarterly Financial Statements. Within 50 days after the close of
each quarterly accounting period in each fiscal year of the Company, the consolidated balance sheet of the Company and its Consolidated Subsidiaries as at the end of such quarterly period and the related consolidated statement of income, retained
earnings and cash flows for such quarterly period and for the elapsed portion of the fiscal year ended with the last day of such quarterly period, in each case setting forth comparative figures for the related periods in the prior fiscal year. 

(ii) Annual Financial Statements. Within 95 days after the close of each fiscal year of the Company, the
consolidated balance sheet of the Company and its Consolidated Subsidiaries as at the end of such fiscal year and the related consolidated statement of income, retained earnings and cash flows for such fiscal year, setting forth comparative figures
for the preceding fiscal year and reported on without qualification by independent certified public accountants of recognized national standing, in each case together with a report of such accounting firm stating that in the course of its regular
audit of the consolidated financial statements of the Company, which audit was conducted in accordance with generally accepted auditing standards, such accounting firm has obtained no knowledge of any Default or Event of Default relating to
accounting matters (including, without limitation, in respect of Section 5.01(f)), or if in the opinion of such accounting firm such a Default or an Event of Default has occurred and is continuing, a statement as to the nature thereof. 

(iii) Officer’s Certificates. At the time of the delivery of the financial statements under clauses (i) and
(ii) above, a certificate of a senior financial officer of the Company which certifies (x) that such financial statements fairly present the financial condition and the results of operations of the Company and its Consolidated Subsidiaries
on the dates and for the periods indicated, and (y) that such officer has reviewed the terms of this Agreement and has made, or caused to be made under his or her supervision, a review in reasonable detail of the business and condition of the
Company and its Consolidated Subsidiaries during the accounting period covered by such financial statements, and that as a result of such review such officer has concluded that no Default or Event of Default has occurred during the period commencing
at the beginning of the accounting period covered by the financial statements accompanied by such certificate and ending on the date of such certificate or, if any Default or Event of Default has occurred, specifying the nature and extent thereof
and, if continuing, the action the Company proposes to take in respect thereof. Such certificate shall set forth in reasonable detail the calculations required to establish whether the Company was in compliance with the provisions of
Section 5.01(f) for the twelve-month period ending as at the end of the accounting period covered by the financial statements accompanied by such certificate. 

(iv) Notice of Default or Litigation. Promptly after any Loan Party obtains knowledge thereof, notice of (i) the
occurrence of any Default or Event of Default, or (ii) any litigation or governmental proceeding pending or threatened against any Loan Party or other event, act or condition which could reasonably be expected to result in a Material Adverse
Effect. 

  
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 (v) SEC Filings. Promptly upon transmission thereof, copies of all regular
and periodic financial information, proxy materials and other information and reports, if any, which the Company shall file with the Securities and Exchange Commission or any governmental agencies substituted therefor or which the Company shall send
to its stockholders. 
 (vi) Other Information. From time to time, and as soon as reasonably practicable, such other
information or documents (financial or otherwise) as any Lender through the Administrative Agent may from time to time reasonably request. 

Reports and financial statements required to be delivered by the Company pursuant clauses (i), (ii) and (v) of this Section 5.01
(a) shall be deemed to have been delivered on the date on which it posts such reports, or reports containing such financial statements, on its website on the Internet at www.stanleyblackanddecker.com, or when such reports, or reports
containing such financial statements are posted on the website of the Securities and Exchange Commission at www.sec.gov; provided that it shall deliver such paper copies of the reports and financial statements referred to in Clauses (i),
(ii) and (v) of this Section 5.01(a) to the Administrative Agent or any Lender who request it to deliver such paper copies until written notice to cease delivering paper copies is given by the Administrative Agent or such Lender.

 (b) Compliance with Law. The Company shall, and shall cause each of its Subsidiaries to, comply with all applicable
laws, rules, statutes, regulations, decrees and orders of all governmental bodies, domestic or foreign, in respect of the conduct of their business and the ownership of their property, except such
non-compliance as could not reasonably be expected to result in a Material Adverse Effect at the time of such non-compliance or in the foreseeable future. The Company
shall maintain in effect and enforce policies and procedures reasonably designed to promote compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions. 
 (c) Payment of Taxes. The Company shall pay or cause to be paid, and shall cause each of its
Subsidiaries to pay or cause to be paid, when due, all taxes, charges and assessments and all other lawful claims required to be paid by the Company or such Subsidiaries, except (x) as contested in good faith and by appropriate proceedings
diligently conducted, if adequate reserves have been established with respect thereto in accordance with GAAP and (y) where such nonpayment could not reasonably be expected to result in a Material Adverse Effect. 

(d) Preservation of Corporate Existence. Except as otherwise permitted by this Agreement, the Company shall, and shall
cause each of its Subsidiaries to, do all things necessary to preserve, renew and keep in full force and effect its corporate existence (in the case of any Borrower, in a United States jurisdiction or a jurisdiction listed in Schedule II) and the
licenses, permits, rights and franchises necessary to the proper conduct of its business, except where the failure to do so could not reasonably be 

  
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expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries will engage in any business if, as a result, the general nature of the business, taken on a
consolidated basis, which would then be engaged in by the Company and its Subsidiaries would be substantially changed from the general nature of the business engaged in by the Company and its Subsidiaries on the date of this Agreement. 

(e) Maintenance of Books and Records. The Company will maintain financial records in accordance with GAAP, consistently
applied. The representatives of the Administrative Agent or any of the Lenders shall have the right to visit and inspect any of the properties of the Company and of any of its Subsidiaries, to examine their books of account and records and take
notes and make transcripts therefrom, and to discuss their affairs, finances and accounts with, and be advised as to the same by, their officers upon reasonable prior notice at such reasonable times and intervals as may be requested (subject to the
standard policies of the Company and its Subsidiaries as to access, safety and, without prejudice to the reasonable requirements of lending institutions and their regulatory supervisors, confidentiality). 

(f) Interest Coverage Ratio. The Company shall maintain, for each period of four consecutive fiscal quarters of the
Company, an Interest Coverage Ratio of not less than 3.50 to 1.00. 
 SECTION 5.02 Negative Covenants. So long as any Advance or
any other amount owing hereunder shall remain unpaid or any Lender shall have any Commitment hereunder: 
 (a) No
Liens. The Company shall not, and shall not permit any of its Subsidiaries to, create, incur, assume or suffer to exist, directly or indirectly, any Lien on any Principal Property now owned or hereafter acquired (unless the Company secures the
Advances made hereunder equally and ratably with such Lien), other than: 
 (i) Liens existing and disclosed to the Lenders
in writing prior to the date hereof; 
 (ii) Liens for taxes not yet due or which are being contested in good faith by
appropriate proceedings diligently conducted and with respect to which adequate reserves are being maintained in accordance with GAAP; 

(iii) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law
created in the ordinary course of business for amounts not yet due or which are being contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate bonds have been posted; 

(iv) Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation,
unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); 

  
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 (v) easements,
rights-of-way, zoning and similar restrictions and other similar charges or encumbrances not interfering with the ordinary conduct of the business of the Company or any
of its Subsidiaries and which do not detract materially from the value of the property to which they attach or impair materially the use thereof by the Company or any of its Subsidiaries; 

(vi) Liens on property of any Person existing at the time such Person becomes a Subsidiary of the Company and not created in
contemplation thereof; 
 (vii) Liens securing Indebtedness owed by a Subsidiary of the Company to the Company or another
Subsidiary of the Company; 
 (viii) any Lien arising solely by operation of law in the ordinary course of business or which
is contained in a contract for the purchase or sale of goods or services entered into in the ordinary course of business; 

(ix) Liens on any property existing at the time of acquisition but only if the amount of outstanding Indebtedness secured
thereby does not exceed the lesser of the fair market value or the purchase price of the property as purchased; 
 (x) any
Lien securing the purchase price of revenues or assets purchased after the date hereof or the cost of repairing or altering, constructing, developing or substantially improving all or any part of such revenues or assets; provided that such
Lien attaches only to such revenues or assets (including any improvements) and the Indebtedness thereby secured does not exceed the lesser of the fair market value or the purchase price of the revenues or assets (including any improvements) as
purchased; 
 (xi) any other Liens on Principal Properties securing Indebtedness which in the aggregate, together with
Attributable Debt, does not exceed 10% of Consolidated Net Worth at any time outstanding; and 
 (xii) any extension, renewal
or replacement of any of the Liens referred to above; provided that the Indebtedness secured by any such extension, renewal or replacement does not exceed the sum of the principal amount of the Indebtedness originally secured thereby and any
fee incurred in connection with such transaction. 
 (b) Merger, Etc. The Company shall not (i) enter into any
merger or consolidation, or liquidate, wind up or dissolve (or suffer any liquidation, wind-up or dissolution), discontinue its business or convey, lease, sell, transfer or otherwise dispose of, in one
transaction or series of transactions, all or substantially all of its business or property, whether now or hereafter acquired, or (ii) permit any of its Subsidiaries to do so, if such action could reasonably be expected to have a Material
Adverse Effect, except that (1) any wholly-owned Subsidiary of the Company may merge into or convey, sell, 

  
 46 

 
lease or transfer all or substantially all of its assets to, the Company or any other wholly-owned Subsidiary of the Company and (2) the Company or
any of its Subsidiaries may enter into any merger or consolidation so long as in the case of a transaction involving the Company, the Company, or in the case of any other transaction, a Subsidiary of the Company, is the surviving entity in such
transaction and, after giving effect thereto, no Default or Event of Default shall have occurred or be continuing. 
 (c)
Sale-Leasebacks. The Company shall not, and shall not permit any of its Subsidiaries to, become liable, directly or indirectly, with respect to any lease, whether an operating lease or a Capital Lease, of any property (whether real or
personal or mixed) whether now owned or hereafter acquired, (i) which the Company or such Subsidiary has sold or transferred or is to sell or transfer to any other Person, or (ii) which the Company or such Subsidiary intends to use for
substantially the same purposes as any other property which has been or is to be sold or transferred by the Company or such Subsidiary to any other Person in connection with such lease. Notwithstanding the foregoing, the Company and its Subsidiaries
shall be permitted to become liable with respect to the leases described above so long as all Attributable Debt, together with the Liens described in Section 5.02(a)(xi), does not exceed 10% of Consolidated Net Worth at any time outstanding.

 (d) Use of Proceeds. No Borrower will request any Borrowing, or use, or permit its Subsidiaries and its or their
respective directors, officers, employees and agents to use, the proceeds of any Borrowing (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in
violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permissible for a
Person in compliance with Sanctions, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

ARTICLE VI 
 EVENTS OF
DEFAULT 
 SECTION 6.01 Events of Default. If any of the following events (“Events of Default”) shall occur
and be continuing: 
 (a) Any Borrower shall fail to pay when due (or, if any such failure is due solely to technical or
administrative difficulties relating to the transfer of such amounts, within two Business Days after its due date) any principal of any Advance; or any Borrower shall fail to pay when due any interest on any Advance, any fee (other than the fees
referenced in Section 2.03) or any other amount payable by it hereunder or under any Note and five (5) days shall have elapsed from the date such interest, fees or other amounts were due; or with respect to the fees payable pursuant to
Section 2.03, any Borrower shall fail to pay any such fee when due and two Business Days shall have elapsed from the Company’s receipt of notice of such nonpayment from the Administrative Agent or any Lender; or 

  
 47 

 (b) Any representation or warranty made by any Loan Party herein or pursuant to
this Agreement or any other Loan Document (including without limitation in any certificate of such Loan Party delivered pursuant hereto) shall prove to have been incorrect in any material respect when made or deemed made; or 

(c) The Company or any other Loan Party, as applicable, shall fail to perform any term, covenant or agreement contained in
Section 5.01(a)(iv), the first sentence of 5.01(d), 5.01(f) or 5.02 on its part to be performed or observed; or 
 (d)
Any Loan Party shall fail to perform any term, covenant or agreement contained in this Agreement (except those described in clauses (a) and (c) above) and such failure shall continue for 30 days; or 

(e) A court having jurisdiction in the premises shall enter a decree or order for relief in respect of any Loan Party or any
Principal Subsidiary in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or other similar official of
such Loan Party or such Principal Subsidiary or for any substantial part of its property, or ordering the winding up or liquidation of its affairs and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;
or 
 (f) Any Loan Party or any Principal Subsidiary shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or shall consent to the entry of any order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, sequestrator or other similar official of such Loan Party or such Principal Subsidiary or for any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail generally to pay
its debts as they become due, or shall take any corporate action in furtherance of any of the foregoing; or 
 (g)
(A) Any Loan Party or any Principal Subsidiary shall fail to make any payment in respect of Indebtedness when due (whether by scheduled maturity, required prepayment, acceleration or otherwise, but after giving effect to any applicable grace
period ) if the aggregate amount of such payment is $100,000,000 or more, or (B) any breach, default or event of default shall occur and be continuing (and applicable grace and notice periods shall have expired) under any agreement or indenture
relating to any Indebtedness of such Loan Party or such Principal Subsidiary in an aggregate amount of $100,000,000 or more, and, except in the case of financial covenant defaults, the maturity of any such Indebtedness has been accelerated in
accordance with the terms thereof; or 
 (h) (A) Any Termination Event shall occur, or (B) any Plan shall have an
unfunded liability, which means the excess, if any, of a Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Plan’s assets, determined in accordance with the assumptions used for
funding that Plan pursuant to Section 412 of the Internal Revenue Code for the applicable plan year, or (C) the Company or any 

  
 48 

 
member of its ERISA Controlled Group shall fail to pay when due an amount which it shall have become liable to pay to the PBGC, any Plan or a trust established under Title IV of ERISA, or
(D) a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that an ERISA Plan must be terminated or have a trustee appointed to administer any ERISA Plan, or (E) the Company or a member of its
ERISA Controlled Group suffers a partial or complete withdrawal from a Multiemployer Plan or is in “default” (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan, or (F) a proceeding shall
be instituted against the Company or any member of its ERISA Controlled Group to enforce Section 515 of ERISA, or (G) any other event or condition shall occur or exist with respect to any Plan, if such events, transactions or conditions
set forth in clauses (A) through (G) above could singly or in the aggregate be reasonably expected to have a Material Adverse Effect; or 

(i) If there shall remain in force, undischarged, unsatisfied and unstayed, for more than 30 days, whether or not
consecutive, any final judgment against any Loan Party or any Principal Subsidiary which, when added to any other outstanding final judgments which remain undischarged, unsatisfied and unstayed for more than 30 days against such Loan Party or
any such Principal Subsidiary, exceeds $100,000,000; 
 then, and in any such event, the Administrative Agent (i) shall at the request, or may with the
consent, of the Required Lenders, by notice to the Company, declare the obligation of each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate, and (ii) shall at the request, or may with the consent, of the
Required Lenders, by notice to the Company, declare all Advances, the Notes, all interest thereon and all other amounts payable under this Agreement to be forthwith due and payable, whereupon all Advances, the Notes, all such interest and all such
amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by each Borrower; provided, however, that in the case of any of the
Events of Default specified in clauses (e) or (f) above with respect to any Borrower, (A) the obligation of each Lender to make Advances shall automatically be terminated and (B) the Advances, the Notes, all such interest and all such
amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by each Borrower. 

ARTICLE VII 
 THE
ADMINISTRATIVE AGENT 
 SECTION 7.01 Appointment and Authority. Each Lender hereby irrevocably appoints Citibank to act on
its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms
hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article (other than the provisions of Section 7.07) are solely for the benefit of the Administrative Agent and the
Lenders, and neither the Company nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any
other 

  
 49 

 
similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law.
Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

SECTION 7.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in
its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with the Company or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

SECTION 7.03 Exculpatory Provisions. (a) The Administrative Agent’s duties hereunder and under the other Loan Documents are
solely ministerial and administrative in nature and the Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the
Administrative Agent: 
 (i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default
or an Event of Default has occurred and is continuing; 
 (ii) shall not have any duty to take any discretionary action or
exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such
other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent or any of its Affiliates to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any bankruptcy
or other debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any bankruptcy or other debtor relief law; 

(iii) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not
be liable for the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 

  
 50 

 (b) The Administrative Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as
provided in Sections 8.01 or 8.03) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default or the event or events that give
or may give rise to any Default or Event of Default unless and until the Company or any Lender shall have given notice to the Administrative Agent in writing describing such Default or Event of Default and such event or events. 

(c) The Administrative Agent and its Affiliates shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty, representation or other information made or supplied in or in connection with this Agreement, any other Loan Document or the Information Memorandum, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith or the adequacy, accuracy and/or completeness of the information contained therein, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other Loan Document or (v) the satisfaction of any
condition set forth in Article 3 or elsewhere herein, other than (but subject to the foregoing clause (ii)) to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

(d) Nothing in this Agreement or any other Loan Document shall require the Administrative Agent or any of its Related Parties to carry out any
“know your customer” or other checks in relation to any Person on behalf of any Lender and each Lender confirms to the Administrative Agent that it is solely responsible for any such checks it is required to carry out and that it may not
rely on any statement in relation to such checks made by the Administrative Agent or any of its Related Parties. 
 SECTION 7.04
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
(including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon
any statement made to it orally or by email and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Borrowing that by
its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless an officer of the Administrative Agent responsible for the transactions contemplated hereby
shall have received notice to the contrary from such Lender prior to the making of such Loan, and such Lender shall not have made available to the Administrative Agent such Lender’s ratable portion of such Borrowing. The Administrative Agent
may consult with legal counsel (who may be counsel for the Company or any other Loan Party), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of
any such counsel, accountants or experts. 

  
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 SECTION 7.05 Indemnification. The Lenders severally agree to indemnify the
Administrative Agent (to the extent not reimbursed by the Company), ratably according to their Revolving Credit Commitments, as then or most recently in effect, from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement
and the Notes, or any action taken or omitted by the Administrative Agent under this Agreement and the Notes, provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements that are found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the Administrative Agent’s gross negligence or willful
misconduct. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent promptly upon demand for its ratable share of any out-of-pocket
expenses (including counsel fees) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of,
or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that the Administrative Agent is not reimbursed for such expenses by the Company. 

SECTION 7.06 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. Each such sub-agent and the Related
Parties of the Administrative Agent and each such sub-agent shall be entitled to the benefits of all provisions of this Article 7 and Section 8.04 (as though such
sub-agents were the “Administrative Agent” under the Loan Documents) as if set forth in full herein with respect thereto. The Administrative Agent shall not be responsible for the negligence or
misconduct of any sub-agents affecting any of the other Lenders except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted
with gross negligence or willful misconduct in the selection of such sub agents. 
 SECTION 7.07 Resignation of Administrative
Agent. (a) The Administrative Agent may at any time give notice of its resignation to the Lenders and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Company, to
appoint a successor, which shall be a bank with an office in New York, or an Affiliate of any such bank with an office in New York, and which successor shall be reasonably acceptable to the Company. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation
Effective Date”), then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation
shall become effective in accordance with such notice on the Resignation Effective Date. 

  
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 (b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to
clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Company and such Person remove such Person as Administrative Agent and appoint a successor, which shall
be reasonably acceptable to the Company. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the
“Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed
Administrative Agent shall be discharged from its duties and obligations as Administrative Agent hereunder and under the other Loan Documents and (2) except for any indemnity payments owed to the retiring or removed Administrative Agent, all
payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent
as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed
Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations as Administrative
Agent hereunder or under the other Loan Documents. The fees payable by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the
retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 8.04 shall continue in effect for the benefit of such retiring or removed
Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent. 

(d) Any resignation pursuant to this Section by a Person acting as Administrative Agent shall, unless such Person shall notify the Borrowers
and the Lenders otherwise, also act to relieve such Person and its Affiliates of any obligation to advance Swing Line Advances where such advance is to occur on or after the effective date of such resignation. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Swing Line Lender, (ii) the retiring Swing Line
Lender shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents, (iii) the successor Swing Line Lender shall enter into an Assignment and Acceptance and acquire from the retiring Swing Line Lender
each outstanding Swing Line Advance of such retiring Swing Line Lender for a purchase price equal to par plus accrued interest. 

SECTION 7.08 Non-Reliance on Administrative Agent and Other Parties. Each Lender
acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

  
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 SECTION 7.09 Sub-Agent. The Sub-Agent has been designated under this Agreement to carry out the duties of the Administrative Agent. The Sub-Agent shall be subject to each of the obligations in this
Agreement to be performed by the Sub-Agent, and each of the Borrowers and the Lenders agrees that the Sub-Agent shall be entitled to exercise each of the rights and
shall be entitled to each of the benefits of the Administrative Agent under this Agreement as such rights and benefits relate to the performance of its obligations hereunder. 

SECTION 7.10 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Persons acting as Bookrunners,
Lead Arrangers or Syndication Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Sub-Agent or as a Lender hereunder. 
 ARTICLE VIII 

MISCELLANEOUS 

SECTION 8.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, nor consent to
any departure by any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Company and the relevant other Loan Party, if applicable, and the Required Lenders, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given; provided that (a) the written consent of the Company and each Lender directly affected thereby shall be required in order to amend or waive
any provision of the Agreement or the Notes which would have the effect of (i) a reduction in principal, interest or fees payable to such Lender under this Agreement or the Notes, (ii) the postponement of any date fixed for the payment of
any principal, interest or fees under this Agreement or the Notes, (iii) an increase in the Commitments or (iv) amending or waiving compliance with Section 2.08 or Section 2.14; (b) the written
consent of the Company and all the Lenders shall be required in order to amend or waive any provision of the Agreement or the Notes which would have the effect of (i) amending or waiving compliance with the proviso to
Section 2.01(a), Section 8.05 or this Section 8.01, (ii) amending the definition of Required Lenders or (iii) any release or modification of the Company’s guarantee under
Article IX; (c) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Administrative
Agent under this Agreement, and (d) the Commitment of any Lender shall not be extended without the prior written consent of such Lender; provided further no amendment, waiver or consent shall, unless in writing and
signed by the applicable Swing Line Lender in addition to the Lenders required above to take such action, affect the rights or duties of such Swing Line Lender under this Agreement; and provided further that the Agreement may be
amended to adjust the borrowing mechanics related to Swing Line Advances with only the written consent the Company, the Administrative Agent, the Sub-Agent, and the Swing Line Lenders if the obligations of the Lenders are not adversely affected
thereby. 

  
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 SECTION 8.02 Notices, Communications and Treatment of Information. (a)
Notices. (i) All notices, demands, requests, consents and other communications provided for in this Agreement shall be given in writing, or by any telecommunication device capable of creating a written record (including electronic mail),
and addressed to the party to be notified as follows: 
  

	 	(1)	if to the Company or any other Loan Party, 

 Stanley Black & Decker , Inc. 

1000 Stanley Drive 
 New
Britain, Connecticut 06053 
 Attention of: Treasurer 

Telecopier No.: (860) 827-3886 

E-Mail Address: craig.douglas@sbdinc.com 

 

	 	(2)	if to the Administrative Agent 

 Citibank, N.A. 

Building #3 
 1615 Brett Road

 New Castle, DE 19720 

Attn: Bank Loans Syndications Department 

Fax: (646) 274-5080 

Email: GLAgentOfficeOps@citi.com 
  

	 	(3)	if to the Sub-Agent 

 Citibank Europe PLC, UK Branch

 25 Canada Square 
 Canary
Wharf 
 London, England E14 5LB 

Attention of: EMEA Loan sAgency 

Telecopier No.: 44 207 492 3980/ 44 207 067 9526 

(4) if to any Lender or Swing Line Lender, to it at its address (or telecopier number) set forth in its Administrative
Questionnaire 
 or at such other address as shall be notified in writing (x) in the case of the Company and the Administrative Agent, to the other
parties and (y) in the case of all other parties, to the Company and the Administrative Agent. 
 (ii) All notices,
demands, requests, consents and other communications described in clause (i) shall be effective (1) if delivered by hand, including any overnight courier service, upon personal delivery, (2) if delivered by mail, when deposited
in the mails, (3) if delivered by posting to an Approved Electronic Platform, an Internet website or a similar telecommunication device requiring that a user have prior access to such Approved Electronic Platform, website or other device (to
the extent permitted by Section 8.02(b) to be delivered thereunder), when such notice, demand, request, consent 

  
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and other communication shall have been made generally available on such Approved Electronic Platform, Internet website or similar device to the class of Person being notified (regardless of
whether any such Person must accomplish, and whether or not any such Person shall have accomplished, any action prior to obtaining access to such items, including registration, disclosure of contact information, compliance with a standard user
agreement or undertaking a duty of confidentiality) and such Person has been notified in respect of such posting that a communication has been posted to the Approved Electronic Platform and (4) if delivered by electronic mail or any other
telecommunications device, when transmitted to an electronic mail address (or by another means of electronic delivery) as provided in clause (i); provided, however, that notices and communications to the Administrative Agent pursuant to
Article 7 shall not be effective until received by the Administrative Agent; and provided further, however, that notices and communications to the Company delivered via telecopier, electronic mail or other telecommunications device shall not be
effective until verbal confirmation of receipt of such communication by the Treasurer is provided to the sending party. 

(iii) Notwithstanding clauses (i) and (ii) (unless the Administrative Agent requests that the provisions of
clause (i) and (ii) be followed) and any other provision in this Agreement or any other Loan Document providing for the delivery of any Approved Electronic Communication by any other means, the Loan Parties shall deliver all Approved
Electronic Communications to the Administrative Agent by properly transmitting such Approved Electronic Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to oploanswebadmin@citigroup.com or such
other electronic mail address (or similar means of electronic delivery) as the Administrative Agent may notify to the Company. Nothing in this clause (iii) shall prejudice the right of the Administrative Agent or any Lender to deliver any
Approved Electronic Communication to any Loan Party in any manner authorized in this Agreement or to request that the Company effect delivery in such manner. 

(b) Posting of Approved Electronic Communications. (i) Each of the Lenders and each Loan Party agrees that the Administrative Agent
may, but shall not be obligated to, make the Approved Electronic Communications available to the Lenders by posting such Approved Electronic Communications on DebtDomain or a substantially similar electronic platform chosen by the Administrative
Agent to be its electronic transmission system (the “Approved Electronic Platform”). 
 (ii) Although the Approved
Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Closing Date, a dual firewall and a
User ID/Password Authorization System) and the Approved Electronic Platform is secured through a single-user-per-deal authorization method whereby each user may access
the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and each Loan Party acknowledges and agrees that the distribution of material through
an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution. In consideration for the convenience and other benefits afforded by such distribution and for the other
consideration provided hereunder, the receipt and sufficiency of which is hereby acknowledged, each of the Lenders and each Loan Party hereby approves distribution of the Approved Electronic Communications through the Approved Electronic Platform
and understands and assumes the risks of such distribution. 

  
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 (c) (i) THE APPROVED ELECTRONIC PLATFORM AND THE APPROVED ELECTRONIC COMMUNICATIONS ARE
PROVIDED “AS IS” AND “AS AVAILABLE”. NONE OF THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES WARRANTS THE ACCURACY, ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM AND
EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM EXCEPT FOR ERRORS OR OMISSIONS CAUSED BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE ADMINISTRATIVE
AGENT OR ANY OF ITS RELATED PARTIES. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT
OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. 

(ii) Each of the Lenders and each Loan Party agrees that the Administrative Agent may, but (except as may be required by applicable law) shall
not be obligated to, store the Approved Electronic Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally-applicable document retention procedures and policies. 

(d) Confidentiality. Each of the Administrative Agent and the Lenders agree to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other
representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any
regulatory authority purporting to have jurisdiction over it or its Affiliates (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations
or by any subpoena or similar legal process or in connection with assignments or pledges made in accordance with Section 8.08(c), (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective party and direct or indirect counterparty (or
its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap, derivative or other transaction under which payments are to be made by reference to the Company and its
obligations, this Agreement or payments hereunder or other credit insurance 

  
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provider relating to the Company and its obligations, this Agreement or payments hereunder, (iii) any rating agency, or (iv) the CUSIP Service Bureau or any similar organization,
(g) with the consent of the Company or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or
any of their respective Affiliates on a nonconfidential basis from a source other than the Company. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market
data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments. 

For purposes of this Section, “Information” means all information received from the Company or any of its Subsidiaries
relating to the Company or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Company or
any of its Subsidiaries, provided that, in the case of information received from the Company or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required
to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information. 
 (e) Treatment of Information. (i) Certain of the
Lenders may enter into this Agreement and take or not take action hereunder or under the other Loan Documents on the basis of information that does not contain material non-public information with respect to
any of the Loan Parties or their securities (“Restricting Information”). Other Lenders may enter into this Agreement and take or not take action hereunder or under the other Loan Documents on the basis of information that may
contain Restricting Information. Each Lender acknowledges that United States federal and state securities laws prohibit any person from purchasing or selling securities on the basis of material, non-public
information concerning the issuer of such securities or, subject to certain limited exceptions, from communicating such information to any other Person. Neither the Administrative Agent nor any of its Related Parties shall, by making any
Communications (including Restricting Information) available to a Lender, by participating in any conversations or other interactions with a Lender or otherwise, make or be deemed to make any statement with regard to or otherwise warrant that any
such information or Communication does or does not contain Restricting Information nor shall the Administrative Agent or any of its Related Parties be responsible or liable in any way for any decision a Lender may make to limit or to not limit its
access to Restricting Information. In particular, none of the Administrative Agent or any of its Related Parties (i) shall have, and the Administrative Agent, on behalf of itself and each of its Related Parties, hereby disclaims, any duty to
ascertain or inquire as to whether or not a Lender has or has not limited its access to Restricting Information, such Lender’s policies or procedures regarding the safeguarding of material, nonpublic information or such Lender’s compliance
with applicable laws related thereto or (ii) shall have, or incur, any liability to any Loan Party or Lender or any of their respective Related Parties arising out of or relating to the Administrative Agent or any of its Related Parties
providing or not providing Restricting Information to any Lender. 

  
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 (ii) Each Loan Party agrees that (i) all Communications it provides to the Administrative
Agent intended for delivery to the Lenders whether by posting to the Approved Electronic Platform or otherwise shall be clearly and conspicuously marked “PUBLIC” if such Communications do not contain Restricting Information which, at a
minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof, (ii) by marking Communications “PUBLIC,” each Loan Party shall be deemed to have authorized the Administrative Agent and the
Lenders to treat such Communications as either publicly available information or not material information (although, in this latter case, such Communications may contain sensitive business information and, therefore, remain subject to the
confidentiality undertakings of Section 8.02(c)) with respect to such Loan Party or its securities for purposes of United States Federal and state securities laws, (iii) all Communications marked “PUBLIC” may be delivered to all
Lenders and may be made available through a portion of the Approved Electronic Platform designated “Public Side Information,” and (iv) the Administrative Agent shall be entitled to treat any Communications that are not marked
“PUBLIC” as Restricting Information and may post such Communications to a portion of the Approved Electronic Platform not designated “Public Side Information.” Neither the Administrative Agent nor any of its Affiliates shall be
responsible for any statement or other designation by a Loan Party regarding whether a Communication contains or does not contain material non-public information with respect to any of the Loan Parties or
their securities nor shall the Administrative Agent or any of its Affiliates incur any liability to any Loan Party, any Lender or any other Person for any action taken by the Administrative Agent or any of its Affiliates based upon such statement or
designation, including any action as a result of which Restricting Information is provided to a Lender that may decide not to take access to Restricting Information. Nothing in this clause (ii) shall modify or limit a Lender’s
obligations under Section 8.02(b) with regard to Communications and the maintenance of the confidentiality of or other treatment of Information. 

(iii) Each Lender acknowledges that circumstances may arise that require it to refer to Communications that might contain Restricting
Information. Accordingly, each Lender agrees that it will nominate at least one designee to receive Communications (including Restricting Information) on its behalf and identify such designee (including such designee’s contact information) on
such Lender’s Administrative Questionnaire. Each Lender agrees to notify the Administrative Agent from time to time of such Lender’s designee’s e-mail address to which notice of the availability
of Restricting Information may be sent by electronic transmission. 
 (iv) Each Lender acknowledges that Communications delivered hereunder
and under the other Loan Documents may contain Restricting Information and that such Communications are available to all Lenders generally. Each Lender that elects not to take access to Restricting Information does so voluntarily and, by such
election, acknowledges and agrees that the Administrative Agent and other Lenders may have access to Restricting Information that is not available to such electing Lender. None of the Administrative Agent or any Lender with access to Restricting
Information shall have any duty to disclose such Restricting Information to such electing Lender or to use such Restricting Information on behalf of such electing Lender, and shall not be liable for the failure to so disclose or use, such
Restricting Information. 

  
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 (v) The provisions of the foregoing clauses of this subsection (d) are designed to
assist the Administrative Agent, the Lenders and the Loan Parties, in complying with their respective contractual obligations and applicable law in circumstances where certain Lenders express a desire not to receive Restricting Information
notwithstanding that certain Communications hereunder or under the other Loan Documents or other information provided to the Lenders hereunder or thereunder may contain Restricting Information. Neither the Administrative Agent nor any of its Related
Parties warrants or makes any other statement with respect to the adequacy of such provisions to achieve such purpose nor does the Administrative Agent or any of its Related Parties warrant or make any other statement to the effect that any Loan
Party’s or Lender’s adherence to such provisions will be sufficient to ensure compliance by such Loan Party or Lender with its contractual obligations or its duties under applicable law in respect of Restricting Information and each of the
Lenders and each Loan Party assumes the risks associated therewith. 
 SECTION 8.03 No Waiver; Remedies. No failure on the part
of any Lender or the Administrative Agent to exercise, and no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right 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 8.04 Costs and Expenses; Breakage Indemnification. (a) The Company agrees to pay on demand all reasonable costs and
expenses, if any (including, without limitation, reasonable counsel fees and expenses), of (i) the Administrative Agent in connection with the negotiation, syndication, execution and delivery of this Agreement, the other Loan Documents and the
other documents delivered hereunder and (ii) the Administrative Agent and each Lender in connection with enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement, the Notes and the other documents to be
delivered hereunder, including, without limitation, reasonable counsel fees and expenses in connection with the enforcement of rights under this Section 8.04(a). 

(b) If any payment, prepayment or conversion of any Eurocurrency Rate Advance is made by the Company or a Designated Borrower, as applicable,
to or for the account of a Lender other than on the last day of the Interest Period for such Advance, as a result of acceleration of the maturity of the Advances and the Notes pursuant to Section 6.01 or for any other reason, such Borrower
shall, upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses
which it may reasonably incur as a result of such payment, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain such
Advance. 
 (c) The Company agrees to indemnify and hold harmless the Administrative Agent and each Lender and each of their Related Parties
(each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against
any Indemnified Party, in each case arising out of or in connection with or by reason of, or in connection with the preparation for a defense of, any investigation, litigation or 

  
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proceeding arising out of, related to or in connection with the actual or proposed use of the proceeds of the Advances, including in connection with any acquisition or proposed acquisition by the
Company or any Subsidiary of the Company of another Person or one or more businesses of another Person (whether by means of a stock purchase, asset acquisition or otherwise), whether or not such investigation, litigation or proceeding is brought by
the Company, its directors, shareholders or creditors or an Indemnified Party or any other Person or any Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated, except to the extent
such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful
misconduct. The Company agrees not to assert any claim against any Indemnified Party on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the
transactions contemplated hereby or the actual or proposed use of the proceeds of the Advances. 
 (d) Without prejudice to the survival of
any other agreement of the Loan Parties hereunder, the agreements and obligations of the Loan Parties contained in Sections 2.08, 2.10 and 8.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder and
under the Notes. 
 SECTION 8.05 Sharing of Payments, Etc. If any Lender shall obtain any payment (whether voluntary,
involuntary, through the exercise of any right of setoff, or otherwise) on account of the Revolving Credit Advances owing to it (other than pursuant to Section 2.02(d), 2.06, 2.08, 2.10 or 8.04(b)) or the participations in Swing Line Advances
held by it, in excess of its ratable share of payments on account of the Revolving Credit Advances or participations obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Revolving Credit
Advances and subparticipations in the Swing Line Advances owing to them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment
is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such
Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the
purchasing Lender in respect of the total amount so recovered. The Company agrees that any Lender so purchasing a participation or subparticipation from another Lender pursuant to this Section 8.05 may, to the fullest extent permitted by law,
exercise all its rights of payment (including the right of setoff) with respect to such participation or subparticipation as fully as if such Lender were the direct creditor of the Company in the amount of such participation or subparticipation.

 SECTION 8.06 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company, each Designated
Borrower, the Administrative Agent and the Lenders and their respective successors and assigns, except that no Loan Party shall have the right to assign its rights or obligations hereunder or under any Note or any interest herein or therein (other
than as permitted by Section 5.02(b)) without the prior written consent of all of the Lenders. 

  
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 SECTION 8.07 Successors and Assigns. (a) Successors and Assigns Generally. No
Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the
provisions of paragraph (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (e) of this Section (and any other attempted assignment or transfer by any
party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent
provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of
this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Revolving Credit Commitment and the Revolving Credit Advances at the time owing to it and/or all or a portion of its Swing Line Commitment and the Swing Line Advances at
the time owing to it); provided that any such assignment shall be subject to the following conditions: 
 (i) Minimum
Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment(s)
and/or the Advances at the time owing to it or contemporaneous assignments that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender or an Affiliate of
a Lender, no minimum amount need be assigned; and 
 (B) in any case not described in paragraph (b)(i)(A) of this
Section, the aggregate amount of the Revolving Credit Commitment and/or Swing Line Commitment (which for this purpose includes Advances outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance
of the Advances of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is
specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000 or an integral multiple of $1,000,000 in excess thereof, unless each of the Administrative Agent and, so long as no Default or Event of Default has
occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed). 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Advance or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and
obligations among separate facilities on a non-pro rata basis. 

  
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 (iii) Required Consents. No consent shall be required for any assignment
except to the extent required by paragraph (b)(i)(B) of this Section and, in addition: 
 (A) the consent of
the Company (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment, or (y) such assignment is to an Affiliate of such Lender;
provided that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten Business Days after having received notice thereof; and 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments in respect of any Commitments or Advances if such assignment is to a Person that is not a Lender or an Affiliate of such Lender; and 

(C) the consent of each Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment in respect of the Revolving Credit Commitments. 
 (iv) Assignment and Assumption. The parties to each
assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; provided that the Administrative Agent may, in its sole discretion, elect to waive such
processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v) No Assignment to Certain Persons. No such assignment shall be made to (A) the Company or any of the
Company’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B). 

(vi) No Assignment to Natural Persons. No such assignment shall be made to a natural Person. 

(vii) Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender
hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount
sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations, or other compensating actions, including funding, with the consent of the Company and the Administrative Agent, the
applicable pro rata share of Advances previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities

  
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then owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata
share of all Advances and participations in and Swing Line Advances. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without
compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date
specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.08 and 8.04 with respect to facts and circumstances occurring prior to
the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a
sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section. 
 (c)
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at its address referred to in Section 8.02 a copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). In
addition, the Administrative Agent shall give prompt written notice to the Company of its receipt and recording of any Assignment and Assumption. The entries in the Register shall be conclusive absent manifest error, and the Loan Parties, the
Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Company
and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at
any time, without the consent of, or notice to, the Company or the Administrative Agent, sell participations to any Person (other than a natural Person or the Company or any of the Company’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Advances owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the Loan Parties, the Administrative Agent, and
Lenders shall continue to 

  
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deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the
indemnity under Section 7.05 with respect to any payments made by such Lender to its Participant(s). 
 Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver with respect to the following: (A) any reduction in principal, interest or fees payable
to such Lender under this Agreement, (B) the postponement of any date fixed for the payment of any principal, interest or fees under this Agreement and (C) any amendments to the foregoing clauses (A) and (B) that affects such
Participant. The Company agrees that each Participant shall be entitled to the benefits of Sections 2.08, 2.10 and 8.04 (subject to the requirements and limitations herein, including Section 8.08 and the requirements under Section 8.09 (it
being understood that the documentation required under Section 8.09 shall be delivered to the Lender that sold such participation)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 8.10 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be
entitled to receive any greater payment under Sections 2.08 or 2.10, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results
from a change in law that occurs after the Participant acquired the applicable participation. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 2.09(b) as though it were a Lender;
provided that such Participant agrees to be subject to Section 8.05 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a nonfiduciary agent of the Company, maintain a register on
which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Advances or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans,
letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register. 
 (e) Certain Pledges. Anything in this Section 8.07 to the
contrary notwithstanding, any Lender may assign and pledge all or any portion of its rights to payment of the Advances owing to it hereunder, including (i) to any Federal Reserve Bank (and its transferees) as collateral security pursuant to
Regulation A of the Board of Governors of the Federal Reserve System and any applicable Operating Circular issued by such Federal Reserve Bank or Central Bank or (ii) to any central bank having jurisdiction over such Lender. No such
assignment shall have the effect of releasing such Lender from its obligations hereunder. 

  
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 SECTION 8.08 Limitation on Assignments and Participations. (a) Any Lender may, in
connection with any actual or proposed assignment or participation pursuant to Section 8.07, disclose to the actual or proposed assignee or participant any information relating to any Loan Party furnished to such Lender by or on behalf of such
Loan Party; provided that, to the extent required pursuant to Section 8.02(d), the actual or proposed assignee or participant shall have agreed prior to any such disclosure to preserve the confidentiality of any confidential information relating to
such Loan Party received by it from such Lender or such Loan Party. 
 (b) Notwithstanding anything in Section 8.07 to the contrary, no
Lender shall have the right to assign its rights and obligations hereunder or any interest therein or to sell participations to one or more banks or other financial institutions in all or a portion of its rights hereunder or any interest therein
where the result of such assignment or participation would be reasonably expected to entitle the Lender to claim additional amounts pursuant to Section 2.02(d), 2.06, 2.08, 2.10 or 8.04 or would otherwise result in an increase in a
Borrower’s obligations. 
 SECTION 8.09 Withholding. (a) If any Lender, or any Person that becomes a party to this
Agreement pursuant to Section 8.07, is not incorporated under the laws of the United States of America or a state thereof, such Person agrees that, prior to the first date on which any payment is due to it hereunder, it will deliver to each of
the Company and the Administrative Agent (i) two duly completed copies of United States Internal Revenue Service Form W-8BEN-E or W-8ECI or successor applicable form, as the case may be, certifying in each case that such Person is entitled to receive payments under this Agreement, without deduction or withholding of any United States federal
income taxes, and (ii) an Internal Revenue Service Form W-8BEN-E or successor applicable form, or any other Internal Revenue Service Form prescribed by
applicable law, as the case may be, to establish an exemption from United States backup withholding tax. Each Person which delivers to the Company the relevant Form pursuant to the preceding sentence further undertakes to deliver to each of the
Company and the Administrative Agent two further copies of the relevant Form, or successor applicable forms, or other manner of certification, as the case may be, on or before the date that any such form expires or becomes obsolete or after the
occurrence of any event requiring a change in the most recent form previously delivered by it to the Company and the Administrative Agent, and such extensions or renewals thereof as may reasonably be requested by the Company or the Administrative
Agent, certifying that such Person is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes, unless in any such case an event (including, without limitation, any change in
treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Person from duly completing and delivering any such form with
respect to it and such Person advises the Company and the Administrative Agent that it is not capable of receiving payments without any deduction or withholding of United States federal income tax, and in the case of a
Form W-8BEN-E or any other Internal Revenue Service Form prescribed by applicable law, establishing an exemption from United States backup withholding tax. 

  
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 (b) Each Lender described in Section 8.09(a) above, or that is otherwise treated as a non-U.S. financial institution pursuant to FATCA, shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or
the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the
Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the
amount to deduct and withhold from such payment. Solely for purposes of this clause (b), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

SECTION 8.10 Mitigation. In the event that any Lender claims any amounts under Sections 2.02(d), 2.06, 2.08, 2.10 or 8.04(b), it
shall use all reasonable efforts (consistent with its internal policies and legal and regulatory restrictions) to take actions (including, without limitation, changing the jurisdiction of its Applicable Lending Office) so as to eliminate such
additional amounts; provided that such Lender shall not be required to take any action if, in its reasonable judgment, such action would be materially disadvantageous to it. 

SECTION 8.11 Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 SECTION 8.12 Execution in Counterparts. This Agreement may be executed in any number of counterparts each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or other electronic means shall be
effective as delivery of an original manually executed counterpart of this Agreement. 
 SECTION 8.13 Submission to Jurisdiction;
Etc. 
 (a) Submission to Jurisdiction. Each of the parties hereto irrevocably and unconditionally agrees that it will not
commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against any other party hereto or any Related Party of the foregoing in any way relating to this
Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New
York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard
and determined in such New York State court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

  
 67 

 (b) Service of Process. Each Designated Borrower agrees that service of process in any
action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to CT Corporation System (the “Process Agent”) as agent for such Designated
Borrower in New York, New York for service of process at its address at 111 Eighth Avenue, New York, New York 10011, or at such other address of which the Administrative Agent shall have been notified in writing by such Designated Borrower;
provided that, if the Process Agent ceases to act as such Designated Borrower’s agent for service of process, such Designated Borrower will, by an instrument reasonably satisfactory to the Administrative Agent, appoint another Person (subject
to the approval of the Administrative Agent) in the Borough of Manhattan, New York, New York to act as such Designated Borrower’s agent for service of process. Each other party hereto irrevocably consents to service of process in the
manner provided for notices in Section 8.02. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 

(c) Waiver of Venue. Each of the parties hereto irrevocably waives, to the fullest extent permitted by law, any objection which it may
now or hereafter have to the laying of the venue of any such proceeding brought in a court referred to in paragraph (a) of this Section and a claim that such proceeding brought in such a court has been brought in an inconvenient
forum. 
 SECTION 8.14 Judgment Currency. This is an international loan transaction in which the specification of Dollars or an
Alternate Currency, as the case may be (the “Specified Currency”), and any payment in New York City or the country of the Specified Currency, as the case may be (the “Specified Place”), is of the essence, and,
except as otherwise provided in this Agreement, the Specified Currency shall be the currency of account in all events relating to Advances denominated in the Specified Currency. Except as otherwise provided in this Agreement, the payment obligations
of the Designated Borrowers under this Agreement and the other Loan Documents shall not be discharged by an amount paid in another currency or in another place, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on
conversion to the Specified Currency and transfer to the Specified Place under normal banking procedures does not yield the amount of the Specified Currency at the Specified Place due hereunder. If for the purpose of obtaining judgment in any court
it is necessary to convert a sum due hereunder in the Specified Currency into another currency (the “Second Currency”), the rate of exchange which shall be applied shall be that at which in accordance with normal banking procedures
the Administrative Agent could purchase the Specified Currency with the Second Currency on the Business Day next preceding that on which such judgment is rendered. The obligation of each Designated Borrower in respect of any such sum due from it to
the Administrative Agent or any Lender in respect of any judgment in any court shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by
the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be due hereunder or under the Notes in the Second Currency to the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking
procedures purchase and transfer to the Specified Place the 

  
 68 

 
Specified Currency with the amount of the Second Currency so adjudged to be due; and the Company hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify the
Administrative Agent or such Lender, as the case may be, against, and to pay the Administrative Agent or such Lender, as the case may be, on demand in the Specified Currency, any difference between the sum originally due to the Administrative Agent
or such Lender, as the case may be, for such judgment in the Specified Currency and the amount of the Specified Currency so purchased and transferred. 

SECTION 8.15 USA PATRIOT Act. Each Lender hereby notifies each Loan Party that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Loan Parties, which
information includes the name and address of the Borrowers and other information that will allow such Lender to identify the Loan Parties in accordance with the Act. 

SECTION 8.16 No Fiduciary Duty. The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of
this paragraph, the “Lenders”), may have economic interests that conflict with those of the Loan Parties. Each of the Loan Parties agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory,
fiduciary or agency relationship or fiduciary or other implied duty between the Lenders and any Loan Party, its stockholders or its affiliates. Each of the Loan Parties acknowledge and agree that (i) the transactions contemplated by the
Loan Documents are arm’s-length commercial transactions between the Lenders, on the one hand, and each of the Loan Parties, on the other, (ii) in connection therewith and with the process leading to
such transaction each of the Lenders is acting solely as a principal and not the agent or fiduciary of any Loan Party, its management, stockholders, creditors or any other person, (iii) no Lender has assumed an advisory or fiduciary
responsibility in favor of any Loan Party with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether any Lender or any of its affiliates has advised or is currently advising any Loan Party on other
matters) or any other obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and (iv) each of the Loan Parties has consulted its own legal and financial advisors to the extent it deemed appropriate. Each
of the Loan Parties further acknowledges and agrees that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each of the Loan Parties agree that it will not claim that any
Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to any Loan Party, in connection with such transaction or the process leading thereto. 

SECTION 8.17 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan
Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

  
 69 

 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

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

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

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 ARTICLE IX 

GUARANTEE 

SECTION 9.01 Guarantee. To induce the other parties to enter into this Agreement and for other valuable consideration, receipt of
which is hereby acknowledged, the Company hereby unconditionally and irrevocably guarantees to the Administrative Agent, each Lender and their respective successors and permitted assigns the prompt payment in full when due (whether at stated
maturity, by acceleration or otherwise) of the principal of and interest on the Advances to and the Notes of each other Loan Party and all other amounts whatsoever now or hereafter payable or becoming payable by each other Loan Party under this
Agreement and each other Loan Document, in each case strictly in accordance with the terms thereof (collectively, the “Guaranteed Obligations”). The Company hereby further agrees that if any other Loan Party shall fail to pay in
full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Company will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of
payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. This
Section 9.01 is a continuing guarantee and is a guarantee of payment and is not merely a guarantee of collection and shall apply to all Guaranteed Obligations whenever arising. 

SECTION 9.02 Acknowledgments, Waivers and Consents. The Company agrees that its obligations under Section 9.01 shall be
primary, absolute, irrevocable and unconditional under any and all circumstances and that the guarantee therein is made with respect to any Guaranteed Obligations now existing or in the future arising. Without limiting the foregoing, the Company
agrees that: 

  
 70 

 (a) The occurrence of any one or more of the following shall not affect the
enforceability or effectiveness of this Article IX in accordance with its terms or affect, limit, reduce, discharge or terminate the liability of the Company, or the rights, remedies, powers and privileges of the Administrative Agent or any
Lender, under this Article IX: 
 (i) any modification or amendment (including by way of amendment, extension, renewal
or waiver), or any acceleration or other change in the time for payment or performance of the terms of all or any part of the Guaranteed Obligations or any Loan Document, or any other agreement or instrument whatsoever relating thereto, or any
modification of the Commitments; 
 (ii) any release, termination, waiver, abandonment, lapse or expiration, subordination or
enforcement of the liability of any other guarantee of all or any part of the Guaranteed Obligations; 
 (iii) any
application of the proceeds of any other guarantee (including the obligations of any other guarantor of all or any part of the Guaranteed Obligations) to all or any part of the Guaranteed Obligations in any such manner and to such extent as the
Administrative Agent may determine; 
 (iv) any release of any other Person (including any other guarantor with respect to
all or any part of the Guaranteed Obligations) from any personal liability with respect to all or any part of the Guaranteed Obligations; 

(v) any settlement, compromise, release, liquidation or enforcement, upon such terms and in such manner as the Administrative
Agent may determine or as applicable law may dictate, of all or any part of the Guaranteed Obligations or any other guarantee of (including any letter of credit issued with respect to) all or any part of the Guaranteed Obligations; 

(vi) the giving of any consent to the merger or consolidation of, the sale of substantial assets by, or other restructuring or
termination of the corporate existence of, any other Loan Party or any other Person or any disposition of any shares of any Loan Party; 

(vii) any proceeding against any other Loan Party or any other guarantor of all or any part of the Guaranteed Obligations or
any collateral provided by any other Person or the exercise of any rights, remedies, powers and privileges of the Administrative Agent and the Lenders under the Loan Documents or otherwise in such order and such manner as the Administrative Agent
may determine, regardless of whether the Administrative Agent or the Lenders shall have proceeded against or exhausted any collateral, right, remedy, power or privilege before proceeding to call upon or otherwise enforce this Article IX; 

(viii) the entering into such other transactions or business dealings with any other Loan Party, any Subsidiary or affiliate
thereof or any other guarantor of all or any part of the Guaranteed Obligations as the Administrative Agent or any Lender may desire; or 

  
 71 

 (ix) all or any combination of any of the actions set forth in this
Section 9.02(a). 
 (b) The enforceability and effectiveness of this Article IX and the liability of the Company,
and the rights, remedies, powers and privileges of the Administrative Agent and the Lenders, under this Article IX shall not be affected, limited, reduced, discharged or terminated, and the Company hereby expressly waives to the fullest extent
permitted by law any defense now or in the future arising, by reason of: 
 (i) the illegality, invalidity or
unenforceability of all or any part of the Guaranteed Obligations, any Loan Document or any other agreement or instrument whatsoever relating to all or any part of the Guaranteed Obligations; 

(ii) any disability or other defense with respect to all or any part of the Guaranteed Obligations, including the effect of any
statute of limitations that may bar the enforcement of all or any part of the Guaranteed Obligations or the obligations of any other guarantor of all or any part of the Guaranteed Obligations; 

(iii) the illegality, invalidity or unenforceability of any security for or other guarantee (including any letter of
credit) of all or any part of the Guaranteed Obligations or the lack of perfection or continuing perfection or failure of the priority of any Lien on any collateral for all or any part of the Guaranteed Obligations; 

(iv) the cessation, for any cause whatsoever, of the liability of any other Loan Party or any other guarantor with respect to
all or any part of the Guaranteed Obligations (other than, subject to Section 9.03, by reason of the full payment of all Guaranteed Obligations); 

(v) any failure of the Administrative Agent or any Lender to marshal assets in favor of any other Loan Party or any other
Person (including any other guarantor of all or any part of the Guaranteed Obligations), to exhaust any collateral for all or any part of the Guaranteed Obligations, to pursue or exhaust any right, remedy, power or privilege it may have against such
other Loan Party or any other guarantor of all or any part of the Guaranteed Obligations or any other Person or to take any action whatsoever to mitigate or reduce such or any other Person’s liability, the Administrative Agent and the Lenders
being under no obligation to take any such action notwithstanding the fact that all or any part of the Guaranteed Obligations may be due and payable and that such other Loan Party may be in default of its obligations under any Loan Document; 

  
 72 

 (vi) any counterclaim, set-off or other
claim which any other Loan Party or any other guarantor of all or any part of the Guaranteed Obligations has or claims with respect to all or any part of the Guaranteed Obligations, or any counterclaim,
set-off or other claim which the Company may have with respect to all or any part of any obligations owed to the Company by the Administrative Agent or any Lender (other than, without prejudice to
Section 9.03, any counterclaim or other claim that the amount of such Guaranteed Obligation which is being claimed has been finally paid in full); 

(vii) any failure of the Administrative Agent or any Lender or any other Person to file or enforce a claim in any bankruptcy or
other proceeding with respect to any Person; 
 (viii) any bankruptcy, insolvency, reorganization, winding-up or adjustment of debts, or appointment of a custodian, liquidator or the like of it, or similar proceedings commenced by or against any Person, including any discharge of, or bar or stay against
collecting, all or any part of the Guaranteed Obligations (or any interest on all or any part of the Guaranteed Obligations) in or as a result of any such proceeding; 

(ix) any action taken by the Administrative Agent or any Lender that is authorized under this Article IX or by any other
provision of any Loan Document or any omission to take any such action; 
 (x) any law, regulation, decree or order of any
jurisdiction or Governmental Authority or any event affecting any term of the Guaranteed Obligations; or 
 (xi) any other
circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor. 

(c) To the fullest extent permitted by law, the Company expressly waives, for the benefit of the Administrative Agent and the
Lenders, all diligence, presentment, demand for payment or performance, notices of nonpayment or nonperformance, protest, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever, and any requirement
that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against any other Loan Party under any Loan Document or other agreement or instrument referred to herein or therein, or against any other Person under any
other guarantee of, or security for, any of the Guaranteed Obligations, and all notices of acceptance of this Article IX or of the existence, creation, incurring or assumption of new or additional Guaranteed Obligations. 

SECTION 9.03 Reinstatement. The obligations of the Company under this Article IX shall be automatically reinstated if and to
the extent that for any reason any payment by or on behalf of any other Loan Party in respect of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender, whether as a result of
insolvency, any proceedings in bankruptcy, dissolution, liquidation or reorganization or otherwise. 

  
 73 

 SECTION 9.04 Subrogation. The Company hereby agrees that, until the final payment in
full of all Guaranteed Obligations, it shall not exercise any right or remedy arising by reason of any performance by it of its guarantee in Section 9.01, whether by subrogation, reimbursement, contribution or otherwise, against any other Loan
Party or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. 

SECTION 9.05 Remedies. The Company agrees that, as between the Company and the Administrative Agent and the Lenders, the
obligations of any other Loan Party under this Agreement or any other Loan Documents may be declared to be forthwith due and payable as provided in Section 6.01 (and shall be deemed to have become automatically due and payable in the
circumstances provided in said Section 6.01) for purposes of Section 9.01, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as
against such other Loan Party and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by such other Loan Party) shall forthwith
become due and payable by the Company for purposes of Section 9.01. 
 SECTION 9.06 Payments. Each payment by the Company
under this Article IX shall be made in accordance with Section 2.09 in the Currency in which the Guaranteed Obligations in respect of which such payment is made are denominated, without deduction,
set-off or counterclaim at the Administrative Agent’s Account and free and clear of any and all present and future Taxes. 

[remainder of page intentionally left blank] 

  
 74 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective signatories thereunto duly authorized, as of the date first above written. 
  

			
	STANLEY BLACK & DECKER, INC.
		
	By:	 	 /s/ Craig A. Douglas

		 	Name: Craig A. Douglas
		 	Title: Vice President and Treasurer
	
	CITIBANK, N.A.,
	as Administrative Agent and as Lender
		
	By:	 	 /s/ Carolyn Kee

		 	Name: Carolyn Kee
		 	Title: Vice President
	
	CITIBANK EUROPE PLC, UK BRANCH,
	        as Sub-Agent
		
	By:	 	 /s/ John Summers

		 	Name: John Summers
		 	Title: Assistant Vice President

  
 364-DAY
CREDIT AGREEMENT 

 
			
	LENDERS
	
	GOLDMAN SACHS BANK USA
		
	By:	 	 /s/ Ryan Durkin

		 	Name: Ryan Durkin
		 	Title: Authorized Signatory
	
	WELLS FARGO BANK, N.A.
		
	By:	 	 /s/ Kay Reedy

		 	Name: Kay Reedy
		 	Title: Managing Director

  

  
 364-DAY
CREDIT AGREEMENT 

 SCHEDULE I 

LENDERS AND COMMITMENTS 
  

									
	 Lenders
	  	Revolving Credit
Commitment	 	  	Swing Line
Commitment	 
	 Citibank, N.A.
	  	$	416,666,666.67	  	  	$	133,333,333.33	  
	 Goldman Sachs Bank USA
	  	$	416,666,666.67	  	  	$	133,333,333.33	  
	 Wells Fargo Bank, N.A.
	  	$	416,666,666.66	  	  	$	133,333,333.34	  
	 TOTAL
	  	$	1,250,000,000.00	  	  	$	400,000,000.00	  

 SCHEDULE I 

  

 Schedule II 

DESIGNATED BORROWER JURISDICTIONS 
 United
Kingdom 
 Belgium 
 Luxembourg 

Switzerland 
 SCHEDULE II 

  

 EXHIBIT A 

NOTICE OF BORROWING 
 Citibank, N.A., as
Administrative Agent 
 for the Lenders parties 

to the Credit Agreement 
 referred
to below 
 1615 Brett Rd. 
 Building #3 

New Castle, DE 19720 
 Attn: Bank Loan Syndications 

[Date] 
 Ladies and Gentlemen: 

The undersigned, Stanley Black & Decker, Inc., refers to the 364-Day Credit Agreement, dated
as of January 18, 2017 (as amended, modified or supplemented from time to time, the “Credit Agreement”, the terms defined therein being used herein as therein defined), among the undersigned, certain Designated Borrowers,
certain Lenders parties thereto, and Citibank, N.A., as Administrative Agent for said Lenders, and hereby gives you notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the undersigned hereby requests a [Revolving
Credit Borrowing] [Swing Line Borrowing] on the following terms under the Credit Agreement, and in that connection sets forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required by
Section 2.02(b) of the Credit Agreement: 
 (i) The Borrower is
                    . 

(ii) The Business Day of the Proposed Borrowing is
                , 20 . 
 [(iii)
The Type of Advances comprising the Proposed Borrowing is [Base Rate]1 [Eurocurrency Rate]]. 

(iv) The aggregate amount of the Proposed Borrowing is [$]2
[€ ]                  . 

[(v)] The Initial Interest Period for each Eurocurrency Rate Advance made as part of the Proposed Borrowing is
                 month[s]]. 
 [(v) The
proceeds of the Proposed Borrowing are to be used to buy or carry Margin Stock, and attached hereto are the certificates required pursuant to Section 3.02(ii) of the Credit Agreement and a duly completed
Form U-1 or Form G-3.]3 

 

	1 	not available for any Designated Borrower 

	2 	not available for any Designated Borrower or for Swing Line Borrowings 

	3 	if applicable 

  
 A2-1 

 The undersigned hereby certifies that the following statements are true on the date hereof, and
will be true on the date of the Proposed Borrowing: 
 (A) the representations and warranties contained in Section 4.01
of the Credit Agreement (other than the Excluded Representation) are correct in all material respects (other than any representation or warranty qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects),
before and after giving effect to the Proposed Borrowing and to the application of the proceeds therefrom, as though made on and as of such date; and 

(B) no event has occurred and is continuing, or would result from such Proposed Borrowing or from the application of the
proceeds therefrom, which constitutes a Default or Event of Default. 
  

			
	Very truly yours,
	
	STANLEY BLACK & DECKER, INC.
		
	By	 	  

		 	Name:
		 	Title:

  
 A2-2 

 EXHIBIT B 

NOTICE OF CONVERSION OR CONTINUATION 

[Date] 
 Citibank, N.A., as Administrative Agent

 for the Lenders parties 
 to
the Credit Agreement 
 referred to below 
 1615
Brett Rd. 
 Building #3 
 New Castle, DE 19720 

Attn: Bank Loan Syndications 
 Ladies and Gentlemen: 

The undersigned, Stanley Black & Decker, Inc., refers to the 364-Day Credit Agreement, dated
as of January 18, 2017 (as amended, modified or supplemented from time to time, the “Credit Agreement”, the terms defined therein being used herein as therein defined), among the undersigned, certain Lenders parties thereto,
and Citibank, N.A., as Administrative Agent for said Lenders, and hereby gives you notice, pursuant to Section 2.04(b) of the Credit Agreement that [the undersigned] [NAME OF DESIGNATED BORROWER] hereby elects to [convert][continue] the
Revolving Credit Borrowing consisting of [Base Rate][Eurocurrency Rate] Advances: 
 (i) which is in the amount of is [$]4 [€ ]                 ; 

(ii) which, in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances, has an Interest Period of
month(s);5 and 
 (iii) which was borrowed (or previously
converted or continued) on                 , 20         . 

 

	4 	not available for any Designated Borrower 

	5 	Omit clause (ii) if Committed Borrowing consisted of Base Rate Advances. 

  
 B-1 

 Such [conversion][continuation] shall become effective on
                , 20    , at which time such Revolving Credit Advances shall be [converted into][continued as] [Base Rate]6[Eurocurrency Rate] Advances: 
 (i) which is in the amount of is [$]7 [€ ]             ;8 and 

(ii) which has an Interest Period of month(s)9. 

 

			
	 Very truly yours,

	
	 STANLEY BLACK & DECKER, INC.

		
	 By
	 	  

		 	Name:
		 	Title:

  

	6 	not available for any Designated Borrower 

	7 	not available for any Designated Borrower 

	8 	Omit clause (i) if conversion or continuation is for an entire amount of Committed Borrowing. 

	9 	Omit clause (ii) if conversion is into Base Rate Advance. 

  
 B-2 

 January 18, 2017 

Page 1 
  

 EXHIBIT C-1 

FORM OF OPINION OF BROWN RUDNICK 

January 18, 2017 
 To each of the Lenders
and to 
 Citibank, N.A., as Administrative Agent 
 For the
Lenders 
  

	 	Re:	The $1,250,000,000 364-Day Credit Agreement among Stanley Black & Decker, Inc., the Lenders party thereto and Citibank, N.A., as Administrative Agent 

Ladies and Gentlemen: 
 We have acted as special
counsel to Stanley Black & Decker, Inc., a Connecticut corporation (the “Company”) in connection with the negotiation, execution and delivery of that certain $1,250,000,000
364-Day Credit Agreement, dated as of the date hereof, by and among the Company, the lenders party thereto (the “Lenders”) and Citibank, N.A., as administrative agent for the Lenders
(in such capacity, the “Administrative Agent”) (the “Credit Agreement”). 
 This opinion
letter (“Opinion Letter”) is being delivered pursuant to Section 3.01(d) of the Credit Agreement. Capitalized terms used herein and not expressly defined herein have the definitions specified in the Credit Agreement. 

We have examined originals, certified copies or copies otherwise identified as being true copies of the following: 

 

	 	(a)	the Credit Agreement; 

  

	 	(b)	the Certificate of Incorporation of the Company, as amended, as of the date hereof; 

  

	 	(c)	the Bylaws of the Company as in effect as of the date hereof; 

  

	 	(d)	the resolutions duly adopted at a meeting of the Board of Directors of the Company authorizing, among other things, the execution, delivery and performance by the Company of the Credit Agreement and the transactions
contemplated thereby; 

  

	 	(e)	the Certificate of Legal Existence of the Company as of January 3, 2017 issued by the Connecticut Secretary of State; and 

  
 C-1-1 

 January 18, 2017 

Page 2 
  

	 	(f)	a copy of the Company’s Annual Report on Form 10-K for the year ended January 3, 2016 (the “Form 10-K”)
filed with the Securities and Exchange Commission. 

 This firm, in rendering legal opinions, customarily makes certain
assumptions which are described in Schedule A hereto. In the course of our representation of the Company in connection with this Transaction (as defined below), nothing has come to our attention which causes us to believe reliance upon any of
those assumptions is inappropriate and, with your concurrence, the opinions hereafter expressed are based upon those assumptions. 
 For
purposes of this Opinion Letter we have not reviewed any documents other than the documents listed in paragraphs (a) through (f) above. In particular, we have not reviewed any document (other than the documents listed in (a) through (f)
above) that is referred to in or incorporated by reference into any document reviewed by us. We have assumed that there exists no provision in any document that we have not reviewed that is inconsistent with the opinions stated herein. We have
conducted no independent factual investigation of our own but rather have relied solely upon the foregoing documents, the statements and information set forth therein and the additional matters recited or assumed herein, all of which we have assumed
to be true, complete and accurate in all material respects. The documents specifically referenced above in paragraphs (a) through (f) are collectively referred to herein as the “Aggregate Documents.” 

With your concurrence, the opinions hereafter expressed, whether or not qualified by language such as “to our knowledge” or
“known to us” (as each is defined below), are based solely upon (i) our review of the Aggregate Documents, (ii) discussions with various parties, including officers and managers of the Company, (iii) discussions with
those attorneys who have given substantial legal representation to the Company in connection with the transaction contemplated by the Credit Agreement (the “Transaction”) and (iv) review of such published sources of law
as we have deemed necessary. For purposes of this Opinion Letter, terms such as “to our knowledge” or “known to us” mean the actual knowledge of those attorneys who have given substantial legal representation
to the Company in connection with the Transaction. 
 For the purposes of this Opinion Letter, we have assumed (i) the due organization
or due formation, as the case may be, of each party and the valid existence and good standing of each party other than the Company to the Credit Agreement under the laws of the jurisdiction governing its organization or formation and the legal
capacity of natural persons who are signatories to the documents examined by us; (ii) each party to the Credit Agreement has complied with all material provisions thereof; and (iii) the truth, accuracy and completeness of the factual
information, representations and warranties contained in the records, documents, instruments, and certificates we have reviewed. 
 Except
as set forth in the following paragraph, our opinions hereafter expressed are limited to (i) the laws of the State of New York, (ii) the federal laws of the United States of America, and (iii) with respect to the opinions herein
contained as to the authorization of the Company with respect to the Credit Agreement, the Connecticut Business Corporation Act of the State of Connecticut, except that with respect to the opinion hereafter expressed in numbered paragraph 1 below as
to qualification, legal existence and good standing of the Company, for which we have exclusively relied on the certificate listed as item (e) listed above. To the extent 

  
 C-1-2 

 January 18, 2017 

Page 3 
  

 
that the Credit Agreement provides that it be governed by the laws of any jurisdiction other than the State of New York, our opinions regarding the Credit Agreement are being rendered, with your
concurrence, as if only the internal laws of the State of New York were applicable thereto, notwithstanding the governing law provision of the Credit Agreement. 

The opinions hereafter expressed with respect to enforceability or any rights or remedies granted under the Credit Agreement, are subject to
the general qualifications that such enforceability rights and remedies may be subject to and affected by: 
 (i) applicable bankruptcy,
insolvency, reorganization, receivership, moratorium, or assignment for the benefit of creditors laws and other laws affecting the rights and remedies of creditors generally, including, without limitation, laws regarding fraudulent transfers,
fraudulent conveyances, preferences, avoidance, automatic stay and turn-over; 
 (ii) general principles of equity, including without
limitation those governing the availability of equitable remedies, affording equitable defenses, requiring good faith, fair dealing and reasonableness in the performance and enforcement of a contract, and affording defenses based upon
unconscionability, lack of notice, impracticability or impossibility of performance; 
 (iii) general rules of contract law with respect to
matters such as the election of remedies, the limits of severability, mutuality of obligations, and opportunity to cure, limitations on the enforceability of indemnification, contribution or exculpation provisions under applicable securities laws or
otherwise and limitations on the enforceability of provisions that are in violation of public policy; and 
 (iv) generally applicable rules
of law that (a) limit or affect the enforcement of contract provisions that purport to waive obligations of good faith, fair dealing, diligence, and reasonableness; (b) provide that forum selection clauses in contracts are not necessarily
binding on the courts in the forum selected; (c) limit the availability of a remedy under certain circumstances where another remedy has been elected; (d) limit the enforceability of provisions releasing, exculpating or exempting a party
from, or requiring indemnification of a party for any liability of any kind; (e) may, in the absence of a waiver or consent, discharge a guarantor to the extent that guaranteed debt is materially modified; and (f) limit or affect the
enforceability of provisions for default rates of interest, late charges, prepayment charges, acceleration of future amounts due (other than principal) without appropriate discount to present value, liquidated damages and penalties. 

Without limiting any of the qualifications and limitations set forth in this Opinion Letter, we express no opinion concerning the
enforceability of any provision of the Credit Agreement which purports to (1) grant jurisdiction to, or fix venue in, any particular court, (2) waive any rights which may not by law be waived (including the rights to notice upon default
and hearing), (3) provide for compounding of and payment of interest on interest, or (4) effectuate any provision in the Credit Agreement which purports to limit the Administrative Agent’s liability or purports to excuse or indemnify the
Administrative Agent from any liability for negligent or intentional acts or omissions. The provisions of the Credit Agreement regarding the declaration of a default or event of default may be subject to enforcement of a court imposed standard of

  
 C-1-3 

 January 18, 2017 

Page 4 
  

 
materiality in determining whether an actionable event of default exists. We also have assumed that the Administrative Agent and the other Lenders are not subject to N.Y. Gen. Oblig. Law §5-501, N.Y. Penal Law § 190.40-190.42 or have complied with the notice and other provisions thereof as well as any other state’s equivalents to such usury laws
that may be applicable to the Transaction.     
 We express no legal opinion upon any matter other than those
explicitly addressed in numbered paragraphs 1 through 4 below, and our express opinions therein contained shall not be interpreted to be implied opinions upon any other matter. Without limiting the generality of the foregoing, unless expressly
stated herein we are rendering no opinion upon the following legal issues, laws or provisions of the Credit Agreement: (a) federal securities laws and regulations administered by the Securities and Exchange Commission, state “Blue
Sky” laws and regulations, and laws and regulations relating to commodity (and other) futures and indices and other similar instruments; (b) Federal Reserve Board margin regulations; (c) pension, labor, and employee benefit laws and
regulations (e.g., ERISA and the Fair Labor Standards Act); (d) federal and state antitrust and unfair competition laws and regulations; (e) federal and state laws and regulations concerning filing and notice requirements (e.g.,
Hart-Scott-Rodino and Exon-Florio) other than requirements applicable to charter related documents such as a certificate of merger; (f) compliance with fiduciary duty requirements; (g) the ordinances, bylaws, administrative decisions,
rules and regulations of municipalities, counties and special political subdivisions (e.g., water agencies, port and transportation authorities, joint power districts and turnpike authorities); (h) federal and state environmental, land use and
subdivision laws and regulations; (i) federal and state tax laws and regulations (including FIRPTA); (j) federal patent, copyright and trademark, state trademark, and other federal and state intellectual property laws and regulations;
(k) federal and state racketeering laws and regulations (e.g., RICO); (l) federal and state health and safety laws and regulations (e.g., OSHA); (m) federal and state laws, regulations and policies concerning (i) national and local
emergency, (ii) homeland security or terrorism, (iii) judicial deference to acts of sovereign states, and (iv) criminal and civil forfeiture laws; (n) other federal and state statutes of general application to the extent they
provide for criminal prosecution (e.g., mail fraud and wire fraud statutes); (o) the provisions of the Credit Agreement regarding the recovery of attorney’s fees; (p) the provisions of the Credit Agreement concerning the submission to
jurisdiction or venue of a particular court and the waiver of the right to a jury trial or service of process; (q) the provisions of the Credit Agreement which state that the provisions of the Credit Agreement are severable; (r) any
security interest created by a state government, foreign government, or state or foreign government unit, or any agricultural liens or security interest in
letter-of-credit rights; (s) any provisions of the Credit Agreement which purport to permit advances of funds for the payment of interest without the consent of the
Company; (t) the enforceability of any provisions of the Credit Agreement relating to any waivers (not already mentioned in this paragraph, including, without limitation, waivers of broadly or vaguely stated rights, waivers of unknown future
rights, waivers of defenses, waivers of rights granted by law, waivers of rights to notice, waivers of rights to cure defaults, waivers of statutes of limitation and waivers which require notice to be given prior to asserting a defense to the
payment of obligations or bringing any other claim or action), subrogation rights, powers of attorney, prohibitions of assignment, and delay or omission of enforcement of rights and remedies or marshaling of assets; (u) provisions of the Credit
Agreement which (i) purport to bind third parties and (ii) purport to grant set-off rights to the Administrative Agent and/or any 

  
 C-1-4 

 January 18, 2017 

Page 5 
  

 
other Lender; (v) provisions of the Credit Agreement which provide that rights or remedies are not exclusive, that every right or remedy is cumulative and may be exercised in addition to, or
with, any other right or remedy, or that the election of some particular remedy or remedies does not preclude recourse to one or another remedy; (w) provisions of the Credit Agreement construing, interpreting and/or resolving any
inconsistencies or ambiguities in the Credit Agreement in favor of the Administrative Agent or any other Persons, or establishing evidentiary standards or purporting to make determinations conclusive or any other provisions of the Credit Agreement
which provide that the Credit Agreement shall be construed in favor of any party thereto; (x) the enforceability of any provisions of the Credit Agreement which violate public policy; (y) usury laws (other than New York usury laws); (z)
provisions in lease agreements to which the Company is a party that prohibit the granting of a license to third parties; (aa) the authority to execute, perform, or deliver the Credit Agreement to the extent the Credit Agreement would result in or
require the Company to be a counterparty to or to guarantee a swap obligation, if the Company is not an eligible contract participant under the Commodity Exchange Act; (bb) fraudulent transfer and fraudulent conveyance laws and (cc) any bail-in clause or provision and any Bail-In Action included in the Credit Agreement. 

In rendering this Opinion Letter, we are not passing upon and do not assume any responsibility for the accuracy, sufficiency, completeness or
fairness of any statements, representations, warranties, descriptions, information or financial data supplied to the Administrative Agent and/or the other Lenders with respect to the Credit Agreement or the transactions contemplated thereby and we
advise you that we have not independently verified the accuracy, sufficiency, completeness or fairness of any of the foregoing. 
 Unless
expressly provided otherwise herein, the opinions expressed herein are based solely upon the applicable facts, laws, rules and regulations in effect as of the date hereof. Any changes subsequently effective in such facts, laws, rules or regulations
may affect such opinion. We do not undertake to advise you of any changes in the opinions expressed herein from matters that might hereafter arise or be brought to our attention. 

Based on the foregoing, and subject to the further assumptions and qualifications set forth below, it is our opinion that, as of the date of
this Opinion Letter: 
 1. The Company is a corporation existing and in good standing under the laws of the State of Connecticut. 

2. The execution, delivery and performance by the Company of the Credit Agreement and the consummation of the Transaction are (a) within
its power and authority and have been duly authorized by all necessary proceedings under its organizational documents , and (b) did not and do not (i) violate or conflict with any provision of its organizational documents,
(ii) violate or conflict with any law, rule or regulation of any governmental authority applicable to the Company, (iii) require the Company to obtain any approval, consent or waiver of, or make any filing with, any governmental agency or
body (other than approvals, consents or waivers already obtained or filings already made), (iv) require the consent or authorization of, or approval by, or notice to, any party to any material contract or agreement listed as an Exhibit to the Form 10-K to which the Company is a party, except for such consents, authorizations, approvals or notices that (assuming the power and authority of the consenting entity and the authority and capacity of the person
signing on its behalf) have been obtained or made, or (v) violate or conflict with any judgment, order or decree of which we have knowledge to which the Company is a party or by which any of its assets or properties are bound. 

  
 C-1-5 

 January 18, 2017 

Page 6 
  

 3. The Credit Agreement has been duly executed and delivered by the Company, and the Credit
Agreement constitutes the legal, valid and binding obligations of the Company, enforceable against it in accordance with its terms. 
 4. The
Company is not an “investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

This Opinion Letter is rendered to you for your benefit in connection with the transactions contemplated by the Credit Agreement and may not be relied upon by
any other party without our prior written consent. Notwithstanding the foregoing, any person that becomes a Lender in accordance with the provisions of the Credit Agreement may rely on the opinions expressed herein as if this Opinion Letter were
addressed to such Lender on the date hereof, and this Opinion Letter may be disclosed only for the purpose of confirming the existence of the opinions and on a non-reliance basis, to (1) employees,
officers, directors, professional advisers, auditors and regulators of the Lenders (in each case in their capacity as such); (2) Affiliates of the Lenders and their respective employees, officers, directors, professional advisers, auditors and
regulators (in each case in their capacity as such); (3) any potential assignee, transferee, participant or sub-participant of the Credit Agreement or their professional advisers; and (4) as required by
law, order, rule, regulation, a court of competent jurisdiction, regulatory or supervisory authority or in connection with any actual or potential dispute, claim or judicial or arbitral proceedings to which the Lenders may be a party; provided,
however, such disclosure shall in no event constitute an issuance or reissuance of the opinions or otherwise extend any applicable statute of limitations. 

Very truly yours, 

BROWN RUDNICK LLP 
 CG/FLL/JIC

  
 C-1-6 

 January 18, 2017 

Page 7 
  

 SCHEDULE A 

BROWN RUDNICK LLP 

STANDARD ASSUMPTIONS 
 In
rendering legal opinions in third party transactions, Brown Rudnick LLP makes certain customary assumptions described below: 
  

	 	1.	Each natural person executing the Credit Agreement has sufficient legal capacity to enter into such documents and perform the Transaction. 

 

	 	2.	The Company holds requisite title and rights to any property involved in the Transaction and purported to be owned by them. 

  

	 	3.	Each person other than the Company has all requisite power and authority and has taken all necessary corporate or other action to enter into the Credit Agreement to which it is a party or by which it is bound, to the
extent necessary to make the Credit Agreement enforceable against it. 

  

	 	4.	Each person other than the Company has complied with all legal requirements pertaining to its status as such status relates to its rights to enforce the Credit Agreement against the Company. 

 

	 	5.	Each document is complete, each original is authentic, each copy is accurate and conforms to an authentic original and all signatures are genuine. 

 

	 	6.	All official public records are accurate, complete and properly indexed and filed. 

  

	 	7.	There has not been any mutual mistake of fact or misunderstanding, fraud, duress, or undue influence by or among any of the parties to the Credit Agreement. 

 

	 	8.	The conduct of the parties to the Transaction has complied in the past and will comply in the future with any requirement of good faith, fair dealing and conscionability. 

 

	 	9.	Each person other than the Company has acted in good faith and without notice of any defense against the enforcement of any rights created by, or adverse claim to any property or security interest transferred or created
as part of, the Credit Agreement. 

  

	 	10.	There are no agreements or understandings among the parties to or bound by the Transaction, and there is no usage of trade or course of prior dealing among such parties, that would define, modify, waive, or qualify the
terms of any of the Credit Agreement. 

  
 C-1-7 

 January 18, 2017 

Page 8 
  

	 	11.	The Company will not in the future take any discretionary action (including a decision not to act) which is permitted under the Credit Agreement but that would (i) result in a violation of law or
(ii) constitute a breach or default under another agreement to which any such party is a party, or (iii) constitute a breach of any court or administrative order, writ, judgment or decree that names such party and is specifically directed
to it or its property. 

  

	 	12.	The Company will obtain all permits and governmental approvals not required at the time of the closing of the Transaction but which are subsequently required, and will take all actions similarly required, relevant to
subsequent consummation of the Transaction or performance of the Credit Agreement. 

  

	 	13.	The parties have received the consideration recited in any document delivered by the parties and that such consideration is legally adequate in each instance. 

 

	 	14.	To the extent relevant to our opinions herein, all parties to or bound by the Aggregate Documents will act in accordance with, and will refrain from taking any action that is forbidden by, the terms and conditions of
the Aggregate Documents. 

  

	 	15.	No agreement, franchise, or governmental permit, license or approval which has been collaterally assigned in the Credit Agreement is subject to any restriction upon assignment or transfer which has not been assigned.

  
 C-1-8 

 EXHIBIT C-2 

FORM OF OPINION OF SPECIAL NEW YORK COUNSEL TO 

THE ADMINISTRATIVE AGENT 
 January
    , 2017 
 To the Initial Lenders party to the Credit 

Agreement referred to below and to 
 Citibank, N.A., as
Administrative Agent 
 Stanley Black & Decker, Inc. 

Ladies and Gentlemen: 
 We have acted as counsel
to Citibank, N.A., as Administrative Agent (the “Agent”), in connection with the 364-Day Credit Agreement, dated as of January 18, 2017 (the “Credit Agreement”), among
Stanley Black & Decker, Inc., a Connecticut corporation (the “Company”), and each of you. Unless otherwise defined herein, terms defined in the Credit Agreement are used herein as therein defined. 

In that connection, we have reviewed originals or copies of the following documents: 

(a) A copy of the Credit Agreement executed by the Company and 

(b) The Notes executed by the Company and delivered on the date hereof. 

The documents described in the foregoing clauses (a) and (b) are collectively referred to herein as the “Opinion Documents.” 

We have also reviewed originals or copies of such other agreements and documents as we have deemed necessary as a basis for the opinions
expressed below. 
 In our review of the Opinion Documents and other documents, we have assumed: 

A. The genuineness of all signatures. 

B. The authenticity of the originals of the documents submitted to us. 

C. The conformity to authentic originals of any documents submitted to us as copies. 

D. As to matters of fact, the truthfulness of the representations made in the Credit Agreement and the other Opinion Documents.

  
 C-2-1 

 E. That each of the Opinion Documents is the legal, valid and binding obligation
of each party thereto, other than the Loan Parties, enforceable against each such party in accordance with its terms. 
 F.
That: 
 (i) Each Loan Party is an entity duly organized and validly existing under the laws of the jurisdiction of its
organization. 
 (ii) Each Loan Party has full power to execute, deliver and perform, and has duly executed and delivered,
the Opinion Documents to which it is a party. 
 (iii) The execution, delivery and performance by each Loan Party of the
Opinion Documents to which it is a party have been duly authorized by all necessary action (corporate or otherwise) and do not: 

(1) contravene its certificate or articles of incorporation, by-laws or other
organizational documents; 
 (2) except with respect to Generally Applicable Law, violate any law, rule or regulation
applicable to it; or 
 (3) result in any conflict with or breach of any agreement or document binding on it of which any
addressee hereof has knowledge, has received notice or has reason to know. 
 (iv) Except with respect to Generally
Applicable Law, no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or (to the extent the same is required under any agreement or document binding on it of which an addressee
hereof has knowledge, has received notice or has reason to know) any other third party is required for the due execution, delivery or performance by any Loan Party of any Opinion Documents to which it is a party or, if any such authorization,
approval, action, notice or filing is required, it has been duly obtained, taken, given or made and is in full force and effect. 
 We have
not independently established the validity of the foregoing assumptions. 
 “Generally Applicable Law” means the federal
law of the United States of America, and the law of the State of New York (including the rules or regulations promulgated thereunder or pursuant thereto), that a New York lawyer exercising customary professional diligence would reasonably be
expected to recognize as being applicable to the Loan Parties, the Opinion Documents or the transactions governed by the Opinion Documents. Without limiting the generality of the foregoing definition of Generally Applicable Law, the term
“Generally Applicable Law” does not include any law, rule or regulation that is applicable to any Loan Party, the Opinion Documents or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable
to any party to any of the Opinion Documents or any of its affiliates due to the specific assets or business of such party or such affiliate. 

  
 C-2-2 

 Based upon the foregoing and upon such other investigation as we have deemed necessary and
subject to the qualifications set forth below, we are of the opinion that each Opinion Document is the legal, valid and binding obligation of each Loan Party, enforceable against such Loan Party in accordance with its terms. 

Our opinion expressed above is subject to the following qualifications: 

(a) Our opinion is subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors’ rights generally (including without limitation all laws relating to fraudulent transfers). 
 (b)
Our opinion is subject to the effect of general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law). 

(c) We express no opinion with respect to the enforceability of indemnification provisions, or of release or exculpation
provisions, contained in the Opinion Documents to the extent that enforcement thereof is contrary to public policy regarding the indemnification against or release or exculpation of criminal violations, intentional harm or violations of securities
laws. 
 (d) We express no opinion with respect to the enforceability of any indemnity against loss in converting into a
specified currency the proceeds or amount of a court judgment in another currency. 
 (e) We express no opinion with respect
to Section 8.13 of the Credit Agreement to the extent that such Section (i) implies that a federal court of the United States has subject matter jurisdiction or (ii) purports to grant any court exclusive jurisdiction. 

(f) We express no opinion as to whether inclusion of the bail-in clause in
Section 8.17 of the Credit Agreement or any Bail-In Action under it will be given effect. 

(g) Our opinion is limited to Generally Applicable Law. 

A copy of this opinion letter may be delivered by any of you to any person that becomes a Lender in accordance with the provisions of the
Credit Agreement. Any such person may rely on the opinions expressed above as if this opinion letter were addressed and delivered to such person on the date hereof. 

This opinion letter is rendered to you in connection with the transactions contemplated by the Opinion Documents. This opinion letter may not
be relied upon by you or any person entitled to rely on this opinion pursuant to the preceding paragraph for any other purpose without our prior written consent. 

  
 C-2-3 

 This opinion letter speaks only as of the date hereof. We expressly disclaim any responsibility
to advise you of any development or circumstance of any kind, including any change of law or fact, that may occur after the date of this opinion letter that might affect the opinions expressed herein. 

Very truly yours, 
 SLH 

  
 C-2-4 

 EXHIBIT D 

ASSIGNMENT AND ASSUMPTION 
 This
Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]10 Assignor identified
in item 1 below ([the][each, an] “Assignor”) and [the][each]11 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that
the rights and obligations of [the Assignors][the Assignees]12 hereunder are several and not joint.]13 Capitalized terms used but not defined
herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions
set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and
[the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective
facilities identified below (including without limitation any letters of credit, guarantees, and swingline loans included in such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of
action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement,
any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims,
statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee
pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in
this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 
  

	10 	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose
the second bracketed language. 

	11 	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the
second bracketed language. 

	12 	Select as appropriate. 

	13 	Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  
 D-1 

	1.	Assignor[s]:
                                         
                                

	    	                                    
                                         
                 

 [Assignor [is] [is not]
a Defaulting Lender] 
  

	2.	Assignee[s]:
                                         
                                

	    	                                    
                                         
                 

 [for each Assignee,
indicate [Affiliate]of [identify Lender] 
  

	3.	Borrower(s):                 Stanley Black & Decker, Inc. 

 

	4.	Administrative Agent: Citibank, N.A., as the administrative agent under the Credit Agreement 

  

	5.	Credit Agreement: The $1,250,000,000 364-Day Credit Agreement dated as of January 18, 2017 among Stanley Black & Decker, Inc., as Borrower, the Lenders parties
thereto, Citibank, N.A., as Administrative Agent, and the other agents parties thereto 

  

	6.	Assigned Interest[s]: 

  

																									
	 Assignor[s]14
	  	Assignee[s]15	 	  	Facility Assigned
(Revolving Credit or
Swing Line)	 	  	Aggregate Amount
of Commitment /
Advances for all
Lenders16	 	  	Amount of
Commitment
/Advances
Assigned8	 	  	Percentage
Assigned of
Commitment /
Advances17	 	  	CUSIP
Number	 
		  				  				  	$	    	  	  	$	    	  	  	 	%	  	  			
		  				  				  	$	 	  	  	$	 	  	  	 	%	  	  			
		  				  				  	$	 	  	  	$	 	  	  	 	%	  	  			

  

	[7.	Trade Date:                         ]18

  

	14 	List each Assignor, as appropriate. 

	15 	List each Assignee, as appropriate. 

	16 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

	17 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Advances of all Lenders thereunder. 

	18 	To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date. 

  
 D-2 

 Effective
Date:                                     ,
20         [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR[S]19
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	ASSIGNEE[S]20
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:
	
	[Consented to and]21 Accepted:
	[NAME OF ADMINISTRATIVE AGENT], as Administrative Agent
		
	By	 	  

		 	Name:
		 	Title:
	 [Consented to:]22

	 [NAME OF RELEVANT PARTY]

		
	 By
	 	  

		 	 Name:

		 	 Title:

  

	19 	Add additional signature blocks as needed. 

	20 	Add additional signature blocks as needed. 

	21 	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	22 	To be added only if the consent of the Borrower and/or other parties is required by the terms of the Credit Agreement. 

  
 D-3 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1. Representations
and Warranties. 
 1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the
relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this
Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or
in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition
of the Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of
their respective obligations under any Loan Document. 
 1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the
requirements to be an assignee under Section 8.07(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 8.07(b)(iii) of the Credit Agreement), (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is
sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets
of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable,
and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without
reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such]
Assigned Interest, and (vii) [if it is a Foreign Lender] attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such]
Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender. 

  
 ANNEX 1 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in
respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective Date. The Assignor[s] and the
Assignee[s] shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves. Notwithstanding the foregoing, the
Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by
telecopy or other electronic means shall be effective as delivery of an original manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the
State of New York. 

  
 ANNEX 1 

 EXHIBIT E 

PROMISSORY NOTE 
  

			
	[$][€]                 	  	Dated:                    

 FOR VALUE RECEIVED, the undersigned, [STANLEY BLACK & DECKER, INC., a Connecticut corporation]
[DESIGNATED BORROWER, a [            ] corporation] (the “Borrower”), HEREBY PROMISES TO PAY to the order of [NAME OF LENDER] (the “Lender”) the principal
sum of [$][€]                 or, if less, the aggregate principal amount of all Advances made by the Lender to the Borrower pursuant to the Credit Agreement
referred to below outstanding on the Termination Date or, if applicable, the Maturity Date, and such amount shall be paid on or prior to such date as provided in the Credit Agreement referred to below. 

Capitalized terms used herein and not defined herein shall have the meanings provided in the Credit Agreement referred to below. 

The Borrower promises to pay interest on the principal amount of each Advance from the date of such Advance until such principal amount is
paid in full, at such interest rates, and payable at such times, as are specified in the Credit Agreement referred to below. 
 Both
principal of and interest on each Advance are payable in the Currency in which such Advance was denominated to Citibank, N.A., as Administrative Agent, at the Administrative Agent’s Account in the Principal Financial Center for such Currency
for the account of the Lender, in same day funds. Each Advance made by the Lender to the Borrower and the maturity thereof, and all payments made on account of the principal amount thereof, shall be recorded by the Lender and, prior to any transfer
hereof, endorsed on the grid attached hereto which is a part of this Promissory Note, which recordation shall be conclusive and binding absent manifest error but the failure to make such recording shall not have any effect on the Lender’s
rights hereunder. 
 This Promissory Note is one of the Notes referred to in, and is entitled to the benefits of, the 364-Day Credit Agreement dated as of January 18, 2017 (as amended, modified or supplemented from time to time, the “Credit Agreement”), among [Stanley Black & Decker, Inc./the
Borrower], certain Designated Borrowers (if any), the Lender and certain other lenders parties thereto, and Citibank, N.A., as Administrative Agent for the Lender and such other lenders. The Credit Agreement, among other things, (i) provides
for the making of Advances by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the Dollar amount first above mentioned, the indebtedness of the Borrower resulting from each such Advance being
evidenced by this Promissory Note, (ii) contains provisions for determining the Dollar Equivalent of Advances denominated in Alternate Currencies and (iii) contains provisions for acceleration of the maturity hereof upon the happening of
certain stated events and also for prepayments on account of principal hereof prior to the maturity hereof upon the terms and conditions therein specified. 

  
 E-1 

 
			
	[STANLEY BLACK & DECKER, INC.]
	[DESIGNATED BORROWER]
		
	By	 	  

		 	Name:
		 	Title:
		
	By	 	  

		 	Name:
		 	Title:

  
 E-2 

 EXHIBIT F 

FORM OF DESIGNATION LETTER 

[Date] 
 To Citibank, N.A., 

as Administrative Agent 
 1615 Brett Rd. 

Building #3 
 New Castle, DE 19720 

Attn: Bank Loan Syndications 
 Ladies and Gentlemen: 

We make reference to the $1,250,000,000 364-Day Credit Agreement dated as of January 18, 2017 (the
“Credit Agreement”) among Stanley Black & Decker, Inc. (the “Company”), certain Designated Borrowers (if any), the Lenders party thereto and Citibank, N.A., as Administrative Agent. Terms defined in
the Credit Agreement are used herein as defined therein. 
 The Company hereby designates
[                ] (the “Designated Borrower”), a corporation duly incorporated under the laws of
[                ] and a Subsidiary, as a Company in accordance with Section 2.14 of the Credit Agreement. 

The Designated Borrower hereby accepts the above designation and hereby expressly and unconditionally accepts all of the obligations of a
Borrower under the Credit Agreement, adheres to the Credit Agreement and agrees and confirms that, upon your execution and return to the Company of the enclosed copy of this letter, it shall be a Borrower for all purposes of the Credit Agreement,
joins in each of the waivers, appointments and submissions in Article VIII thereof, and will perform and comply with the terms and provisions of the Credit Agreement applicable to it as if it had originally executed the Credit Agreement as a
Borrower. The Designated Borrower hereby authorizes and empowers the Company to act as its representative and attorney-in-fact for the purposes of signing documents and
giving and receiving notices (including notices of Borrowing under the Credit Agreement) and other communications in connection with the Credit Agreement and the transactions contemplated thereby and for the purposes of modifying or amending any
provision of the Credit Agreement and further agrees that the Administrative Agent and each Lender may conclusively rely on the foregoing authorization. 

The Designated Borrower represents and warrants to the Administrative Agent and each Lender the following: 

(a) Corporate Existence. The Designated Borrower is an entity duly organized and validly existing under the laws of its
jurisdiction of formation. 

  
 F-1 

 (b) Corporate Authorization, Etc. The performance of its obligations under
the Credit Agreement and the execution, delivery and performance by the Designated Borrower of this Designation Letter and any Note executed by the Designated Borrower are within the Designated Borrower’s corporate powers, have been duly
authorized by all necessary corporate action and do not contravene (i) the Designated Borrower’s charter documents of (ii) any law or contractual restriction binding on or affecting the Designated Borrower. 

(c) No Approvals. No authorization, approval or action by, and no notice to or filing with, any governmental authority
or regulatory body is required for the due execution, delivery and performance by the Designated Borrower’s of this Designation Letter and any Note executed by the Designated Borrower or the performance of its obligations under the Credit
Agreement. 
 (d) Enforceability. Each of the Credit Agreement and this Designation Letter is and, upon issuance and
delivery thereof in accordance with the Credit Agreement, each Note executed by the Designated Borrower will be the legal, valid and binding obligations of the Designated Borrower, enforceable against the Designated Borrower in accordance with their
respective terms. 
 (e) Investment Company. The Designated Borrower is not an “investment company” within
the meaning of the Investment Company Act of 1940, as amended. 
 (f) No Defaults. The Designated Borrower is not in
default under or with respect to any agreement, instrument or undertaking to which it is a party or by which it or any of its property is bound in any respect which could reasonably be expected to result in a Material Adverse Effect. 

(g) Use of Proceeds, Etc. All proceeds of each Advance made to the Designated Borrower will be used by it only in
accordance with the provisions of Section 2.12 of the Credit Agreement. It is not, nor will be, engaged in the business of extending credit for the purpose of buying or carrying Margin Stock and no proceeds of any Advance will be used by it to
extend credit to others for the purpose of buying or carrying any Margin Stock. Neither the making of any Advance to the Designated Borrower nor the use of the proceeds thereof will violate or be inconsistent with the provisions of Regulations U or
X issued by the Board of Governors of the Federal Reserve System. 
 The Designated Borrower agrees that the address set forth below its
name on its signature page hereto shall be its “Address for Notices” for all purposes of the Credit Agreement (including Section 8.13 thereof). The Designated Borrower acknowledges its receipt of the notice of each Lender, provided
pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), set forth in Section 8.15 of the Credit Agreement. 

To the extent that the Designated Borrower or any of its Property has or hereafter may acquire, in any jurisdiction in which judicial
proceedings may at any time be commenced with respect to the Credit Agreement or any other Loan Document, any immunity from jurisdiction, legal proceedings, attachment (whether before or after judgment), execution, judgment or set-off, the Designated Borrower hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity. 

  
 F-2 

 
			
	STANLEY BLACK & DECKER, INC.
		
	By	 	  

		 	Name:
		 	Title:
		
	By	 	  

		 	Name:
		 	Title:
	
	[NAME OF DESIGNATED BORROWER]
		
	By	 	  

		 	Name:
		 	Title:
	
	 Address for Notices:

	
[                  
                  ]

	
[                  
                  ]

	
[                  
                  ]

	
	
Attention: [                
        ]

	
Telecopier: [                
        ]

	
Telephone: [                
        ]

  

			
	ACCEPTED AND AGREED:
	
	CITIBANK, N.A., as Administrative Agent
		
	By	 	  

		 	Name:
		 	Title:

  
 F-3 

 EXHIBIT G 

FORM OF TERMINATION LETTER 

[Date] 
 To Citibank, N.A., 

as Administrative Agent 
 1615 Brett Rd. 

Building #3 
 New Castle, DE 19720 

Attn: Bank Loan Syndications 
 Ladies and Gentlemen: 

We make reference to the $1,250,000,000 364-Day Credit Agreement dated as of January 18, 2017 (the
“Credit Agreement”) among Stanley Black & Decker, Inc. (the “Company”), certain Designated Borrowers (if any), the Lenders party thereto and Citibank, N.A., as Administrative Agent. Terms defined in
the Credit Agreement are used herein as defined therein. 
 The Company hereby terminates the status as a Designated Borrower of
[                            ], a corporation incorporated under the laws of
[                        ], in accordance with Section 2.14 of the Credit Agreement, effective as of the date of receipt of
this notice by the Administrative Agent. The undersigned hereby represents and warrants that all principal and interest on any Advance of the above-referenced Designated Borrower and all other amounts payable by such Designated Borrower pursuant to
the Credit Agreement have been paid in full on or prior to the date hereof. Notwithstanding the foregoing, this Termination Letter shall not affect any obligation which by the terms of the Credit Agreement survives termination thereof. 

 

			
	STANLEY BLACK & DECKER, INC.
		
	By	 	  

		 	Name:
		 	Title:
		
	By	 	  

		 	Name:
		 	Title:

  
 G-1

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