Document:

EX-10.2

 Exhibit 10.2 
  

 
  

SECURITY AGREEMENT 

dated as of 

September 26, 2019, 

among 
 INSTALLED
BUILDING PRODUCTS, INC., 
 THE OTHER GRANTORS PARTY HERETO, 

and 
 BANK OF AMERICA,
N.A., 
 as Administrative Agent 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 SECTION 1.01
	 	Defined Terms	  	 	1	 
			
	 SECTION 1.02
	 	Other Defined Terms	  	 	1	 
		
	 ARTICLE II PLEDGE OF SECURITIES
	  	 	6	 
			
	 SECTION 2.01
	 	Pledge	  	 	6	 
			
	 SECTION 2.02
	 	Delivery of the Pledged Collateral	  	 	6	 
			
	 SECTION 2.03
	 	Representations, Warranties and Covenants	  	 	7	 
			
	 SECTION 2.04
	 	Registration in Nominee Name; Denominations	  	 	8	 
			
	 SECTION 2.05
	 	Voting Rights; Dividends and Interest	  	 	8	 
			
	 SECTION 2.06
	 	Article 8 Opt-In	  	 	10	 
		
	 ARTICLE III SECURITY INTERESTS IN PERSONAL PROPERTY
	  	 	11	 
			
	 SECTION 3.01
	 	Security Interest	  	 	11	 
			
	 SECTION 3.02
	 	Representations and Warranties	  	 	12	 
			
	 SECTION 3.03
	 	Covenants	  	 	15	 
			
	 SECTION 3.04
	 	Other Actions	  	 	17	 
			
	 SECTION 3.05
	 	Covenants Regarding Patent, Trademark and Copyright Collateral	  	 	17	 
		
	 ARTICLE IV REMEDIES
	  	 	18	 
			
	 SECTION 4.01
	 	Remedies upon Default	  	 	18	 
			
	 SECTION 4.02
	 	Application of Proceeds	  	 	20	 
			
	 SECTION 4.03
	 	Securities Act	  	 	20	 
			
	 SECTION 4.04
	 	Grant of License to Use Intellectual Property	  	 	21	 
		
	 ARTICLE V MISCELLANEOUS
	  	 	22	 
			
	 SECTION 5.01
	 	Notices	  	 	22	 
			
	 SECTION 5.02
	 	Waivers; Amendment	  	 	22	 
			
	 SECTION 5.03
	 	Administrative Agent’s Fees and Expenses; Indemnification	  	 	22	 
			
	 SECTION 5.04
	 	Successors and Assigns	  	 	22	 
			
	 SECTION 5.05
	 	Survival of Agreement	  	 	23	 
			
	 SECTION 5.06
	 	Counterparts; Effectiveness; Several Agreement	  	 	23	 
			
	 SECTION 5.07
	 	Severability	  	 	23	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
			
	 SECTION 5.08
	 	Right of Set-off	  	 	23	 
			
	 SECTION 5.09
	 	Governing Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent	  	 	24	 
			
	 SECTION 5.10
	 	WAIVER OF JURY TRIAL	  	 	25	 
			
	 SECTION 5.11
	 	Headings	  	 	25	 
			
	 SECTION 5.12
	 	Security Interest Absolute	  	 	25	 
			
	 SECTION 5.13
	 	[Reserved]	  	 	25	 
			
	 SECTION 5.14
	 	Additional Subsidiaries	  	 	25	 
			
	 SECTION 5.15
	 	Administrative Agent Appointed Attorney-in-Fact	  	 	26	 
			
	 SECTION 5.16
	 	Intercreditor Agreement Governs	  	 	26	 
			
	 SECTION 5.17
	 	Delivery of Term Loan First Lien Collateral	  	 	27	 
			
	 SECTION 5.18
	 	No Liability	  	 	27	 
			
	 SECTION 5.19
	 	Compromises and Collection of Collateral	  	 	27	 

  
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	 Schedules
	  	
		
	 Schedule I
	  	 Grantors

	 Schedule II
	  	 Pledged Equity Interests; Pledged Debt Securities

	 Schedule III
	  	 Intellectual Property

	 Schedule IV
	  	 Commercial Tort Claims

		
	 Exhibits
	  	
		
	 Exhibit I
	  	 Form of ABL Copyright Security Agreement

	 Exhibit II
	  	 Form of ABL Patent Security Agreement

	 Exhibit III
	  	 Form of ABL Trademark Security Agreement

  
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 SECURITY AGREEMENT dated as of September 26, 2019 (as amended,
restated, supplemented or otherwise modified from time to time, this “Agreement”) among INSTALLED BUILDING PRODUCTS, INC., a Delaware corporation (the “Borrower”), the other GRANTORS from time to time party hereto
and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”). 
 PRELIMINARY
STATEMENTS 
 WHEREAS, the Borrower, the Persons party thereto from time to time as Guarantors, the financial
institutions party thereto from time to time as Lenders, and Bank of America, N.A., as Administrative Agent are entering into the Credit Agreement dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”); and 
 WHEREAS, the Lenders have agreed to extend credit to the Borrower subject to
the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. The Subsidiary Guarantors are affiliates of the
Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. Accordingly, the
parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

SECTION 1.01 Defined Terms. (a) Each capitalized term used but not defined herein shall have the meaning assigned
thereto in the Credit Agreement; provided that each term defined in the New York UCC (as defined herein) and not defined in this Agreement or the Credit Agreement shall have the meaning specified in the New York UCC. The term
“instrument” shall have the meaning specified in Article 9 of the New York UCC. 
 (b) The rules of
construction specified in Section 1.4 of the Credit Agreement also apply to this Agreement, mutatis mutandis. 

SECTION 1.02 Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

 “Account Debtor” means any Person that is or may become obligated to any Grantor under, with respect to
or on account of an Account, Chattel Paper or General Intangible. 
 “Administrative Agent” has the meaning
assigned to such term in the preamble to this Agreement. 
 “After-acquired Debt” has the meaning set forth
in the definition of Pledged Collateral. 
 “After-acquired Shares” has the meaning set forth in the
definition of Pledged Collateral. 
 “Agreement” has the meaning assigned to such term in the preamble to
this Agreement. 

 “Article 9 Collateral” has the meaning assigned to such
term in Section 3.01. 
 “Borrower” has the meaning assigned to such term in the
preamble to this Agreement. 
 “Collateral” means Article 9 Collateral and Pledged Collateral. 

“Copyright Security Agreement” means the Copyright Security Agreement substantially in the form of Exhibit I
hereto. 
 “Copyrights” shall mean, with respect to any Grantor, all of such Grantor’s right, title,
and interest in and to the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all
income, royalties, damages, and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for
past, present, and future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 

“Credit Agreement” has the meaning assigned to such term in the preliminary statements to this Agreement.

 “Discharge of Senior Secured Debt Obligations” has the meaning assigned to such term in the ABL/Term
Intercreditor Agreement. 
 “Equity Interests” means shares of capital stock, partnership interests,
membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person. 

“Excluded Accounts” shall have the meaning assigned to such term in the Credit Agreement. 

“Excluded Assets” shall mean (i) any governmental licenses or state or local franchises, charters or authorizations, to
the extent a security interest in any such licenses, franchise, charter or authorization would be prohibited or restricted thereby (including any legally effective prohibition or restriction), (ii) pledges and security interests prohibited by
applicable law, rule or regulation (including any legally effective requirement to obtain the consent of any governmental authority) or any agreement containing anti-assignment provisions not overridden by the UCC, (iii) margin stock and, to
the extent prohibited by the terms of any applicable organizational documents, joint venture agreement or shareholders’ agreement, equity interests in any person other than Wholly Owned Restricted Subsidiaries of a Grantor, (iv) any
intent-to-use trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” with respect thereto, (v) any
lease, license or other agreement or any property subject to a purchase money security interest or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase
money or similar arrangement or create a right of termination in favor of any other party thereto (other than the Borrower or its Subsidiaries) after giving effect to the applicable anti-assignment provisions of the UCC or other similar applicable
law (including Section 9-406, 9-408 or 9-409 of the UCC), other than proceeds and receivables thereof, the assignment of
which is expressly deemed effective under the UCC or other 

  
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similar applicable law notwithstanding such prohibition, (vi) any Excluded Real Property, (vii) any rolling stock, (viii) Excluded Accounts, (ix) Vehicles and other assets
subject to certificates of title, (x) Excluded Equity Interests and (xi) any assets as to which the Administrative Agent and the Borrower agree in writing that the difficulty or consequence of obtaining such a security interest or
perfection thereof (taking into account any adverse tax consequences to the Borrower and its Affiliates (including the imposition of withholding or other material taxes)) outweighs the benefits to be obtained by the Secured Creditors therefrom. 

“Excluded Equity Interests” shall mean (a) any of the outstanding voting Equity Interests or other
voting ownership interests of any CFC in excess of 65% of all the Equity Interests or other voting ownership interests (as determined under Treasury Regulation Section 1.956-2) of such CFC, (b) any
equity or other voting ownership interests in any Subsidiary that is not a first tier Subsidiary of the Borrower or a Guarantor, (c) any Equity Interests to the extent the pledge thereof would be prohibited or limited by any applicable law,
rule or regulation existing on the date hereof or on the date such Equity Interests are acquired by the Borrower or a Guarantor or on the date the issuer of such Equity Interests is created, (d) the Equity Interests of a Subsidiary (other than
a Wholly Owned Subsidiary) the pledge of which would violate a contractual obligation to the owners of the other Equity Interests of such Subsidiary (other than any such owners that are the Borrower or Affiliates of the Borrower) that is binding on
or relating to such Equity Interests and (e) the Equity Interests of any Unrestricted Subsidiaries. 
 “Federal
Securities Laws” has the meaning assigned to such term in Section 4.03. 

“Grantors” means (a) the Borrower, (b) each other Subsidiary identified on
Schedule I hereto and (c) each Subsidiary that becomes a party to this Agreement as a Grantor on or after the date hereof. 

“Intellectual Property” shall mean, with respect to any Grantor, all intellectual and similar property of
every kind and nature now owned or hereafter acquired by such Grantor, including Patents, Copyrights, Trademarks and all related documentation and registrations and all additions, improvements or accessions to any of the foregoing. 

“Intercompany Note” means a promissory note substantially in the form of Exhibit I
to the Credit Agreement. 
 “Inventory” shall have the meaning set forth in Article 9 of the UCC and shall
include, without limitation, (a) all goods intended for sale or lease or for display or demonstration, (b) all work in process, and (c) all raw materials and other materials and supplies of every nature and description used or which
might be used in connection with the manufacture, packing, shipping, advertising, selling, leasing or furnishing of goods or services or otherwise used or consumed in the conduct of business. 

“Joinder Supplement” shall have the meaning assigned to such term in the Credit Agreement. 

“Licenses” shall mean, with respect to any Grantor, all of such Grantor’s right, title, and interest in
and to (a) any and all written licensing agreements or similar arrangements in and to its owned (1) Patents, (2) Copyrights, or (3) Trademarks, (b) all income, royalties, damages, claims,

  
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and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to
sue for past, present, and future breaches thereof. 
 “New York UCC” means the Uniform Commercial Code as
from time to time in effect in the State of New York. 
 “Patents” shall mean, with respect to any Grantor,
all of such Grantor’s right, title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals,
extensions, and continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect
thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements thereof; and (1) all rights corresponding to any of the foregoing
throughout the world. 
 “Patent Security Agreement” means the Patent Security Agreement substantially in
the form of Exhibit II hereto. 
 “Pledged Collateral” shall mean collectively, (a) all of the Equity
Interests of Restricted Subsidiaries that are Material Subsidiaries (other than any Excluded Equity Interests) held by the Grantors, including such Equity Interests described in Schedule 8 in the Information and Collateral Disclosure
Certificate issued by the entities named therein and all other Equity Interests required to be pledged by any Grantor under Section 6.12 of the Credit Agreement (the “After-acquired Shares”) (the
“Pledged Equity Interests”) and (b) each promissory note (including the Intercompany Note), Tangible Chattel Paper and Instrument evidencing Indebtedness in excess of $1,000,000 (individually) owed to any Grantor (other than
such promissory notes, Tangible Chattel Paper and Instruments that are Excluded Assets) described in Schedule 8 in the Information and Collateral Certificate and issued by the entities named therein and all other Indebtedness owed to any
Grantor hereafter and required to be pledged by any Grantor pursuant to Section 6.13 of the Credit Agreement (the “After-acquired Debt”), in each case as such Section may be amended pursuant to
Section 10.12 of the Credit Agreement (the “Pledged Debt Securities”). 

“Pledged Debt Securities” has the meaning assigned to such term in clause (b) of the definition of
Pledged Collateral. 
 “Pledged Equity Interests” has the meaning assigned to such term in clause
(a) of the definition of Pledged Collateral. 
 “Pledged Securities” means any promissory notes, stock
certificates, unit certificates, limited or unlimited liability membership certificates or other securities (to the extent certificated) now or hereafter included in the Pledged Collateral, including all certificates, instruments or other documents
representing or evidencing any Pledged Collateral. 
 “Receivables” shall mean the Accounts, Chattel Paper,
Documents, Investment Property, Instruments and any other rights or claims to receive money that are General Intangibles or that are otherwise included as Collateral. 

  
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 “Secured Creditors” means (a) each Lender (for itself
and on behalf of any its Affiliates party to a Bank Products Document), (b) the Administrative Agent (for itself and on behalf of any of its Affiliates party to a Bank Products Document), (c) the Issuing Bank, (d) the Swing Bank, (e) each
member of the Lender Group, (f) the beneficiaries of each indemnification obligation undertaken by any Credit Party under any Loan Document and (g) the permitted successors and assigns of each of the foregoing. 

“Security Interest” has the meaning assigned to such term in Section 3.01(a). 

“Stock Rights” shall mean all dividends, instruments or other distributions and any other right or property
which any Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interest constituting Collateral, any right to receive an Equity Interest constituting
Collateral and any right to receive earnings, in which such Grantor now has or hereafter acquires any right, issued by an issuer of such Equity Interest. 

“Term Credit Agreement” means the Term Loan Credit Agreement dated as of April 13, 2017, by and among
the Borrower, each lender party thereto and Royal Bank of Canada, as Term Administrative Agent. 
 “Term Loan
Documents” means “Loan Documents” as defined in the Term Credit Agreement. 
 “Term
Representative” means initially, Royal Bank of Canada, in its capacity as Term Administrative Agent under the Term Credit Agreement and the other Term Loan Documents and any other administrative agent, collateral agent or representative of
the holders of Secured Obligations (as defined in the Term Credit Agreement) appointed as a representative for purposes related to the administration of the security documents pursuant to the Term Credit Agreement, in such capacity as provided in
the Term Credit Agreement. 
 “Trademark Security Agreement” means the ABL Trademark Security Agreement
substantially in the form of Exhibit III hereto. 
 “Trademarks” shall mean, with respect to any Grantor,
all of such Grantor’s right, title, and interest in and to the following: (a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the
goodwill of the business symbolized by the foregoing; (b) all renewals of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims,
and payments for past and future infringements thereof; (d) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (e) all
rights corresponding to any of the foregoing throughout the world. 
 “UCC” shall mean the New York UCC;
provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Administrative Agent’s and the Secured Creditors’ security interest in any item or portion of the Collateral
is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time,

  
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in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 

“Vehicles” shall mean all vehicles covered by a certificate to title law of any state and all tires and other
appurtenances to any of the foregoing. 
 ARTICLE II 

PLEDGE OF SECURITIES 

SECTION 2.01 Pledge. As security for the payment or performance, as the case may be, in full of the Obligations, each
Grantor hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the benefit of the Secured Creditors, a security interest in all of its right, title and interest in, to and under all of the Pledged Collateral. 

Notwithstanding the foregoing or anything herein to the contrary, in no event shall the “Pledged Collateral” include
or the security interest attach to any Excluded Assets or Excluded Equity Interests. 
 SECTION 2.02 Delivery of the
Pledged Collateral. 
 (a) Subject to the ABL/Term Intercreditor Agreement, each Grantor will promptly deliver to the
Administrative Agent (or its non-fiduciary agent or designee) upon execution of this Agreement all certificates, now or hereafter acquired, if any, representing or evidencing the Pledged Collateral to the
extent such certificates constitute certificated securities (other than checks received in the ordinary course of business), together with duly executed instruments of transfer or assignments in blank. 

(b) Except as otherwise addressed in Section 3.03(b) herein, if any amount payable with respect to
any Indebtedness owed to any Grantor shall be or become evidenced by any promissory note (which may be a global note), such note or instrument shall be promptly delivered (but in any event within 45 days of receipt (other than any promissory note in
an aggregate principal amount of less than $1,000,000 owed to the applicable Grantor by any Person) by such Grantor or such longer period as the Administrative Agent may agree in its reasonable discretion) to the Administrative Agent, for the
benefit of the Secured Creditors, together with an undated instrument of transfer duly executed in blank and in a manner reasonably satisfactory to the Administrative Agent. 

(c) Upon delivery to the Administrative Agent, (i) any certificate or promissory note representing Pledged Securities
shall be accompanied by undated stock or note powers, as applicable, duly executed in blank or other undated instruments of transfer duly executed in blank and reasonably satisfactory to the Administrative Agent and by such other instruments and
documents as the Administrative Agent may reasonably request and (ii) all other property comprising part of the Pledged Collateral shall be accompanied by undated proper instruments of assignment duly executed in blank by the applicable Grantor
and such other instruments and documents as the Administrative Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing such Pledged Securities, which schedule shall be deemed attached to, and
shall supplement, Schedule II hereto and be made a part hereof; provided, that failure to provide any such schedule hereto shall not affect the validity of such 

  
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pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered. 

SECTION 2.03 Representations, Warranties and Covenants. The Grantors jointly and severally represent, warrant and
covenant to and with the Administrative Agent, for the benefit of the Secured Creditors, that: 
 (a) as of the date hereof,
Schedule II hereto sets forth a true and complete list, with respect to each Grantor, of all the Pledged Equity Interests owned by such Grantor in any Subsidiary and the percentage of the issued and outstanding units of each class of the
Equity Interests of the issuer thereof represented by the Pledged Equity Interests owned by such Grantor and all the Pledged Debt Securities owned by such Grantor; 

(b) the Pledged Equity Interests and the Pledged Debt Securities have been duly and validly authorized and issued by the
issuers thereof and (i) in the case of Pledged Equity Interests, are fully paid and, in the case of corporate interests, nonassessable and (ii) in the case of such Pledged Debt Securities, are legal, valid and binding obligations of the
issuers thereof, except to the extent that enforceability of such obligations may be limited by applicable bankruptcy, insolvency, and other similar laws affecting creditor’s rights generally; provided that the foregoing representations,
insofar as they relate to the Pledged Collateral issued by a Person other than the Borrower or any Subsidiary, are made to the knowledge of the Grantors; 

(c) except for the security interests granted hereunder and under any other Loan Documents, each of the Grantors (i) is
and, subject to any transfers made in compliance with the Credit Agreement, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule II hereto as owned by such Grantor, (ii) holds
the same free and clear of all Liens, other than Liens permitted pursuant to Section 7.2 of the Credit Agreement and transfers made in compliance with the Credit Agreement, (iii) will make no further assignment,
pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged Collateral, other than Liens permitted pursuant to Section 7.2 of the Credit Agreement and transfers
made in compliance with the Credit Agreement, and (iv) will use commercially reasonable efforts to defend its title or interest thereto or therein against any and all Liens (other than the Liens created by this Agreement and the other Loan
Documents and Liens permitted pursuant to Section 7.2 of the Credit Agreement), however arising, of all Persons whomsoever; 

(d) except for restrictions and limitations imposed by or otherwise permitted by the Loan Documents (including pursuant to the
Term Loan Documents and any Liens permitted pursuant to Section 7.2 of the Credit Agreement) or securities laws generally, the Pledged Equity Interests and, to the extent issued by the Borrower or any Subsidiary, the
Pledged Debt Securities are and will continue to be freely transferable and assignable, and none of the Pledged Equity Interests and, to the extent issued by the Borrower or any Subsidiary, none of the Pledged Debt Securities are or will be subject
to any option, right of first refusal, shareholders agreement or Organizational Document provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect in any manner adverse to the Secured Creditors in any
material respect the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Administrative Agent of rights and remedies hereunder; 

  
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 (e) each of the Grantors has the power and authority to pledge the Pledged
Collateral pledged by it hereunder in the manner hereby done or contemplated; 
 (f) by virtue of the execution and delivery
by the Grantors of this Agreement, when any Pledged Securities constituting certificated securities are delivered to the Administrative Agent in accordance with this Agreement, the Administrative Agent will obtain a legal, valid and perfected lien
upon and security interest in such Pledged Securities, free of any adverse claims, under the New York UCC to the extent such lien and security interest may be created and perfected under the New York UCC, as security for the payment and performance
of the Obligations; and 
 (g) subject to the terms of this Agreement and to the extent permitted by applicable law, each
Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default, it will comply with the instructions of the Administrative Agent with respect to the Equity Interests in such Grantor that constitute Pledged Equity
Interests hereunder that are not certificated without further consent by the applicable owner or holder of such Equity Interests. 

SECTION 2.04 Registration in Nominee Name; Denominations. If an Event of Default shall have occurred and is continuing
and the Administrative Agent shall have notified the Grantors in writing of its intent to exercise such rights, the Administrative Agent, on behalf of the Secured Creditors, shall have the right (in its sole and absolute discretion) to hold the
Pledged Securities in the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Administrative Agent or in its own name as pledgee or in the name of its nominee (as pledgee or as
sub-agent), and each Grantor will promptly give to the Administrative Agent copies of any notices or other communications received by it with respect to Pledged Securities registered in the name of such
Grantor. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall at all times have the right to exchange the certificates representing Pledged Securities for certificates of smaller or larger
denominations for any reasonable purpose consistent with this Agreement. 
 SECTION 2.05 Voting Rights; Dividends and
Interest. (a) Unless and until an Event of Default shall have occurred and is continuing and the Administrative Agent shall have notified the Grantors in writing that their rights under this Section 2.05 are being
suspended: 
 (i) each Grantor shall be entitled to exercise any and all voting and/or other consensual
rights and powers inuring to an owner of Pledged Securities or any part thereof; 
 (ii) the Administrative
Agent shall promptly execute and deliver to each Grantor, or cause to be promptly executed and delivered to such Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling
such Grantor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section; and 

(iii) each Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other
distributions paid on or distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, 

  
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principal and other distributions are permitted by, and are otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and
applicable laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Equity Interests or Pledged Debt Securities, whether resulting from a subdivision, combination or reclassification of the
outstanding Equity Interests in the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets
to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral and, if received by any Grantor, shall be forthwith delivered to the Administrative Agent in the same form as so received (with any necessary
endorsements, stock or note powers and other instruments of transfer reasonably requested by the Administrative Agent), in each case, to the extent required pursuant to Section 2.02 or
Section 2.06. So long as no Event of Default has occurred and is continuing, the Administrative Agent shall promptly deliver to each Grantor any Pledged Securities in its possession if requested to be delivered to the
issuer thereof in connection with any exchange or redemption of such Pledged Securities permitted by the Credit Agreement in accordance with this Section 2.05(a)(iii), subject to receipt by the Administrative Agent of a
certificate of a Responsible Officer of the Borrower with respect thereto and other documents reasonably requested by the Administrative Agent. 

(b) Upon the occurrence and during the continuance of an Event of Default, after the Administrative Agent shall have notified
the Grantors, as applicable, of the suspension of their rights under paragraph (a)(iii) of this Section 2.05, all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is
authorized to receive pursuant to paragraph (a)(iii) of this Section 2.05 shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and
authority to receive and retain such dividends, interest, principal or other distributions; provided that, to the extent directed by the Required Lenders, the Administrative Agent shall have the right from time to time following the occurrence and
during the continuance of an Event of Default to permit the Grantors to exercise such rights. All dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this Section 2.05
shall be held for the benefit of the Administrative Agent and the other Secured Creditors and shall be forthwith delivered to the Administrative Agent upon demand in the same form as so received (with any necessary endorsements, stock or note powers
and other instruments of transfer reasonably requested by the Administrative Agent). Any and all money and other property paid over to or received by the Administrative Agent pursuant to the provisions of this paragraph (b) shall be retained by
the Administrative Agent in an account to be established by the Administrative Agent upon receipt of such money or other property and, to the extent so received, shall, subject to any applicable Intercreditor Agreement, be applied in accordance with
the provisions of Section 4.02. After all Events of Default have been cured or waived and the Borrower has delivered to the Administrative Agent a certificate of a Responsible Officer of the Borrower to that effect, the
Administrative Agent shall promptly repay to each Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this
Section 2.05 and that remain in such account. 

  
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 (c) Upon the occurrence and during the continuance of an Event of Default,
after the Administrative Agent shall have notified the Grantors of the suspension of their rights under paragraph (a)(i) of this Section 2.05, all rights of any Grantor to exercise the voting and consensual rights and
powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 2.05, and the obligations of the Administrative Agent under paragraph (a)(ii) of this Section 2.05, shall cease, and
all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, prior to the Administrative Agent
exercising such voting and consensual rights and powers, the Administrative Agent shall notify the Grantors in writing of its intention to exercise any such right on behalf of the Secured Creditors; provided further that, unless otherwise
directed by the Required Lenders, the Administrative Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured
or waived and the Borrower has delivered to the Administrative Agent a certificate of a Responsible Officer of the Borrower to that effect, all rights vested in the Administrative Agent pursuant to this paragraph (c) shall cease, and the
Grantors shall have the exclusive right to exercise the voting and consensual rights and powers they would otherwise be entitled to exercise pursuant to paragraph (a)(i) of this Section 2.05. 

(d) Any notice given by the Administrative Agent to the Grantors, suspending their rights under paragraph (a) of this
Section 2.05 (i) may be given by telephone if promptly confirmed in writing, (ii) may be given with respect to one or more of the Grantors at the same or different times and (iii) may suspend the rights of the
Grantors under paragraph (a)(i) or paragraph (a)(iii) in part without suspending all such rights (as specified by the Administrative Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Administrative
Agent’s rights to give additional notices from time to time suspending other rights; provided that the Administrative Agent shall only provide any such notice if an Event of Default has occurred and is continuing. 

SECTION 2.06 Article 8 Opt-In. No Grantor shall take any action to cause any
membership interest, partnership interest, or other equity interest of any limited liability company or limited partnership owned or controlled by any Grantor comprising Collateral to be or become a “security” within the meaning of,
or to be governed by Article 8 of the UCC as in effect under the laws of any state having jurisdiction and shall not cause or permit any such limited liability company or limited partnership to “opt in” or to take any other action
seeking to establish any membership interest, partnership interest or other equity interest of such limited liability company or limited partnership comprising the Collateral as a “security” or to become a certificated security, in
each case, without delivering all certificates evidencing such interest to the Administrative Agent in accordance with and as required by Section 2.02 or, in the case of any uncertificated security, without taking such
steps, to the extent requested by the Administrative Agent (following notice to the Administrative Agent of any such change, which shall be promptly provided by such Grantor), to provide the Administrative Agent with control (as defined in Article 8-106 of the UCC) of any such security. 

  
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 ARTICLE III 

SECURITY INTERESTS IN PERSONAL PROPERTY 

SECTION 3.01 Security Interest. (a) As security for the payment or performance, as the case may be, in full of the
Obligations, each Grantor hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the benefit of the Secured Creditors, a security interest (the “Security Interest”) in all of its right, title and
interest in, to and under all of the following property and other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of such Grantor, and regardless of where located (all of which are collectively referred to as
the “Article 9 Collateral”): 
 (i) all Accounts; 

(ii) all Chattel Paper (including Electronic Chattel Paper and Tangible Chattel Paper); 

(iii) all Intellectual Property; 

(iv) all Documents; 

(v) all Equipment; 

(vi) all Fixtures; 

(vii) all General Intangibles; 

(viii) all Goods; 

(ix) all Instruments; 

(x) all Inventory; 

(xi) all Investment Property; 

(xii) all Letter-of-Credit
Rights and Supporting Obligations; 
 (xiii) all Deposit Accounts; 

(xiv) [Reserved]; 

(xv) all Commercial Tort Claims including as specified from time to time in Schedule IV hereto (as the
same may be updated from time to time in accordance with the terms hereof); 
 (xvi) all cash or other
property deposited with the Administrative Agent or any Secured Creditor or any Affiliate of the Administrative Agent or any Secured Creditor or which the Administrative Agent, for its benefit and for the benefit of the other Secured Creditors, or
any Secured Creditor or such Affiliate is entitled to retain or 

  
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otherwise possess as collateral pursuant to the provisions of this Agreement or the Credit Agreement; 

(xvii) all books, records, files, correspondence, computer programs, tapes, disks and related data processing
software which contain information identifying or pertaining to any of the foregoing or any Account Debtor or showing the amounts thereof or payments thereon or otherwise necessary or helpful in the realization thereon or the collection thereof;

 (xviii) As-Extracted Collateral; and 

(xix) any and all accessions to, substitutions for and replacements, products and all proceeds (including Stock
Rights) of the foregoing (including any claims to any items referred to in this definition and any claims against third parties for loss of, damage to or destruction of any or all of the Collateral or for proceeds payable under or unearned premiums
with respect to policies of insurance) in whatever form, including cash, negotiable instruments and other instruments for the payment of money, Chattel Paper, collateral agreements and other documents. 

Notwithstanding the foregoing or anything herein to the contrary, in no event shall the “Article 9 Collateral”
include or the Security Interest attach to any Excluded Assets. 
 (b) Each Grantor hereby irrevocably authorizes the
Administrative Agent for the benefit of the Secured Creditors at any time and from time to time to file in any relevant U.S. jurisdiction any financing statements, with respect to the Collateral or any part thereof and amendments thereto that
(i) describe the collateral covered thereby in any manner that the Administrative Agent reasonably determines is necessary or advisable to ensure the perfection of the security interest in the Collateral granted under this Agreement, including
indicating the Collateral as “all assets” of such Grantor or words of similar effect, and (ii) contain the information required by Article 9 of the UCC for the filing of any financing statement or amendment, including whether such
Grantor is an organization, the type of organization and, if required, any organizational identification number issued to such Grantor. Each Grantor agrees to provide such information to the Administrative Agent promptly upon request. 

The Administrative Agent is further authorized to file with the United States Patent and Trademark Office or United States
Copyright Office (or any successor office), such documents as may be reasonably necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest in Article 9 Collateral consisting of
Patents, Trademarks or Copyrights granted by each Grantor and naming any Grantor or the Grantors as debtors and the Administrative Agent as secured creditor. 

(c) The Security Interest and the security interest granted pursuant to Article II are granted as
security only and shall not subject the Administrative Agent or any other Secured Creditor to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Collateral. 

SECTION 3.02 Representations and Warranties. The Grantors jointly and severally represent and warrant to the
Administrative Agent, for the benefit of the Secured Creditors, that: 

  
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 (a) each Grantor has good title or valid leasehold interests in the Article
9 Collateral material to its business with respect to which it has purported to grant a Security Interest hereunder, free and clear of any Liens, (i) except for Liens expressly permitted pursuant to Section 7.2 of the
Credit Agreement and (ii) except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or as proposed to be conducted or to utilize such properties for their intended purposes, in each
case to the extent the failure to have such good title or valid leasehold interest could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and has full power and authority to grant to the Administrative
Agent, for the benefit of the Secured Creditors, the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval
of any other Person other than any consent or approval that has been obtained and except to the extent that failure to obtain or make such consent or approval, as the case may be, individually or in aggregate, could not reasonably be expected to
have a Material Adverse Effect; 
 (b) the Perfection Certificate has been duly prepared, completed and executed and the
information set forth therein, including the exact legal name and jurisdiction of organization of each Grantor, is correct and complete in all material respects as of the date hereof. The Uniform Commercial Code financing statements or other
appropriate filings, recordings or registrations prepared by the Administrative Agent based upon the information provided to the Administrative Agent in the Information and Collateral Disclosure Certificate for filing in the Secretary of State or
equivalent office of the jurisdiction specified in Schedule 2(a) to Perfection Certificate (or specified by notice from the Borrower to the Administrative Agent after the date hereof in the case of filings, recordings or registrations required by
Section 6.12 of the Credit Agreement), are all the filings, recordings and registrations that are necessary to establish a legal, valid and perfected security interest in favor of the Administrative Agent, for the benefit
of the Secured Creditors, in respect of all Article 9 Collateral in which the Security Interest may be perfected by such filing, recording or registration in the United States, and as of the date hereof, no further or subsequent filing, refiling,
recording, rerecording, registration or reregistration (other than filings, if any, which shall be made in the United States Patent and Trademark Office and the United States Copyright Office, as applicable, to record the Security Interest in
Article 9 Collateral consisting of filed, registered or applied-for United States Patents, Trademarks and Copyrights) is necessary, except as provided under applicable law with respect to the filing of
continuation statements (other than such actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of filed, registered or applied for Patents, Trademarks and Copyrights filed, acquired or
developed by a Grantor after the date hereof). The Grantors represent and warrant that, if applicable, a fully executed Patent Security Agreement, Trademark Security Agreement and Copyright Security Agreement, in each case containing a list of the
Article 9 Collateral consisting of United States registered Patents, United States registered Trademarks and United States registered Copyrights (and applications for any of the foregoing), as applicable, and executed by each Grantor owning any such
Article 9 Collateral, have been delivered to the Administrative Agent for recording with the United States Patent and Trademark Office or the United States Copyright Office as applicable to establish a legal, valid and perfected security interest in
favor of the Administrative Agent, for the benefit of the Secured Creditors, in respect of all Article 9 Collateral consisting of registered and applied for Patents, Trademarks and Copyrights in which a security interest may be perfected by filing,
recording or registering in the United States Patent and Trademark Office or the United States Copyright Office, as applicable. 

  
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No further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary (other than filing, recording or registering financing statements or analogous
documents in the applicable jurisdictions in the United States pursuant to the Uniform Commercial Code and such other actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of registered and
applied for Patents, Trademarks and Copyrights acquired or developed by a Grantor after the date hereof); 
 (c) the Security
Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the payment and performance of the Obligations, (ii) subject to the filings described in paragraph (b) of this
Section 3.02 (including payment of applicable fees in connection therewith), a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording or registering a
financing statement or analogous document in the applicable jurisdiction in the United States pursuant to the Uniform Commercial Code and (iii) subject to the filings described in paragraph (b) of this
Section 3.02, a perfected security interest in all Article 9 Collateral in which a security interest may be perfected upon the receipt and recording of a Patent Security Agreement, a Trademark Security Agreement and a
Copyright Security Agreement with the United States Patent and Trademark Office and the United States Copyright Office, as applicable. The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than Liens
permitted pursuant to Section 7.2 of the Credit Agreement; 
 (d) as of the date hereof,
Schedule III hereto sets forth a true and complete list, with respect to each Grantor, of (i) all of such Grantor’s Patents and Trademarks applied for or issued or registered with the United States Patent and Trademark Office,
including the name of the registered owner or applicant and the registration, application, or publication number, as applicable, of each such Patent or Trademark and (ii) all of such Grantor’s Copyrights applied for or registered with the
United States Copyright Office, including the name of the registered owner and the registration number of each such Copyright; and 

(e) none of the Grantors has filed or consented to (i) the filing of any financing statement or analogous document, in
each case with respect to a Lien, under the Uniform Commercial Code or any other applicable laws covering any Article 9 Collateral, or (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or
similar instrument covering any Article 9 Collateral with the United States Patent and Trademark Office or the United States Copyright Office, except, in each case, for Liens expressly permitted pursuant to Section 7.2 of
the Credit Agreement. 
 (f) The names of the obligors, amounts owing, due dates and other information with respect to each
Grantor’s Accounts and Chattel Paper that are Collateral have been correctly stated in all material respects, at the time furnished, in the records of such Grantor relating thereto and in all invoices and each Borrowing Base Certificate, to the
extent contained therein, with respect thereto furnished to the Administrative Agent by such Grantor from time to time. 

(g) With respect to Accounts of the Grantors identified as Eligible Accounts on the most recent Borrowing Base Certificate,
except as specifically disclosed on the most recent Borrowing Base Certificate, (i) all such Accounts represent bona fide sales of Inventory or rendering of services to Account Debtors in the ordinary course of the applicable Grantor’s

  
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business and are not evidenced by a judgment (except as would not have a Material Adverse Effect), Instrument or Chattel Paper; (ii) there are no setoffs, claims or disputes existing or
asserted in writing with respect thereto and no Grantor has made any agreement with any Account Debtor for any extension of time for the payment thereof, any compromise or settlement for less than the full amount thereof, any release of any Account
Debtor from liability therefor, or any deduction therefrom except a discount or allowance allowed by a Grantor in the ordinary course of its business for prompt payment and disclosed to the Administrative Agent; (iii) there are no facts, events
or occurrences that in any way impair the validity or enforceability thereof or could reasonably be expected to reduce the amount payable thereunder as shown on such Grantor’s books and records and any invoices, statements and the most recent
Borrowing Base Certificate with respect thereto; (iv) no Grantor has received any notice of proceedings or actions that are threatened or pending against any Account Debtor that might result in any material adverse change in such Account
Debtor’s financial condition; and (v) no Grantor has knowledge that any Account Debtor is unable generally to pay its debts as they become due. 

(h) In addition, with respect to all Accounts of the Grantors, except as specifically disclosed on the most recent Borrowing
Base Certificate, (i) the amounts shown on all invoices, statements are actually and absolutely owing to a Grantor as indicated thereon and are not in any way contingent except as would not reasonably be expected to have a Material Adverse
Effect and (ii) the amounts shown on the most recent Borrowing Base Certificate are actually and absolutely owing to a Grantor as indicated thereon and are not in any way contingent. 

(i) With respect to any Inventory of the Grantors and that is scheduled or listed as Eligible Inventory on the most recent
Borrowing Base Certificate, except as specifically disclosed on the most recent Borrowing Base Certificate, (i) such Inventory (other than Inventory in transit, out for repair or in the possession of employees and Inventory in an aggregate
amount not exceeding $1,000,000) is located at one of the Grantors’ locations set forth in Schedule 2 of the Information and Collateral Disclosure Certificate, (ii) such Inventory is not subject to any licensing, patent, royalty,
trademark, trade name or copyright agreement with any third party that, to such Grantor’s knowledge, would, upon sale or other disposition of such Inventory by the Administrative Agent in accordance with the terms hereof, infringe the rights of
such third-party, violate any contract with such third-party, or cause the Administrative Agent to incur any liability with respect to payment of royalties other than royalties incurred pursuant to sale of such Inventory under the current licensing
agreement related thereto, (iii) to such Grantor’s knowledge, such Inventory has been produced in accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder except as would
not reasonably be expected to have a Material Adverse Effect and (iv) to such Grantor’s knowledge, the completion of manufacture, sale or other disposition of such Inventory by the Administrative Agent following an Event of Default shall
not require the consent of any Person and shall not constitute a breach or default under any contract or agreement to which any Grantor is a party or to which such Inventory is subject. 

SECTION 3.03 Covenants. (a) Each Grantor shall, at its own expense, take any and all commercially reasonable
actions necessary to (i) defend title to the Article 9 Collateral (other than Intellectual Property, which is governed by Section 3.05) against all Persons, except with respect to Article 9 Collateral that such Grantor
determines in its reasonable business judgment is no longer necessary or beneficial to the conduct of such Grantor’s business, and (ii) defend the 

  
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Security Interest of the Administrative Agent in the Article 9 Collateral and the priority thereof against any Lien, in each case subject to (x) Liens permitted pursuant to
Section 7.2 of the Credit Agreement, (y) transfers made in compliance with the Credit Agreement, and (z) the rights of such Grantor under Section 9.11(a) of the Credit Agreement and the
corresponding provisions of the Security Documents to obtain a release of the Liens created under the Security Documents. 

(b) Each Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further
instruments and documents and take all such actions as the Administrative Agent may from time to time reasonably request to obtain, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment
of any reasonable and documented or invoiced out-of-pocket fees and Taxes required in connection with the execution and delivery of this Agreement, the granting of the
Security Interest and the filing of any financing statements or other documents in connection herewith or therewith. If any amount payable to any Grantor under or in connection with any of the Article 9 Collateral shall be or become evidenced by any
promissory note (which may be a global note) or other instrument (other than any promissory note or other instrument in an aggregate principal amount of less than $1,000,000 owed to the applicable Grantor by any Person), such note or instrument
shall be promptly delivered (but in any event within 45 days of receipt by such Grantor or such longer period as the Administrative Agent may agree in its reasonable discretion) to the Administrative Agent, for the benefit of the Secured Creditors,
together with an undated instrument of transfer duly executed in blank and in a manner reasonably satisfactory to the Administrative Agent. 

(c) At its option, the Administrative Agent may, with three (3) Business Day’s prior written notice to the Borrower,
discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the tangible Article 9 Collateral and not permitted pursuant to Section 7.2 of the Credit
Agreement, and may pay for the maintenance and preservation of the tangible Article 9 Collateral to the extent any Grantor fails to do so as required by the Credit Agreement, this Agreement or any other Loan Document and within a reasonable period
of time after the Administrative Agent has reasonably requested that it do so; provided that nothing in this paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Administrative
Agent or any Secured Creditor to cure or perform, any covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other
Loan Documents. 
 (d) The exercise by the Administrative Agent of any of its rights hereunder shall not release any Grantor
from any of its duties or obligations under each contract, agreement or instrument relating to the Article 9 Collateral unless the Administrative Agent has expressly in writing assumed such duties and obligations and each Grantor jointly and
severally agrees to indemnify and hold harmless the Administrative Agent and the other Secured Creditors from and against any and all liability for such performance. 

(e) Notwithstanding anything herein to the contrary, it is understood that no Grantor shall be required by this Agreement to
better assure, preserve, protect or perfect the Security Interest created hereunder by any means other than (i) filings of financing statements pursuant to the Uniform Commercial Code, (ii) filings with the United States Patent and
Trademark Office or United States Copyright Office (or any successor office), in respect of 

  
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registered or applied for Intellectual Property, (iii) in the case of Collateral that constitutes Pledged Securities, Instruments, Tangible Chattel Paper or Negotiable Documents (other than
those Negotiable Documents held in the ordinary course of business), delivery thereof to the Administrative Agent in accordance with the terms hereof (together with, where applicable, undated stock or note powers or other undated proper instruments
of assignment) and (iv) other actions to the extent required by Section 3.04 and 6.20 of the Credit Agreement hereunder. No Grantor shall be required to (i) complete any filings or other action with respect
to the better assurance, preservation, protection or perfection of the security interests created hereby in any jurisdiction outside of the United States or to reimburse the Administrative Agent for any costs incurred in connection with the same or
(ii) except as required by Section 6.20 of the Credit Agreement, deliver control agreements with respect to, or confer perfection by “control” over, any Deposit Accounts, Securities Accounts or Commodity
Accounts. 
 SECTION 3.04 Other Actions. In order to further insure the attachment, perfection and priority of, and
the ability of the Administrative Agent to enforce, the Security Interest, each Grantor agrees, in each case at such Grantor’s own expense, to take the following actions with respect to the following Article 9 Collateral: 

(a) Instruments. If any Grantor shall at any time hold or acquire any Instruments constituting Collateral evidencing
Indebtedness in excess of $1,000,000 (individually), such Grantor shall promptly (but in any event within 45 days of receipt by such Grantor or such longer period as the Administrative Agent may agree in its reasonable discretion) endorse, assign
and deliver the same to the Administrative Agent, accompanied by such undated instruments of transfer or assignment duly executed in blank as the Administrative Agent may from time to time reasonably request. 

(b) Investment Property. Except to the extent otherwise provided in Article II, if any Grantor shall at any time
hold or acquire any certificated securities constituting Collateral, such Grantor shall forthwith endorse, assign and deliver the same to the Administrative Agent, accompanied by such undated instruments of transfer or assignment duly executed in
blank as the Administrative Agent may from time to time reasonably request. 
 (c) [Reserved]. 

(d) Commercial Tort Claims. If any Grantor shall at any time hold or acquire a Commercial Tort Claim (in respect of
which a complaint or counterclaim has been filed by or on behalf of such Grantor) seeking damages in an amount reasonably estimated to exceed $1,000,000, such Grantor shall promptly notify the Administrative Agent thereof in a writing signed by such
Grantor, including a summary description of such claim, and Schedule IV hereto shall be deemed to be supplemented to include such description of such Commercial Tort Claim as set forth in such writing. 

SECTION 3.05 Covenants Regarding Patent, Trademark and Copyright Collateral. (a) Except to the extent a failure to
act could not reasonably be expected to have a Material Adverse Effect, with respect to registration or pending application of each item of its Intellectual Property for which such Grantor has standing and ability to do so, each Grantor agrees to
take commercially reasonable efforts to (i) take all steps to maintain the validity and enforceability of any United 

  
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States registered Intellectual Property (or applications therefor) that is material to the conduct of such Grantor’s business and to maintain such registrations and applications of
Intellectual Property in full force and effect and (ii) pursue the registration and maintenance of each Patent, Trademark or Copyright registration or application that is material to the conduct of such Grantor’s business. Grantor shall
take commercially reasonable steps to defend title to and ownership of its Intellectual Property that is material to the conduct of such Grantor’s business. Notwithstanding the foregoing, nothing in this Section 3.05
shall prevent any Grantor from disposing of, discontinuing the use or maintenance of, abandoning, failing to pursue or enforce or otherwise allowing to lapse, terminate, be invalidated or put into the public domain any of its registered or applied
for Intellectual Property that is no longer used or useful, or economically practicable to maintain, or if such Grantor determines in its reasonable business judgment that such discontinuance is desirable in the conduct of its business. 

(b) Each Grantor agrees that, should it obtain an ownership or other interest in any Intellectual Property after the Closing
Date (i) the provisions of this Agreement shall automatically apply thereto and (ii) any such Intellectual Property shall automatically become Intellectual Property subject to the terms and conditions of this Agreement, except, with
respect to each of (i) and (ii) above, if such Intellectual Property is obtained under a license from a third party under which a security interest would not be permitted. For the avoidance of doubt, a security interest shall not be granted in
any Intellectual Property that constitutes an Excluded Asset. 
 (c) Each Grantor, either itself or through any agent,
employee, licensee or , shall (i) whenever a certificate is delivered or required to be delivered pursuant to Section 6.4(b) of the Credit Agreement, deliver to the Administrative Agent a schedule setting forth all of
such Grantor’s registered and applied for Patents, Trademarks and Copyrights that are not listed on Schedule III hereto or on a schedule previously provided to the Administrative Agent pursuant to this
Section 3.05(c), and (ii) within a reasonable time following the request of the Administrative Agent, execute and deliver a Patent Security Agreement, Trademark Security Agreement or Copyright Security Agreement, as
applicable, in respect of such Patents, Trademarks and Copyrights, and any and all other agreements, instruments, documents and papers as the Administrative Agent may reasonably request to evidence and perfect the Security Interest in such
registered or applied for Patents, Trademarks or Copyrights. 
 ARTICLE IV 

REMEDIES 

SECTION 4.01 Remedies upon Default. Upon the occurrence and during the continuance of an Event of Default, each Grantor
agrees to deliver, on demand, each item of Collateral to the Administrative Agent or any Person designated by the Administrative Agent, including all books and records relating thereto and all tangible evidence of its Accounts and contract rights
(including, without limitation, all documents evidencing the Accounts and all Contracts evidencing such contract rights), and if the Administrative Agent so directs, such Grantor shall legend, in form and manner reasonably satisfactory to the
Administrative Agent, the Accounts and the Contracts, as well as books, records and documents (if any) of such Grantor evidencing or pertaining to such Accounts and Contracts with an appropriate reference to the fact that such Accounts and Contracts
have been assigned to the Administrative Agent and that the Administrative Agent has a security interest therein, and it is agreed that the Administrative Agent 

  
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shall have the right to take any of or all the following actions at the same or different times: (a) with respect to any Article 9 Collateral consisting of Intellectual Property, on demand,
to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by the applicable Grantors to the Administrative Agent, for the benefit of the Secured Creditors, or to license or sublicense,
whether on an exclusive or nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in such manner as the Administrative Agent shall determine (other than in violation of any of the then existing
licensing arrangements to the extent that waivers cannot be obtained) in connection with exercise of its remedies hereunder, and (b) with or without legal process and with or without prior notice or demand for performance, to take possession of
the Article 9 Collateral and the Pledged Collateral and occupy any premises owned or, to the extent lawful and permitted, leased by any of the Grantors where the Collateral or any part thereof is assembled or located for a reasonable period in order
to effectuate its rights and remedies hereunder or under the Uniform Commercial Code or other applicable law. Without limiting the generality of the foregoing, each Grantor agrees that the Administrative Agent shall have the right, subject to the
mandatory requirements of applicable law and the notice requirements described below, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for
cash, upon credit or for future delivery as the Administrative Agent shall deem appropriate. The Administrative Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or
purchasers to Persons who will represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Administrative Agent
shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely free from any claim or right on the part of any
Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay and appraisal that such Grantor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted.

 The Administrative Agent shall give the applicable Grantors no less than 10 days’ prior written notice (which each
Grantor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Administrative Agent’s intention to make any sale of
Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made
and the day on which the Collateral or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the
Administrative Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Administrative Agent may (in its sole
and absolute discretion) determine. The Administrative Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The
Administrative Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made
at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Administrative Agent until the

  
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sale price is paid by the purchaser or purchasers thereof, but the Administrative Agent and the other Secured Creditors shall not incur any liability in case any such purchaser or purchasers
shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any public or private sale made pursuant to this Agreement, any Secured Creditor may bid for or
purchase, free (to the extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby waived and released to the extent permitted by law), the Collateral or any part
thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Creditor from any Grantor as a credit against the purchase price, and such Secured Creditor may, upon compliance with the terms
of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the
Administrative Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Administrative
Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Administrative Agent may proceed by a
suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed
receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercial reasonableness standards as provided in Section 9-610(b) of
the New York UCC or its equivalent in other jurisdictions. 
 SECTION 4.02 Application of Proceeds. Subject to the
terms of any applicable intercreditor agreement contemplated by the Credit Agreement, the Administrative Agent shall apply the proceeds of any collection or sale of Collateral, including any Collateral consisting of cash, as set forth in
Section 2.11 of the Credit Agreement. 
 The Administrative Agent shall have absolute discretion
as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute or under a judicial
proceeding), the receipt of the Administrative Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid over to the Administrative Agent or such officer or be answerable in any way for the misapplication thereof. The Administrative Agent shall have no liability to any of the Secured Creditors for
actions taken in reliance on information supplied to it as to the amounts of unpaid principal and interest and other amounts outstanding with respect to the Obligations. 

SECTION 4.03 Securities Act. In view of the position of the Grantors in relation to the Pledged Collateral, or because
of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter enacted analogous in purpose or effect (such act and any such similar statute as from
time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. Each Grantor understands that compliance with the Federal Securities Laws might very
strictly limit the course of conduct of the Administrative Agent if the 

  
 -20- 

 
Administrative Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might also limit the extent to which or the manner in which any subsequent transferee of any
Pledged Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Administrative Agent in any attempt to dispose of all or part of the Pledged Collateral under applicable blue sky or other
state securities laws or similar laws analogous in purpose or effect. Each Grantor recognizes that in light of such restrictions and limitations the Administrative Agent may, with respect to any sale of the Pledged Collateral, limit the purchasers
to those who will agree, among other things, to acquire such Pledged Collateral for their own account, for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that in light of such restrictions
and limitations, the Administrative Agent, in its sole and absolute discretion, (a) may proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged Collateral or part thereof shall have been
filed under the Federal Securities Laws to the extent the Administrative Agent has determined that such a registration is not required by any Requirements of Law and (b) may approach and negotiate with a limited number of potential purchasers
(including a single potential purchaser) to effect such sale. Each Grantor acknowledges and agrees that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions.
In the event of any such sale, the Administrative Agent and the other Secured Creditors shall incur no responsibility or liability for selling all or any part of the Pledged Collateral at a price that the Administrative Agent, in its sole and
absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more
than a limited number of purchasers (or a single purchaser) were approached. The provisions of this Section 4.03 will apply notwithstanding the existence of a public or private market upon which the quotations or sales
prices may exceed substantially the price at which the Administrative Agent sells. 
 SECTION 4.04 Grant of License to
Use Intellectual Property. Upon the occurrence and during the continuance of an Event of Default, for the purpose of enabling the Administrative Agent to exercise rights and remedies under this Agreement, each Grantor hereby grants to the
Administrative Agent an irrevocable (until terminated as provided below), nonexclusive license (exercisable without payment of royalty or other compensation to the Grantors) to use or sublicense (to its contractors, agents or representatives, or
otherwise exercising its remedies hereunder) any of the Collateral consisting of Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license reasonable access to all
media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof to the extent that such non-exclusive license
(a) does not violate the express terms of any agreement between a Grantor and a third party governing such Collateral consisting of Intellectual Property, or gives such third party any right of acceleration, modification, termination or
cancellation therein and (b) is not prohibited by any Requirements of Law; provided that such license and sublicenses with respect to Trademarks shall be subject to the maintenance of quality standards with respect to the goods and services on
which such Trademarks are used sufficient to preserve the validity of such Trademarks. The use of such license by the Administrative Agent may be exercised solely during the continuation of an Event of Default; provided that any license, sublicense
or other transaction entered into by the Administrative Agent in accordance with the provisions of this Agreement shall be binding upon the Grantors, notwithstanding any subsequent cure of an Event of Default. For

  
 -21- 

 
the avoidance of doubt, at the time of the release of the Liens on any Collateral as set forth herein, the license granted to the Administrative Agent pursuant to this
Section 4.04 with respect to such Collateral shall automatically and immediately terminate. 
 ARTICLE V

 MISCELLANEOUS 

SECTION 5.01 Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein)
be in writing and given as provided in Section 10.1 of the Credit Agreement. All communications and notices hereunder to any Grantor shall be given to it in care of the Borrower as provided in
Section 10.1 of the Credit Agreement. 
 SECTION 5.02 Waivers; Amendment. (a) No
failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and
under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Credit Party therefrom shall in any event
be effective unless the same shall be permitted by paragraph (b) of this Section 5.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without
limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default hereunder, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. No
notice or demand on any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or other circumstances. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Administrative Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with
Section 10.12 of the Credit Agreement; provided that the Administrative Agent may, without the consent of any other Secured Creditor, consent to a departure by any Grantor from any covenant of such Grantor set forth
herein to the extent such departure is consistent with the authority of the Administrative Agent set forth in the definition of the term “Collateral and Guarantee Requirement” in the Credit Agreement. 

SECTION 5.03 Administrative Agent’s Fees and Expenses; Indemnification. The provisions of
Section 10.2 of the Credit Agreement are incorporated herein by reference, mutatis mutandis; provided that each reference therein to the “Borrower” shall be deemed to be a reference to
“each Grantor”. 
 SECTION 5.04 Successors and Assigns. Subject to Section 5.06,
whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party, and all covenants, promises and agreements by or

  
 -22- 

 
on behalf of any Grantor or the Administrative Agent that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. 

SECTION 5.05 Survival of Agreement. All covenants, agreements, representations and warranties made by the Credit
Parties in this Agreement and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Secured Creditors and shall survive the execution and delivery of
the Loan Documents and the making of any Loans, in each case, in accordance with and subject to the limitations set forth in Section 5.24 of the Credit Agreement. 

SECTION 5.06 Counterparts; Effectiveness; Several Agreement. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other
electronic transmission shall be effective as delivery of a manually signed counterpart of this Agreement. This Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered
to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such Grantor and the Administrative Agent and their respective permitted successors and
assigns, and shall inure to the benefit of such Grantor, the Administrative Agent and the other Secured Creditors and their respective successors and assigns, except that no Grantor shall have the right to assign or transfer its rights or
obligations hereunder or any interest herein (and any such assignment or transfer shall be void) except as expressly provided in this Agreement and the Credit Agreement. This Agreement shall be construed as a separate agreement with respect to each
Grantor and may be amended, modified, supplemented, waived or released with respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

SECTION 5.07 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION
5.08 Right of Set-off. If an Event of Default under the Credit Agreement shall have occurred and be continuing, each Lender 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 obligations (in whatever currency) at any time owing by such Lender to or for the
credit or the account of any Grantor against any of and all the obligations of such Grantor then due and owing under this Agreement, the Credit Agreement or another Loan Document held by such Lender, irrespective of whether or not such Lender shall
have made any demand under this Agreement, the Credit Agreement or another Loan Document and although (i) such obligations may be contingent or unmatured and (ii) such obligations are owed to a branch or office of such Lender different
from the branch or office holding such deposit or obligated on such Indebtedness. The applicable Lender shall notify the applicable Grantor and the Administrative Agent of such setoff and application; provided that any failure to give or any
delay in giving such notice shall not affect the validity of 

  
 -23- 

 
any such setoff and application under this Section 5.08. The rights of each Lender under this Section 5.08 are in addition to other rights and
remedies (including other rights of setoff) that such Lender may have. 
 SECTION 5.09 Governing Law; Jurisdiction;
Consent to Service of Process; Appointment of Service of Process Agent. (a) THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF,
EXCEPT TO THE EXTENT OTHERWISE PROVIDED IN THE LOAN DOCUMENTS. 
 (b) FOR PURPOSES OF ANY LEGAL ACTION OR PROCEEDING BROUGHT
BY ANY MEMBER OF THE LENDER GROUP WITH RESPECT TO THIS AGREEMENT, EACH CREDIT PARTY HEREBY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF THE FEDERAL AND STATE COURTS SITTING IN THE STATE OF NEW YORK AND HEREBY IRREVOCABLY DESIGNATES AND
APPOINTS, AS ITS AUTHORIZED AGENT FOR SERVICE OF PROCESS, THE BORROWER, OR SUCH OTHER PERSON AS SUCH CREDIT PARTY SHALL DESIGNATE HEREAFTER BY WRITTEN NOTICE GIVEN TO THE ADMINISTRATIVE AGENT. THE CONSENT TO JURISDICTION HEREIN SHALL NOT BE
EXCLUSIVE. THE LENDER GROUP SHALL FOR ALL PURPOSES AUTOMATICALLY, AND WITHOUT ANY ACT ON THEIR PART, BE ENTITLED TO TREAT SUCH DESIGNEE OF EACH CREDIT PARTY AS THE AUTHORIZED AGENT TO RECEIVE FOR AND ON BEHALF OF SUCH CREDIT PARTY SERVICE OF WRITS,
OR SUMMONS OR OTHER LEGAL PROCESS, WHICH SERVICE SHALL BE DEEMED EFFECTIVE PERSONAL SERVICE ON SUCH CREDIT PARTY SERVED WHEN DELIVERED, WHETHER OR NOT SUCH AGENT GIVES NOTICE TO SUCH CREDIT PARTY; AND DELIVERY OF SUCH SERVICE TO ITS AUTHORIZED AGENT
SHALL BE DEEMED TO BE MADE WHEN PERSONALLY DELIVERED OR THREE (3) BUSINESS DAYS AFTER MAILING BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH AUTHORIZED AGENT. EACH CREDIT PARTY FURTHER IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY SUCH
ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL TO SUCH CREDIT PARTY AT THE ADDRESS SET FORTH ABOVE, SUCH SERVICE TO BECOME EFFECTIVE THREE (3) BUSINESS DAYS AFTER SUCH MAILING. IN THE EVENT THAT, FOR ANY
REASON, SUCH AGENT OR ITS SUCCESSORS SHALL NO LONGER SERVE AS AGENT OF EACH CREDIT PARTY TO RECEIVE SERVICE OF PROCESS, EACH CREDIT PARTY SHALL SERVE AND ADVISE THE ADMINISTRATIVE AGENT THEREOF SO THAT AT ALL TIMES EACH CREDIT PARTY WILL MAINTAIN AN
AGENT TO RECEIVE SERVICE OF PROCESS ON BEHALF OF SUCH CREDIT PARTY WITH RESPECT TO THIS AGREEMENT. IN THE EVENT THAT, FOR ANY REASON, SERVICE OF LEGAL PROCESS CANNOT BE MADE IN THE MANNER DESCRIBED ABOVE, SUCH SERVICE MAY BE MADE IN SUCH MANNER AS
PERMITTED BY LAW. 
 (c) EACH CREDIT PARTY AND EACH MEMBER OF THE LENDER GROUP HEREBY IRREVOCABLY WAIVES ANY OBJECTION IT
WOULD MAKE NOW OR HEREAFTER FOR THE LAYING OF VENUE OF ANY SUIT, ACTION, OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT BROUGHT IN 

  
 -24- 

 
THE FEDERAL COURTS OF THE UNITED STATES SITTING IN NEW YORK COUNTY, NEW YORK, AND HEREBY IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION, OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM. 
 SECTION 5.10 WAIVER OF JURY TRIAL. EACH CREDIT PARTY AND EACH MEMBER OF THE LENDER GROUP TO THE EXTENT
PERMITTED BY APPLICABLE LAW WAIVES, AND OTHERWISE AGREES NOT TO REQUEST, A TRIAL BY JURY IN ANY COURT AND IN ANY ACTION, PROCEEDING OR COUNTERCLAIM OF ANY TYPE IN WHICH ANY CREDIT PARTY, ANY MEMBER OF THE LENDER GROUP OR ANY OF THEIR RESPECTIVE
SUCCESSORS OR ASSIGNS IS A PARTY, AS TO ALL MATTERS AND THINGS ARISING DIRECTLY OR INDIRECTLY OUT OF THIS AGREEMENT AND THE RELATIONS AMONG THE PARTIES LISTED IN SECTION 5.9 OR THIS SECTION 5.10.

 SECTION 5.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of
reference only, are not part of this Agreement and shall not affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 5.12 Security Interest Absolute. All rights of the Administrative Agent hereunder, the Security Interest, the
grant of a security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan
Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the
Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release or
non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee securing or guaranteeing all or any of the Obligations or (d) any
other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Obligations or this Agreement. 

SECTION 5.13 [Reserved]. 

SECTION 5.14 Additional Subsidiaries. The Grantors shall cause (i) each Subsidiary of the Borrower (other than any
Excluded Subsidiary) which, from time to time, on or after the date hereof shall be required to grant Liens on any assets to the Administrative Agent for the benefit of the Secured Creditors pursuant to the Credit Agreement and (ii) consistent
with the Credit Agreement, any Domestic Subsidiary, or to the extent reasonably acceptable to the Administrative Agent, a Foreign Subsidiary that is not a Wholly Owned Subsidiary (including any consolidated Affiliate in which its Subsidiaries own no
Equity Interests), which the Borrower, at its option, elects to become a Grantor, to execute and deliver to the Administrative Agent a Joinder Supplement regarding such Subsidiary (as applicable), in each case, within the time period provided in
Section 6.12 of the Credit Agreement. Upon execution and delivery of such documents to the Administrative Agent, any such Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as
such herein. The execution and delivery of any such 

  
 -25- 

 
instrument shall not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of
any new Grantor as a party to this Agreement. 
 SECTION 5.15 Administrative Agent Appointed Attorney-in-Fact. Each Grantor hereby makes, constitutes and appoints the Administrative Agent (and all officers, employees or agents designated by the Administrative
Agent) the attorney-in-fact of such Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the
Administrative Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of an Event of Default, which appointment is irrevocable and coupled with an interest. Without limiting the
generality of the foregoing, the Administrative Agent shall have the right, but only upon the occurrence and during the continuance of an Event of Default and written notice by the Administrative Agent to the Borrower of its intent to exercise such
rights, with full power of substitution either in the Administrative Agent’s name or in the name of such Grantor (a) to receive, indorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences
of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor on any invoice or
bill of lading relating to any of the Collateral; (d) upon prior written notice to the Borrower, to send verifications of accounts receivable to any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at
law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle, compromise, compound, adjust or defend any actions,
suits or proceedings relating to all or any of the Collateral; (g) upon prior written notice to the Borrower, to notify, or to require any Grantor to notify, Account Debtors to make payment directly to the Administrative Agent; (h) to use,
sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the
Administrative Agent were the absolute owner of the Collateral for all purposes, and (i) to make, settle and adjust claims in respect of Article 9 Collateral under policies of insurance, indorsing the name of such Grantor on any check, draft,
instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect thereto; provided that nothing herein contained shall be construed as requiring or obligating the
Administrative Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Administrative Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral
or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Administrative Agent and the other Secured Creditors shall be accountable only for amounts actually received as a result of the exercise
of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence, bad faith or willful
misconduct or that of any of their controlled Affiliates, directors, officers, employees, counsel, agents or attorneys-in-fact. 

SECTION 5.16 Intercreditor Agreement Governs. Notwithstanding anything herein to the contrary, (i) the Liens and
security interests granted to the Administrative Agent for the benefit of the Secured Creditors pursuant to this Agreement and (ii) the exercise of any right or remedy by the Administrative Agent hereunder or the application of proceeds
(including insurance 

  
 -26- 

 
proceeds and condemnation proceeds) of any Collateral, are subject to the provisions of the ABL/Term Intercreditor Agreement. In the event of any conflict between the terms of the ABL/Term
Intercreditor Agreement and the terms of this Agreement, the terms of the ABL/Term Intercreditor Agreement shall govern. 

SECTION 5.17 Delivery of Term Loan First Lien Collateral. In accordance with the terms of the ABL/Term Intercreditor
Agreement, all Term Loan First Lien Collateral delivered to the Term Representative shall be held by the Term Representative as gratuitous bailee for the Secured Creditors solely for the purpose of perfecting the security interest granted under this
Agreement. Notwithstanding anything herein to the contrary, prior to the Discharge of Senior Secured Debt Obligations with respect to Term Loan First Lien Collateral, to the extent any Grantor is required hereunder to deliver Term Loan First Lien
Collateral to the Administrative Agent and is unable to do so as a result of having previously delivered such Term Loan First Lien Collateral to the Term Representative in accordance with the terms of the Pari Term Loan Debt Security Documents, such
Grantor’s obligations hereunder with respect to such delivery shall be deemed satisfied by the delivery to the Term Representative, acting as gratuitous bailee of the Administrative Agent. Terms used in this
Section 5.17 and not otherwise defined herein shall have the meanings given to such terms in the ABL/Term Intercreditor Agreement. 

SECTION 5.18 No Liability. The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire
into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by any Credit Party in
connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

SECTION 5.19 Compromises and Collection of Collateral. Each Grantor and the Administrative Agent recognize that
setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of
success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Administrative Agent may at any time and from time
to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Administrative Agent in its sole discretion shall determine or abandon any
Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts in good faith based on information known to it at the time it takes any such action. 

[Remainder of Page Intentionally Left Blank] 

  
 -27- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first above written. 
  

			
	GRANTORS:
	
	 INSTALLED BUILDING PRODUCTS, INC.

		
	 By:
	 	 /s/ Michael T. Miller 

	 Name:
	 	 Michael T. Miller

	 Title:
	 	 Executive Vice President and

		 	 Chief Financial Officer

  
 Signature Page to
Security Agreement 

 GRANTORS CONTINUED: 

 

	
	 A+ INSULATION OF KANSAS CITY, LLC, a Delaware limited liability company

	 ACCURATE INSULATION LLC, a Maryland limited liability company

	 ACCURATE INSULATION OF COLORADO, LLC, a Delaware limited liability company

	 ACCURATE INSULATION OF DELAWARE, LLC, a Delaware limited liability company

	 ACCURATE INSULATION OF UPPER MARLBORO, LLC, a Delaware limited liability company

	 ADVANCED FIBER, LLC, a Delaware limited liability company

	 ADVANCED INSULATION, LLC, a Delaware limited liability company

	 ALL CONSTRUCTION SERVICES, LLC, a Delaware limited liability company

	 ALL IN ONE & MOORE BUILDING SYSTEMS, LLC, a Delaware limited liability
company

	 ALPINE INSULATION I, LLC, a Delaware limited liability company

	 AMERICAN INSULATION & ENERGY SERVICES, LLC, an Alabama limited liability
company

	 ANY SEASON INSULATION, LLC, a Delaware limited liability company

	 APPLE VALLEY INSULATION, A BDI COMPANY, INC., a California corporation

	 ASTRO INSULATION OF ILLINOIS, LLC, a Delaware limited liability company

	 BAYTHERM INSULATION, LLC, a Delaware limited liability company

	 BDI INSULATION OF IDAHO FALLS, INC., an Idaho corporation

	 BDI INSULATION OF SALT LAKE, L.L.C., a Utah limited liability company

	 BER ENERGY SERVICES, LLC, a Texas limited liability company

	 BIG CITY INSULATION, INC., a Utah corporation

	 BIG CITY INSULATION OF IDAHO, INC., an Idaho corporation

	 B-ORGANIZED INSULATION, LLC, a Delaware limited liability
company

	 BROKEN DRUM OF BAKERSFIELD, INC., a California corporation

	 BROKEN DRUM INSULATION VISALIA, INC., a California corporation

	 BUILDERS INSTALLED PRODUCTS OF MAINE, LLC, a Delaware limited liability company

	 BUILDERS INSTALLED PRODUCTS OF NEW HAMPSHIRE, LLC, a Delaware limited liability
company

	 BUILDERS INSTALLED PRODUCTS OF NEW YORK, LLC, a Delaware limited liability company

  

					
	       
	 	 By:
	 	 /s/ Michael T. Miller

					
	       
	 	 Name:
	 	 Michael T. Miller

	       
	 	 Title:
	 	 Executive Vice President and Chief Financial Officer

  
 Signature Page to
Security Agreement 

 GRANTORS CONTINUED: 

 

	
	 BUILDERS INSTALLED PRODUCTS OF VERMONT, LLC, a Delaware limited liability company

	 BUILDING MATERIALS FINANCE, INC., a Delaware corporation

	 CLS INSULATION, LLC, a Delaware limited liability company

	 CORNHUSKER INSULATION, LLC, a Delaware limited liability company

	 C.Q. INSULATION, INC., a Florida corporation

	 EAST COAST INSULATORS II, LLC, a Delaware limited liability company

	 EASTERN CONTRACTOR SERVICES LIMITED LIABILITY COMPANY, a New Jersey limited liability
company

	 ECOLOGIC ENERGY SOLUTIONS, LLC, a Delaware limited liability company

	 EDWARDS/MOONEY & MOSES, LLC, a Delaware limited liability company

	 ELITE SPRAY FOAM OF LAS VEGAS, LLC, a Delaware limited liability company

	 EMPER HOLDINGS, LLC, a Delaware limited liability company

	 ENERGY SAVERS OF LOUISVILLE, LLC, a Delaware limited liability company

	 EXPERT INSULATION OF MINNESOTA, LLC, a Delaware limited liability company

	 FIBERCLASS INSULATION, LLC, a Delaware limited liability company

	 FIRST STATE BUILDING PRODUCTS, LLC, a Delaware limited liability company

	 FORT WAYNE URETHANE, LLC, a Delaware limited liability company

	 GARAGE DOOR SYSTEMS, LLC, a Delaware limited liability company

	 GOLD INSULATION, INC., a Delaware corporation

	 GREEN STAR PLUS INSULATION, LLC, a Delaware limited liability company

	 G-T-G, LLC, a
South Carolina limited liability company

	 GULF COAST INSULATION, LLC, a Delaware limited liability company

	 HINKLE INSULATION & DRYWALL COMPANY, INCORPORATED, a Texas corporation

	 HORIZON ELECTRIC SERVICES, LLC, a Delaware limited liability company

	 IBHL A HOLDING COMPANY, INC., a Delaware corporation

	 IBHL B HOLDING COMPANY, INC., a Delaware corporation

	 IBHL II-A HOLDING COMPANY, INC., a Delaware
corporation

	 IBHL II-B HOLDING COMPANY, INC., a Delaware
corporation

	 IBP ARCTIC EXPRESS, LLC, a Delaware limited liability company

	 IBP ASSET, LLC, a Delaware limited liability company

	 IBP ASSET II, LLC, a Delaware limited liability company

	 IBP CORPORATION HOLDINGS, INC., a Delaware corporation

	 IBP EXTERIORS, INC., a New Jersey corporation

  

					
	       
	 	 By:
	 	 /s/ Michael T. Miller

					
	       
	 	 Name:
	 	 Michael T. Miller

	       
	 	 Title:
	 	 Executive Vice President and Chief Financial Officer

  
 Signature Page to
Security Agreement 

 GRANTORS CONTINUED: 

 

	
	 IBP HOLDINGS, LLC, a Delaware limited liability company

	 IBP HOLDINGS II, LLC, a Delaware limited liability company

	 IBP OF MANSFIELD, LLC, a Delaware limited liability company

	 IBP OF OKLAHOMA, LLC, a Delaware limited liability company

	 IBP OF SAN ANTONIO, LLC, a Delaware limited liability company

	 IBP OF TOLEDO, LLC, a Delaware limited liability company

	 IBP TEXAS ASSETS I, LLC, a Delaware limited liability company

	 IBP TEXAS ASSETS II, LLC, a Delaware limited liability company

	 IBP TEXAS ASSETS III, LLC, a Delaware limited liability company

	 INSTALLED BUILDING PRODUCTS, LLC, a Delaware limited liability company

	 INSTALLED BUILDING PRODUCTS II, LLC, a Delaware limited liability company

	 INSTALLED BUILDING PRODUCTS OF HOUSTON, LLC, a Delaware limited liability company

	 INSTALLED BUILDING PRODUCTS OF MAINE, LLC, a Delaware limited liability company

	 INSTALLED BUILDING PRODUCTS - PORTLAND, LLC, an Oregon limited liability company

	 INSTALLED BUILDING SOLUTIONS II, LLC, a Delaware limited liability company

	 INSULATION NORTHWEST, LLC, a Delaware limited liability company

	 INSULATION WHOLESALE SUPPLY, LLC, a Nevada limited liability company

	 INSULVAIL, LLC, a Colorado limited liability company

	 KEY INSULATION OF AUSTIN, LLC, a Delaware limited liability company

	 KEY INSULATION OF SAN ANTONIO, LLC, a Delaware limited liability company

	 LAKESIDE INSULATION, LLC, a Delaware limited liability company

	 LAYMAN BROTHERS INSULATION, LLC, a Delaware limited liability company

	 LKS TRANSPORTATION, LLC, a Delaware limited liability company

	 LOVEDAY INSULATION, LLC, a Delaware limited liability company

	 M&D INSULATION, LLC, a Delaware limited liability company

	 MAP INSTALLED BUILDING PRODUCTS OF SAGAMORE, LLC, a Delaware limited liability
company

	 MAP INSTALLED BUILDING PRODUCTS OF SEEKONK, LLC, a Delaware limited liability
company

	 MARV’S INSULATION, INC., an Idaho corporation

  

					
	       
	 	 By:
	 	 /s/ Michael T. Miller

					
	       
	 	 Name:
	 	 Michael T. Miller

	       
	 	 Title:
	 	 Executive Vice President and Chief Financial Officer

  
 Signature Page to
Security Agreement 

 GRANTORS CONTINUED: 

 

	
	 METRO HOME INSULATION, LLC, a Delaware limited liability company

	 MID SOUTH CONSTRUCTION AND BUILDING PRODUCTS, INC., a Georgia corporation

	 MIG BUILDING SYSTEMS, LLC, a Delaware limited liability company

	 MIG BUILDING SYSTEMS OF EAST SYRACUSE, LLC, a Delaware limited liability company

	 MOMPER INSULATION OF CROWN POINT, LLC, a Delaware limited liability company

	 MOMPER INSULATION OF ELKHART, LLC, a Delaware limited liability company

	 MOMPER INSULATION OF FORT WAYNE, LLC, a Delaware limited liability company

	 NORTHWEST INSULATION, LLC, a Delaware limited liability company

	 OJ INSULATION HOLDINGS, INC., a Delaware corporation

	 PACIFIC PARTNERS INSULATION NORTH, A BDI COMPANY, LLC, a Washington limited liability
company

	 PACIFIC PARTNERS INSULATION SOUTH, A BDI COMPANY, LLC, a Washington limited liability
company

	 PARKER INSULATION AND BUILDING PRODUCTS, LLC, a Texas limited liability company

	 PEG, LLC, a Texas limited liability company

	 RAJAN, LLC, an Ohio limited liability company

	 ROCKET INSULATION, LLC, a Delaware limited liability company

	 ROCKFORD INSULATION, LLC, a Delaware limited liability company

	 SIERRA INSULATION CONTRACTORS II, LLC, a Delaware limited liability company

	 SOUTHERN INSULATORS, LLC, a Delaware limited liability company

	 SPEC 7 INSULATION CO., LLC, a Colorado limited liability company

	 SUBURBAN INSULATION, INC., a Pennsylvania corporation

	 SUPERIOR INSULATION, LLC, a Delaware limited liability company

	 SUPERIOR INSULATION SERVICES, LLC, a Delaware limited liability company

	 TCI CONTRACTING, LLC, a Georgia limited liability company

	 TCI CONTRACTING OF CHARLESTON, LLC, a Delaware limited liability company

	 TCI CONTRACTING OF HILTON HEAD, LLC, a Delaware limited liability company

	 TCI CONTRACTING OF KENTUCKY, LLC, a Delaware limited liability company

	 TCI CONTRACTING OF MEMPHIS, LLC, a Delaware limited liability company

  

					
	       
	 	 By:
	 	 /s/ Michael T. Miller

					
	       
	 	 Name:
	 	 Michael T. Miller

	       
	 	 Title:
	 	 Executive Vice President and Chief Financial Officer

  
 Signature Page to
Security Agreement 

 GRANTORS CONTINUED: 

 

	
	 TCI CONTRACTING OF NASHVILLE, LLC, a Delaware limited liability company

	 TCI CONTRACTING OF THE GULF, LLC, a Delaware limited liability company

	 THERMAL CONTROL INSULATION, LLC, an Ohio limited liability company

	 THERM-CON OF TENNESSEE, LLC, a Delaware limited liability
company

	 TIDEWATER INSULATORS, LLC, a Delaware limited liability company

	 TOWN BUILDING SYSTEMS, LLC, a Delaware limited liability company

	 TRADEMARK ROOFING COMPANY, INC., a North Carolina corporation

	 TRADEMARK SEAMLESS GUTTER COMPANY, INC., a North Carolina corporation

	 U.S. INSULATION CORP., a Connecticut corporation

	 WATER-TITE COMPANY, LLC, a Delaware limited liability company

	 WILSON INSULATION COMPANY, LLC, a Georgia limited liability company

  

					
	       
	 	 By:
	 	 /s/ Michael T. Miller

					
	       
	 	 Name:
	 	 Michael T. Miller

		 	 Title:
	 	 Executive Vice President and Chief Financial Officer

  

	
	 ALPHA INSULATION & WATER PROOFING COMPANY, a Georgia corporation

	 ALPHA INSULATION & WATER PROOFING, INC., a Texas corporation

	 DIVISION 7 8 9 SUPPLY, LLC, a Delaware limited liability company

	 TRILOK INDUSTRIES, INC., a Georgia corporation

  

					
	       
	 	 By:
	 	 /s/ Michael T. Miller

					
	       
	 	 Name:
	 	 Michael T. Miller

	       
	 	 Title:
	 	 Executive Vice President

  

			
	 GOLD STAR INSULATION, L.P., a Delaware limited
partnership

					
			
	             
	 	 By:
	 	 Gold Insulation, Inc., its General Partner

			
	             
	 	 By:
	 	 /s/ Michael T. Miller

					
	             
	 	 Name:
	 	 Michael T. Miller

		 	 Title:
	 	 Executive Vice President and Chief Financial Officer

 

			
	 OJ INSULATION, L.P., a Delaware limited partnership
	  	

					
			
	             
	 	 By:
	 	 OJ Insulation Holdings, Inc., its General Partner

			
	             
	 	 By:
	 	 /s/ Michael T. Miller

					
	             
	 	 Name:
	 	 Michael T. Miller

		 	 Title:
	 	 Executive Vice President and Chief Financial Officer

  
 Signature Page to
Security Agreement 

 
			
	 BANK OF AMERICA, N.A., as Administrative Agent

		
	 By:
	 	 /s/ Brian Scawinski 

			
	 Name:
	 	 Brian Scawinski

	 Title:
	 	 Authorized Signatory 

  
 Signature Page to
Security Agreement 

 Schedule I to the 

Security Agreement 
 GRANTORS

 BORROWER: 
  

	 	1.	 INSTALLED BUILDING PRODUCTS, INC., a Delaware corporation 

GUARANTORS: 
  

	 	2.	 A+ INSULATION OF KANSAS CITY, LLC, a Delaware limited liability company 

	 	3.	 ACCURATE INSULATION LLC, a Maryland limited liability company 

	 	4.	 ACCURATE INSULATION OF COLORADO, LLC, a Delaware limited liability company 

	 	5.	 ACCURATE INSULATION OF DELAWARE, LLC, a Delaware limited liability company 

	 	6.	 ACCURATE INSULATION OF UPPER MARLBORO, LLC, a Delaware limited liability company 

	 	7.	 ADVANCED FIBER, LLC, a Delaware limited liability company 

	 	8.	 ADVANCED INSULATION, LLC, a Delaware limited liability company 

	 	9.	 ALL CONSTRUCTION SERVICES, LLC, a Delaware limited liability company 

	 	10.	 ALL IN ONE & MOORE BUILDING SYSTEMS, LLC, a Delaware limited liability company

	 	11.	 ALPHA INSULATION & WATER PROOFING COMPANY, a Georgia corporation 

	 	12.	 ALPHA INSULATION & WATER PROOFING, INC., a Texas corporation 

	 	13.	 ALPINE INSULATION I, LLC, a Delaware limited liability company 

	 	14.	 AMERICAN INSULATION & ENERGY SERVICES, LLC, an Alabama limited liability company

	 	15.	 ANY SEASON INSULATION, LLC, a Delaware limited liability company 

	 	16.	 APPLE VALLEY INSULATION, A BDI COMPANY, INC., a California corporation 

	 	17.	 ASTRO INSULATION OF ILLINOIS, LLC, a Delaware limited liability company 

	 	18.	 B-ORGANIZED INSULATION, LLC, a Delaware limited liability company

	 	19.	 BAYTHERM INSULATION, LLC, a Delaware limited liability company 

	 	20.	 BDI INSULATION OF IDAHO FALLS, INC., an Idaho corporation 

	 	21.	 BDI INSULATION OF SALT LAKE, L.L.C., a Utah limited liability company 

	 	22.	 BER ENERGY SERVICES, LLC, a Texas limited liability company 

	 	23.	 BIG CITY INSULATION, INC., a Utah corporation 

	 	24.	 BIG CITY INSULATION OF IDAHO, INC., an Idaho corporation 

	 	25.	 BROKEN DRUM OF BAKERSFIELD, INC., a California corporation 

	 	26.	 BROKEN DRUM INSULATION VISALIA, INC., a California corporation 

	 	27.	 BUILDERS INSTALLED PRODUCTS OF MAINE, LLC, a Delaware limited liability company 

	 	28.	 BUILDERS INSTALLED PRODUCTS OF NEW HAMPSHIRE, LLC, a Delaware limited liability company

  

	 	29.	 BUILDERS INSTALLED PRODUCTS OF NEW YORK, LLC, a Delaware limited liability company 

	 	30.	 BUILDERS INSTALLED PRODUCTS OF VERMONT, LLC, a Delaware limited liability company 

	 	31.	 BUILDING MATERIALS FINANCE, INC., a Delaware corporation 

	 	32.	 CLS INSULATION, LLC, a Delaware limited liability company 

	 	33.	 CORNHUSKER INSULATION, LLC, a Delaware limited liability company 

	 	34.	 C.Q. INSULATION, INC., a Florida corporation 

	 	35.	 DIVISION 7 8 9 SUPPLY, LLC, a Delaware limited liability company 

	 	36.	 EAST COAST INSULATORS II, LLC, a Delaware limited liability company 

	 	37.	 EASTERN CONTRACTOR SERVICES LIMITED LIABILITY COMPANY, a New Jersey limited liability company

	 	38.	 ECOLOGIC ENERGY SOLUTIONS, LLC, a Delaware limited liability company 

	 	39.	 EDWARDS/MOONEY & MOSES, LLC, a Delaware limited liability company 

	 	40.	 ELITE SPRAY FOAM OF LAS VEGAS, LLC, a Delaware limited liability company 

	 	41.	 EMPER HOLDINGS, LLC, a Delaware limited liability company 

	 	42.	 ENERGY SAVERS OF LOUISVILLE, LLC, a Delaware limited liability company 

	 	43.	 EXPERT INSULATION OF MINNESOTA, LLC, a Delaware limited liability company 

	 	44.	 FIBERCLASS INSULATION, LLC, a Delaware limited liability company 

	 	45.	 FIRST STATE BUILDING PRODUCTS, LLC, a Delaware limited liability company 

	 	46.	 FORT WAYNE URETHANE, LLC, a Delaware limited liability company 

	 	47.	 GARAGE DOOR SYSTEMS, LLC, a Delaware limited liability company 

	 	48.	 GOLD INSULATION, INC., a Delaware corporation 

	 	49.	 GOLD STAR INSULATION, L.P., a Delaware limited partnership 

	 	50.	 GREEN STAR PLUS INSULATION, LLC, a Delaware limited liability company 

	 	51.	 G-T-G, LLC, a South Carolina
limited liability company 

	 	52.	 GULF COAST INSULATION, LLC, a Delaware limited liability company 

	 	53.	 HORIZON ELECTRIC SERVICES, LLC, a Delaware limited liability company 

	 	54.	 HINKLE INSULATION & DRYWALL COMPANY, INCORPORATED, a Texas corporation 

	 	55.	 IBHL A HOLDING COMPANY, INC., a Delaware corporation 

	 	56.	 IBHL B HOLDING COMPANY, INC., a Delaware corporation 

	 	57.	 IBHL II-A HOLDING COMPANY, INC., a Delaware corporation

	 	58.	 IBHL II-B HOLDING COMPANY, INC., a Delaware corporation

	 	59.	 IBP ARCTIC EXPRESS, LLC, a Delaware limited liability company 

	 	60.	 IBP ASSET, LLC, a Delaware limited liability company 

	 	61.	 IBP ASSET II, LLC, a Delaware limited liability company 

	 	62.	 IBP CORPORATION HOLDINGS, INC., a Delaware corporation 

	 	63.	 IBP EXTERIORS, INC., a New Jersey corporation 

	 	64.	 IBP HOLDINGS, LLC, a Delaware limited liability company 

  

	 	65.	 IBP HOLDINGS II, LLC, a Delaware limited liability company 

	 	66.	 IBP OF MANSFIELD, LLC, a Delaware limited liability company 

	 	67.	 IBP OF OKLAHOMA, LLC, a Delaware limited liability company 

	 	68.	 IBP OF SAN ANTONIO, LLC, a Delaware limited liability company 

	 	69.	 IBP OF TOLEDO, LLC, a Delaware limited liability company 

	 	70.	 IBP TEXAS ASSETS I, LLC, a Delaware limited liability company 

	 	71.	 IBP TEXAS ASSETS II, LLC, a Delaware limited liability company 

	 	72.	 IBP TEXAS ASSETS III, LLC, a Delaware limited liability company 

	 	73.	 INSTALLED BUILDING PRODUCTS, LLC, a Delaware limited liability company 

	 	74.	 INSTALLED BUILDING PRODUCTS II, LLC, a Delaware limited liability company 

	 	75.	 INSTALLED BUILDING PRODUCTS OF HOUSTON, LLC, a Delaware limited liability company 

	 	76.	 INSTALLED BUILDING PRODUCTS OF MAINE, LLC, a Delaware limited liability company 

	 	77.	 INSTALLED BUILDING PRODUCTS - PORTLAND, LLC, an Oregon limited liability company 

	 	78.	 INSTALLED BUILDING SOLUTIONS II, LLC, a Delaware limited liability company 

	 	79.	 INSULATION NORTHWEST, LLC, a Delaware limited liability company 

	 	80.	 INSULATION WHOLESALE SUPPLY, LLC, a Nevada limited liability company 

	 	81.	 INSULVAIL, LLC, a Colorado limited liability company 

	 	82.	 KEY INSULATION OF AUSTIN, LLC, a Delaware limited liability company 

	 	83.	 KEY INSULATION OF SAN ANTONIO, LLC, a Delaware limited liability company 

	 	84.	 LAKESIDE INSULATION, LLC, a Delaware limited liability company 

	 	85.	 LAYMAN BROTHERS INSULATION, LLC, a Delaware limited liability company 

	 	86.	 LKS TRANSPORTATION, LLC, a Delaware limited liability company 

	 	87.	 LOVEDAY INSULATION, LLC, a Delaware limited liability company 

	 	88.	 M&D INSULATION, LLC, a Delaware limited liability company 

	 	89.	 MAP INSTALLED BUILDING PRODUCTS OF SAGAMORE, LLC, a Delaware limited liability company

	 	90.	 MAP INSTALLED BUILDING PRODUCTS OF SEEKONK, LLC, a Delaware limited liability company 

	 	91.	 MARV’S INSULATION, INC., an Idaho corporation 

	 	92.	 METRO HOME INSULATION, LLC, a Delaware limited liability company 

	 	93.	 MID SOUTH CONSTRUCTION AND BUILDING PRODUCTS, INC., a Georgia corporation 

	 	94.	 MIG BUILDING SYSTEMS, LLC, a Delaware limited liability company 

	 	95.	 MIG BUILDING SYSTEMS OF EAST SYRACUSE, LLC, a Delaware limited liability company 

	 	96.	 MOMPER INSULATION OF CROWN POINT, LLC, a Delaware limited liability company 

	 	97.	 MOMPER INSULATION OF ELKHART, LLC, a Delaware limited liability company 

	 	98.	 MOMPER INSULATION OF FORT WAYNE, LLC, a Delaware limited liability company 

	 	99.	 NORTHWEST INSULATION, LLC, a Delaware limited liability company 

  

	 	100.	 OJ INSULATION HOLDINGS, INC., a Delaware corporation 

	 	101.	 OJ INSULATION, L.P., a Delaware limited partnership 

	 	102.	 PACIFIC PARTNERS INSULATION NORTH, A BDI COMPANY, LLC, a Washington limited liability company

	 	103.	 PACIFIC PARTNERS INSULATION SOUTH, A BDI COMPANY, LLC, a Washington limited liability company

	 	104.	 PARKER INSULATION AND BUILDING PRODUCTS, LLC, a Texas limited liability company 

	 	105.	 PEG, LLC, a Texas limited liability company 

	 	106.	 RAJAN, LLC, an Ohio limited liability company 

	 	107.	 ROCKET INSULATION, LLC, a Delaware limited liability company 

	 	108.	 ROCKFORD INSULATION, LLC, a Delaware limited liability company 

	 	109.	 SIERRA INSULATION CONTRACTORS II, LLC, a Delaware limited liability company 

	 	110.	 SOUTHERN INSULATORS, LLC, a Delaware limited liability company 

	 	111.	 SPEC 7 INSULATION CO., LLC, a Colorado limited liability company 

	 	112.	 SUBURBAN INSULATION, INC., a Pennsylvania corporation 

	 	113.	 SUPERIOR INSULATION, LLC, a Delaware limited liability company 

	 	114.	 SUPERIOR INSULATION SERVICES, LLC, a Delaware limited liability company 

	 	115.	 TCI CONTRACTING, LLC, a Georgia limited liability company 

	 	116.	 TCI CONTRACTING OF CHARLESTON, LLC, a Delaware limited liability company 

	 	117.	 TCI CONTRACTING OF HILTON HEAD, LLC, a Delaware limited liability company 

	 	118.	 TCI CONTRACTING OF KENTUCKY, LLC, a Delaware limited liability company 

	 	119.	 TCI CONTRACTING OF MEMPHIS, LLC, a Delaware limited liability company 

	 	120.	 TCI CONTRACTING OF NASHVILLE, LLC, a Delaware limited liability company 

	 	121.	 TCI CONTRACTING OF THE GULF, LLC, a Delaware limited liability company 

	 	122.	 THERMAL CONTROL INSULATION, LLC, an Ohio limited liability company 

	 	123.	 THERM-CON OF TENNESSEE, LLC, a Delaware limited liability company

	 	124.	 TIDEWATER INSULATORS, LLC, a Delaware limited liability company 

	 	125.	 TOWN BUILDING SYSTEMS, LLC, a Delaware limited liability company 

	 	126.	 TRADEMARK ROOFING COMPANY, INC., a North Carolina corporation 

	 	127.	 TRADEMARK SEAMLESS GUTTER COMPANY, INC., a North Carolina corporation 

	 	128.	 TRILOK INDUSTRIES, INC., a Georgia corporation 

	 	129.	 U.S. INSULATION CORP., a Connecticut corporation 

	 	130.	 WATER-TITE COMPANY, LLC, a Delaware limited liability company 

	 	131.	 WILSON INSULATION COMPANY, LLC, a Georgia limited liability company 

  

 Schedule II to the 

Security Agreement 
 PLEDGED
EQUITY INTERESTS 
  

																	
	 	  	 Issuer
	  	 Record Owner
	  	Cert. No.	  	No. Shares/
Interest	  	Percent
Owned of
Total
Outstanding	 	 	Percent
Pledged of
Total
Outstanding	 
	 1.
	  	A+ Insulation of Kansas City, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 2.
	  	Accurate Insulation LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 3.
	  	Accurate Insulation of Colorado, LLC	  	IBP Asset, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 4.
	  	Accurate Insulation of Delaware, LLC	  	Accurate Insulation, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 5.
	  	Accurate Insulation of Upper Marlboro, LLC	  	Accurate Insulation, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 6.
	  	Advanced Fiber, LLC	  	Installed Building Products II, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 7.
	  	Advanced Insulation, LLC	  	TCI Contracting, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 8.
	  	All Construction Services, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 9.
	  	All In One & Moore Building Systems, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 10.
	  	Alpha Insulation & Water Proofing Company	  	EMPER Holdings, LLC	  	4	  	500	  	 	100	% 	 	 	100	% 
	 11.
	  	Alpha Insulation & Water Proofing, Inc.	  	Trilok Industries, Inc.	  	1	  	6,000	  	 	100	% 	 	 	100	% 
	 12.
	  	Alpine Insulation I, LLC	  	IBP Exteriors, Inc.	  	1	  	NA	  	 	100	% 	 	 	100	% 

																	
	 	  	 Issuer
	  	 Record Owner
	  	Cert. No.	  	No. Shares/
Interest	  	Percent
Owned of
Total
Outstanding	 	 	Percent
Pledged of
Total
Outstanding	 
	 13.
	  	American Insulation & Energy Services, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 14.
	  	Any Season Insulation, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 15.
	  	Apple Valley Insulation, a BDI Company, Inc.	  	IBP Corporation Holdings, Inc.	  	4	  	10,000	  	 	100	% 	 	 	100	% 
	 16.
	  	Astro Insulation of Illinois, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 17.
	  	Baytherm Insulation, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 18.
	  	BDI Insulation of Idaho Falls, Inc.	  	IBP Corporation Holdings, Inc.	  	4	  	10,000	  	 	100	% 	 	 	100	% 
	 19.
	  	BDI Insulation of Salt Lake, L.L.C.	  	IBP Corporation Holdings, Inc.	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 20.
	  	BER Energy Services, LLC	  	IBP Texas Assets III, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 21.
	  	Big City Insulation of Idaho, Inc.	  	IBP Corporation Holdings, Inc.	  	32	  	95	  	 	100	% 	 	 	100	% 
	 22.
	  	Big City Insulation, Inc.	  	IBP Corporation Holdings, Inc.	  	35	  	1,000	  	 	100	% 	 	 	100	% 
	 23.
	  	B-Organized Insulation, LLC	  	IBP Asset, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 24.
	  	Broken Drum Insulation Visalia, Inc.	  	IBP Corporation Holdings, Inc.	  	15	  	10,000	  	 	100	% 	 	 	100	% 
	 25.
	  	Broken Drum of Bakersfield, Inc.	  	IBP Corporation Holdings, Inc.	  	22	  	300,000	  	 	100	% 	 	 	100	% 

																	
	 	  	 Issuer
	  	 Record Owner
	  	Cert. No.	  	No. Shares/
Interest	  	Percent
Owned of
Total
Outstanding	 	 	Percent
Pledged of
Total
Outstanding	 
	 26.
	  	Builders Installed Products of Maine, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 27.
	  	Builders Installed Products of New Hampshire, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 28.
	  	Builders Installed Products of New York, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 29.
	  	Builders Installed Products of Vermont, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 30.
	  	Building Materials Finance, Inc.	  	Installed Building Products, LLC	  	7	  	5,800	  	 	100	% 	 	 	100	% 
	 31.
	  	C.Q. Insulation, Inc.	  	IBP Corporation Holdings, Inc.	  	16	  	105,000	  	 	100	% 	 	 	100	% 
	 32.
	  	CLS Insulation, LLC	  	IBP Texas Assets I, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 33.
	  	Cornhusker Insulation, LLC	  	IBP Exteriors, Inc.	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 34.
	  	Division 7 8 9 Supply, LLC	  	EMPER Holdings, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 35.
	  	East Coast Insulators II, LLC	  	IBP Asset, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 36.
	  	Eastern Contractor Services Limited Liability Company	  	Installed Building Products, LLC	  	3	  	NA	  	 	100	% 	 	 	100	% 
	 37.
	  	Ecologic Energy Solutions, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 

																	
	 	  	 Issuer
	  	 Record Owner
	  	Cert. No.	  	No. Shares/
Interest	  	Percent
Owned of
Total
Outstanding	 	 	Percent
Pledged of
Total
Outstanding	 
	 38.
	  	Edwards / Mooney & Moses, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 39.
	  	Elite Spray Foam of Las Vegas, LLC	  	Gold Star Insulation, L.P.	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 40.
	  	EMPER Holdings, LLC	  	 IBHL A Holding Company, Inc.

IBHL B Holding Company, Inc.
	  	1
 2
	  	NA
 NA
	  	 
 
	50
 50
	% 
 % 
	 	 
 
	50
 50
	% 
 % 

	 41.
	  	Energy Savers of Louisville, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 42.
	  	Expert Insulation of Minnesota, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 43.
	  	Fiberclass Insulation, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 44.
	  	First State Building Products, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 45.
	  	Fort Wayne Urethane, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 46.
	  	Garage Door Systems, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 47.
	  	Gold Insulation, Inc.	  	Installed Building Products, LLC	  	R-2	  	100	  	 	100	% 	 	 	100	% 
	 48.
	  	Gold Star Insulation, L.P.	  	 Installed Building Products, LLC

Gold Insulation, Inc.
	  	2
 3
	  	NA	  	 
 
	99
 1
	% 
 % 
	 	 
 
	99
 1
	% 
 % 

	 49.
	  	Green Star Plus Insulation, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 50.
	  	G-T-G, LLC	  	IBP Exteriors, Inc.	  	1	  	NA	  	 	100	% 	 	 	100	% 

																	
	 	  	 Issuer
	  	 Record Owner
	  	Cert. No.	  	No. Shares/
Interest	  	Percent
Owned of
Total
Outstanding	 	 	Percent
Pledged of
Total
Outstanding	 
	 51.
	  	Gulf Coast Insulation, LLC	  	TCI Contracting, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 52.
	  	Horizon Electric Services, LLC	  	Installed Building Solutions II, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 53.
	  	Hinkle Insulation & Drywall Company, Incorporated	  	Installed Building Products II, LLC	  	2	  	1,000	  	 	100	% 	 	 	100	% 
	 54.
	  	IBHL A Holding Company, Inc.	  	Installed Building Products, Inc.	  	1
 2
	  	100
 100
	  	 	100	% 	 	 	100	% 
	 55.
	  	IBHL B Holding Company, Inc.	  	Installed Building Products, Inc.	  	1
 2
	  	100
 100
	  	 	100	% 	 	 	100	% 
	 56.
	  	IBHL II-A Holding Company, Inc.	  	Installed Building Products, Inc.	  	1	  	100	  	 	100	% 	 	 	100	% 
	 57.
	  	IBHL II-B Holding Company, Inc.	  	Installed Building Products, Inc.	  	1	  	100	  	 	100	% 	 	 	100	% 
	 58.
	  	IBP Arctic Express, LLC	  	IBP Texas Assets I, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 59.
	  	IBP Asset, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 60.
	  	IBP Asset II, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 61.
	  	IBP Corporation Holdings, Inc.	  	 IBHL A Holding Company, Inc.

IBHL B Holding Company, Inc.
	  	1
 2
	  	100
 100
	  	 
 
	50
 50
	% 
 % 
	 	 
 
	50
 50
	% 
 % 

	 62.
	  	IBP Exteriors, Inc.	  	Installed Building Products, LLC	  	R-41	  	10	  	 	100	% 	 	 	100	% 

																	
	 	  	 Issuer
	  	 Record Owner
	  	Cert. No.	  	No. Shares/
Interest	  	Percent
Owned of
Total
Outstanding	 	 	Percent
Pledged of
Total
Outstanding	 
	 63.
	  	IBP Holdings, LLC	  	 IBHL A Holding Company, Inc.
  

IBHL B Holding Company, Inc.
	  	 1 Priority 
 2
Priority
	  	15 Priority
 Units15 Priority
Units
	  	   
 
	 50 
 50
	 %  
 % 
	 	   
 
	 50 
 50
	 %  
 % 

	 64.
	  	IBP Holdings II, LLC	  	 IBHL II-A Holding Company, Inc.

IBHL II-B Holding Company, Inc.
	  	17 Common
 18 Common
	  	1 Unit
 1 Unit
	  	 
 
	50
 50
	% 
 % 
	 	 
 
	50
 50
	% 
 % 

	 65.
	  	IBP of Mansfield, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 66.
	  	IBP of Oklahoma, LLC	  	IBP Texas Assets I, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 67.
	  	IBP of San Antonio, LLC	  	IBP Texas Assets I, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 68.
	  	IBP of Toledo, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 69.
	  	IBP Texas Assets I, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 70.
	  	IBP Texas Assets II, LLC	  	Installed Building Products II, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 71.
	  	IBP Texas Assets III, LLC	  	Installed Building Products II, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 72.
	  	Installed Building Products, LLC	  	IBP Holdings, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 73.
	  	Installed Building Products II, LLC	  	IBP Holdings II, LLC	  	2	  	NA	  	 	100	% 	 	 	100	% 

																	
	 	  	 Issuer
	  	 Record Owner
	  	Cert. No.	  	No. Shares/
Interest	  	Percent
Owned of
Total
Outstanding	 	 	Percent
Pledged of
Total
Outstanding	 
	 74.
	  	Installed Building Products of Houston, LLC	  	IBP Texas Assets II, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 75.
	  	Installed Building Products of Maine, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 76.
	  	Installed Building Products – Portland, LLC	  	IBP Exteriors, Inc.	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 77.
	  	Installed Building Solutions II, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 78.
	  	Insulation Northwest, LLC	  	Installed Building Products II, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 79.
	  	Insulation Wholesale Supply, LLC	  	IBP Corporation Holdings, Inc.	  	5	  	NA	  	 	100	% 	 	 	100	% 
	 80.
	  	InsulVail, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 81.
	  	Key Insulation of Austin, LLC	  	IBP Texas Assets I, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 82.
	  	Key Insulation of San Antonio, LLC	  	IBP Texas Assets I, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 83.
	  	Lakeside Insulation, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 84.
	  	Layman Brothers Insulation, LLC	  	Installed Building Products II, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 85.
	  	LKS Transportation, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 86.
	  	Loveday Insulation, LLC	  	Installed Building Products II, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 

																	
	 	  	 Issuer
	  	 Record Owner
	  	Cert. No.	  	No. Shares/
Interest	  	Percent
Owned of
Total
Outstanding	 	 	Percent
Pledged of
Total
Outstanding	 
	 87.
	  	M&D Insulation, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 88.
	  	MAP Installed Building Products of Sagamore, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 89.
	  	MAP Installed Building Products of Seekonk, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 90.
	  	Marv’s Insulation, Inc.	  	Installed Building Products, LLC	  	1005	  	5,000	  	 	100	% 	 	 	100	% 
	 91.
	  	Metro Home Insulation, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 92.
	  	Mid South Construction and Building Products, Inc.	  	TCI Contracting, LLC	  	6
 8
	  	875
 125
	  	 	100	% 	 	 	100	% 
	 93.
	  	MIG Building Systems, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 94.
	  	MIG Building Systems of East Syracuse, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 95.
	  	Momper Insulation of Crown Point, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 96.
	  	Momper Insulation of Elkhart, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 

																	
	 	  	 Issuer
	  	 Record Owner
	  	Cert. No.	  	No. Shares/
Interest	  	Percent
Owned of
Total
Outstanding	 	 	Percent
Pledged of
Total
Outstanding	 
	 97.
	  	Momper Insulation of Fort Wayne, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 98.
	  	Northwest Insulation, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 99.
	  	OJ Insulation Holdings, Inc.	  	Installed Building Products, LLC	  	R-1	  	100	  	 	100	% 	 	 	100	% 
	 100.
	  	OJ Insulation, L.P.	  	 OJ Insulation Holdings, Inc.

Installed Building Products, LLC
	  	1
 2
	  	NA	  	 
 
	1
 99
	% 
 % 
	 	 
 
	1
 99
	% 
 % 

	 101.
	  	Pacific Partners Insulation North, a BDI Company, LLC	  	IBP Corporation Holdings, Inc.	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 102.
	  	Pacific Partners Insulation South, a BDI Company, LLC	  	IBP Corporation Holdings, Inc.	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 103.
	  	Parker Insulation and Building Products, LLC	  	IBP Texas Assets III, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 104.
	  	PEG, LLC	  	IBP Texas Assets III, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 105.
	  	RaJan, LLC	  	IBP Exteriors, Inc.	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 106.
	  	Rocket Insulation, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 107.
	  	Rockford Insulation, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 

																	
	 	  	 Issuer
	  	 Record Owner
	  	Cert. No.	  	No. Shares/
Interest	  	Percent
Owned of
Total
Outstanding	 	 	Percent
Pledged of
Total
Outstanding	 
	 108.
	  	Sierra Insulation Contractors II, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 109.
	  	Southern Insulators, LLC	  	IBP Texas Assets I, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 110.
	  	Spec 7 Insulation Co., LLC	  	IBP Exteriors, Inc.	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 111.
	  	Suburban Insulation, Inc.	  	Installed Building Products, LLC	  	5	  	2	  	 	100	% 	 	 	100	% 
	 112.
	  	Superior Insulation Services, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 113.
	  	Superior Insulation, LLC	  	IBP Asset, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 114.
	  	TCI Contracting of Charleston, LLC	  	TCI Contracting, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 115.
	  	TCI Contracting of Hilton Head, LLC	  	TCI Contracting, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 116.
	  	TCI Contracting of Kentucky, LLC	  	TCI Contracting, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 117.
	  	TCI Contracting of Memphis, LLC	  	TCI Contracting, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 118.
	  	TCI Contracting of Nashville, LLC	  	TCI Contracting, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 119.
	  	TCI Contracting of the Gulf, LLC	  	TCI Contracting, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 120.
	  	TCI Contracting, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 121.
	  	Thermal Control Insulation, LLC	  	TCI Contracting, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 

																	
	 	  	 Issuer
	  	 Record Owner
	  	Cert. No.	  	No. Shares/
Interest	  	Percent
Owned of
Total
Outstanding	 	 	Percent
Pledged of
Total
Outstanding	 
	 122.
	  	Therm-Con of Tennessee, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 123.
	  	Tidewater Insulators, LLC	  	Installed Building Products II, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 124.
	  	Town Building Systems, LLC	  	Installed Building Products, LLC	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 125.
	  	Trademark Roofing Company, Inc.	  	IBP Corporation Holdings, Inc.	  	3	  	100	  	 	100	% 	 	 	100	% 
	 126.
	  	Trademark Seamless Gutter Company, Inc.	  	IBP Corporation Holdings, Inc.	  	3	  	200	  	 	100	% 	 	 	100	% 
	 127.
	  	Trilok Industries, Inc.	  	EMPER Holdings, LLC	  	7	  	500	  	 	100	% 	 	 	100	% 
	 128.
	  	U.S. Insulation Corp.	  	Installed Building Products, LLC	  	21	  	10,150	  	 	100	% 	 	 	100	% 
	 129.
	  	Water-Tite Company, LLC	  	IBP Exteriors, Inc.	  	1	  	NA	  	 	100	% 	 	 	100	% 
	 130.
	  	Wilson Insulation Company, LLC	  	IBP Exteriors, Inc.	  	1	  	NA	  	 	100	% 	 	 	100	% 

 PLEDGED DEBT SECURITIES 
  

	1.	 Promissory Note dated April 11, 2016 in the original principal amount of $16,800,000 issued by IBP
Exteriors, Inc. to Installed Building Products, LLC. 

 Schedule III to the 

Security Agreement 
 INTELLECTUAL
PROPERTY 
 United States Trademarks: 
  

																					
	Trademark Name	  	Country Name	  	Application
Number	  	Filing Date	 	  	Registration
Date	 	  	Registration
Number	 	  	Status	  	Owner
	 BUILDERS ENERGY RATER
	  	 United States of America
	  	85/666,356	  	 	7/1/2012	 	  	 	2/18/2014	 	  	 	4,483,381	 	  	Registered	  	 BER Energy Services, LLC

	 BUILDERS ENERGY RATER & DESIGN
	  	 United States of America
	  	85/666,359	  	 	7/1/2012	 	  	 	2/18/2014	 	  	 	4,483,382	 	  	Registered	  	 BER Energy Services, LLC

	 CE3 & DESIGN
	  	 United States of America
	  	85/723,233	  	 	9/7/2012	 	  	 	5/7/2013	 	  	 	4,331,706	 	  	Registered	  	 BER Energy Services, LLC

	 EXPERT INSULATION & DESIGN
	  	 United States of America
	  	76/370,745	  	 	2/13/2002	 	  	 	12/17/2002	 	  	 	2,662,937	 	  	Registered	  	 Expert Insulation of Minnesota, LLC

	 KEY INSULATION
	  	 United States of America
	  	85/666,352	  	 	7/1/2012	 	  	 	2/12/2013	 	  	 	4,289,046	 	  	Registered	  	 IBP Texas Assets I, LLC

	 KEY INSULATION & DESIGN
	  	 United States of America
	  	85/666,354	  	 	7/1/2012	 	  	 	2/26/2013	 	  	 	4,295,442	 	  	Registered	  	 IBP Texas Assets I, LLC

	 WHAT’S IN YOUR WALLS?
	  	 United States of America
	  	86/525,472	  	 	2/5/2015	 	  	 	9/8/2015	 	  	 	4,808,295	 	  	Registered	  	 IBP Texas Assets I, LLC

	 TCI
	  	 United States of America
	  	77/560,525	  	 	9/2/2008	 	  	 	4/7/2009	 	  	 	3,602,240	 	  	Renewed	  	 TCI Contracting, LLC

	 TCI TOTAL COMFORT INSTALLATIONS & DESIGN
	  	 United States of America
	  	77/560,550	  	 	9/2/2008	 	  	 	4/7/2009	 	  	 	3,602,243	 	  	Renewed	  	 TCI Contracting, LLC

	 TOTAL COMFORT INSTALLATIONS
	  	 United States of America
	  	77/560,570	  	 	9/2/2008	 	  	 	4/7/2009	 	  	 	3,602,245	 	  	Renewed	  	 TCI Contracting, LLC

 United State Patents: 

None 
 United
States Copyrights: 
  

													
	Copyright Title	  	Registration
Number	 	  	Registration
Date	 	  	Owner	 
	 None
	  				  				  			

 Schedule IV to the 

Security Agreement 
 COMMERCIAL TORT
CLAIMS 
 None 

  
 Schedule IV 

Page 1 

 Exhibit I to the 

Security Agreement 

ABL COPYRIGHT SECURITY AGREEMENT, dated as of ___________, 20__ (this “Agreement”), among __________________
(the “Grantor”) and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”). 

Reference is made to (a) the Credit Agreement dated as of September 26, 2019 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among INSTALLED BUILDING PRODUCTS, INC., as Borrower, the other parties from time to time party hereto and BANK OF AMERICA, N.A., as Administrative Agent and (b) the
Security Agreement dated of September 26, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”) among the Borrower, the other Grantors from time to time party thereto, and
the Administrative Agent. The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The Grantor is an Affiliate of the Borrower and is willing to execute and deliver this
Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. Accordingly, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified
in the Security Agreement. The rules of construction specified in Section 1.01(b) of the Security Agreement also apply to this Agreement. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the
Obligations, the Grantor hereby grants to the Administrative Agent, its successors and assigns, for the benefit of the Secured Creditors, a security interest in all of such Grantor’s right, title and interest in, to and under the Copyrights
listed on Schedule I attached hereto (collectively, the “Copyright Collateral”). This Agreement is not to be construed as an assignment of any copyright or copyright application. 

SECTION 3. Security Agreement and ABL/Term Intercreditor Agreement. The Grantor hereby acknowledges and affirms that
the rights and remedies of the Administrative Agent with respect to the Copyright Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth
herein. In the event of any conflict between the terms of this Agreement and the Security Agreement, the terms of the Security Agreement shall govern. Notwithstanding anything herein to the contrary, (i) the Liens and security interests granted
to the Administrative Agent for the benefit of the Secured Creditors pursuant to the Security Agreement and (ii) the exercise of any right or remedy by the Administrative Agent thereunder or the application of proceeds (including insurance
proceeds and condemnation proceeds) of any Collateral, are subject to the provisions of the ABL/Term Intercreditor Agreement. In the event of any conflict between the terms of the ABL/Term Intercreditor Agreement and the terms of this Agreement, the
terms of the ABL/Term Intercreditor Agreement shall govern. 
 SECTION 4. [Reserved]. 

 

  
 Exhibit I 

Page 1 

 SECTION 5. Counterparts. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by
facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Agreement. 

SECTION 6. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of
New York. 
 [Remainder of Page Intentionally Left Blank] 

  
 Exhibit I 

Page 2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first above written. 
  

			
	 [___________________________]. as Grantor

		
	 By:
	 	
                  
                                         
                          

	 Name:
	 	    

	 Title:
	 	  

	
	 BANK OF AMERICA, N.A., as Administrative Agent

		
	 By:
	 	
                  
                                         
              

	 Name:

	 	  

	 Title:
	 	  

	
	  

		
	 By:
	 	
                  
                                         
                              

	 Name:
	 	  

	 Title:
	 	  

  
 Signature Page to Copyright Security
Agreement 

 Schedule I 

  
 Schedule I 

Page 1 

 Exhibit II to the 

Security Agreement 

ABL PATENT SECURITY AGREEMENT, dated as of
                    , 20         (this “Agreement”), among
                                     (the
“Grantor”) and Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”). 

Reference is made to (a) the Credit Agreement dated as of September 26, 2019 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among INSTALLED BUILDING PRODUCTS, INC., as Borrower, the other parties from time to time party hereto and BANK OF AMERICA, N.A., as Administrative Agent and (b) the
Security Agreement dated of September 26, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”) among the Borrower, the other Grantors from time to time party thereto and
the Administrative Agent. The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The Grantor is an Affiliate of the Borrower and is willing to execute and deliver this
Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. Accordingly, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified
in the Security Agreement. The rules of construction specified in Section 1.01(b) of the Security Agreement also apply to this Agreement. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the
Obligations, the Grantor hereby grants to the Administrative Agent, its successors and assigns, for the benefit of the Secured Creditors, a security interest in all of such Grantor’s right, title and interest in, to the Patents listed on
Schedule I attached hereto (the “Patent Collateral”). This Agreement is not to be construed as an assignment of any patent or patent application. 

SECTION 3. Security Agreement and ABL/Term Intercreditor Agreement. The Grantor hereby acknowledges and affirms that
the rights and remedies of the Administrative Agent with respect to the Patent Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein.
In the event of any conflict between the terms of this Agreement and the Security Agreement, the terms of the Security Agreement shall govern. Notwithstanding anything herein to the contrary, (i) the Liens and security interests granted to the
Administrative Agent for the benefit of the Secured Creditors pursuant to the Security Agreement and (ii) the exercise of any right or remedy by the Administrative Agent thereunder or the application of proceeds (including insurance proceeds
and condemnation proceeds) of any Collateral, are subject to the provisions of the ABL/Term Intercreditor Agreement. In the event of any conflict between the terms of the ABL/Term Intercreditor Agreement and the terms of this Agreement, the terms of
the ABL/Term Intercreditor Agreement shall govern. 
 SECTION 4. [Reserved]. 

  
 Exhibit II 

Page 1 

 SECTION 5. Counterparts. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by
facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Agreement. 

SECTION 6. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of
New York. 
 [Remainder of Page Intentionally Left Blank] 

  
 Exhibit II 

Page 2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first above written. 
  

			
	
[                       
                                 ]. as Grantor

 
			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	 BANK OR AMERICA, N.A., as Administrative Agent

 
			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 Signature Page to Patent
Security Agreement 

 Schedule I 

  
 Schedule I 

Page 1 

 Exhibit III to the 

Security Agreement 

ABL TRADEMARK SECURITY AGREEMENT, dated as of _____________, 20__ (this “Agreement”), among [__] (the
“Grantor”) and Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”). 

Reference is made to (a) the Credit Agreement dated as of September 26, 2019 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among INSTALLED BUILDING PRODUCTS, INC. as Borrower, the other parties from time to time party hereto and BANK OF AMERICA, N.A., as Administrative Agent and (b) the
Security Agreement dated of September 26, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”) among the Borrower, the other Grantors from time to time party thereto and
the Administrative Agent. The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The Grantor is an Affiliate of the Borrower and is willing to execute and deliver this
Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. Accordingly, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified
in the Security Agreement. The rules of construction specified in Section 1.01(b) of the Security Agreement also apply to this Agreement. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the
Obligations, the Grantor hereby grants to the Administrative Agent, its successors and assigns, for the benefit of the Secured Creditors, a security interest (the “Security Interest”) in all of such Grantor’s right, title and
interest in, to and under the Trademarks listed on Schedule I attached hereto (the “Trademark Collateral”). This Agreement is not to be construed as an assignment of any trademark or trademark application. Notwithstanding anything
herein to the contrary, the Trademark Collateral shall not include, and in no event shall the Security Interest attach to, any intent-to-use trademark applications filed
in the United States Patent and Trademark Office, pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. Section 1051, prior to the accepted filing of a “Statement of Use” and issuance of a “Certificate of Registration”
pursuant to Section 1(d) of the Lanham Act or an accepted filing of an “Amendment to Allege Use” whereby such intent-to-use trademark application is
converted to a “use in commerce” application pursuant to Section 1(c) of the Lanham Act. 
 SECTION 3.
[Reserved]. 
 SECTION 4. Security Agreement and ABL/Term Intercreditor Agreement. The Grantor hereby
acknowledges and affirms that the rights and remedies of the Administrative Agent with respect to the Trademark Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by
reference as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the Security Agreement, the terms of the Security Agreement shall govern. Notwithstanding anything herein to the contrary, (i) the
Liens and security interests granted to the Administrative Agent for the benefit of the 

  
 Exhibit III 

Page 1 

 
Secured Creditors pursuant to the Security Agreement and (ii) the exercise of any right or remedy by the Administrative Agent thereunder or the application of proceeds (including insurance
proceeds and condemnation proceeds) of any Collateral, are subject to the provisions of the ABL/Term Intercreditor Agreement. In the event of any conflict between the terms of the ABL/Term Intercreditor Agreement and the terms of this Agreement, the
terms of the ABL/Term Intercreditor Agreement shall govern. 
 SECTION 5. Counterparts. This Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this
Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Agreement. 

SECTION 6. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of
New York. 
 [Remainder of Page Intentionally Left Blank] 

  
 Exhibit III 

Page 2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first above written. 
  

			
	 [___________________________]. as Grantor 

		
	 By:
	 	  

	 Name:
	 	
                  
                                         
                  

	 Title:
	 	  

	
	 BANK OF AMERICA, N.A., as Administrative Agent 

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 Signature Page to
Trademark Security Agreement 

 Schedule IExhibit

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

Exhibit A

THIS AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) by and between SP+ Corporation, a Delaware corporation, with its corporate offices in Chicago, Illinois including its subsidiaries, affiliates, assigns and other businesses (the “Company” or “Parking Companies”) and Kristopher H. Roy (the “Executive”) dated as of September 1, 2019.

RECITALS

 A.    The Company is in the business of providing an array of commercial, institutional and residential property management services, including, operating private and public parking facilities for itself, its subsidiaries, affiliates and others, and as a consultant and/or manager for parking facilities operated by others throughout the United States and Canada, providing on-street and off-street parking enforcement, residential, institutional and commercial property management services, security services for commercial establishments and airport, institutional and urban transportation services (the Company and its subsidiaries and affiliates and other Company-controlled businesses, including its divisions (in each case including their predecessor's or successor's), are also referred to hereinafter as the “Parking Companies”).  

B.    The Executive is employed by the Company and Executive pursuant to that certain offer of employment dated as of October 18, 2013, and the accompanying Agreement on Confidentiality and Non-Competition dated as of November 14, 2013, and desires to continue Executive’s employment relationship with the Company on and subject to the terms and conditions hereinafter set forth. 

C.    In the course of Executive’s employment hereunder, Executive has had and will continue to have access to highly confidential and proprietary information of the Parking Companies and their clients, including without limitation the information referred to in paragraph 6 below.

NOW, THEREFORE, in consideration of: (i) the foregoing Recitals, (ii) the mutual covenants and agreements herein contained, including but not limited to (a) the agreement to arbitrate all disputes arising out of this Agreement, (b) the Company’s agreement to pay salary, (c) the Company’s agreement to make salary continuation payments payable on termination, (d) the Company’s agreement to pay or provide benefits, and (e) Executive’s continued employment by the Company, and (iii) the exchange of Trade Secrets and Confidential Information regarding the Company’s business and its clients, the Company and Executive hereby covenant and agree as follows:

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1.    Employment Period.  The Company shall employ the Executive, and the Executive shall serve the Company, on the terms and conditions set forth in this Agreement, for a period beginning on September 1, 2019 and ending August 31, 2020 (the “Initial Employment Period”).  The Initial Employment Period shall automatically extend for additional terms of one (1) year each (each a “Renewal Period,” collectively the “Renewal Periods”) unless the Company or Executive shall have given notice in writing of its or Executive’s intention not to renew this Agreement not less than ninety (90) days prior to the expiration of the Initial Employment Period or any applicable Renewal Period (the Initial Employment Period, as extended by one or more Renewal Periods, being hereafter referred to as the “Employment Period”).    Notwithstanding any termination of this Agreement, all of the terms and provisions set forth in paragraph 6 of this Agreement shall remain in full force and effect.

2.    Position and Duties.  During the Employment Period, the Executive shall serve as     Chief Financial Officer, with the duties, authority and responsibilities as are commensurate with such position and as are customarily associated with such position.    During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive shall devote full attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary, to discharge the responsibilities assigned to the Executive under this Agreement, and use the Executive's reasonable best efforts to carry out such responsibilities faithfully and efficiently.  The Executive shall not, during the term of this Agreement, engage in any other business activities that will interfere with the Executive's employment pursuant to this Agreement.  Executive shall discharge his duties and responsibilities under this Agreement in accordance with the Company’s Code of Conduct presently in effect or as amended and modified from time to time hereafter as it applies to peer executives. 

3.    Compensation.  

(a)     Base Salary.  Commencing as of the Effective Date, the Executive shall receive base salary at the annual rate of Three Hundred Fifty Thousand Dollars ($350,000) (the “Annual Base Salary”).  The Annual Base Salary shall be payable in accordance with the Company’s normal payroll practice for executives as in effect from time to time, and shall be subject to review annually in accordance with the Company's review policies and practices for executives as in effect at the time of any such review.

(b)    Bonus.  For each calendar year ending during the Employment Period, the Executive shall be eligible to receive an annual bonus (the “Annual Bonus”) based upon terms and conditions of an annual bonus program established for peer executives of the Company (the “Annual Bonus Program”).  It currently is expected that the Annual Bonus will be paid no later than March 15th of the following calendar year in which the Annual Bonus is earned.  The Executive's target Annual Bonus (the “Target Annual Bonus”) throughout the Employment Period will be determined in accordance with the terms of the Annual Bonus Program. For 2019, the Executive’s Annual Bonus will be prorated based on the number of full months during which Executive works as Chief Financial Officer, with the remainder of Executive’s Annual Bonus prorated based on the number of full months he worked as Senior Vice President, Corporate Controller. 

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(c)    Equity Plan.    The Executive shall be entitled to participate in the Company’s Long Term Incentive Plan on a similar basis (if any) as similarly situated Executives of the Company from and after the effective date thereof in accordance with the terms and conditions of the Long Term Incentive Plan. 
 
(d)    Other Benefits. In addition to the foregoing, during the Employment Period:  (i) the Executive shall be entitled to participate in savings, retirement, and fringe benefit plans, practices, policies and programs of the Company as in effect from time to time, including, but not limited to the Company's 401(k) plan, on the same terms and conditions as those applicable to peer executives; (ii) the Executive shall be entitled to four (4) weeks of annual vacation, to be taken in accordance with the Company's vacation policy as in effect from time to time; and (iii) the Executive and the Executive's family shall be eligible for participation in, and shall receive all benefits under, all group medical, disability and other welfare benefit plans, practices, policies and programs provided by the Company, as in effect from time to time, on the same terms and conditions as those applicable to peer executives.  

(d)    Business Expenses.    Executive shall be reimbursed by the Company for those business expenses authorized by the Company and those for which are necessarily and reasonably incurred on behalf of the Company and which may be properly be deducted by the Company as business expenses for federal tax purposes.

4.    Termination of Employment.  

(a)     Death or Disability.  In the event of the Executive's death during the Employment Period, the Executive's employment with the Company shall terminate automatically.  The Company, in its discretion, shall have the right to terminate the Executive's employment because of the Executive's Disability during the Employment Period.  For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a full-time basis for 180 consecutive business days, or for periods aggregating 180 business days in any period of twelve months, as a result of incapacity due to mental or physical illness or injury which is determined to be total and permanent by a physician selected by the Company or its insurers.  A termination of the Executive's employment by the Company for Disability shall be communicated to the Executive by written notice, and shall be effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), unless the Executive returns to full-time performance of the Executive's duties before the Disability Effective Date.

(b)    By the Company.  In addition to termination for Disability, the Company may terminate the Executive's employment during the Employment Period for Cause or without Cause.  “Cause” means:

(i)    the continued and willful or deliberate failure of the Executive to substantially perform the Executive’s duties, or to comply with the Executive’s obligations, under this Agreement (other than as a result of physical or mental illness or injury); or

(ii)    illegal action or misconduct by the Executive that is willful and results in material damage to the business or reputation of the Company.

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Upon the occurrence of events constituting Cause as defined in subsection (i) of this paragraph 4(b), the Company shall give the Executive advance notice of any such termination for Cause and shall provide the Executive with a reasonable opportunity to cure.

(c)    Voluntarily by the Executive.  The Executive may terminate his or her employment by giving written notice thereof to the Company (“Voluntary Termination”), which shall include without limitation the Executive’s giving of notice, pursuant to the second sentence of paragraph 1 above, of the Executive’s election not to renew the Employment Period; provided, however, that if Executive terminates his or her employment for Good Reason, such termination shall not be considered a voluntary termination by Executive and Executive shall be treated as if he or she had been terminated by the Company pursuant to paragraph 5(a) below.  "Good Reason" means any of the following:

(i)a material reduction in the Executive’s Annual Base Salary, unaccompanied by any good-faith correlated reduction in geographic or other substantial responsibilities, which is not accompanied by a similar reduction in annual base salaries of similarly situated executives of the Company; or

                                   (ii)  a breach by the Company of this Agreement after Executive has given to the Company advance written notice of, and a reasonable opportunity to cure, any such breach.

(d)    Date of Termination.  The "Date of Termination" means, as the case may be:  (i) the date of the Executive's death, (ii) the Disability Effective Date, (iii) the effective date of the termination of Executive's employment by the Company for Cause, as set forth in a written notice from the Company, (iv) the effective date of the termination of Executive’s employment by the Company for any reason other than Cause or Disability, (v) the effective date of any Voluntary Termination by the Executive, or (vi) the final day of the Employment Period in the event of its non-renewal or automatic expiration.

5.    Obligations of the Company upon Termination.  

Subject to Company policy, the Executive shall receive accrued but unpaid vacation pay through the Date of Termination

The Company agrees to compensate the Executive under certain terminating events as is described in this paragraph 5(a), (b), (c) and (d), as consideration for the representations, restrictions and obligations contained in paragraph 6, subject to and conditioned on Executive’s execution of a Confidential Severance Agreement and General Release which shall contain confirmation of Executive’s agreement to strictly comply with all of the terms set forth in paragraph 6 of this Agreement.  

		
	(a)
	By the Company without Cause or for Non-Renewal of the Employment

 Period. 

4

		
	(1)
	If the Company terminates the Executive's employment or if the Company gives a written notice of non-renewal of the Employment Period as provided in paragraph 1 above, the Company shall, subject to and conditioned upon the Executive’s execution of a Confidential Severance Agreement and General Release which shall contain confirmation of Executive’s agreement to strictly comply with all of the terms set forth in paragraph 6 of this Agreement:

		
	(i)
	continue to pay the Executive’s Annual Base Salary and Target Annual Bonus, at the rate in effect the day before the Date of Termination, for a period not to exceed twelve (12) months after the Date of Termination as and when such amounts would be paid in accordance with paragraphs 3(a) above; and

		
	 
	(ii)    continue to provide health benefits to the Executive and the Executive's family at least as favorable as those that would have been provided to them under clause (d)(iii) of paragraph 3 above if the Executive's employment had continued during the salary continuation period described in 5(a)(1)(i) above.

    
 (b)    Death  

(1)  If the Executive's employment is terminated by reason of the Executive's death the Company shall pay an amount equal to:

		
	(i)
	the Executive's Annual Base Salary through the end of the calendar month in which death occurs, by lump-sum payment to the Executive’s estate.   Death benefits shall be paid to Executive’s estate within seven (7) days following receipt of any such death benefit by the Company from the insurer; and

		
	(ii)
	any earned and unpaid Annual Bonus for the calendar year ending prior to the Date of Termination. This Annual Bonus amount will be paid no later than March 15th of the calendar year following the year in which it was earned.  Nothing in this paragraph shall be construed to require payment of a bonus for the year in which the Date of Termination occurs.  All bonus payments are subject to the terms of the Annual Bonus Program;

 
(c)    Disability  

(1)  If the Executive's employment is terminated by reason of the Executive's disability, subject to and conditioned upon the Executive’s execution of a Confidential Severance Agreement and General Release which shall contain confirmation of Executive’s agreement to strictly comply with all the terms set forth in paragraph 6 of this Agreement, the Company shall pay to the Executive or the Executive’s representative, an amount equal to:

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	(i)
	any earned and unpaid Annual Bonus for the calendar year ended prior to the Date of Termination. This Annual Bonus amount will be paid no later than March 15th of the calendar year following the year in which it was earned. Nothing in this paragraph shall be construed to require payment of a bonus for the year in which the Date of Termination occurs.  All bonus payments are subject to the terms of the Annual Bonus Program; 

 (d)    Cause and Voluntary Termination

(1) If the Executive voluntarily terminates the Executive's employment or if the Executive's employment is terminated by the Company for Cause at any time, subject to and conditioned upon the Executive’s execution of a Confidential Severance Agreement and General Release which shall contain confirmation of Executive’s agreement to strictly comply with all the terms set forth in paragraph 6 of this Agreement, the Company shall pay the Executive:

		
	(i)
	as additional consideration for the Executive’s strict compliance with all the provision of the terms of paragraph 6, an amount equal to one-twenty-fourth (1/24) of the Executive’s Annual Base Salary, at the rate in effect the day before the Date of Termination;

		
	(ii)
	the Executive shall receive the first half of his payment referenced in paragraph 5(d)(1)(i) twelve (12) weeks after his Date of Termination and  receive the balance of the payment referenced in paragraph 5(d)(1)(i) at the conclusion of the time period referenced in paragraph 6(e); and

		
	(iii)
	any earned and unpaid Annual Bonus for the calendar year ended prior to the Date of Termination. This Annual Bonus amount will be paid no later than March 15th of the calendar year following the year in which it was earned.  Nothing in this paragraph should be construed to require payment of a bonus for the year in which the Date of Termination occurs.  All bonus payments are subject to the terms of the Annual Bonus Program; 

    

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6.    Protection of Proprietary Interests.

(a)    Trade Secret and Confidential Information.  The Executive recognizes and acknowledges that the acquisition and operation of, and the providing of consulting services for, parking facilities is a unique enterprise and that there are relatively few firms engaged in these businesses in the primary areas in which the Parking Companies operate.  The Executive further recognizes and acknowledges that in exchange for his or her employment with the Parking Companies, the Executive has been given access to and provided with and will continue to be provided with additional confidential information and trade secrets of the Parking Companies that constitute proprietary information that the Parking Companies are entitled to protect, which information constitutes special and unique assets of the Parking Companies, which is not generally available to the public, including without limitation (i) information relating to the Parking Companies' manner and methods of doing business, including without limitation, strategies for negotiating leases and management agreements; (ii) the identity of the Parking Companies' clients, customers, prospective clients and customers, lessors and locations, and the identity of any individuals or entities having an equity or other economic interest in any of the Parking Companies to the extent such identity has not otherwise been voluntarily disclosed by any of the Parking Companies; (iii) the specific confidential terms of management agreements, leases or other business agreements, including without limitation the duration of, and the fees, rent or other payments due thereunder; (iv) the identities of beneficiaries under land trusts; (v) the business, developments, activities or systems of the Parking Companies, including without limitation any marketing or customer service oriented programs in the development stages or not otherwise known to the general public; (vi) information concerning the business affairs of any individual or firm doing business with the Parking Companies; (vii) financial data and the operating expense structure pertaining to any parking facility owned, operated, leased or managed by the Parking Companies or for which the Parking Companies have or are providing consulting services; (viii) information pertaining to computer systems, including but not limited to computer software, used in the operation of the Parking Companies; and (ix) other confidential information and trade secrets relating to the operation of the Company's business (the matters described in this sentence are referred to herein as "Trade Secret and Confidential Information").

(b)    Customer Relationships.  The Executive understands and acknowledges that the Company has expended significant resources over many years to identify, develop, and maintain its clients.  The Executive additionally acknowledges that the Company’s clients have had continuous and long-standing relationships with the Company and that, as a result of these close, long-term relationships, the Company possesses significant knowledge of and confidential information about its clients and their needs.  Finally, the Executive acknowledges the Executive’s association and contact with these clients is derived solely from Executive’s employment with the Company.  The Executive further acknowledges that the Company does business throughout the United States and that the Executive personally has significant contact with the Company’s clients and customers solely as a result of Executive’s relationship with the Company.

(c)    Confidentiality.  With respect to Trade Secret and Confidential Information, and except as may be required by the lawful order of a court or government agency of competent jurisdiction, the Executive agrees that Executive shall during his or her employment and thereafter :

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(i)    hold all Trade Secret and Confidential Information in strict confidence and not publish or otherwise disclose any portion thereof to any person whatsoever except with the prior written consent of the Company so long as such Information is not generally available to the public;

(ii)    use all reasonable precautions to assure that the Trade Secret and Confidential Information are properly protected and kept from unauthorized persons or use;

(iii)    make no use of any Trade Secret and Confidential Information except as is required in the performance of Executive’s duties for the Company; and

(iv)    immediately upon termination of Executive’s employment with the Company, whether voluntary or involuntary and regardless of the reason or cause, or upon the request of the Company, promptly return to the Company all Company property including, without limitation, any and all documents, and other things relating to any Trade Secret and Confidential Information, all of which are and shall remain the sole property of the Company.  The term "documents" as used in the preceding sentence shall mean all forms of written or recorded information and shall include, without limitation, all accounts, budgets, compilations, computer records (including, but not limited to, computer programs, software, disks, diskettes or any other electronic or magnetic storage media), contracts, correspondence, data, diagrams, drawings, financial statements, memoranda, microfilm or microfiche, notes, notebooks, marketing or other plans, printed materials, records and reports, as well as any and all copies, reproductions or summaries thereof.

Notwithstanding the above, nothing contained herein shall restrict the Executive from using, at any time after Executive’s termination of employment with the Company, information which is generally available to the public or industry.

(d)    Assignment of Intellectual Property Rights.  The Executive agrees to assign to the Company any and all intellectual property rights including patents, trademarks, copyright and business plans or systems developed, authored or conceived by the Executive while so employed and relating to the business of the Company, and the Executive agrees to cooperate with the Company's attorneys to perfect ownership rights thereof in the Company or any one or more of the Company. This agreement does not apply to an invention for which no equipment, supplies, facility or Trade Secret and Confidential Information of the Company was used and which was developed entirely on the Executive's own time, unless (i) the invention relates either to the business of the Company or to actual or demonstrably anticipated research or development of the Parking Companies, or (ii) the invention results from any work performed by the Executive for the Parking Companies.

(e)    Non-Compete.  Executive agrees that while employed by the Company and for a period of twelve (12) months after his or her Date of Termination for any reason, Executive will not directly or indirectly without first obtaining the express written permission of the Employer’s General Counsel, which permission may be withheld in the Employer’s sole discretion:

8

(i)    conduct business with any client or customer of the Company with which Executive had any direct contact or responsibility within the twelve months preceding the Date of Termination or about whom Executive acquired any Trade Secret or Confidential Information during his or her employment with the Company; or 

(ii)    become employed by or render services to any competitor of the Company if in so doing the Executive shall directly or indirectly have responsibility for clients, customers or other consulting functions competitive with the Company for which the Executive had responsibilities on behalf of the Company during the twelve months preceding the Date of Termination.    

(f)    Non-Solicitation.  The Executive agrees that while he or she is employed by the Company and for a period of twelve (12) months after the Date of Termination, the Executive shall not, directly or indirectly:

(i)    without first obtaining the express written permission of the Company’s General Counsel, which permission may be withheld solely in the Company’s discretion, directly or indirectly contact or solicit business from any client or customer of the Company with whom the Executive had direct contact or responsibility or about whom the Executive acquired any Trade Secret or Confidential Information during his employment with the Company.  Likewise, the Executive shall not, without first obtaining the express written permission of the Company’s General Counsel which permission may be withheld solely in the Company’s discretion, directly or indirectly contact or solicit business from any person responsible for referring business to the Company or who regularly refers business to the Company with whom the Executive had any direct contact or about whom the Executive acquired any Trade Secret or Confidential Information during his employment with the Company; or

(ii)    take any action to hire, recruit or to directly or indirectly assist in the hiring, recruiting or solicitation for employment of any officer, employee or representative of the Parking Companies who possesses Trade Secret and Confidential Information of the Company.

 If the Executive, after the termination of his or her employment hereunder, has any question regarding the applicability of the above provisions to a potential employment opportunity, the Executive acknowledges that it is his or her responsibility to contact the Company so that the Company may inform the Executive of its position with respect to such opportunity.

        

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(g)    Remedies.  The Executive acknowledges that the Company would be irreparably injured by a violation of the covenants of this paragraph 6 and agrees that the Company, or any one or more of the Parking Companies, in addition to any other remedies available to it or them for such breach or threatened breach, shall be entitled to a preliminary injunction, temporary restraining order, or other equivalent relief in a court of law or through arbitration, restraining the Executive from any actual or threatened breach of any of the provisions of this paragraph 6.  If a bond is required to be posted in order for the Company or any one or more of the Company to secure an injunction or other equitable remedy, the parties agree that said bond need not exceed a nominal sum.  This paragraph shall be applicable regardless of the reason for the Executive's termination of employment, and independent of any alleged action or alleged breach of any provision hereby by the Company.  If at any time any of the provisions of this paragraph 6 shall be determined to be invalid or unenforceable by reason of being vague or unreasonable as to duration, area, scope of activity or otherwise, then this paragraph 6 shall be considered divisible (with the other provisions to remain in full force and effect) and the invalid or unenforceable provisions shall become and be deemed to be immediately amended to include only such time, area, scope of activity and other restrictions, as shall be determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter, and the Executive expressly agrees that this Agreement, as so amended, shall be valid and binding as though any invalid or unenforceable provision had not been included herein.

(h)    Arbitration of Disputes.  Company and Executive agree to take all reasonable steps to resolve any employment-related legal and/or judicial disputes between them quickly and fairly.  Should such matters remain unresolved, Company and Executive agree that final and binding arbitration shall be the exclusive remedy for any dispute between them relating to all common law, statutory, legal or judicial claims, including, but not limited to, any claims for breach of contract and for violation of laws forbidding discrimination on the basis of race, color, religion, gender, age, national origin, disability or any other legally protected status.  Explicitly excluded from this provision are claims regarding or relating to amount and/or adequacy of compensation, promotion, transfer, reassignment of job duties and responsibilities and discipline, except to the extent that such disputes involved common law, statutory, legal or judicial claims.  This agreement does not preclude administrative claims for workers’ compensation or unemployment compensation benefits or the filing of charges with government agencies.

Any controversy over whether a dispute is an arbitrable dispute or as to the interpretation or enforceability of the paragraph with respect to such arbitration shall be determined by the arbitrator.  This agreement does not affect substantive rights; it simply governs forum.  For example, the arbitrator is to apply the same statute of limitations and to award the same relief that a court would in a judicial proceeding.  Nothing in this section prevents the Company from seeking a temporary restraining order to preliminary injunctive relief until such time that the dispute can be arbitrated.

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Arbitration shall be before a single arbitrator in the city in which the Executive’s immediate supervisor maintains his main office when the matter is submitted to arbitration, unless the parties mutually agree to hold the arbitration in a different location.  The arbitration will be administered in accordance with the employment disputes rules of the Judicial Arbitration and Mediation Services (JAMS) and its procedures then in effect.  If the parties cannot agree on an arbitrator, then the JAMS rules will govern selection.  The Company will pay the fees of the JAMS and the arbitrator.  However, in the event that the Executive submits a matter to arbitration, he shall be responsible for contributing to such fees an amount equivalent to the amount required to file a complaint of the same type in the state court which is geographically closer to the site of the arbitration.

The arbitrator’s award is to be in writing, with reasons given and evidence cited for the award.  The arbitrator shall have the discretion to award fees (including administrative charges, costs and/or reasonable attorney’s fees actually expended) to the prevailing party, in accordance with controlling law.  Any court of competent jurisdiction may enter judgment upon the award, either by : (1) confirming the award, or ; (2) vacating, modifying or correcting the award: (a) on any ground referred to in the U.S. Arbitration Act, (b) where the findings of fact are not supported by substantial evidence, or ; (c) where the conclusions of law are erroneous.

7.    Incorporation of Recitals and Acknowledgement of Obligations.     The Recitals set forth above are hereby incorporated as material terms of this Agreement.  Executive acknowledges that his or her obligations under this Agreement are in addition to any and all obligations concerning the same subject matter arising under any applicable law including, without limitation, common law relating to fiduciary duties and common law and statutory law relating to trade secrets.

8.    Severability.  The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, and this Agreement will be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or modified).  

9.    Notices.  Any notice which any party shall be required or shall desire to serve upon the other shall be in writing and shall be delivered personally or sent by registered or certified mail, postage prepaid, or sent by facsimile or prepaid overnight courier, to the parties at the addresses set forth below (or such other addresses as shall be specified by the parties by like notice): 

	
			
	 
	In the case of Executive to:
	Kristopher H. Roy

	 
	In the case of the Company to:
	SP Plus Corporation
200 E. Randolph Street
Suite 7700
Chicago, Illinois  60601
Attention:  General Counsel

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10.    Applicable Law: Submission to Jurisdiction.  This Agreement shall be construed in accordance with the laws of the State of Illinois and any action brought to enforce interpret or declare any rights under this Agreement shall be exclusively brought in the state and federal courts of the State of Illinois, all parties agreeing to submit to the jurisdiction of the courts of the State of Illinois.
    
11.    Nonalienation.  The interests of the Executive under this Agreement are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Executive or the Executive's beneficiary.

12.    Amendment.  This Agreement may be amended or cancelled only by mutual agreement of the parties in writing without the consent of any other person.

13.    Waiver of Breach.  No waiver by any party hereto of a breach of any provision of this Agreement by any other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other party or any similar or dissimilar provisions and conditions at the same or any prior or subsequent time.  The failure of any party hereto to take any action by reason of such breach will not deprive such party of the right to take action at any time while such breach continues.

14.    Successors.  This Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, of all or substantially all of the Company's assets and business.  The Executive's duties hereunder may not be assigned by Executive and shall be binding upon the Executive even if the obligations hereunder are assigned by the Company.

15.    Entire Agreement.  Except as noted herein, this Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, either oral or in writing, if any, between the parties relating to the subject matter hereof. 

16.    Acknowledgement by Executive.  The Executive has read and fully understands the terms and conditions set forth herein, has had time to reflect on and consider the benefits and consequences of entering into this Agreement and has had the opportunity to review the terms hereof with an attorney or other representative, if he so chooses.  The Executive has executed and delivered this Agreement as his free and voluntary act, after having determined that the provisions contained herein are of a material benefit to him, and that the duties and obligations imposed on him hereunder are fair and reasonable and will not prevent him from earning a livelihood following the Date of Termination.  Executive affirmatively states that he or she has not, will not and cannot rely on any representations not expressly made herein.

    

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17.    Certification. Executive agrees not to disclose to the Company, or use in his or her work at the Company, any confidential information and/or trade secrets belonging to others, including without limitation, his or her prior employers, or any prior inventions made by Executive and which the Company is not otherwise legally entitled to learn of or use.  Furthermore, by executing this Agreement, Executive certifies that he or she is not subject to any restrictive covenants and/or obligations that would prevent Executive from fully performing his or her duties for the Company.  Executive also agrees that the Company may contact any employer or prospective employer of Executive to inform it of Executive’s obligations under this 
Agreement, and that Executive shall affirmatively provide this Agreement to all subsequent employers.

IN WITNESS WHEREOF, the Executive and the Company have executed this Agreement as of the day and year first written above.

SP+ CORPORATION

By:      /s/ Marc Baumann___________________
Marc Baumann
President and Chief Executive Officer 
                        

                    
EXECUTIVE:

            /s/ Kristopher H. Roy________________
Kristopher H. Roy

13

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