Document:

EX-10.4

 Exhibit 10.4 

SIXTH AMENDMENT AND JOINDER TO CREDIT AGREEMENT 

AND TO SECURITY AGREEMENT 

This Sixth Amendment and Joinder to Credit Agreement and to Security Agreement (the “Amendment”) is made as of this 24th day of July, 2015, by and among SL INDUSTRIES, INC., a Delaware corporation, and each of the entities listed as a Borrower on the signature pages hereto (collectively, “Existing
Borrowers” and each is individually referred to as an “Existing Borrower”), each of the entities listed as a GUARANTOR on the signature pages hereto (collectively “Guarantors” and each is individually
referred to as a “Guarantor”), and DAVALL GEARS LTD., a company incorporated and registered in England and Wales (“Joining Borrower”, and collectively with the Existing Borrowers, the “Borrowers”,
and collectively with the Guarantors, the “Loan Parties”) the financial institutions which are now or which hereafter become a party hereto as lenders (collectively, the “Lenders” and each is individually referred
to as a “Lender”), and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders (hereinafter referred to in such capacity as the “Administrative Agent”) and in its capacity as a
Lender. 
 BACKGROUND 

A. On August 9, 2012, Existing Borrowers, Guarantors, Lenders and Administrative Agent entered into a Credit Agreement to reflect
certain financing arrangements between the parties thereto (as amended, modified, renewed, extended, replaced or substituted from time to time, the “Credit Agreement”). The Credit Agreement and all other documents, instruments, and
agreements executed in connection therewith are collectively referred to herein as the “Existing Financing Agreements.” All capitalized terms used herein but not otherwise defined herein shall have the meaning given to them in the
Credit Agreement. 
 B. The Borrowers have informed Administrative Agent and Lenders that SL Montevideo Technology, Inc.
(“Buyer”) seeks to acquire 100% of the Equity Interests of Joining Borrower pursuant to a Share Purchase Agreement for the Sale and Purchase of Davall Gears Ltd. dated as of July 24, 2015 (the “Purchase
Agreement”) among Buyer and the shareholders of Joining Borrower referenced therein (collectively, the “Sellers”). Such acquisition was previously consented to by Agent and Lenders, as it would otherwise constitute a
Permitted Acquisition except that the purchase price may exceed the amount of total costs and liabilities permitted for any individual acquisition involving a foreign Subsidiary. 

C. The Borrowers have requested that (i) Administrative Agent and Lenders join Joining Borrower as a “Borrower” under the
Credit Agreement, (ii) the Lenders holding the Revolving Credit Commitments establish a $4,000,000 subline for Revolving Credit Loans funded in Dollars to be made available to Joining Borrower, and (iii) Administrative Agent and Lenders
amend certain other terms and provisions contained in the Credit Agreement, in each case subject to the terms and conditions set forth in this Amendment. 

 NOW THEREFORE, with the foregoing background hereinafter deemed incorporated by reference herein
and made part hereof, the parties hereto, intending to be legally bound, promise and agree as follows: 
 1. Joinder. Upon the
effectiveness of this Amendment as provided for in Section 8 of this Amendment below: (i) Joining Borrower, hereby joins in as, assumes, and agrees to be bound by the obligations and liabilities of, assumes and adopts the duties,
obligations, liabilities, undertakings and role of, and becomes one of the Borrowers and one of the UK Borrowers under the Credit Agreement and the other Loan Documents and a Debtor under the Security Agreement, and (ii) all references to
Borrowers, Debtor and/or to UK Borrowers contained in the Loan Documents, specifically including the Credit Agreement and the Security Agreement, are hereby deemed for all purposes to also refer to and include Joining Borrower and, subject to the
limitations set forth in this Amendment, Joining Borrower hereby agrees to comply with all of the terms and conditions of, and covenants and undertakings of, the Borrowers and the UK Borrowers under the Loan Documents, specifically including the
Credit Agreement and the Security Agreement, in each case under clauses (i) and (ii) hereof as if Joining Borrower were an original signatory as a Borrower to each such Loan Document, and the Credit Agreement, Security Agreement and other
Loan Documents are hereby amended, as appropriate, to so provide; provided that, notwithstanding anything to the contrary provided for herein or in the Credit Agreement or the Security Agreement, (x) upon the effectiveness of this
Amendment, Joining Borrower hereby becomes liable as a UK Borrower, on a joint and several basis, along with all other UK Borrowers, for all present and future UK Obligations, and (y) under no circumstances shall Joining Borrower be liable for,
nor shall any Lien granted by Joining Borrower to Administrative Agent pursuant to any Loan Document secure, any Obligations other than the UK Obligations. 

2. Amendments. Upon the effectiveness of this Amendment, the Credit Agreement shall be amended as follows: 

(a) New Definitions. The following new defined terms shall be added to Section 1.1 of the Credit Agreement in the appropriate
alphabetical order: 
 65% Charge Over Shares shall mean that certain Charge Over Shares dated as of the Sixth Amendment Date by and
between Administrative Agent and SL Montevideo Technology, Inc. with respect to 65% of the Equity Interests issued by Joining Borrower. 

100% Charge Over Shares shall mean that certain Charge Over Shares dated as of the Sixth Amendment Date by and between Administrative
Agent and SL Montevideo Technology, Inc. with respect to 100% of the Equity Interests issued by Joining Borrower, which are owned from time to time by SL Montevideo Technology, Inc., not to be less than 94% of the Equity Interests of Joining
Borrower. 
 Davall Gears shall mean Davall Gears Ltd., a company incorporated and registered in England and Wales. 

 Mollart shall mean Mollart Universal Joints Limited, a limited liability company
registered in England and Wales with a registered number 05939858, and a wholly-owned, dormant subsidiary of Joining Borrower. 
 Sixth
Amendment Date shall mean July 24, 2015. 
 UK Borrower shall mean, collectively and individually as the context may
require, Davall Gears, and each Person joined hereto as a UK Borrower from time to time. 
 UK Note shall mean the Allonge to Amended
and Restated Revolving Credit Note executed, inter alia, by UK Borrower which limits UK Borrower’s liability under the Amended and Restated Revolving Credit Note to an amount not to exceed to the UK Sublimit. 

UK Obligations shall mean all nonmonetary Obligations of Borrowers and all monetary Obligations of UK Borrower, under or in connection
with Loans made by the Lenders to the UK Borrower or with respect to intercompany or other transfers in respect of which the UK Borrower otherwise acts as a borrower, the amount of which monetary Obligations of UK Borrower shall be determined by
methods reasonably satisfactory to the Administrative Agent, which shall include without limitation reference to the books and records relating to Loans made by Lenders to UK Borrower and the records of intercompany transfers made to and from UK
Borrower. 
 UK Sublimit shall mean an amount equal to $4,000,000. 

UK Security Documents shall mean each of (i) the debenture granted by the UK Borrower to the Administrative Agent for the benefit
of the Lenders, (ii) the 100% Charge Over Shares granted with respect to the Shares of the UK Borrower to the Administrative Agent for the benefit of the Lenders, and (iii) the 65% Charge Over the Shares in the UK Borrower granted by SL
Montevideo Technology, Inc. to the Administrative Agent for the benefit of the Lenders. 
 US Borrower shall mean, collectively and
individually as the context may require, SL Industries, Inc., a Delaware corporation, and each of the other entities listed as an “Existing Borrower” on the signature pages of the Sixth Amendment and Joinder to Credit Agreement and
Security Agreement, and each Person from time to time joined to the Credit Agreement as a US Borrower. 
 (b) Definitions. The
following defined terms contained in Section 1.2 of the Credit Agreement shall be amended and restated in their entirety as follows: 

 Authorized Officer shall mean, with respect to any Loan Party, the Chief Executive
Officer, President, Chief Financial Officer, Treasurer, Assistant Treasurer, Directors, Secretary or Assistant Secretary of such Loan Party or such other individuals, designated by written notice to the Administrative Agent from the Borrower,
authorized to execute notices, reports and other documents on behalf of the Loan Parties required hereunder. The Borrower may amend such list of individuals from time to time by giving written notice of such amendment to the Administrative Agent.

 Borrower shall mean, collectively and individually as the context may require, US Borrower and UK Borrower. 

Collateral shall mean the collateral under the (i) Security Agreement, (ii) Pledge Agreement, (iii) Patent, Trademark
and Copyright Security Agreement, and (iv) UK Security Documents. 
 Insolvency Proceeding shall mean, with respect to any
Person, (a) a case, action or proceeding with respect to such Person (i) before any court or any other Official Body under any bankruptcy, insolvency, administration, reorganization or other similar Law now or hereafter in effect, or
(ii) for the appointment of a receiver, liquidator, administrator, supervisor, assignee, custodian, trustee, sequestrator, conservator (or similar official) of any Loan Party or otherwise relating to the liquidation, dissolution, winding-up,
administration or relief of such Person, or (b) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, any composition or scheme of arrangement with creditors or other, similar arrangement in
respect of such Person’s creditors generally or any substantial portion of its creditors undertaken under any Law. 
 Loan
Documents shall mean this Agreement, the Guaranty Agreement, the Intercompany Subordination Agreement, the Notes, the Patent, Trademark and Copyright Security Agreement, the Pledge Agreement, the Security Agreement, the UK Security Documents and
any other instruments, certificates or documents delivered in connection herewith or therewith. 
 Notes shall mean, collectively,
the promissory notes in the form of Exhibit 1.1(N)(1) evidencing the Revolving Credit Loans, including without limitation the UK Note. 

Prior Security Interest shall mean a valid and enforceable perfected first-priority security interest under the Uniform Commercial Code
or any other Law in the Collateral which is subject only to statutory Liens for taxes not yet due and payable or Purchase Money Security Interests. 

 (c) Limitation of Liability of UK Borrowers. Section 1 of the Credit Agreement shall
be amended by adding the following Section 1.4: 
 1.4 Limitation on Liability of UK Borrowers. It is the intent of the parties
hereto, and the parties hereby agree that, notwithstanding any provision of this Agreement or any other Loan Documents, the UK Borrowers shall not be liable for any Obligations to the extent they do not constitute UK Obligations, the present and
future assets of UK Borrowers shall not be subject to any Lien, claim or action by the Administrative Agent or the Lenders to satisfy any Obligations to the extent they do not constitute UK Obligations, and neither the Administrative Agent nor the
Lenders shall have any recourse under this Agreement or any other Loan Documents against UK Borrowers or their assets in respect of any Obligations to the extent they do not constitute UK Obligations. All amounts paid by UK Borrowers and all value
derived from their assets shall be applied to UK Obligations. 
 (d) Revolving Credit Loans. Section 2.1.1 of the Credit
Agreement shall be amended and restated in its entirety as follows: 
 2.1.1 Revolving Credit Loans. Subject to the terms and
conditions hereof and relying upon the representations and warranties herein set forth, each Lender severally agrees to make Revolving Credit Loans to the Borrower at any time or from time to time on or after the date hereof to the Expiration Date;
provided that after giving effect to each such Loan (i) the aggregate amount of Revolving Credit Loans from such Lender shall not exceed such Lender’s Revolving Credit Commitment minus such Lender’s Ratable Share of the Letter
of Credit Obligations, (ii) the Revolving Facility Usage shall not exceed the Revolving Credit Commitments, and (iii) the aggregate amount of Revolving Credit Loans outstanding to UK Borrower shall not at any time exceed the UK Sublimit.
Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1. 

(e) Revolving Credit Loan Requests. Section 2.5.1 of the Credit Agreement shall be amended and restated in its entirety as
follows: 
 2.5.1 Revolving Credit Loan Requests. Except as otherwise provided herein, the Borrower may from time to time prior to
the Expiration Date request the Lenders to make Revolving Credit Loans, or renew or convert the Interest Rate Option applicable to 

 
existing Revolving Credit Loans pursuant to Section 4.2 [Interest Periods], by delivering to the Administrative Agent, not later than 10:00 a.m., (i) three (3) Business Days prior
to the proposed Borrowing Date with respect to the making of Revolving Credit Loans to which the LIBOR Rate Option applies or the conversion to or the renewal of the LIBOR Rate Option for any Loans; and (ii) the same Business Day of the
proposed Borrowing Date with respect to the making of a Revolving Credit Loan to which the Base Rate Option applies or the last day of the preceding Interest Period with respect to the conversion to the Base Rate Option for any Loan, of a duly
completed request therefor substantially in the form of Exhibit 2.5.1, or a request by telephone immediately confirmed in writing by letter, facsimile or telex in such form, in each case which request shall also indicate whether such
Revolving Credit Loan will be extended to the UK Borrower or US Borrower (each, a “Loan Request”), it being understood that the Administrative Agent may rely on the authority of any individual making such a telephonic request
without the necessity of receipt of such written confirmation. Each Loan Request shall be irrevocable and shall specify the aggregate amount of the proposed Loans comprising each Borrowing Tranche, and, if applicable, the Interest Period, which
amounts shall be in (x) integral multiples of $100,000 and not less than $500,000 for each Borrowing Tranche under the LIBOR Rate Option, and (y) integral multiples of $10,000 and not less than $100,000 for each Borrowing Tranche under the
Base Rate Option. 
 (f) Repayment of Revolving Credit Loans. Section 2.6.4 of the Credit Agreement shall be amended and
restated in its entirety as follows: 
 2.6.4 Repayment of Revolving Credit Loans. The Borrower shall repay the Revolving Credit
Loans together with all outstanding interest thereon on the Expiration Date; provided, however, that UK Borrower shall have no obligation to make any payments hereunder except with respect to the UK Obligations. 

(g) Liens in the Collateral. Section 6.1.11 of the Credit Agreement shall be amended and restated in its entirety as follows:

 6.1.11 Liens in the Collateral. The Liens in the Collateral granted to the Administrative Agent for the benefit of the Lenders
pursuant to the Patent, Trademark and Copyright Security Agreement, the Pledge Agreement, the Security Agreement, the Mortgage, and the UK Security Documents constitute and will continue to constitute Prior Security Interests. All filing fees and
other expenses in connection with the perfection of such Liens have been or will be paid by the Borrower. 

 (h) Subsidiaries and Owners; Investment Companies. Section 6.1.2 of the Credit
Agreement shall be amended and restated in its entirety as follows: 
 6.1.2 Subsidiaries and Owners; Investment Companies.
Schedule 6.1.2 states (i) the name of each of the Borrower’s Subsidiaries, its jurisdiction of organization and the amount, percentage and type of equity interests in such Subsidiary (the “Subsidiary Equity
Interests”), (ii) the name of each holder of an equity interest in each Borrower other than Parent Borrower, the amount, percentage and type of such equity interest (the “Borrower Equity Interests”), and (iii) any
options, warrants or other rights outstanding to purchase any such equity interests referred to in clause (i) or (ii) (collectively the “Equity Interests”). Except as set forth on Schedule 6.1.2, the Borrower and
each Subsidiary of the Borrower has good and marketable title to all of the Subsidiary Equity Interests it purports to own, free and clear in each case of any Lien and all such Subsidiary Equity Interests have been validly issued, fully paid and
nonassessable. None of the Loan Parties or Subsidiaries of any Loan Party is an “investment company” registered or required to be registered under the Investment Company Act of 1940 or any other applicable Law or under the
“control” of an “investment company” as such terms are defined in the Investment Company Act of 1940 or any other applicable Law and shall not become such an “investment company” or under such “control.” 

(i) Additional Covenants. Section 8 of the Credit Agreement is hereby amended by adding thereto the following Sections 8.1.11,
8.1.12 and 8.1.13: 
 8.1.11 UK Pension Matters. 

(i) Administrative Agent and Lenders acknowledge and agree that the provisions hereof relating to ERISA shall not apply to any UK Borrower.

 (ii) The UK Borrower shall ensure that it is not an employer (for the purpose of sections 38 to 51 of the Pensions Act 2004) of an
occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pensions Act 2004) and that all pension schemes operated by the UK Borrower are fully funded based on the statutory funding objective under sections 221
and 222 of the Pensions Act 2004. 
 (iii) Each UK Borrower shall promptly notify the Administrative Agent of any material change in the
rate of contributions to any pension schemes mentioned in (ii) above paid or recommended to be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise). 

(iv) Each UK Borrower shall immediately notify the Administrative Agent of any investigation or proposed investigation by the Pensions
Regulator which may lead to the issue of a Financial Support Direction or a Contribution Notice to it or any member of the Group. 

 (v) Each UK Borrower shall immediately notify the Administrative Agent if it receives a
Financial Support Direction or a Contribution Notice from the Pensions Regulator. 
 As used in this Section 8.1.11, the following
terms shall have the following meanings: 
 “Contribution Notice” shall mean a contribution notice issued by the Pensions
Regulator under section 38 or section 47 of the Pensions Act 2004. 
 “Group” shall mean each UK Borrower and each
Subsidiary of each UK Borrower. 
 “Financial Support Direction” shall mean a financial support direction issued by the
Pensions Regulator under section 43 of the Pensions Act 2004. 
 “Pensions Regulator” shall mean the body corporate called
the Pensions Regulator established under Part I of the Pensions Act 2004. 
 8.1.12 Currency Conversion: 

(i) All monies received or held by the Administrative Agent or any receiver under the Credit Agreement or any other Loan Document may be
converted from their existing currency into such other currency as the Administrative Agent or the receiver considers necessary or desirable to cover the obligations and liabilities comprised in the Obligations in that other currency. The
Borrower shall indemnify the Administrative Agent against all costs, charges and expenses incurred in relation to such conversion. Neither the Administrative Agent nor any receiver shall have any liability to the Borrower in respect of any loss
resulting from any fluctuation in exchange rates after any such conversion. 
 (ii) No payment to the Administrative Agent (whether under
any judgment or court order or in the liquidation, administration or dissolution of the Borrower or otherwise) shall discharge the obligation or liability of the Borrower in respect of which it was made, unless and until the Administrative Agent
shall have received payment in full in the currency in which the obligation or liability was incurred and, to the extent that the amount of any such payment shall on actual conversion into such currency fall short of such obligation or liability
expressed in that currency, the Administrative Agent shall have a further separate cause of action against the Borrower and shall be entitled to enforce its Liens to recover the amount of the shortfall. 

8.1.13 Mollart to Remain Dormant. 

(i) Borrower confirms that Mollart is dormant within the meaning of section 1169 of the Companies Act 2006 (“Dormant”); 

(ii) Subject to the other terms of Section 8.1.13, Borrower irrevocably undertakes and agrees that Mollart will remain Dormant; 

 (iii) Except with the prior written consent of the Administrative Agent (and if such consent is
given then only on the terms of such consent), Borrower irrevocably undertakes and agrees: 
 (a) that Borrower shall not permit Mollart to
trade or incur Indebtedness or other liabilities; 
 (b) that Borrower shall not permit Mollart to acquire or own any assets other than any
assets as may be expressly consented to by the Administrative Agent from time to time (collectively, “Permitted Assets”); 

(c) that Borrower shall not permit Mollart to sell, assign, charge, mortgage, lien or otherwise encumber or dispose of all or any of the
Permitted Assets; 
 (d) that Borrower will ensure that Mollart will not recommence or commence trading or take any corporate action
whatsoever including, for the avoidance of doubt, changing the name of Mollart. 
 (iv) Borrower agrees that should a breach of the terms
of this Section 8.1.13 occur involving Mollart, then Borrower shall cause Mollart to become a Guarantor hereunder and Mollart shall grant Liens on the assets and cause a Lien to be granted with respect to its equity interests, as the
Administrative Agent may reasonably require. 
 (j) Changes in Organizational Documents. Section 8.2.13 of the Credit Agreement
shall be amended and restated in its entirety as follows: 
 8.2.13 Changes in Organizational Documents. Each of the Loan Parties
shall not, and shall not permit any of its Subsidiaries to, amend in any respect its certificate of incorporation (including any provisions or resolutions relating to capital stock), by-laws, certificate of limited partnership, partnership
agreement, certificate of formation, limited liability company agreement, articles of association or other organizational documents without providing at least five (5) Business Days’ prior written notice to the Administrative Agent and the
Lenders and, in the event such change would be adverse to the Lenders as determined by the Administrative Agent in its reasonable discretion, obtaining the prior written consent of the Required Lenders, and provided that the issue of new shares to
SL Montevideo Technology, Inc. shall be permitted so long as a first priority security interest in such shares is granted in favor of Administrative Agent, for the benefit of the Lenders, on terms which are reasonably satisfactory to Administrative
Agent, and substantially consistent with the terms of the 65% Charge Over the Shares in the UK Borrower granted by SL Montevideo Technology, Inc. 

 (k) Relief Proceedings. Section 9.1.11 of the Credit Agreement shall be amended and
restated in its entirety as follows: 
 9.1.11 Relief Proceedings. (i) A Relief Proceeding shall have been instituted against
any Loan Party or Subsidiary of a Loan Party and such Relief Proceeding shall remain undismissed or unstayed and in effect for a period of thirty (30) consecutive days or such court shall enter a decree or order granting any of the relief
sought in such Relief Proceeding or such Relief Proceeding is advertised, (ii) any Loan Party or Subsidiary of a Loan Party institutes, or takes any action in furtherance of, a Relief Proceeding, or (iii) any Loan Party or any Subsidiary
of a Loan Party ceases to be solvent or admits in writing its inability to pay its debts as they mature. 
 3. Letters of Credit.
Notwithstanding anything to the contrary provided for in the Credit Agreement, specifically including Section 2.9 thereof, no UK Borrower shall have any liability for any Obligations relating to any Letter of Credit and no Letters of Credit
shall be issued for the account of UK Borrower. 
 4. Representations and Warranties. Each Loan Party hereby: 

(a) reaffirms all representations and warranties made to Administrative Agent and Lenders under the Credit Agreement and all of the other
Existing Financing Agreements (as modified in connection herewith) and confirms that all are true and correct in all material respects as of the date hereof, in each case other than representations and warranties that relate to a specific date; 

(b) reaffirms all of the covenants contained in the Credit Agreement, and covenants to abide thereby until all Loans, Obligations and other
liabilities of Loan Parties to Administrative Agent and Lenders, of whatever nature and whenever incurred, are satisfied and/or released by Administrative Agent and Lenders; 

(c) represents and warrants that no Potential Default or Event of Default has occurred and is continuing under any of the Existing Financing
Agreements; 
 (d) represents and warrants that since March 31, 2015, no event or development has occurred which has had or is
reasonably likely to have a Material Adverse Change; 
 (e) represents and warrants that it has the authority and legal right to execute,
deliver and carry out the terms of this Amendment and all related agreements, instruments, and documents to which such Loan Party is a party, that such actions were duly authorized by all necessary corporate or company action and that the officers
executing this Amendment and any related agreements, instruments or documents on its behalf were similarly authorized and empowered, and that neither this Amendment or any related agreements, instruments, or documents contravenes any provisions of
its Articles of Incorporation or Certificate of Formation, as applicable and Bylaws or Operating Agreement, as applicable, or of any contract or agreement to which it is a party or by which any of its properties are bound; and 

 (f) represents and warrants that this Amendment and all assignments, instruments, documents, and
agreements executed and delivered by such Loan Party in connection herewith, are valid, binding and enforceable in accordance with their respective terms. 

5. Security Interest. As security for the payment and performance of the Obligations, and satisfaction by the Loan Parties of all
covenants and undertakings contained in the Credit Agreement, the Loan Documents and the Existing Financing Agreements (as modified in connection herewith), each of the Existing Borrowers reconfirms the prior grant of the security interest in and
first priority, perfected lien in favor of Administrative Agent, for its benefit and the ratable benefit of each Lender, upon and to, all of its right, title and interest in and to the Collateral, whether now owned or hereafter acquired, created or
arising and wherever located. 
 6. Confirmation of Indebtedness. Loan Parties confirm and acknowledge that as of the close of
business on July 17, 2015 Borrowers were indebted to Administrative Agent and Lenders under the Credit Agreement in the aggregate principal amount of (i) $455,551.00, comprised of $0.00 outstanding Revolving Credit Loans and $455,551.00
for issued and outstanding Letters of Credit and (ii) $4,281,832.00 under the DOJ/EPA Letter of Credit, in each case without any deduction, defense, setoff, claim or counterclaim, plus all fees, costs and expenses incurred to date in connection
with the Credit Agreement and the other Loan Documents. 
 7. Acknowledgment of Guarantors. Each Guarantor hereby covenants and
agrees that the Continuing Agreement of Guaranty and Suretyship dated August 9, 2012, as amended, restated, supplemented and otherwise modified from time to time, shall remain in full force and effect and shall continue to cover the existing
and future Obligations of Borrowers and each other Guarantor to Administrative Agent and Lenders under the Credit Agreement and the other Loan Documents. 

8. Conditions Precedent/Effectiveness Conditions. This Amendment shall be effective upon the satisfaction of each of the following
conditions (all documents to be in form and substance reasonably satisfactory to Administrative Agent and Administrative Agent’s counsel): 

(a) Administrative Agent shall have received this Amendment duly executed by Lenders and all Loan Parties; 

(b) Loan Parties shall have paid or reimbursed Administrative Agent for its reasonable attorneys’ fees and expenses as required under
the Credit Agreement, including those in connection with the preparation, negotiation and execution of this Amendment and the documents provided for herein or related hereto; 

(c) Administrative Agent shall have received each of the agreements, instruments, certificates and documents listed on Exhibit A
attached hereto; and 

 (d) Execution and/or delivery of all other agreements, instruments and documents requested by
Administrative Agent to effectuate and implement the terms hereof. 
 9. Reaffirmation of Existing Financing Agreements. Except as
expressly modified by the terms hereof, all of the terms and conditions of the Credit Agreement, as amended, and all other of the Existing Financing Agreements (except as otherwise modified in connection herewith), are hereby reaffirmed and shall
continue in full force and effect as therein written. 
 10. Release. As further consideration for Administrative Agent’s and
Lenders’ agreement to grant the accommodations set forth herein, each Borrower and each Guarantor hereby waives and releases and forever discharges Administrative Agent and Lenders and their respective officers, directors, attorneys, agents and
employees (the “Released Parties”) from any liability, damage, claim, loss or expense of any kind that Borrowers, Guarantors, or any of them, may have against Released Parties, or any of them, arising out of or relating to the
Obligations, this Amendment or the Loan Documents. 
 11. Miscellaneous. 

(a) No rights are intended to be created hereunder for the benefit of any third party donee, creditor, or incidental beneficiary. 

(b) The headings of any paragraph of this Amendment are for convenience only and shall not be used to interpret any provision hereof. 

(c) No modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed on behalf of the
party against whom enforcement is sought. 
 (d) The terms and conditions of this Amendment shall be governed by the laws of the State of
New York. 
 (e) This Amendment may be executed in any number of counterparts and by facsimile, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery by facsimile or electronic transmission shall bind the parties hereto. 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE] 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered by their
duly authorized officers as of the date first above written. 
  

					
	 EXISTING BORROWERS:
	 	SL INDUSTRIES, INC.
			
		 	By:	 	 /s/ Louis J. Belardi

		 	Name: Louis J. Belardi
		 	Title: CFO, Secretary & Treasurer
		
		 	SL DELAWARE, INC.
		 	SL DELAWARE HOLDINGS, INC.
		 	TEAL ELECTRONICS CORPORATION
		 	SL MONTEVIDEO TECHNOLOGY, INC.
		 	SL SURFACE TECHNOLOGIES, INC.
		 	CEDAR CORPORATION
		 	MTE CORPORATION
		 	MEX HOLDINGS LLC
		 	SL POWER ELECTRONICS CORPORATION
		 	SLGC HOLDINGS, INC.
		 	SLMTI DS LLC
			
		 	By:	 	 /s/ Louis J. Belardi

		 	Name: Louis J. Belardi
		 	Title: Authorized Officer
		
	JOINING BORROWER:	 	DAVALL GEARS LTD.
			
		 	By:	 	 /s/ Michael D. Richards

		 	Name: Michael D. Richards
		 	Title: Director

					
	GUARANTORS:	 	 SL POWER ELECTRONICS LTD.

INDUSTRIAS SL, S.A. DE C.V.
 CONDOR POWER SUPPLIES
DE
 MEXICO, S.A. DE C.V.

		 	 SL XIANGHE POWER ELECTRONICS

CORP.

		 	 SL SHANGHAI POWER

ELECTRONICS CORP.

		 	 SL SHANGHAI INTERNATIONAL

TRADING CORP.

		 	CEDRO DE MEXICO, S.A. DE C.V.
		 	TPE DE MEXICO, S. DE R.L. DE C.V.
			
		 	By:	 	 /s/ Louis J. Belardi

		 	Name: Louis J. Belardi
		 	Title: Authorized Officer

							
	AGENT AND LENDER:	 		 	 PNC BANK, NATIONAL

ASSOCIATION, as a Lender and as

Administrative Agent

				
		 		 	By:	 	 /s/ Bryan Flory

		 		 	Name: Bryan Flory
		 		 	Title: Assistant Vice President

 EXHIBIT A 

PRELIMINARY CLOSING AGENDA 

(UK Acquisition) 
  

			
	 Agent:
	  	PNC Bank, National Association
		
	 Lender:
	  	PNC Bank, National Association
		
	 Existing

Borrowers:
	  	SL Industries, Inc.
		  	SL Power Electronics Corporation
		  	SL Montevideo Technology, Inc.
		  	RFL Electronics Inc.
		  	Teal Electronics Corporation
		  	MTE Corporation
		  	SL Delaware, Inc.
		  	SL Delaware Holdings, Inc.
		  	Cedar Corporation
		  	Mex Holdings LLC
		  	SLGC Holdings, Inc.
		  	SL Surface Technologies, Inc.
		
	 Joining Borrower:
	  	Davall Gears Ltd
		
	 Guarantors:
	  	SL Power Electronics Ltd
		  	Industrias SL SA de CV
		  	Condor Power Supplies de Mexico SA de CV
		  	SL Xianghi Power Electronics Corp.
		  	SL Shanghai Power Electronics Corp.
		  	SL Shanghai International Trading Corp.
		  	Cedro de Mexico SA de CV
		  	TPE de Mexico, S. de R.L. de C.V.
		
	 Date:
	  	July 23, 2015

  

					
	 	  	 DOCUMENTS
	  	 RESPONSIBLE
PARTY

			
	1.	  	 SIXTH AMENDMENT AND JOINDER TO
CREDIT AGREEMENT AND TO SECURITY

AGREEMENT

a.      UPDATED SCHEDULES TO
CREDIT AGREEMENT
	  	 BLANK

ROME LLP

BORROWERS

			
	2.	  	 PERFECTION CERTIFICATE (JOINING BORROWER)
	  	BORROWERS
			
	3.	  	 ALLONGE TO AMENDED AND RESTATED REVOLVING CREDIT
NOTE
	  	 BLANK

ROME LLP

							
	 	 	  	 DOCUMENTS
	  	 RESPONSIBLE
PARTY

			
	 	4.	  	  	 Second Amendment to Amended and Restated Pledge Agreement (65%)

(a)    Pledge Instruction/Acknowledgment of Registration

(b)    Delivery of Stock Certificates

(c)    Stock Powers
	  	 BLANK

ROME LLP

			
	 	5.	  	  	 Intellectual Property Security Agreement (post-closing item)
	  	 BLANK

ROME LLP

			
	 	6.	  	  	 UCC-1 Financing Statement
	  	 BLANK

ROME

			
	 	7.	  	  	 UK Security Documents

a.      Share Charge (100%)

b.      Share Charge (65%)

c.      Debenture
	  	 BLANK

ROME LLP/ SQUIRES

			
	 	8.	  	  	 Copies of Acquisition Documents

a.      Stock Purchase Agreement

b.      Schedules and Exhibits
	  	BORROWERS
			
	 	9.	  	  	 Collateral Assignment of Rights under Share Purchase Documents
	  	 BLANK

ROME LLP

			
	 	10.	  	  	 Certificate of Secretary SL Montevideo Technology, Inc.

(a)    Certificate of Incorporation/Articles

(b)    Bylaws/Operating Agreement

(c)    Resolutions

(d)    Good Standing Certificate

(e)    Incumbency Certificate

(f)     Foreign Qualification
	  	BORROWERS
			
	 	11.	  	  	 Authorization Documentation for Joining Borrower

(a)    Shareholder Resolution (changes to Articles of Association)

(b)    Certificate of Director; (i) Articles of Association, (ii) resolution regarding loan
transaction and acquisition and (iii) incumbency
	  	BORROWERS
			
	 	12.	  	  	 Closing Certificate
	  	 BLANK

ROME LLP

			
	 	13.	  	  	 Opinion of Counsel

(a)    UK Counsel to PNC – security documents

(b)    UK Counsel to SL – acquisition documents
	  	COUNSEL TO BORROWERS
			
	 	14.	  	  	 Updated Insurance Certificates (Liability and Property) (post-closing item)
	  	BORROWERS
			
	 	15.	  	  	 UCC, JUDGMENT AND FEDERAL AND STATE TAX LIEN
SEARCHES AGAINST JOINING BORROWER
	  	BORROWERS
			
	 	16.	  	  	 COMPANY AND WINDING UP SEARCHES IN RELATION
TO UK BORROWER
	  	SQUIRES

					
	 	  	 DOCUMENTS
	  	 RESPONSIBLE
PARTY

			
	17.	  	Copies of material contracts	  	BORROWERS
			
	18.	  	 Payoff Letters / Terminations

a.      Deed of release from Clydsdale
	  	BORROWERS
			
	19.	  	RECEIPT OF EVIDENCE THAT PERMITTED ACQUISITION CONDITIONS (OTHER THAN THOSE
FOR WHICH CONSENTS HAVE BEEN OBTAINED) HAVE BEEN SATISFIED [SEE ATTACHED
DEFINITION]	  	BORROWERS
			
	20.	  	DISBURSEMENT AUTHORIZATION	  	 BLANK

ROME LLP

			
	21.	  	PAYMENT OF FEES AND EXPENSES OF AGENT	  	BORROWERS
			
	22.	  	REGISTRATION OF DEBENTURE AT COMPANIES HOUSE (POST-CLOSING ITEM)	  	SQUIRES
			
	23.	  	POST-CLOSING LETTER	  	 BLANK

ROME LLP

 Permitted Acquisitions shall mean acquisitions of the assets or Equity Interests of
another Person so long as: 
 (a) the total costs and liabilities (including without limitation, all assumed liabilities, all earn-out
payments, deferred payments and the value of any other stock or assets transferred, assigned or encumbered with respect to such acquisitions) of (i) all such acquisitions do not exceed $70,000,000 in the aggregate during the term of this
Agreement, (ii) all acquisitions involving foreign Subsidiaries does not exceed $40,000,000 in the aggregate during the term of this Agreement and (iii) each individual acquisition involving foreign Subsidiaries does not exceed $20,000,000
for any single transaction or related transactions; 
 (b) with respect to the acquisition of Equity Interests, such acquired company shall
(i) have a positive EBITDA and tangible net worth, calculated in accordance with GAAP immediately prior to such acquisition, (ii) such acquired company shall be added as a Borrower or Guarantor as determined by Administrative Agent in its
sole discretion to this Agreement and be jointly and severally liable for all Obligations, and (iii) Administrative Agent shall be granted a first priority lien in all assets of such acquired company; 

(c) the acquired company or property is used or useful in the same or a similar line of business as the Borrower was engaged in on the
Closing Date (or any reasonable extensions or expansions thereof); 
 (d) Administrative Agent shall have received a first-priority
security interest in all acquired assets or Equity Interests, subject to documentation satisfactory to Administrative Agent; 
 (e) the
board of directors (or other comparable governing body) of such company shall have duly approved the transaction; 
 (f) the Borrower has
delivered to Administrative Agent (i) a pro forma balance sheet and pro forma financial statements and a Compliance Certificate demonstrating that, upon giving effect to such acquisition on a pro forma basis, the Borrower shall have a Pro-Forma
Leverage Ratio less than or equal to 2.75 to 1.0 as of the most recent fiscal quarter end for the trailing twelve month period then ending (calculating such ratio as if such acquisition occurred on the first day of such testing period) and
(ii) financial statements of the acquired entity for the two most recent fiscal years then ended, in form and substance reasonably acceptable to Administrative Agent; 

(g) if such acquisition includes general partnership interests or any other Equity Interest that does not have a corporate (or similar)
limitation on liability of the owners thereof, then such acquisition shall be effected by having such Equity Interests acquired by a corporate holding company directly or indirectly wholly-owned by the Borrower and newly formed for the sole purpose
of effecting such acquisition; and 
 (h) no Default or Event of Default shall have occurred or will occur after giving pro forma effect to
such acquisition.EX-10.1

 Exhibit 10.1 

Special Notice regarding Material Non Public Information 

PLEASE NOTE THAT THE INFORMATION CONTAINED IN
THE DOCUMENTATION ATTACHED HERETO MAY CONTAIN MATERIAL NON-PUBLIC
INFORMATION CONCERNING THE BORROWER OR ITS SECURITIES. BY ACCEPTING THIS
DOCUMENTATION, THE ADMINISTRATIVE AGENT AND EACH LENDER AGREES TO USE ANY
SUCH INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE POLICIES, CONTRACTUAL OBLIGATIONS
AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS AND IN
COMPLIANCE WITH SECTIONS 6.02 AND 11.07 OF THE CREDIT AGREEMENT. 

THIRD AMENDMENT TO CREDIT AGREEMENT 

THIRD AMENDMENT TO CREDIT AGREEMENT, dated as of August 3, 2015 (this “Amendment”), among APPVION, INC., a
Delaware corporation (the “Borrower”), PAPERWEIGHT DEVELOPMENT CORP., a Wisconsin corporation (“Holdings”), JEFFERIES FINANCE LLC, a Delaware limited liability company, as Administrative Agent (in such capacity, the
“Administrative Agent”) for certain financial institutions from time to time party to the Credit Agreement referred to below (each a “Lender” and collectively the “Lenders”), and such Lenders.

 W I T N E S S E T H: 

WHEREAS, the Borrower, Holdings, the Administrative Agent and the Lenders have entered into that certain Credit Agreement dated as of
June 28, 2013 (as amended by that First Amendment to Credit Agreement dated as of November 11, 2013 and by that Second Amendment to Credit Agreement dated as of November 11, 2014, and as the same may be further amended, restated,
extended, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”). Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Credit Agreement;

 WHEREAS, the Borrower has notified the Administrative Agent and Lenders that it intends to sell the real property,
intellectual property and other assets associated with the Encapsys segment of the Borrower (the “Encapsys Sale”) pursuant to the terms of that certain Asset Purchase Agreement to be entered into by the Borrower, in substantially
the form attached hereto as Exhibit B (the “Encapsys Sale Agreement”; together with each other agreement, document, certificate and instrument executed and/or delivered in connection therewith, the “Encapsys Sale
Documents”); 
 WHEREAS, absent the prior written consent of Required Lenders, the consummation of Encapsys Sale is
prohibited by Sections 6.04, 7.04 and 7.05 of the Credit Agreement; and 
 WHEREAS, the Borrower and Holdings have requested that the
Required Lenders (i) consent to the consummation of the Encapsys Sale and (ii) agree to amend the Credit Agreement in certain respects, in each case in accordance with the terms and subject to the conditions herein set forth, and that the
Administrative Agent and the Revolver Agent acknowledge such amendment; 
 WHEREAS, the Administrative Agent and Required Lenders agree to
accommodate such requests of the Borrower and Holdings, in each case on the terms and subject to the conditions herein set forth; 

 NOW, THEREFORE, in consideration of the foregoing, the covenants and conditions contained herein
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1 Consent, Agreement and Waiver. 

(a) In reliance upon the representations and warranties set forth in Section 4 below and subject to the conditions to effectiveness set
forth in Section 3 below, notwithstanding Sections 6.04, 7.04 and 7.05 of the Credit Agreement, the Administrative Agent and the Required Lenders hereby consent to the consummation of the Encapsys Sale; provided that (i) the Encapsys Sale
is consummated in accordance with the terms of the Encapsys Sale Documents and applicable law, (ii) substantially concurrently with the consummation of the Encapsys Sale, the Borrower shall prepay the Revolving Credit Loans and the Term Loans
in an amount equal to $165,000,000, which payment shall be applied first, to outstanding the Revolving Credit Loans (in an amount not to exceed $20,000,000, together with a permanent reduction in the Revolving Credit Commitment as set forth in
clause (b) below), second, to the next four (4) scheduled installments of Term Loans in the direct order of maturity and thereafter to the remaining principal repayment installments of the Term Facility on a pro rata basis and
(iii) the remainder of the proceeds of the Encapsys Sale shall be reinvested or otherwise applied in accordance with Section 2.05(b)(ii) of the Credit Agreement. 

(b) In reliance upon the representations and warranties set forth in Section 4 below and subject to the conditions to effectiveness set
forth in Section 3 below (and, for the avoidance of doubt, to be effective only upon consummation of the Encapsys Sale), the Borrower, the Administrative Agent, the Revolver Agent and the Lenders party hereto hereby agree that, in accordance
with Section 2.06 of the Credit Agreement, effective as of the Third Amendment Effective Date, the Revolving Credit Commitment shall be reduced to $75,000,000, as further set forth on Schedule 2.01 attached hereto in Annex I. 

(c) The Administrative Agent hereby agrees to (and the Lenders party hereto hereby agree that the Administrative Agent may) promptly take such
action and execute any such documents as may be reasonably requested by the Borrower (at the Borrower’s expense) to evidence the termination and release of any Liens created by any Loan Document in respect of Collateral permitted to be disposed
pursuant to the Encapsys Sale. 
 (d) Each Lender party hereto hereby agree to waive any right to any compensation it may be due under
Section 3.05 of the Credit Agreement as a result of the prepayment of any Eurodollar Rate Loans in connection with the prepayment of Loans made in connection with the Encapsys Sale. 

(e) The Administrative Agent, the Revolver Agent and each Lender party hereto hereby agree to waive the prior notice obligation set forth in
Section 2.05(a) and Section 2.06(a) of the Credit Agreement solely in connection with the prepayment of Loans and the reduction of the Revolving Credit Commitment as set forth in clauses (a) and (b) of this Section 1. 

Section 2 Amendments to Credit Agreement. 

Effective as of the Third Amendment Effective Date (as defined below), and in reliance on the representations and warranties of the Borrower set forth in this
Amendment and in the Credit Agreement, as amended hereby, the Credit Agreement is hereby amended as follows: 

  
 2 

 (a) Section 1.01 of the Credit Agreement is hereby amended by deleting each of the following
definitions and replacing them as follows: 
 (i) “Applicable Rate” means (I) for the period commencing on the Closing Date
and ending on the date that is 3 Business Days following the date on which a Compliance Certificate as of the last day of the fiscal period of Holdings ending on or about December 31, 2015 is delivered to the Administrative Agent in accordance
with the terms and provisions hereof, a percentage amount equal to (a) with respect to any Term Loans, (i) if a Base Rate Loan, 3.50% per annum and (ii) if a Eurodollar Rate Loan, 4.50% per annum and (b) with respect to
any Revolving Credit Loans, (i) if a Base Rate Loan, 3.50% per annum and (ii) if a Eurodollar Rate Loan, 4.50% per annum and (II) thereafter, a percentage amount based upon the applicable Consolidated First Lien Leverage Ratio
then in effect pursuant to the appropriate column in the table below: 
  

													
	 Pricing Level
	  	Consolidated
First Lien
Leverage
Ratio	 	  	Revolving Credit Loans
Term Loans
Eurodollar Rate Loans	 	 	Revolving Credit Loans
Term Loans
Base Rate Loans	 
	 1
	  	 	> 3.0:1.0	  	  	 	5.00	% 	 	 	4.00	% 
	 2
	  	 	< 3.0:1.0	  	  	 	4.50	% 	 	 	3.50	% 

 The Applicable Rate shall be adjusted from time to time upon delivery to the Administrative Agent of the
Compliance Certificate for each fiscal period to be delivered pursuant to and in accordance with the requirements set forth in Section 6.02. If such calculation indicates that the Applicable Rate shall increase or decrease, then 3 Business Days
following the date of delivery of such Compliance Certificate, the Applicable Rate shall be adjusted in accordance therewith; provided, that if the Borrower shall fail to deliver a Compliance Certificate for any such fiscal period by the date
required pursuant to Section 6.02, then, at the direction of the Required Lenders, effective as of 3 Business Days following such date, and continuing until the date that is 3 Business Days following the date when such Compliance Certificate is
finally delivered or the next Compliance Certificate is delivered by the Borrower pursuant to and in accordance with the requirements set forth in Section 6.02, the Applicable Rate shall be conclusively presumed to equal the highest Applicable
Rate specified in the pricing table set forth above. 
 In the event that any Compliance Certificate with respect to any fiscal period is
inaccurate, and such inaccuracy, if corrected, would have led to the imposition of a higher Applicable Rate for any period than the Applicable Rate applied for that period, then (i) the Borrower shall immediately deliver to the Administrative
Agent a corrected Compliance Certificate for that period, (ii) the Applicable Rate shall be determined based on the corrected Compliance Certificate for that period, and (iii) the Borrower shall immediately pay to the Administrative Agent
(for the account of the Lenders during such period, or their successors and assigns) the accrued additional interest owing as a result of such increased Applicable Rate for that period. 

(ii) “Financial Covenant” means (i) with respect to the reference to “Financial Covenant” in Section 11.01(j),
the Original Financial Covenant and (ii) with respect to any other reference to “Financial Covenant” in this Agreement or in the Loan Documents, the Maintenance Financial Covenants. 

  
 3 

 (b) Section 1.01 of the Credit Agreement is hereby amended by adding the following
definitions in appropriate alphabetical order: 
 “Amendment No. 3” shall mean the Third Amendment to this
Agreement, dated as of the Amendment No. 3 Effective Date, among the Borrower, Holdings, the Required Lenders and the Administrative Agent. 

“Amendment No. 3 Effective Date” shall mean the date that Amendment No. 3 shall become effective in
accordance with its terms. 
 “Consolidated Fixed Charge Coverage Ratio” means, for any period, the ratio of
(a) Consolidated EBITDA for such period to (b) the sum of (i) Capital Expenditures not funded by Indebtedness and (ii) Consolidated Interest Expense paid in cash. 

“Consolidated Interest Expense” means, for any period, total cash interest expense (including that attributable to
Capital Lease Obligations but, for the avoidance of doubt, in any event excluding any amortization or write-off of financing costs) of Holdings and its Subsidiaries for such period with respect to all outstanding Indebtedness of Holdings and its
Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Hedge Agreements in respect of interest rates to the extent such net
costs are allocable to such period in accordance with GAAP). 
 “Encapsys Sale” shall mean the sale of the real
property, intellectual property and other assets associated with the Encapsys segment of the Borrower in accordance with the Encapsys Sale Documents (as defined in Amendment No. 3), as permitted pursuant to Amendment No. 3. 

“Maintenance Financial Covenants” means a collective reference to each of the financial covenants set forth in
Section 7.01(a) and (b). 
 “Original Financial Covenant” means the Consolidated Leverage Ratio covenant set
forth in Section 7.01 as in effect immediately prior to the Amendment No. 3 Effective Date. 
 (c) Section 1.01 of the Credit
Agreement is hereby amended by (i) deleting the reference to “and” prior to clause (h) of the definition of “Consolidated EBITDA” and replacing it with a comma and (ii) adding a new clause (i) immediately
following clause (h) as follows: 
 “(i) transaction fees and expenses incurred on or around the Amendment
No. 3 Effective Date with respect to the closing of the Encapsys Sale in an aggregate amount not to exceed $10,000,000” 
 (d)
Section 1.01 of the Credit Agreement is hereby amended by deleting the reference to “the Consolidated Leverage Ratio or the Consolidated First Lien Leverage Ratio” in the second to last paragraph of the definition of
“Consolidated EBITDA” and replacing it with “the Consolidated Leverage Ratio, the Consolidated First Lien Leverage Ratio or the Consolidated Fixed Charge Coverage Ratio”. 

  
 4 

 (e) Section 1.01 of the Credit Agreement is hereby amended by deleting the last paragraph of
the definition of “Consolidated EBITDA” and replacing it in its entirety with the following: 
 “For the purposes of
determining the Consolidated Leverage Ratio, the Consolidated First Lien Leverage Ratio or the Consolidated Fixed Charge Coverage Ratio for any period, Consolidated EBITDA shall be deemed to equal (a) $14,700,000 for the fiscal quarter ended
January 3, 2015, (b) $17,600,000 for the fiscal quarter ended April 5, 2015, and (c) $11,300,000 for the fiscal quarter ended July 5, 2015.” 

(f) Section 1.03(b) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(b) Changes in GAAP. If at any time any change in GAAP (or a change by the Loan Parties in the application thereof) would affect the
computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Revolver Agent, the Lenders and the Borrower shall negotiate in good
faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (or the application thereof) (subject to the approval of the Borrower and the Required Lenders); provided that, until so amended,
(i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent, the Revolver Agent and the Lenders financial statements and
other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP (or the application
thereof).” 
 (g) Section 2.08(b) of the Credit Agreement is hereby amended and restated as follows: 

“(b) (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at
the stated maturity, by acceleration or otherwise), such amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this
Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to Base Rate Loans under the Revolving Credit Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement
Obligation or any commitment fee payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such amount shall bear interest at a rate per annum equal to the rate then applicable to Base Rate Loans
under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to Base Rate Loans under the Revolving Credit Facility plus 2%), in each case, with respect to
clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment). Upon the request of the Required Lenders, while any other Event of Default exists (i.e. from the date such
Event of Default occurred (it being understood that with respect to an Event of Default related to non-compliance with Section 7.01, the date of occurrence shall be the applicable date of determination of such Event of Default in accordance
with Section 7.01), until the date such Event of Default is cured to the satisfaction of the Required Lenders or waiver pursuant to Section 11.01), the Borrower shall pay interest on the principal amount of all outstanding Obligations
hereunder at the rates set forth in the immediately preceding sentence to the fullest extent permitted by applicable Laws. 

  
 5 

 
Notwithstanding the foregoing, upon the occurrence of an Event of Default under Section 8.01(f), such increase shall occur automatically. Accrued and unpaid interest on past due amounts
(including interest on past due interest) shall be due and payable upon demand.” 
 (h) Section 2.14(iv) of the Credit Agreement
is hereby amended by deleting the reference therein to “(whether or not the Financial Covenant is required to be tested at such time)”. 

(i) Section 5.16 of the Credit Agreement is hereby amended by adding the following sentence to the end thereof: 

“The Net Cash Proceeds received by the Borrower from the Encapsys Sale that are not applied to prepay Loans in accordance with Amendment
No. 3 shall (i) be subject to Section 2.05(b)(ii) and (ii) be disregarded for purposes of calculating (x) Excess Cash Flow in any fiscal year, including clauses (b)(iii)(A) and (b)(iii)(B) thereof and (y) Retained
Excess Cash Flow in any fiscal year.” 
 (j) Section 7.01 of the Credit Agreement is hereby amended and restated in its entirety
as follows: 
 Section 7.01 Financial Covenants 

“(a) Consolidated First Lien Leverage Ratio. Permit the Consolidated First Lien Leverage Ratio as of the last day of any fiscal quarter of
Holdings ending during any period set forth below, for the four (4) fiscal quarters of Holdings ending on such date, beginning with the fiscal quarter of Holdings ending September 30, 2015, to exceed the ratio set forth below opposite such
period: 
  

					
	 Period
	  	Consolidated First Lien
Leverage Ratio	 
	 Commencing on the Amendment No. 3 Effective Date and ending on the last day of the second fiscal quarter, 2016 (on or about
06/30/16)
	  	 	3.50 to 1.00	  
	 Commencing on the first day of the third fiscal quarter, 2016 (on or about 9/01/16) and ending on the last day of the second fiscal
quarter, 2017 (on or about 06/30/17)
	  	 	3.25 to 1.00	  
	 Anytime thereafter
	  	 	3.00 to 1.00	  

 (b) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio as of the
last day of any fiscal quarter of Holdings ending during any period set forth below, for the four (4) fiscal quarters of Holdings ending on such date, beginning with the fiscal quarter of Holdings ending September 30, 2015, to be less than
the ratio set forth below opposite such period: 

  
 6 

					
	 Period
	  	Consolidated Fixed Charge
Coverage Ratio	 
	 Commencing on the Amendment No. 3 Effective Date and ending on the last day of the fourth fiscal quarter, 2015 (on or about
12/31/15)
	  	 	0.95 to 1.00	  
	 Anytime thereafter
	  	 	1.00 to 1.00	  

 (k) Section 7.07(k) of the Credit Agreement is hereby amended by (i) deleting each reference therein
to “Section 7.01” and replacing it with “Section 7.01(a)” and (ii) deleting the reference therein to “(whether or not required to be tested at such time)”. 

(l) Section 8.01(c) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(c) any Loan Party shall default in the observance or performance of (A) any agreement contained in Sections 6.01, 6.02, clauses
(i) and (ii) of Section 6.04(a) (with respect to Holdings and the Borrower only), 6.05, 6.06, 6.07(a), 6.08, 6.09, 6.10, 6.12 or Article VII of this Agreement or Section 5.5 of either Guarantee and Collateral Agreement or
(B) any agreement contained in Sections 6.03, 6.07(b), (c), (d), (e) and (f) or Section 6.17, and, with respect to a default referenced in this clause (B), such default shall continue unremedied for a period of 10 days; or”

 (m) The last paragraph of Section 8.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“then, and in any such event, (A) if such event is an Event of Default specified clause (i) or (ii) of Section 8.01(f)
above with respect to the Borrower, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all
amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable, and (B) if such event is any other Event of
Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent or the Revolver Agent, as
applicable, shall, by notice to the Borrower (with a copy to the other Applicable Agent) declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; and (ii) with the consent of the Required
Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent or the Revolver Agent, as applicable, shall, by notice to the Borrower (with a copy to the other Applicable Agent), declare the applicable
Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall
have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. With respect to all 

  
 7 

 
Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time Cash Collateralize
the L/C Obligations in accordance with the other provisions of this Agreement. Except as expressly provided above in this Section 8.01, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the
Borrower.” 
 (n) Section 11.06(i)(iii) of the Credit Agreement is hereby amended by deleting the reference therein to
“$50,000,000” and replacing it with “$45,000,000”. 
 (o) Schedule 1.01(c) (Mortgaged Properties),
Schedule 2.01 (Commitments and Applicable Percentages) and Schedule 5.08 (Real Property; Insurance; provided that Schedule 5.08 shall only be amended with respect to the Real Property information set forth therein) to the Credit
Agreement are hereby amended by deleting such schedules in their entirety and replacing them with the corresponding schedules set forth in Annex I attached hereto. 

(p) Schedule 5 (Locations of Collateral) and Schedule 6 (Intellectual Property) to the Guarantee and Collateral Agreement
are hereby amended by deleting such schedules in their entirety and replacing them with the corresponding schedules set forth in Annex II attached hereto. 

(q) Exhibit D to the Credit Agreement (Compliance Certificate) is hereby amendment by deleting the reference therein to “(to the extent
such Financial Covenant is required to be tested as of the applicable Test Date)”. 
 Section 3 Delayed Effectiveness of Amendments. 

(a) Notwithstanding anything to the contrary set forth herein, the Amendments set forth in Section 2 hereof shall automatically
become effective as of the date upon which the following conditions have been satisfied (the “Third Amendment Effective Date”), without any further action being required of any party to the Credit Agreement: 

(i) The Borrower, Holdings, the Administrative Agent and the Required Lenders shall have signed a counterpart hereof (whether the same or
different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) such counterpart to the Agent, c/o Proskauer Rose LLP, Eleven Times Square, New York, NY 10036 Attention: Hadley Holmes (facsimile
number: 212-969-2900 / e-mail address: hholmes@proskauer.com) prior to 3:00 p.m., New York City time, on July 31, 2015 (such date and time, the “Consent Deadline”); 

(ii) The Administrative Agent shall have received an Acknowledgement in the form of Exhibit A-1 or Exhibit A-2 hereto executed by each Loan
Party that is not a party hereto; 
 (iii) (x) all fees and expenses required to be paid to the Administrative Agent and the Revolver Agent
on the Third Amendment Effective Date (including, without limitation, reasonable and documented out-of-pocket legal fees and expenses) shall have been paid (or shall concurrently be paid) to the extent the Borrower has received an invoice therefor
at least one Business Day prior to the Third Amendment Effective Date and (y) the Administrative Agent shall have received for the respective account of each Consenting Lender (as defined below) a consent fee equal to 0.175% (the
“Consent Fee”) of the aggregate principal amount of Loans and Commitments held by each Lender that executes and delivers a signature page hereto prior to the Consent Deadline in accordance with clause (i) of this Section 3
(the “Consenting Lenders”) (for the avoidance of doubt, it being understood that the Consent Fee shall only be paid upon the consummation of the Encapsys Sale); 

  
 8 

 (iv) All fees required to be paid to the Revolver Agent for the accounts of the Revolving Lenders
pursuant to Section 2.06(b) of the Credit Agreement in connection with the reduction in Revolving Credit Commitments on the Third Amendment Effective Date shall have been paid (or shall concurrently be paid); 

(v) (x) the Administrative Agent and the Revolver Agent shall have received on or prior to August 3, 2015 evidence reasonably
satisfactory to it that the Encapsys Sale has been consummated in accordance with the Encapsys Sale Documents, (y) the Loans shall be prepaid in accordance with Section 1(a) of Amendment No. 3 substantially concurrently with the
consummation of the Encapsys Sale and (z) Liens in respect of Collateral permitted to be disposed pursuant to the Encapsys Sale shall have been terminated and released in accordance with the Second Lien Note Documents substantially concurrently
with the consummation of the Encapsys Sale; 
 (vi) the Administrative Agent shall have received a certificate, dated the Third Amendment
Effective Date and signed by a Responsible Officer of the Borrower, certifying on behalf of the Borrower and Holdings that the representations and warranties made by the Borrower and Holdings in Section 4(a) are true and correct; and 

(vii) The Administrative Agent and the Revolver Agent shall have received a favorable opinion of (i) DLA Piper LLP (US), counsel to the
Loan Parties, (ii) Foley & Lardner LLP, Wisconsin counsel to the Loan Parties, and (iii) DLA Piper (Canada) LLP, Canadian counsel to Appvion Canada, in each case, addressed to the Administrative Agent, the Revolver Agent and each
Lender, as to the matters concerning the Loan Parties and the Loan Documents in form and substance satisfactory to the Administrative Agent and the Revolver Agent. 

Section 4 Representations and Warranties. 

To induce the Administrative Agent and the Lenders to enter into this Amendment, each of the Borrower and Holdings, jointly and severally,
hereby represents and warrants to the Administrative Agent and the Lenders that as of the date hereof: 
 (a) The representations and
warranties of the Borrower and each other Loan Party contained in Article V of the Credit Agreement or any other Loan Document are true and correct in all material respects (or, if the applicable representation and warranty is already subject
to a materiality standard, is true and correct in all respects) on and as of the Third Amendment Effective Date, except to the extent that such representations and warranties specifically relate to an earlier date, in which case they are true and
correct in all material respects (or, if the applicable representation and warranty is already subject to a materiality standard, are true and correct in all respects) as of such earlier date, and except that for purposes of this
Section 4(a), the representations and warranties contained in Section 5.01 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of
the Credit Agreement, respectively; 
 (b) each Loan Party that is a party hereto has all requisite corporate power and authority to
execute, deliver and perform its obligations under this Amendment and the Credit Agreement, as amended hereby; 

  
 9 

 (c) the execution, delivery and performance by each Loan Party that is a party hereto of this
Amendment and the Credit Agreement, as amended hereby, have been duly authorized by all necessary action by such Person; 
 (d) this
Amendment and the Credit Agreement, as amended hereby, each constitute, the legal, valid and binding obligation of each Loan Party that is a party hereto, enforceable against such Loan Party in accordance with its terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability; 

(e) no Default or Event of Default exists, both before and after giving effect to this Amendment; and 

(f) The execution, delivery and performance of this Amendment does not violate any (a) material Requirement of Law, (b) Contractual
Obligation or (c) Organization Document of any Loan Party and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any such Requirement of Law or any such
Contractual Obligation or Organization Document (other than the Liens created by the Security Documents). No Requirements of Law or Contractual Obligations applicable to any Group Member could reasonably be expected, either individually or in the
aggregate, to have a Material Adverse Effect. 
 Section 5 Reference and Effect on the Credit Documents. 

(a) On and after the Third Amendment Effective Date each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, shall mean and be a reference to the Credit Agreement, as
amended or otherwise modified hereby. 
 (b) The Credit Agreement and each of the other Loan Documents, as specifically amended or otherwise
modified by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified, confirmed and reaffirmed. 

(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender, any L/C Issuer or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. The Credit Agreement and the other Loan Documents are in full
force and effect and are hereby in all respects ratified and confirmed. 
 (d) Except as expressly set forth herein, nothing contained in
this Amendment and no action by, or inaction on the part of, any Lender, any L/C Issuer or the Administrative Agent shall, or shall be deemed to, directly or indirectly constitute a consent to or waiver of any past, present or future violation of
any provisions of the Credit Agreement or any other Loan Document. 
 (e) This Amendment is a Loan Document. 

Section 6 GOVERNING LAW AND JURISDICTION. 

(a) GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 10 

 (b) SUBMISSION TO JURISDICTION. THE BORROWER AND HOLDINGS IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY
THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN
RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH
ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AMENDMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE
ADMINISTRATIVE AGENT, THE REVOLVER AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE
COURTS OF ANY JURISDICTION. 
 Section 7 Miscellaneous. 

(a) No Waiver, Etc. Except as otherwise expressly set forth herein, nothing in this Amendment is intended or shall be deemed or
construed to extend to or affect in any way any of the Obligations or any of the rights and remedies of the Administrative Agent, the Revolver Agent, any Lender or any L/C Issuer arising under the Credit Agreement, any of the other Loan Documents or
applicable law. The failure of the Administrative Agent, the Revolver Agent, any Lender or any L/C Issuer at any time or times hereafter to require strict performance by any Loan Party or any other Person obligated under any Loan Document of any of
the respective provisions, warranties, terms and conditions contained herein or therein shall not waive, affect or diminish any right of such Person at any time or times thereafter to demand strict performance thereof; and no rights of the
Administrative Agent, the Revolver Agent, any Lender or any L/C Issuer hereunder shall be deemed to have been waived by any act or knowledge of such Person, or any of its agents, attorneys, officers or employees, unless such waiver is contained in
an instrument in writing signed by an authorized officer of such Person and specifying such waiver. Except as otherwise expressly set forth herein, no waiver by the Administrative Agent, the Revolver Agent, any Lender or any L/C Issuer of any of its
rights or remedies shall operate as a waiver of any other of its rights or remedies or any of its rights or remedies on a future occasion at any time and from time to time. All terms and provisions of the Credit Agreement and each of the other Loan
Documents remain in full force and effect, except to the extent expressly modified by this Amendment. 
 (b) Execution in
Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Any party
hereto may execute and deliver a counterpart of this Amendment by delivering by facsimile transmission or electronic mail in portable document format a signature page of this Amendment signed by such party, and such signature shall be treated in all
respects as having the same effect as an original signature. 

  
 11 

 (c) Severability. The invalidity, illegality or unenforceability of any provision in or
obligation under this Amendment in any jurisdiction shall not affect or impair the validity, legality or enforceability of the remaining provisions or obligations under this Amendment or of such provision or obligation in any other jurisdiction.

 (d) No Third Party Beneficiaries. This Amendment shall be binding upon and inure to the benefit of each party hereto and their
respective successors and assigns. No Person other than the parties hereto, their respective successors and assigns and any other Lender, L/C Issuer or Revolver Agent shall have rights hereunder or be entitled to rely on this Amendment, and all
third-party beneficiary rights are hereby expressly disclaimed. 
 (e) Section Titles. The section and subsection titles contained in
this Amendment are included for convenience only, shall be without substantive meaning or content of any kind whatsoever, and are not a part of the agreement between the Administrative Agent and the Required Lenders, on the one hand, and the
Borrower and Holdings on the other hand. Any reference in this Amendment to any “Section” refers, unless the context otherwise indicates, to a section of this Amendment. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
 12 

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

			
	 BORROWER AND HOLDINGS:
  

APPVION, INC.,

a Delaware corporation, as Borrower

		
	By:	 	/s/ Thomas J. Ferree
		 	 Name: Thomas J. Ferree

Its: Chief Financial Officer and Treasurer

 
			
	
	 PAPERWEIGHT DEVELOPMENT CORP.,

a Wisconsin corporation, as Holdings

		
	By:	 	/s/ Thomas J. Ferree
		 	 Name: Thomas J. Ferree

Its: Chief Financial Officer and Treasurer

  
 13 

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

			
	 LENDERS:
  

BARCLAYS BANK PLC

		
	By:	 	/s/ Christopher R. Lee
		 	 Name: Christopher R. Lee

Its: Vice President

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

			
	 LENDERS:
  

KEYBANK NATIONAL ASSOCIATION

		
	By:	 	/s/ Jonathan Volosin
		 	 Name: Jonathan Volosin

Its: Vice President, Leveraged Loans

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

			
	 LENDERS:
  

JFIN CLO 2012 LTD.,

As Lender

		
	By:	 	/s/ Stephen Goetschius
		 	 Name: Stephen Goetschius

Its: Managing Director

	  
 JFIN CLO 2013
LTD.,
 As Lender

		
	By:	 	/s/ Stephen Goetschius
		 	 Name: Stephen Goetschius

Its: Managing Director

	  
 JFIN CLO 2014
LTD.,
 As Lender

		
	By:	 	/s/ Stephen Goetschius
		 	 Name: Stephen Goetschius

Its: Managing Director

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

			
	 LENDERS:
  

JFIN CLO 2014-II LTD.,

As Lender

	  
 By: Apex Credit
Partners LLC, as Portfolio Manager

		
	By:	 	/s/ Stephen Goetschius
		 	 Name: Stephen Goetschius

Its: Managing Director

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

			
	 LENDERS:
  

AIMCO CLO, Series 2014-A

		
	By:	 	/s/ Marvin L. Lutz III
		 	 Name: Marvin L. Lutz III

Its: Authorized Signatory

		
	By:	 	/s/ Mark D. Pittman
		 	 Name: Mark D. Pittman

Its: Authorized Signatory

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

			
	 LENDERS:
  

Apidos CLO IX

	  
 By: Its
Collateral Manager CVC Credit Partners, LLC

		
	By:	 	/s/ Gretchen Bergstresser
		 	 Name: Gretchen Bergstresser

Its: Senior Portfolio Manager

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

			
	 LENDERS:
  

Apidos CLO X

	  
 By: Its
Collateral Manager CVC Credit Partners, LLC

		
	By:	 	/s/ Gretchen Bergstresser
		 	 Name: Gretchen Bergstresser

Its: Senior Portfolio Manager

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

			
	 LENDERS:
  

Apidos CLO XI

	  
 By: Its
Collateral Manager CVC Credit Partners, LLC

		
	By:	 	/s/ Gretchen Bergstresser
		 	 Name: Gretchen Bergstresser

Its: Senior Portfolio Manager

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

			
	 LENDERS:
  

Apidos CLO XII

	  
 By: Its
Collateral Manager CVC Credit Partners, LLC

		
	By:	 	/s/ Gretchen Bergstresser
		 	 Name: Gretchen Bergstresser

Its: Senior Portfolio Manager

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

			
	 LENDERS:
  

Apidos CLO XIV

	  
 By: Its
Collateral Manager CVC Credit Partners, LLC

		
	By:	 	/s/ Gretchen Bergstresser
		 	 Name: Gretchen Bergstresser

Its: Senior Portfolio Manager

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

			
	 LENDERS:
  

Apidos CLO XIX

	  
 By: Its
Collateral Manager CVC Credit Partners, LLC

		
	By:	 	/s/ Gretchen Bergstresser
		 	 Name: Gretchen Bergstresser

Its: Senior Portfolio Manager

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

			
	 LENDERS:
  

Apidos CLO XV

	  
 By: Its
Collateral Manager CVC Credit Partners, LLC

		
	By:	 	/s/ Gretchen Bergstresser
		 	 Name: Gretchen Bergstresser

Its: Senior Portfolio Manager

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

			
	 LENDERS:
  

Apidos CLO XVI

	  
 By: Its
Collateral Manager CVC Credit Partners, LLC

		
	By:	 	/s/ Gretchen Bergstresser
		 	 Name: Gretchen Bergstresser

Its: Senior Portfolio Manager

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

			
	 LENDERS:
  

Apidos CLO XVII

	  
 By: Its
Collateral Manager CVC Credit Partners, LLC

		
	By:	 	/s/ Gretchen Bergstresser
		 	 Name: Gretchen Bergstresser

Its: Senior Portfolio Manager

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

			
	 LENDERS:
  

Apidos CLO XVIII

	  
 By: Its
Collateral Manager CVC Credit Partners, LLC

		
	By:	 	/s/ Gretchen Bergstresser
		 	 Name: Gretchen Bergstresser

Its: Senior Portfolio Manager

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

			
	 LENDERS:
  

Franklin Bissett Canadian Short Term Bond Fund

		
	By:	 	/s/ Thomas O’Gorman
		 	 Name: Thomas O’Gorman

Its: SVP

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

			
	 LENDERS:
  

Franklin Bissett Corporate Bond Fund

		
	By:	 	/s/ Thomas O’Gorman
		 	 Name: Thomas O’Gorman

Its: SVP

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

			
	 LENDERS:
  

Franklin Floating Rate Master Trust-Franklin Floating Rate Master Series

		
	By:	 	/s/ Justin Ma
		 	 Name: Justin Ma

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin Investors Securities Trust-Franklin Real Return Fund

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin Investors Securities Trust-Franklin Low Duration Total Return Fund

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin Investors Securities Trust-Franklin Total Return Fund

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin Investors Securities Trust-Franklin Floating Rate Daily Access Fund

		
	By:	 	/s/ Justin Ma
		 	 Name: Justin Ma

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin Strategic Income Fund (Canada)

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin Strategic Series-Franklin Strategic Income Fund

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin Templeton Total Return FDP Fund of FDP Series, Inc.

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin Templeton Variable Insurance Products Trust-Franklin Strategic Income VIP Fund

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin Templeton Series II Funds-Franklin Upper Tier Floating Rate Fund

		
	By:	 	/s/ Hague Van Dillen
		 	 Name: Hague Van Dillen

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin US Floating Rate Master Fund

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin Bissett Care Plus Bond Fund

		
	By:	 	/s/ Thomas O’Gorman
		 	 Name: Thomas O’Gorman

Its: SVP

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

			
	 LENDERS:
  

FT Opportunistic Distressed Fund, Ltd.

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

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

			
	 LENDERS:
  

Lincoln Variable Insurance Products Trust-LVIP Global Income Fund

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

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

			
	 LENDERS:
  

Mercer Multi-Asset Growth Fund

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

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

			
	 LENDERS:
  

Franklin Investors Securities Trust-Franklin Low Duration Total Return Fund

		
	By:	 	/s/ Alex Guang Yu
		 	 Name: Alex Guang Yu

Its: Authorized Signatory

			
	 Acknowledged:
  

JEFFERIES FINANCE LLC,
 a Delaware
limited liability company, as Administrative Agent

		
	By:	 	/s/ Brian Buoye
		 	 Name: Brian Buoye
 Its: Managing
Director

			
	
	 FIFTH THIRD BANK,

as Revolver Agent

		
	By:	 	/s/ Michael B. Barkey
		 	 Name: Michael B. Barkey
 Its: Vice
President

 Exhibit A-1 to Amendment 

ACKNOWLEDGMENT 

Reference is hereby made to (a) the foregoing Third Amendment to Credit Agreement dated as of August 3, 2015 (the
“Amendment”) by and among APPVION, INC., a Delaware corporation (the “Borrower”), PAPERWEIGHT DEVELOPMENT CORP., a Wisconsin corporation (“Holdings”), JEFFERIES FINANCE LLC, a
Delaware limited liability company, as Administrative Agent (in such capacity, the “Administrative Agent”) for certain financial institutions from time to time party to the Credit Agreement referred to below (each a
“Lender” and collectively the “Lenders”), and such Lenders, and (b) that certain Guarantee and Collateral Agreement dated as of June 28, 2013 (as amended, restated, amended and restated, supplemented or
otherwise modified and in effect from time to time), executed and delivered by APPVION CANADA, LTD., a corporation formed under the laws of Canada (“Guarantor”), in favor of the Administrative Agent. Capitalized terms used
and not defined herein shall have the respective meanings ascribed to them in the Credit Agreement referred to in the Amendment. 

Guarantor hereby (a) acknowledges receipt of a copy of the Amendment, and (b) agrees that its respective Guaranty remains in full in
force and effect with respect to such Guarantor and that the terms and provisions of the Amendment do not modify or otherwise affect in any way any of such Guarantor’s obligations and liabilities under its respective Guaranty, all of which
obligations and liabilities are hereby ratified, confirmed and reaffirmed. 
 Remainder of Page Intentionally Left Blank - 

Signature Pages Follow 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Acknowledgment as of
August 3, 2015. 
  

			
	 APPVION CANADA, LTD.,

    a corporation formed under the laws of Canada

		
	By:	 	/s/ Tami Van Straten
		 	Name: Tami Van Straten
		 	Its: Assistant Secretary

 Exhibit A-2 to Amendment 

ACKNOWLEDGMENT 

Reference is hereby made to (a) the foregoing Third Amendment to Credit Agreement dated as of August 3, 2015 (the
“Amendment”) by and among APPVION, INC., a Delaware corporation (the “Borrower”), PAPERWEIGHT DEVELOPMENT CORP., a Wisconsin corporation (“Holdings”), JEFFERIES FINANCE LLC, a
Delaware limited liability company, as Administrative Agent (in such capacity, the “Administrative Agent”) for certain financial institutions from time to time party to the Credit Agreement referred to below (each a
“Lender” and collectively the “Lenders”), and such Lenders, (b) that certain Guarantee and Collateral Agreement dated as of June 28, 2013 (as amended, restated, amended and restated, supplemented or
otherwise modified and in effect from time to time, the “Guarantee and Collateral Agreement”) and (c) that certain assumption agreement to the Guarantee and Collateral Agreement, dated as of April 2, 2014 , made by APVN
Holdings LLC, a Delaware limited liability company (the “Guarantor”), in favor of the Administrative Agent. Capitalized terms used and not defined herein shall have the respective meanings ascribed to them in the Credit Agreement
referred to in the Amendment. 
 Guarantor hereby (a) acknowledges receipt of a copy of the Amendment, and (b) agrees that its
respective Guaranty remains in full in force and effect with respect to such Guarantor and that the terms and provisions of the Amendment do not modify or otherwise affect in any way any of such Guarantor’s obligations and liabilities under its
respective Guaranty, all of which obligations and liabilities are hereby ratified, confirmed and reaffirmed. 
 Remainder of Page
Intentionally Left Blank - 
 Signature Pages Follow 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Acknowledgment as of
August 3, 2015. 
  

			
	APVN Holdings LLC
		
	By:	 	/s/ Thomas J. Ferree
		 	Name: Thomas J. Ferree
		 	Its: Chief Financial Officer and Treasurer

 Exhibit B to Amendment 

[Asset Purchase Agreement Attached] 

 ANNEX I to Amendment 

Updated Schedules to Credit Agreement 

 Schedule 2.01 

COMMITMENTS AND APPLICABLE PERCENTAGES 

Term Commitment (as of the Closing Date) 
  

									
	 Lender
	  	Term
Commitment	 	  	Term Applicable
Percentage	 
	 Jefferies Finance LLC
	  	$	335,000,000	  	  	 	100.000000000	% 
	 Total
	  	$	335,000,000	  	  	 	100.000000000	% 

 Revolving Credit Commitments (as of the Third Amendment Effective Date) 

 

									
	 Lender
	  	Revolving
Credit
Commitment	 	  	Revolving Credit
Applicable
Percentage	 
	 Barclays Bank
	  	$	15,000,000	  	  	 	20.000000000	% 
	 Fifth Third Bank
	  	$	41,250,000	  	  	 	55.000000000	% 
	 KeyBank National Association
	  	$	18,750,000	  	  	 	25.000000000	% 
	 Total
	  	$	75,000,000	  	  	 	100.000000000	% 

 ANNEX II to Amendment 

Updated Schedules to Guarantee and Collateral Agreement

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