Document:

EX-10.8

 Exhibit 10.8 
  

 
  

GUARANTEE AND COLLATERAL AGREEMENT 

dated as of 

[                ], 

among 
 AMERICOLD REALTY OPERATING
PARTNERSHIP, L.P., 
 THE SUBSIDIARIES OF 

AMERICOLD REALTY OPERATING PARTNERSHIP, L.P. 

IDENTIFIED HEREIN 
 and 

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

 

 TABLE OF CONTENTS 
  

					
	ARTICLE I	  			
		
	Definitions	  			
		
	 SECTION 1.01. Defined Terms
	  	 	1	 
	 SECTION 1.02. Other Defined Terms
	  	 	1	 
		
	ARTICLE II	  			
		
	Guarantee	  			
		
	 SECTION 2.01. Guarantee
	  	 	4	 
	 SECTION 2.02. Guarantee of Payment; Continuing Guarantee
	  	 	4	 
	 SECTION 2.03. No Limitations
	  	 	4	 
	 SECTION 2.04. Reinstatement
	  	 	5	 
	 SECTION 2.05. Agreement to Pay; Subrogation
	  	 	5	 
	 SECTION 2.06. Information
	  	 	6	 
	 SECTION 2.07. Keepwell
	  	 	6	 
		
	ARTICLE III	  			
		
	Pledge of Securities	  			
		
	 SECTION 3.01. Pledge
	  	 	6	 
	 SECTION 3.02. Delivery of the Pledged Equity Interests
	  	 	7	 
	 SECTION 3.03. Representations and Warranties
	  	 	7	 
	 SECTION 3.04. Covenants
	  	 	9	 
	 SECTION 3.05. Registration in Nominee Name; Denominations
	  	 	12	 
	 SECTION 3.06. Voting Rights; Dividends and Interest
	  	 	12	 
		
	ARTICLE IV	  			
		
	Remedies	  			
		
	 SECTION 4.01. Remedies Upon Default
	  	 	14	 
	 SECTION 4.02. Application of Proceeds
	  	 	16	 
	 SECTION 4.03. Securities Act
	  	 	16	 
	 SECTION 4.04. Information
	  	 	17	 
		
	ARTICLE V	  			
		
	Indemnity, Subrogation, Contribution and Subordination	  			
		
	 SECTION 5.01. Indemnity and Subrogation
	  	 	17	 
	 SECTION 5.02. Contribution and Subrogation
	  	 	18	 
	 SECTION 5.03. Subordination
	  	 	18	 
		
	ARTICLE VI	  			
		
	Miscellaneous	  			
		
	 SECTION 6.01. Notices
	  	 	19	 

					
	 SECTION 6.02. Waivers; Amendment
	  	 	19	 
	 SECTION 6.03. Administrative Agent’s Fees and Expenses; Indemnification
	  	 	19	 
	 SECTION 6.04. Survival
	  	 	20	 
	 SECTION 6.05. Counterparts; Effectiveness; Successors and Assigns
	  	 	21	 
	 SECTION 6.06. Severability
	  	 	21	 
	 SECTION 6.07. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	21	 
	 SECTION 6.08. WAIVER OF JURY TRIAL
	  	 	22	 
	 SECTION 6.09. Headings
	  	 	22	 
	 SECTION 6.10. Security Interest Absolute
	  	 	22	 
	 SECTION 6.11. Termination or Release
	  	 	22	 
	 SECTION 6.12. Additional Subsidiaries
	  	 	23	 
	 SECTION 6.13. Administrative Agent Appointed Attorney-in-Fact
	  	 	23	 

 Schedules 

Schedule I Subsidiary Loan Party Information 
 Schedule II
Pledged Equity Interests 
 Exhibits 

Exhibit I Form of Supplement 

 GUARANTEE AND COLLATERAL AGREEMENT dated as of
[                ], 2017 (this “Agreement”), among Americold Realty Operating Partnership, L.P., the Subsidiary Loan Parties from time to time
party hereto and Bank of America, N.A. as administrative agent and collateral agent (in such capacity, the “Administrative Agent”). 

Reference is made to the Credit Agreement dated as of [________] (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), Americold Realty Operating Partnership, L.P., a Delaware limited partnership (the “Borrower”), Americold Realty Trust, the several Lenders and the Letter of Credit Issuers from time to time
party thereto and the Administrative Agent. The Lenders and Letter of Credit Issuers have agreed to extend credit to the Borrower on the terms and subject to the conditions set forth in the Credit Agreement. The obligations of the Lenders and the
Letter of Credit Issuers to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. The Subsidiary Loan Parties are Affiliates of the Borrower, will derive substantial benefits from the extension of
credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders and the Letter of Credit Issuers to extend such credit. Accordingly, the parties hereto agree as follows:

 ARTICLE I 

Definitions 

SECTION 1.01. Defined Terms. (a) Each capitalized term used but not defined herein and defined in the Credit Agreement shall have the
meaning specified in the Credit Agreement. Each other term used but not defined herein that is defined in the New York UCC (as defined herein) shall have the meaning specified in the New York UCC. The term “Instrument” shall have
the meaning specified in Article 9 of the New York UCC. 
 (b) The rules of construction specified in Section 1.2 of the Credit
Agreement also apply to this Agreement, mutatis mutandis. 
 SECTION 1.02. Other Defined Terms. As used in this Agreement, the
following terms have the meanings specified below: 
 “Administrative Agent” has the meaning assigned to such term in the
Preamble hereto. 
 “Agreement” has the meaning assigned to such term in the Preamble hereto. 

“Borrower” has the meaning assigned to such term in the Recitals hereto. 

“Claiming Party” has the meaning assigned to such term in Section 5.02. 

“Collateral” has the meaning assigned to such term in Section 3.01. 

“Contributing Party” has the meaning assigned to such term in Section 5.02. 

“Credit Agreement” has the meaning assigned to such term in the Recitals hereto. 

  
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 “Federal Securities Laws” has the meaning assigned to such term in
Section 4.03. 
 “Grantors” means, collectively, (a) the Qualified Asset Guarantors and the
Other Guarantors and (b) with respect to (i) the Secured Swap Obligations and Secured Cash Management Obligations owing by any Loan Party or any Subsidiary of a Loan Party (other than the Borrower) and (ii) the payment and performance
by each Specified Loan Party of its Guarantee Obligations with respect to all Secured Swap Obligations, the Borrower. 

“Guarantors” means, collectively, the Borrower and each Subsidiary Loan Party. 

“Indemnified Amount” has the meaning assigned to such term in Section 5.02. 

“New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 

“Perfection Certificate” means the Perfection Certificate dated as of the Closing Date delivered by the Borrower to the
Administrative Agent pursuant to Section 7.1(d)(v) of the Credit Agreement. 
 “Permitted Assignment” has the meaning
assigned to such term in Section 3.04(e). 
 “Pledged Capital Stock” means (i) all shares of
Capital Stock of any corporation that is a Guarantor, including all shares of Capital Stock set forth on Schedule II under the heading “Pledged Capital Stock” (as such schedule may be supplemented from time to time pursuant hereto),
and any certificates, instruments and other documents representing such shares and any interest of any Grantor in the entries on the books of the issuer of such shares or on the books of any securities intermediary pertaining to such shares,
(ii) all rights to participate in the economics of the issuer of such shares, including all profits and losses and all rights to receive substitutions, additions, interest, dividends and other distributions from the issuer of such shares and
all capital accounts of the issuer of such shares and (iii) all rights to participate in the management of the business and affairs of the issuer of such shares, including all voting rights and rights to information. 

“Pledged Equity Interests” means all Pledged Capital Stock, all Pledged LLC Interests and all Pledged Partnership Interests.

 “Pledged LLC Interests” means (i) all interests in any limited liability company that is a Guarantor and each
series thereof, including all limited liability company interests set forth on Schedule II under the heading “Pledged LLC Interests” (as such schedule may be supplemented from time to time pursuant hereto), and any certificates,
instruments and other documents representing such limited liability company interests and any interest of any Grantor on the books and records of such limited liability company or on the books and records of any securities intermediary pertaining to
such interest, (ii) all rights to participate in the economics of the issuer of such interests, including all profits and losses and all rights to receive substitutions, additions, interest, dividends and other distributions from the issuer of
such interests and all capital accounts of the issuer of such interests, (iii) all rights to participate in the management of the business and affairs of the issuer of such interests, including all voting rights and rights to information and
(iv) the status of being a “member” (or analogous term) of the issuer of such 

  
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 interests, including all rights under the formation document or the operating or limited liability agreement (or
similar document), including the applicable Pledged Partnership/LLC Agreement, of the issuer of such interests. 
 “Pledged
Partnership Interests” means (i) all interests in any general partnership, limited partnership, limited liability partnership or other partnership that is a Guarantor, including all partnership interests set forth on Schedule II
under the heading “Pledged Partnership Interests” (as such schedule may be supplemented from time to time pursuant hereto), and any certificates, instruments and other documents representing such partnership interests and any interest of
any Grantor on the books and records of such partnership or on the books and records of any securities intermediary pertaining to such interest, (ii) all rights to participate in the economics of the issuer of such interests, including all
profits and losses and all rights to receive substitutions, additions, interest, dividends and other distributions from the issuer of such interests and all capital accounts of the issuer of such interests, (iii) all rights to participate in
the management of the business and affairs of the issuer of such interests, including all voting rights and rights to information and (iv) the status of being a “partner” (or analogous term) of the issuer of such interests, including
all rights under the formation document or the partnership, operating, or limited liability agreement (or similar document), including the applicable Pledged Partnership/LLC Agreement, of the issuer of such interests. 

“Pledged Partnership/LLC Agreement” has the meaning assigned to such term in Section 3.04(e). 

“Pledged Securities” means any and all certificates, instruments or other documents representing or evidencing any
Collateral, including, without limitation, all stock certificates, unit certificates and limited liability membership interest certificates now or hereafter included in the Collateral. 

“Qualified ECP Guarantor” means, in respect of any Secured Swap Obligation, each Loan Party that has total assets exceeding
$10,000,000 at the time the relevant Guarantee Obligation or grant of the relevant security interest becomes or would become effective with respect to such Secured Swap Obligation and each other Loan Party that constitutes an “eligible
contract participant” under the Commodity Exchange Act and can cause another person to qualify as an “eligible contract participant” at such time by guaranteeing or entering into a keepwell in respect of obligations of such
other person under Section la(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Specified Loan Party” means any Loan Party
that is not an “eligible contract participant under the Commodity Exchange Act (determined prior to giving effect to Section 2.07). 

“Subsidiary Loan Parties” means, collectively, (a) the Subsidiaries identified on Schedule I
and (b) each other Subsidiary that becomes a party to this Agreement after the Closing Date. 
 “Supplement” means an
instrument substantially in the form of Exhibit I hereto, or any other form approved by the Administrative Agent, and in each case reasonably satisfactory to the Administrative Agent. 

  
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 “Uniform Commercial Code” shall mean the New York UCC; provided,
however, that if by reason of mandatory provisions of law, the perfection, the effect of perfection or non-perfection or priority of a security interest is governed by the personal property security
laws of any jurisdiction other than New York, “Uniform Commercial Code” shall mean those personal property security laws as in effect in such other jurisdiction for the purposes of the provisions hereof relating to such perfection or
priority and for the definitions related to such provisions. 
 ARTICLE II 

Guarantee 
 SECTION 2.01.
Guarantee. Each Guarantor irrevocably and unconditionally guarantees, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, the due and punctual payment and performance of the Obligations. Each Guarantor
further agrees that the Obligations may be extended or renewed, in whole or in part, or amended or modified, without notice to or further assent from it, and that, except as otherwise expressly provided in Section 6.11, it
will remain bound upon its guarantee hereunder notwithstanding any extension, renewal, amendment or modification of any Obligation. Each Guarantor waives presentment to, demand of payment from and protest to the Borrower or any other Loan Party of
any of the Obligations, and also waives notice of acceptance of its guarantee hereunder and notice of protest for nonpayment. 
 SECTION
2.02. Guarantee of Payment; Continuing Guarantee. Each Guarantor further agrees that its guarantee hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy, insolvency, receivership or other similar proceeding shall have
stayed the accrual or collection of any of the Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by the Administrative Agent or any other Secured Party to any
security held for the payment of the Obligations or to any balance of any deposit account or credit on the books of the Administrative Agent or any other Secured Party in favor of the Borrower, any other Loan Party or any other Person. Each
Guarantor agrees that its guarantee hereunder is continuing in nature and applies to all Obligations, whether currently existing or hereafter incurred. 

SECTION 2.03. No Limitations. (a) Except for the termination or release of a Guarantor’s obligations hereunder as expressly
provided in Section 6.11, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations,
any impossibility in the performance of the Obligations or otherwise (other than a defense of the indefeasible payment in full in cash of all the Obligations or the performance in full of all the Obligations). Without limiting the generality of the
foregoing, except as otherwise expressly provided in Section 6.11, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by (i) the failure of the Administrative Agent or
any other Secured Party to assert any claim or demand or to enforce any right or remedy under the provisions of any Loan Document or otherwise; (ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or
provisions of, any Loan Document or 

  
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 any other agreement, including with respect to any other Guarantor under this Agreement; (iii) the release
of, or any impairment of or failure to perfect any Lien on or security interest in, any security held by the Administrative Agent or any other Secured Party for any of the Obligations; (iv) any default, failure or delay, wilful or otherwise, in
the performance of any of the Obligations; or (v) any other act or omission that may or might in any manner or to any extent vary the risk of any Guarantor or otherwise operate as a discharge of any Guarantor as a matter of law or equity (other
than the indefeasible payment in full in cash of all the Obligations or the performance in full of all the Obligations). Each Guarantor expressly authorizes the Secured Parties to take and hold security for the payment and performance of the
Obligations, to exchange, waive or release any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof in their sole discretion or to release or substitute any one
or more other guarantors or obligors upon or in respect of the Obligations, all without affecting the obligations of any Guarantor hereunder. 

(b) To the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any defense of the
Borrower or any other Loan Party or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower or any other Loan Party, other than the indefeasible payment in full in
cash of all the Obligations or the performance in full of all the Obligations. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent and the other Secured Parties may, at their election, foreclose on any
security held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with the Borrower or
any other Loan Party or exercise any other right or remedy available to them against the Borrower or any other Loan Party, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Obligations have
been fully and indefeasibly paid in full in cash (other than any Secured Cash Management Obligations, Secured Swap Obligations or contingent indemnification obligations and other contingent obligations not then due or asserted). To the fullest
extent permitted by applicable law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other
right or remedy of such Guarantor against the Borrower or any other Loan Party, as the case may be, or any security. 
 SECTION 2.04.
Reinstatement. Each Guarantor agrees that this Agreement and its guarantee hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise
be restored by the Administrative Agent or any other Secured Party upon the bankruptcy, insolvency, dissolution, liquidation or reorganization of the Borrower, any other Loan Party or otherwise. 

SECTION 2.05. Agreement to Pay; Subrogation. In furtherance of the foregoing and not in limitation of any other right that the
Administrative Agent or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrower or any other Loan Party to pay any Obligation when and as the same shall become due, whether at
maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent for 

  
 6 

 distribution to the applicable Secured Parties in cash the amount of such unpaid Obligation. Upon payment by any
Guarantor of any sums to the Administrative Agent as provided above, all rights of such Guarantor against the Borrower or any other Loan Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or
otherwise shall in all respects be subject to Article V. 
 SECTION 2.06. Information. Each Guarantor
(a) assumes all responsibility for being and keeping itself informed of the Borrower’s and each other Loan Party’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations
and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and (b) agrees that none of the Administrative Agent or the other Secured Parties will have any duty to advise such Guarantor of information known
to it or any of them regarding such circumstances or risks. 
 SECTION 2.07. Keepwell. Each Qualified ECP Guarantor hereby jointly and
severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each Specified Loan Party to honor all of its obligations under this Agreement in respect of Secured Swap
Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 2.07 for the maximum amount of such liability that can be hereby incurred without rendering its
obligations under this Section 2.07 or otherwise under this Agreement voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each
Qualified ECP Guarantor under this Section 2.07 shall remain in full force and effect until the indefeasible payment in full in cash of all the Obligations (other than Secured Cash Management Obligations, Secured Swap
Obligations or contingent indemnification obligations and other contingent obligations, in each case not then due or asserted). Each Qualified ECP Guarantor intends that this Section 2.07 constitute, and this
Section 2.07 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of Section la(18)(A)(v)(II) of the Commodity Exchange Act.

 ARTICLE III 

Pledge of Securities 

SECTION 3.01. Pledge. (a) As security for the payment and performance in full of the Obligations, each Grantor hereby assigns and pledges to
the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in, all such
Grantor’s right, title and interest in, to and under: (i) all Pledged Equity Interests; (ii) all other property of such Grantor that may be delivered to and held by the Administrative Agent pursuant to the terms of
Section 3.01, Section 3.02 or Section 3.04; (iii) subject to Section 3.06, all other rights and privileges of such Grantor with respect to the
securities, instruments and other property referred to in clauses (i) and (ii) above; and (iv) all Proceeds of any of the foregoing (the items referred to in clauses (i) through (iv) above being collectively referred to as the
“Collateral”). 

  
 7 

 (b) Each Grantor hereby irrevocably authorizes the Administrative Agent (or its designee) at any
time and from time to time to file in any relevant jurisdiction any financing statements with respect to the Collateral or any part thereof and amendments thereto that (i) describe the Collateral in the same manner as described herein or may
contain an indication or description of collateral that describes such property in any other manner as the Administrative Agent may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the security
interest in the Collateral granted to the Administrative Agent herein and (ii) contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment.
Each Grantor agrees to provide the information required for any such filing to the Administrative Agent promptly upon request. 
 Each
Grantor also ratifies its authorization for the Administrative Agent (or its designee) to file in any relevant jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof. 

SECTION 3.02. Delivery of the Pledged Equity Interests. (a) Each Grantor agrees to deliver or cause to be delivered to the Administrative
Agent any and all Pledged Equity Interests that constitute Pledged Securities (i) on the date hereof, in the case of any such Pledged Securities owned by such Grantor on the date hereof, and (ii) promptly (and, in any event, within thirty
(30) days or as otherwise agreed in the sole discretion of the Administrative Agent) after the acquisition (by purchase, dividend or otherwise) thereof (and in any event as required under the Credit Agreement), in the case of any such Pledged
Equity Interests that constitute Pledged Securities acquired (by purchase, dividend or otherwise) by such Grantor after the date hereof. 

(b) Upon delivery to the Administrative Agent, (i) any Pledged Securities shall be accompanied by undated stock powers duly executed by
the applicable Grantor in blank or other undated instruments of transfer satisfactory to the Administrative Agent and such other instruments and documents as the Administrative Agent may reasonably request and (ii) all other property comprising
part of the Collateral shall be accompanied by undated proper instruments of assignment duly executed by the applicable Grantor in blank and such other instruments and documents as the Administrative Agent may reasonably request. 

(c) If any Grantor shall acquire (by purchase, dividend or otherwise) any additional Collateral at any time or from time to time after the
date hereof, such Grantor, in addition to the actions required to be taken pursuant to Sections 3.02(a) and (b), shall deliver a schedule providing the information required by Schedule II with respect to any Pledged Equity Interests included in
such additional Collateral; provided that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Equity Interests. Each schedule so delivered after the date hereof shall be deemed attached
hereto and made a part hereof as a supplement to Schedule II and any prior schedules so delivered. 
 SECTION 3.03. Representations and
Warranties. The Grantors jointly and severally represent and warrant to the Administrative Agent, for the benefit of the Secured Parties, that: 

(a) Schedule I sets forth the true and correct legal name of each Grantor, its jurisdiction of organization and the location of
its chief executive office; 

  
 8 

 (b) Schedule II sets forth a true and complete list, with respect to each
Grantor, of all the Pledged Equity Interests owned by such Grantor and the percentage of the issued and outstanding units of each class of the Capital Stock of the issuer thereof represented by the Pledged Equity Interests owned by such Grantor
(other than any Pledged Equity Interests that are not yet required to have been delivered to the Administrative Agent under the terms of this Agreement or the Credit Agreement); 

(c) the Pledged Equity Interests have been duly and validly authorized and issued by the issuers thereof and are fully paid and
nonassessable; 
 (d) except for the security interests granted hereunder and Permitted Equity Encumbrances, each of the
Grantors (i) is and, subject to any transfers made in compliance with the Credit Agreement, will continue to be the direct owner, beneficially and of record, of the Pledged Equity Interests indicated on Schedule II as owned by such Grantor and
(ii) holds the same free and clear of all Liens; 
 (e) except as disclosed on Schedule II and except for restrictions
and limitations imposed by the Loan Documents, Permitted Equity Encumbrances or securities laws generally, and, in the case of clause (ii) below, (i) the Collateral is and will continue to be freely transferable and assignable and
(ii) none of the Collateral is or will be subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction of any nature that might prohibit,
impair, delay or otherwise affect the pledge of such Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Administrative Agent of rights and remedies hereunder; 

(f) each of the Grantors has the power and authority to pledge the Collateral pledged by it hereunder in the manner hereby done
or contemplated; 
 (g) no consent or approval of any Governmental Authority, any securities exchange or any other Person
was, is or will be required for the validity of the pledge effected hereby (other than such as have been obtained and are in full force and effect); 

(h) by virtue of the execution and delivery by the Grantors of this Agreement, when any Pledged Equity Interests are delivered
to the Administrative Agent in accordance with this Agreement, the Administrative Agent will obtain a legal, valid and perfected first priority lien upon and security interest in such Pledged Equity Interests as security for the payment and
performance of the Obligations and such lien is and shall be prior to any other Lien on such Pledged Equity Interests; 
 (i)
the pledge effected hereby is effective to vest in the Administrative Agent, for the benefit of the Secured Parties, the rights of the Administrative Agent in the Collateral as set forth herein and all action by any Grantor necessary or desirable to
protect and perfect the lien on the Collateral has been duly taken; 

  
 9 

 (j) the Perfection Certificate has been duly prepared, completed and executed and
the information set forth therein, including the exact legal name of each Grantor, is correct and complete as of the Closing Date; 

(k) the Uniform Commercial Code financing statements are all the filings, recordings and registrations that are necessary to
publish notice of and protect the validity of and to establish a legal, valid and perfected security interest in favor of the Administrative Agent (for the benefit of the Secured Parties) in respect of all Collateral in which a security interest may
be perfected by filing, recording or registration in the United States of America (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or
reregistration is necessary with respect to any such Collateral in any such jurisdiction, except as provided under applicable law with respect to the filing of continuation statements; and 

(l) the security interest granted in Section 3.01 constitutes (i) a legal and valid security
interest in all the Collateral securing the payment and performance of the Obligations and (ii) subject to the filings described in Section 3.03(k), a perfected security interest in all Collateral in which a security
interest may be perfected by filing, recording or registering a financing statement or analogous document in the United States of America (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial
Code or other applicable law in such jurisdictions. 
 SECTION 3.04. Covenants. (a)    Each Grantor agrees (i) to
be bound by the provisions of Section 8.10 of the Credit Agreement with the same force and effect, and to the same extent, as if each reference therein to the Borrower were a reference to such Grantor, (ii) to not effect any change to such
Grantor’s (A) legal name, (B) location of its chief executive office, (C) identity or organizational structure, (D) Federal Taxpayer Identification Number or organizational identification number, if any, or
(E) jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), unless (1) such Grantor shall have given the
Administrative Agent prior written notice (in the form of a certificate signed by a Responsible Officer), or such other notice period agreed to by the Administrative Agent, of its intention to do so, clearly describing such change and providing such
other information in connection therewith as the Administrative Agent may reasonably request and (2) such Grantor shall have taken all action reasonably satisfactory to the Administrative Agent to maintain the perfection and priority of the
security interest of the Administrative Agent for the benefit of the Secured Parties in the Collateral, if applicable, (iii) to provide the Administrative Agent with certified organizational documents reflecting any of the changes described in
the foregoing clause (ii), and (iii) to be bound by the provisions of Sections 8.2, 8.3, 8.4, 8.5, 8.6, 8.7, 8.8, 8.9, 8.11, 8.12, 8.13(c) and 8.19 of the Credit Agreement, in each case to the extent such provisions relate to such Grantor or
its assets, with the same force and effect, and to the same extent, as if such Grantor were a party to the Credit Agreement. 
 (b) Each
year, at the time of delivery of annual financial statements with respect to the preceding fiscal year pursuant to Section 8.1(a) of the Credit Agreement, the Borrower shall deliver to the Administrative Agent a certificate executed by a
Financial Officer of the 

  
 10 

 Borrower setting forth the information required pursuant to the Perfection Certificate or confirming that there
has been no change in such information since the Closing Date or, if more recent, the date of the most recent certificate delivered pursuant to this Section 3.04(b). 

(c) Each Grantor (i) shall, at its own expense, take any and all actions necessary to defend title to the Collateral against all Persons
and to defend the security interest of the Administrative Agent in the Collateral and the priority thereof against any Lien other than Permitted Equity Encumbrances and (ii) will make no assignment, pledge, hypothecation or transfer of, or
create or permit to exist any security interest in or other Lien on, the Collateral, other than Permitted Equity Encumbrances and transfers made in compliance with the Credit Agreement. 

(d) Each Pledged Equity Interest that constitutes a Pledged Security now or hereafter acquired (by purchase, dividend or otherwise) by any
Grantor shall be a “security” within the meaning of Article 8 of the Uniform Commercial Code and shall be governed by Article 8 of the Uniform Commercial Code; and such certificate shall be delivered to the Administrative Agent in
accordance with Section 3.02(a). 
 (e) Each Grantor that is a member, manager and/or partner of an issuer of a Pledged LLC Interest or
a Pledged Partnership Interest and each Grantor that is an issuer of a Pledged LLC Interest or Pledged Partnership Interest hereby (1) grants its irrevocable consent under each limited liability agreement, operating agreement, membership
agreement, partnership agreement or similar agreement to which such Grantor is a party and relating to any Pledged LLC Interests or Pledged Partnership Interests (as amended, restated, supplemented or otherwise modified from time to time, each a
“Pledged Partnership/LLC Agreement”) to permit each member, manager and/or partner of such issuer (A) to pledge all of the Pledged LLC Interests or Pledged Partnership Interests in which such member, manager and/or partner has
rights in connection herewith, and (B) to grant and collaterally assign to the Administrative Agent, for the benefit of the Secured Parties, a lien on and security interest in such Pledged LLC Interests or such Pledged Partnership Interests in
accordance herewith and subject to the terms and limitations hereof and (2) irrevocably agrees that (A) the Administrative Agent, the Letter of Credit Issuers and/or the Lenders shall be entitled to exercise any and all of their rights and
remedies against such Pledged LLC Interests or Pledged Partnership Interests pursuant to the Loan Documents, including, without limitation any rights to foreclose upon or otherwise effectuate an assignment of such Pledged LLC Interests or Pledged
Partnership Interests in accordance therewith, and (B) in connection with the exercise of any remedies in accordance with the terms hereof, the Administrative Agent, the Letter of Credit Issuers and/or the Lenders (and/or any Affiliate of the
Administrative Agent, the Letter of Credit Issuers and/or the Lenders and/or any entity formed by the Administrative Agent, the Letter of Credit Issuers and/or the Lenders) shall be entitled to be admitted as a partner (including as the general
partner) or as a member (including as the managing member) of any issuer of Pledged LLC Interests or Pledged Partnership Interests, as the case may be, and/or make an assignment of all or any portion of such interest to any Person(s) who shall have
the right to be admitted as partner(s) of or as member(s) of any such issuer, as the case may be (each of clauses (1)(A), (1)(B), (2)(A) and (2)(B) collectively, a “Permitted Assignment”). For the avoidance of doubt, any assignee of
the Administrative Agent, the Letter of Credit Issuers and/or the Lenders that shall become a partner or a member of an issuer of Pledged Partnership Interests or Pledged 

  
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 LLC Interests, as the case may be, pursuant to a Permitted Assignment (excluding any assignee that is an entity
formed by the Administrative Agent, the Letter of Credit Issuers and/or the Lenders and continues to hold an interest as a partner of or member of such an issuer, as the case may be) shall thereafter be subject to the terms of this
Section 3.04(e) or any subsequent assignment to be made by such partner or member, as the case may be. 

(f) (3) to, upon any foreclosure by the Administrative Agent on such Pledged LLC Interests or such Pledged Partnership Interests (or any
other sale or transfer of such Pledged LLC Interests or such Pledged Partnership Interests in lieu of such foreclosure), to the extent permitted by applicable law, transfer to the Administrative Agent (or to the purchaser or other transferee of such
Pledged LLC Interests or Pledged Partnership Interests in lieu of such foreclosure) such member, manager and/or partner’s rights and powers to manage and control the affairs of the applicable issuer of Pledged LLC Interests or Pledged
Partnership Interests, as the case may be, in each case, without any further consent, approval or action by any other party, including, without limitation, any other party to any Pledged Partnership/LLC Agreement or otherwise and (B) to provide
that (1) the bankruptcy or insolvency of such member, manager and/or partner shall not cause such member, manager and/or partner to cease to be a holder of such Pledged LLC Interests or such Pledged Partnership Interests, (2) upon the
occurrence of such an event, the applicable issuer shall continue without dissolution and (3) until such time as all the Obligations have been paid in full in cash (other than Secured Cash Management Obligations, Secured Swap Obligations or
contingent indemnification obligations and other contingent obligations not then due or asserted), such member, manager and/or partner waives any right it might have to agree in writing to dissolve the applicable issuer upon the bankruptcy or
insolvency of such member, manager and/or partner, or the occurrence of an event that causes such member, manager and/or partner to cease to be a holder of such Pledged LLC Interests or Pledged Partnership Interests. 

(g) Subject to compliance with applicable law, no further consent, approval or action by any other party, including, without limitation, any
other party to the applicable Pledged Partnership/LLC Agreement or otherwise shall be necessary to permit the Administrative Agent or its designee to be substituted as a member, manager or partner pursuant to Section 3.04
or 3.05. The rights, powers and benefits granted pursuant to this paragraph shall inure to the benefit of the Administrative Agent, on its own behalf and on behalf of the Secured Parties, and each of their respective successors, assigns and
designees, as intended third party beneficiaries. 
 (h) Each Grantor and each issuer of a Pledged LLC Interest or a Pledged Partnership
Interest agrees that (1) no Pledged Partnership /LLC Agreement shall be amended to be inconsistent with the provisions of this Agreement and (2) it shall not directly or indirectly, consent to, approve, authorize or otherwise suffer or
permit any waiver, amendment, supplement, cancellation, termination or other modification of the partnership agreement, operating agreement, charter, certificate of incorporation, bylaws or other organizational documents of (A) the Company, the
Borrower any Qualified Asset Guarantor or any Loan Party that is a direct owner of any Qualified Asset Guarantor, in each case if such waiver, amendment, supplement, cancellation, termination or modification would reasonably be expected to
(x) adversely affect any Loan Party’s ability to repay the Obligations or (y) impair the rights or interests of the Administrative Agent or any Secured Party hereunder or under any 

  
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 Loan Document or in any Collateral and (B) any other Subsidiary, in each case if such waiver, amendment,
supplement, cancellation, termination or modification would reasonably be expected to result in a Material Adverse Effect. 
 (i) Each
Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments, financing statements, agreements and documents and take all such other actions as the Administrative Agent may from time to
time reasonably request to better assure, preserve, protect and perfect the Secured Parties’ security interest in the Collateral and the rights and remedies created hereby, including the payment of any fees and Taxes required in connection with
the execution and delivery of this Agreement, the granting of the Secured Parties’ security interest in the Collateral and the filing and recording of any financing statements or other documents in connection herewith or therewith. Each Grantor
will provide to the Administrative Agent, from time to time upon request, evidence reasonably satisfactory to the Administrative Agent as to the perfection and priority of the Liens created or intended to be created pursuant to this Agreement. 

SECTION 3.05. Registration in Nominee Name; Denominations. The Administrative Agent, on behalf of the Secured Parties, shall have the right
(in its sole and absolute discretion) (a) to hold the Pledged Equity Interests in its own name as pledgee, in the name of its nominee (as pledgee or as sub-agent) or in the name of the applicable Grantor,
endorsed or assigned in blank or in favor of the Administrative Agent and (b) to be substituted for the applicable Grantor as a member, manager or partner under the applicable Pledged Partnership/LLC Agreement (and the Administrative Agent or
its designee shall have all rights, powers and benefits of such Grantor as a member, manager or partner, as applicable, under such Pledged Partnership/LLC Agreement in accordance with the terms of this Agreement). For the avoidance of doubt, such
rights, powers and benefits of a substituted member, manager or partner shall include all voting and other rights and not merely the rights of an economic interest holder. Each Grantor will promptly give to the Administrative Agent copies of any
notices or other communications received by it with respect to Pledged Equity Interests registered in the name of such Grantor. The Administrative Agent shall at all times have the right to exchange the certificates representing Pledged Equity
Interests for certificates of smaller or larger denominations for any purpose consistent with this Agreement. 
 SECTION 3.06. Voting
Rights; Dividends and Interest. (a) Unless and until an Event of Default shall have occurred and be continuing and, other than in the case of an Event of Default under Section 10.1(h) of the Credit Agreement, the Administrative Agent
shall have notified the Grantors that the Grantors rights, in whole or in part, under this Section 3.06 are being suspended: 

(i) each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner
of Collateral or any part thereof for any purpose consistent with the terms of this Agreement and the other Loan Documents; provided that such rights and powers shall not be exercised in any manner that could reasonably be expected materially
and adversely to affect the rights inuring to a holder of any Collateral or the rights and remedies of any of the Administrative Agent or any other Secured Party under this Agreement or any other Loan Document or the ability of the Secured Parties
to exercise the same; 

  
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 (ii) the Administrative Agent shall execute and deliver to each Grantor, or cause
to be executed and delivered to such Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and/or consensual rights and powers it is
entitled to exercise pursuant to Section 3.06(a)(i); and 
 (iii) each Grantor shall be entitled to
receive and retain any and all dividends, interest, principal and other distributions paid on or distributed in respect of the Collateral, but only to the extent that such dividends, interest, principal and other distributions are permitted by, and
are otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable law; provided that any noncash dividends, interest, principal or other distributions that would
constitute Pledged Equity Interests, whether resulting from a subdivision, combination or reclassification of the outstanding Capital Stock of the issuer of any Pledged Equity Interests or received in exchange for Pledged Equity Interests or any
part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Collateral and, if received by any
Grantor, and required to be delivered to the Administrative Agent hereunder, shall not be commingled by such Grantor with any of its other funds or property (but shall be held separate and apart therefrom), shall be held in trust for the benefit of
the Administrative Agent and the other Secured Parties and shall be forthwith delivered to the Administrative Agent in the form in which they shall have been received (with any endorsements, stock or note powers and other instruments of transfer
requested by the Administrative Agent). 
 (b) Upon the occurrence and during the continuance of an Event of Default, and, other than in the
case of an Event of Default under Section 10.1(h) of the Credit Agreement, after the Administrative Agent shall have notified the Grantors of the suspension of the Grantor’s rights under
Section 3.06(a)(iii), all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant to Section 3.06(a)(iii), shall cease,
and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions. All dividends, interest,
principal and other distributions received by any Grantor contrary to the provisions of this Section 3.06 shall be held in trust for the benefit of the Administrative Agent and the other Secured Parties, shall be segregated
from other property or funds of such Grantor and shall be forthwith delivered to the Administrative Agent upon demand in the form in which they shall have been received (with any necessary endorsements, stock powers or other instruments of
transfer). Any and all money and other property paid over to or received by the Administrative Agent pursuant to the provisions of this Section 3.06(b) shall be retained by the Administrative Agent in an account to be
established by the Administrative Agent upon receipt of such money or other property, shall be held as security for the payment and performance of the Obligations and shall be applied in accordance with the provisions of
Section 4.02. After all Events of Default have been cured or waived and the Administrative Agent has received from the Borrower satisfactory evidence relating to any such cure, the Administrative Agent shall promptly repay
to each Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise have been permitted to retain pursuant to the terms of Section 3.06(a)(iii) and that remain in
such account. 

  
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 (c) Upon the occurrence and during the continuance of an Event of Default, and, other than in the
case of an Event of Default under Section 10.1(h) of the Credit Agreement, after the Administrative Agent shall have notified the Grantors of the suspension of the Grantors’ rights under
Section 3.06(a)(i), all rights of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to Section 3.06(a)(i), and the obligations of the
Administrative Agent under Section 3.06(a)(ii), shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to exercise such voting
and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Administrative Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the
Grantors to exercise such rights. Solely to the extent that any and all Events of Default have been cured or waived or otherwise cease to be continuing and the Administrative Agent has received a certificate from the Borrower certifying as such,
each Grantor will have the right to exercise the voting and consensual rights that such Grantor would otherwise be entitled to exercise pursuant to the terms of Section 3.06(a)(i) (and the obligations of the Administrative
Agent under Section 3.06(a)(ii) shall be reinstated). 
 (d) Any notice given by the Administrative Agent to the
Grantors suspending the Grantors’ rights under Section 3.06(a): (i) may be given by telephone if promptly confirmed in writing, (ii) may be given to one or more of the Grantors at the same or different times and
(iii) may suspend the rights and powers of the Grantors under Section 3.06(a)(i) or Section 3.06(a)(iii) in part without suspending all such rights or powers (as specified by the
Administrative Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Administrative Agent’s right to give additional notices from time to time suspending other rights and powers so long as an Event of Default
has occurred and is continuing. 
 ARTICLE IV 

Remedies 
 SECTION 4.01.
Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, it is agreed that the Administrative Agent shall have the right to exercise any and all rights afforded to a secured party under the Uniform Commercial
Code or other applicable law. Without limiting the generality of the foregoing, each Grantor agrees that the Administrative Agent shall have the right, subject to the mandatory requirements of applicable law, to (a) subject to
Section 3.06, vote all or any part of the Pledged Equity Interests (whether or not transferred into the name of the Administrative Agent) and give all consents, waivers and ratifications in respect of the Collateral and
(b) sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Administrative Agent shall deem
appropriate. The Administrative Agent shall be authorized to take the actions set forth in Section 4.03. Each such purchaser at any sale of Collateral shall hold the property sold absolutely free from any claim or right on
the part of any Grantor, and each Grantor hereby 

  
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 waives (to the extent permitted by law) all rights of redemption, stay and appraisal that such Grantor now has or
may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 
 The Administrative Agent shall
give the applicable Grantors 10 days’ prior written notice (which each Grantor agrees is reasonable notice within the meaning of Section 9-612 of the New York UCC or its equivalent in other
jurisdictions) of the Administrative Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a
securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such
time or times within ordinary business hours and at such place or places as the Administrative Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an
entirety or in separate parcels, as the Administrative Agent may (in its sole and absolute discretion) determine. The Administrative Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of
the fact that notice of sale of such Collateral shall have been given. The Administrative Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time
and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so
sold may be retained by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but the Administrative Agent and the other Secured Parties shall not incur any liability in case any such purchaser or purchasers
shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. In the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or
private sale or other disposition, the Administrative Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition, and the Administrative Agent, at the direction of the Required
Lenders, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of
bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Loan Document Obligations as a credit on account of the purchase price for any
Collateral payable by the Administrative Agent on behalf of the Secured Parties at such sale or other disposition. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the
Administrative Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Administrative
Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Administrative Agent may proceed by a
suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 

  
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 SECTION 4.02. Application of Proceeds. The Administrative Agent shall apply the proceeds of any
collection, sale, foreclosure or other realization upon any Collateral as follows: 
 FIRST, to the payment of all costs and
expenses incurred by the Administrative Agent in connection with such collection, sale, foreclosure or realization or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the
fees and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent hereunder or under any other Loan Document on behalf of any Grantor and any other costs or expenses incurred in connection with the
exercise of any right or remedy hereunder or under any other Loan Document; 
 SECOND, to the payment in full of the
Obligations in accordance with Section 10.2 of the Credit Agreement (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such
distribution); and 
 THIRD, to the Grantors, their successors or assigns, or as a court of competent jurisdiction may
otherwise direct in accordance with Section 10.2 of the Credit Agreement. 
 The Administrative Agent shall have absolute discretion as to the time of
application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of
the Administrative Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the
purchase money paid over to the Administrative Agent or such officer or be answerable in any way for the misapplication thereof. The Grantors shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are
insufficient to pay all Obligations, including any attorneys’ fees and other expenses incurred by Administrative Agent or any Lender to collect such deficiency. Notwithstanding the foregoing, the proceeds of any collection, sale, foreclosure or
realization upon any Collateral of any Grantor shall not be applied to any Excluded Swap Obligation of such Grantor and shall instead be applied to other Obligations. 

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

  
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 Agent if the Administrative Agent were to attempt to dispose of all or any part of the Collateral, and might also
limit the extent to which or the manner in which any subsequent transferee of any Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Administrative Agent in any attempt to dispose of
all or part of the Collateral under applicable Blue Sky or other state securities laws or similar laws analogous in purpose or effect. Each Grantor recognizes that in light of such restrictions and limitations the Administrative Agent may, with
respect to any sale of the Collateral, and shall be authorized to, limit the purchasers to those who will agree, among other things, to acquire such Collateral for their own account for investment, and not with a view to the distribution or resale
thereof, and upon consummation of any such sale may assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each Grantor acknowledges and agrees that in light of such restrictions and limitations, the
Administrative Agent, in its sole and absolute discretion, (a) may proceed to make such a sale whether or not a registration statement for the purpose of registering such Collateral or part thereof shall have been filed under the Federal
Securities Laws or, to the extent applicable, Blue Sky or other state securities laws and (b) may approach and negotiate with a limited number of potential purchasers (including a single potential purchaser) to effect such sale. Each Grantor
acknowledges and agrees that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Administrative Agent shall incur no
responsibility or liability for selling all or any part of the Collateral at a price that the Administrative Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that
a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more than a limited number of potential purchasers (or a single purchaser) were approached. The provisions of this
Section 4.03 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may exceed substantially the price at which the Administrative Agent sells. 

SECTION 4.04. Information. If the Administrative Agent determines to exercise its right to sell any or all of the Collateral, upon
written request, each Grantor shall, from time to time, furnish to the Administrative Agent all such information as the Administrative Agent may reasonably request in order to determine the number of shares and other instruments included in the
Collateral which may be sold by the Administrative Agent as exempt transactions under the Federal Securities Laws and rules of the Securities and Exchange Commission, as the same are from time to time in effect. 

ARTICLE V 

Indemnity, Subrogation, Contribution and Subordination 

SECTION 5.01. Indemnity and Subrogation. In addition to all such rights of indemnity and subrogation as the Guarantors may have under
applicable law (but subject to Section 5.03), the Borrower agrees that (a) in the event a payment in respect of any Obligation shall be made by any Guarantor under this Agreement, the Borrower shall indemnify such
Guarantor for the full amount of such payment and such Guarantor shall be subrogated to the rights of the Person to whom such payment shall have been made to the extent of such payment and (b) in the event any assets of any Grantor (other than
the Borrower) shall be sold pursuant to 

  
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 this Agreement or any other Collateral Document to satisfy in whole or in part any Obligation, the Borrower shall
indemnify such Grantor in an amount equal to the greater of the book value or the fair market value of the assets so sold. 
 SECTION 5.02.
Contribution and Subrogation. Each Guarantor and Grantor (other than the Borrower) (each such Guarantor or Grantor being called a “Contributing Party”) agrees (subject to Section 5.03) that, in the event a
payment shall be made by any other Guarantor hereunder in respect of any Obligation or assets of any other Grantor other than the Borrower shall be sold pursuant to any Collateral Document to satisfy any Obligation and such other Guarantor or
Grantor (the “Claiming Party”) shall not have been fully indemnified by the Borrower as provided in Section 5.01, such Contributing Party shall indemnify the Claiming Party in an amount equal to the amount
of such payment or the greater of the book value or the fair market value of such assets (the “Indemnified Amount”), as the case may be, in each case multiplied by a fraction of which the numerator shall be the net worth of such
Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties on the date hereof (or, in the case of any Contributing Party becoming a party hereto pursuant to
Section 6.12, the date of the supplement hereto executed and delivered by such Contributing Party). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall
(subject to Section 5.03) be subrogated to the rights of such Claiming Party under Section 5.01 to the extent of such payment. Notwithstanding the foregoing, to the extent that any Claiming
Party’s right to indemnification hereunder arises from a payment or sale of Collateral made to satisfy Obligations constituting Secured Swap Obligations, only those Contributing Parties for whom such Secured Swap Obligations do not constitute
Excluded Swap Obligations shall indemnify such Claiming Party, with the fraction set forth in the second preceding sentence being modified as appropriate to provide for indemnification of the entire Indemnified Amount. 

SECTION 5.03. Subordination. (a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors and Grantors
under Sections 5.01 and 5.02 and all other rights of the Guarantors and Grantors of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible payment in
full in cash of the Obligations. No failure on the part of the Borrower or any other Guarantor or Grantor to make the payments required by Sections 5.01 and 5.02 (or any other payments required under applicable law
or otherwise) shall in any respect limit the obligations and liabilities of any Guarantor or Grantor with respect to its obligations hereunder, and each Guarantor and Grantor shall remain liable for the full amount of the obligations of such
Guarantor or Grantor hereunder. 
 (b) Each Guarantor and Grantor hereby agrees that all Indebtedness and other monetary obligations owed by
it to, or to it by, any other Guarantor, Grantor or any other Subsidiary shall be fully subordinated to the indefeasible payment in full in cash of the Obligations. 

  
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 ARTICLE VI 

Miscellaneous 
 SECTION
6.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given in the manner provided in Section 12.2 of the Credit Agreement. All communications and notices hereunder to
any Subsidiary Loan Party shall be given to it in care of the Borrower in the manner provided in Section 12.2 of the Credit Agreement. 

SECTION 6.02. Waivers; Amendment. (a) No failure or delay by the Administrative Agent, any Letter of Credit Issuer or any Lender in exercising
any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Letter of Credit Issuers and the Lenders hereunder and under the other Loan Documents are cumulative
and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted
by paragraph (b) of this Section 6.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the
execution and delivery of this Agreement, the making of a Loan or issuance, amendment, renewal or extension of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any
Letter of Credit Issuer may have had notice or knowledge of such Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Administrative Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 12.1 of the Credit
Agreement; provided that the Administrative Agent may, without the consent of any Secured Party, consent to a departure by any Loan Party from any covenant of such Loan Party set forth herein or in any other Collateral Document to the extent
such departure is not inconsistent with any limitation on the authority of the Administrative Agent set forth in the Credit Agreement. 

(c) This Agreement shall be construed as a separate agreement with respect to each Loan Party and may be amended, modified, supplemented,
waived or released with respect to any Loan Party without the approval of any other Loan Party and without affecting the obligations of any other Loan Party hereunder. 

SECTION 6.03. Administrative Agent’s Fees and Expenses; Indemnification. (a) The Guarantors and the Grantors jointly and severally agree
to reimburse the Administrative Agent for its fees and expenses incurred hereunder as provided in Section 12.5 of the Credit Agreement as if each reference therein to the Borrower were a reference to the Guarantors and Grantors. 

  
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 (b) The Guarantors and Grantors jointly and severally agree to indemnify and hold harmless each
Indemnitee as provided in Section 12.5 of the Credit Agreement as if each reference to the Borrower therein were a reference to the Guarantors and Grantors. 

(c) Any amounts payable hereunder, including as provided in Section 6.03(a) or 6.03(b), shall be
additional Obligations secured hereby and by the other Collateral Documents. All amounts due under Section 6.03(a) or 6.03(b) shall be payable promptly after written demand therefor. 

(d) To the extent permitted by applicable law, no Guarantor or Grantor shall assert, or permit any of its subsidiaries to assert, and each
Guarantor and Grantor hereby waives, any claim against any Indemnitee (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems
(including the Internet), unless determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, or (ii) on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or
thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 
 (e) BY ACCEPTING THE BENEFITS OF THIS
AGREEMENT AND THE GUARANTEES AND SECURITY INTERESTS CREATED HEREBY, EACH SECURED PARTY ACKNOWLEDGES THE PROVISIONS OF ARTICLE XI OF THE CREDIT AGREEMENT AND AGREES TO BE BOUND BY SUCH PROVISIONS AS FULLY AS IF THEY WERE SET FORTH HEREIN. 

SECTION 6.04. Survival. All covenants, agreements, representations and warranties made hereunder, in any other Loan Document and in any
document, certificate or statement delivered pursuant hereto or thereto, or in connection herewith or therewith, shall survive the execution and delivery hereof and thereof and the making of the Loans and other extensions of credit hereunder. Such
representations and warranties have been or will be relied upon by the Administrative Agent, each Letter of Credit Issuer and each Lender, regardless of any investigation made by the Administrative Agent, any Letter of Credit Issuer or any Lender or
on their behalf and notwithstanding that the Administrative Agent, any Letter of Credit Issuer or any Lender may have had notice or knowledge of any Default or Event of Default at the time of any Loan or L/C Credit Extension, and shall continue in
full force and effect until Payment in Full. The provisions of Section 6.03 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated by the Loan Documents, the
repayment of the Loans, the expiration or termination of the Letters of Credit (other than any Letter of Credit that has been Cash Collateralized) and the Commitments or the termination of this Agreement or any provision hereof. 

  
 21 

 SECTION 6.05. Counterparts; Effectiveness; Successors and Assigns. This Agreement may be executed
in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. This Agreement shall become effective as to any Loan
Party when a counterpart hereof executed on behalf of such Loan Party shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon
such Loan Party and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of such Loan Party, the Administrative Agent and the other Secured Parties and their respective successors and assigns, except
that no Loan Party may assign or otherwise transfer any of its rights or obligations hereunder or any interest herein or in the Collateral (and any attempted assignment or transfer by any Loan Party shall be null and void), except as expressly
contemplated by this Agreement or the Credit Agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this
Agreement. 
 SECTION 6.06. Severability. If any provision of this Agreement is prohibited, illegal, invalid or unenforceable in any
jurisdiction, (a) such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction and (b) the parties shall endeavor in good faith negotiations to replace the prohibited, illegal, invalid or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the prohibited, illegal, invalid or unenforceable provisions.. 

SECTION 6.07. Governing Law; Jurisdiction; Consent to Service of Process. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
UNDER THIS AGREEMENT, AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) Each party hereto hereby irrevocably and
unconditionally: (i) submits for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of
the State of New York in New York County, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; (ii) consents that any such action or proceeding may be brought in such courts and waives
any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; (iii) agrees that
service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to its address set forth in Section 12.2 of the Credit
Agreement or at such other address of which the Administrative Agent shall have been notified pursuant thereto; and (iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right of the 

  
 22 

 Administrative Agent or any Secured Party to sue or bring an enforcement action relating to this Agreement,
including any such action or proceeding in connection with the exercise of remedies with respect to the Collateral, in any other jurisdiction. 

SECTION 6.08. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY AND FOR ANY COUNTERCLAIM THEREIN (IN EACH CASE, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.08. 

SECTION 6.09. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part
of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 6.10.
Security Interest Absolute. All rights of the Administrative Agent hereunder, the grant of the security interest in the Collateral and all obligations of each Loan Party hereunder shall be absolute and unconditional irrespective of (a) any lack
of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or
place of payment of, or in any other term of, all or any of the Obligations, or any other amendment to or waiver of, or any consent to any departure from, the Credit Agreement, any other Loan Document, any agreement with respect to any of the
Obligations or any other agreement or instrument relating to any of the foregoing, (c) any exchange, release or non-perfection of any Lien on other collateral securing, or any release or amendment to or
waiver of, or any consent to any departure from, any guarantee of, all or any of the Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party in respect of the
Obligations or this Agreement. 
 SECTION 6.11. Termination or Release. (a) This Agreement, the Guarantee Obligations made herein and all
security interests granted hereby shall, subject to Section 2.04, terminate and be released (all without delivery of any instrument or performance of any act by any Person) upon Payment in Full. 

(b) A Subsidiary Loan Party shall automatically be released from its Guarantee Obligations under the Loan Documents, and all security
interests created by the Collateral Documents in Collateral with respect to such Subsidiary Loan Party shall be automatically released free and clear of the Liens created hereby (x) as required by the Administrative Agent to effect any sale,
transfer or other disposition of Collateral in connection with any exercise of 

  
 23 

 remedies of the Administrative Agent pursuant to this Agreement or (y) upon such Collateral becoming an
ownership interest in any Excluded Subsidiary solely to the extent permitted by, and in accordance with the terms of, the Credit Agreement; provided that, if so required by the Credit Agreement, the Required Lenders shall have consented to
such transaction and the terms of such consent shall not have provided otherwise. In the event of any such termination or release, Schedule II to this Agreement shall be deemed to be modified to remove the Collateral with respect to which the
security interests granted hereby have been so released. 
 (c) In connection with any termination or release pursuant to this
Section 6.11, the Administrative Agent shall execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release. Any
execution and delivery of documents by the Administrative Agent pursuant to this Section 6.11 shall be without recourse to or warranty by the Administrative Agent. 

SECTION 6.12. Additional Subsidiaries. Pursuant to the Credit Agreement, certain Subsidiaries not party hereto on the Closing Date are
required to enter in this Agreement. Upon the execution and delivery by the Administrative Agent and any such Subsidiary of a Supplement, such Subsidiary shall become a Subsidiary Loan Party, a Guarantor and a Grantor hereunder, with the same force
and effect as if originally named as such herein. The execution and delivery of any Supplement shall not require the consent of any other Loan Party. The rights and obligations of each Loan Party hereunder shall remain in full force and effect
notwithstanding the addition of any new Subsidiary Loan Party as a party to this Agreement. 
 SECTION 6.13. Administrative Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints the Administrative Agent the attorney-in-fact of
such Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Administrative Agent may deem necessary to accomplish the purposes hereof, which appointment is irrevocable and
coupled with an interest. Without limiting the generality of the foregoing, the Administrative Agent shall have the right, upon the occurrence and during the continuance of an Event of Default, with full power of substitution either in the
Administrative Agent’s name or in the name of such Grantor (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part
thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any
court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (d) to settle, compromise, compound, adjust or defend any actions, suits or proceedings
relating to all or any of the Collateral; and (e) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the
purposes of this Agreement, as fully and completely as though the Administrative Agent were the absolute owner of the Collateral for all purposes; provided that nothing herein contained shall be construed as requiring or obligating the
Administrative Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Administrative Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral
or any part thereof or the moneys due or to become due in respect thereof or any property covered 

  
 24 

 thereby. The Administrative Agent and the other Secured Parties shall be accountable only for amounts actually
received as a result of the exercise of the powers granted to them herein, and neither they nor their related parties shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful
misconduct (as determined by a court of competent jurisdiction in a final and non-appealable judgment). 

[Signature Pages Follow] 

  
 25 

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

			
	AMERICOLD REALTY OPERATING PARTNERSHIP, L.P.
		
	by	 	 
		 	Name:
		 	Title:

  
 26 

 
			
	[OTHER SUBSIDIARY LOAN PARTIES]
		
	by	 	 
		 	Name:
		 	Title:

  
 27 

 
			
	BANK OF AMERICA, N.A., as
Administrative Agent
		
	by	 	 
		 	Name:
		 	Title:

 Schedule I to 

the Guarantee and 
 Collateral
Agreement 
 Subsidiary Loan Party Information 
  

					
	 Name
	  	Jurisdiction of Organization	  	Chief Executive Office

 Schedule II to 

the Guarantee and 
 Collateral
Agreement 
 Pledged Equity Interests 

Pledged Capital Stock 
  

									
	 Grantor
	  	Stock Issuer	  	Certificate
Number	  	Number and Class
of Capital Stock	  	Percentage of
Capital Stock
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 Pledged LLC Interests 
  

									
	 Grantor
	  	Limited Liability
Company	  	Certificate
Number	  	Number of
LLC Interests	  	Percentage of
LLC Interests
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 Pledged Partnership Interests 
  

									
	 Grantor
	  	Partnership	  	Certificate
Number	  	Type of
Partnership
Interests	  	Percentage of
Partnership Interests
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 Exhibit I to the 

Guarantee and 
 Collateral Agreement

 SUPPLEMENT NO. __ dated as of [●], 20[●] (this “Supplement”), to the Guarantee and
Collateral Agreement dated as of [                ], 2017 (the “Collateral Agreement”), among Americold Realty Operating Partnership, L.P., a Delaware
limited partnership (the “Borrower”), each subsidiary of the Borrower listed on Schedule I thereto (each such subsidiary individually a “Subsidiary Guarantor” and, collectively, the “Subsidiary
Guarantors”; the Subsidiary Guarantors and the Borrower are referred to collectively herein as the “Grantors”) and BANK OF AMERICA, N.A., a national banking association, as administrative and collateral agent (in such
capacity, the “Administrative Agent”). 
 A. Reference is made to the Credit Agreement dated as of
[                ], (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the
lenders from time to time party thereto and the Administrative Agent. 
 B. Capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to such terms in the Collateral Agreement and the Credit Agreement referred to therein, as applicable. 

C. The Guarantors and Grantors have entered into the Collateral Agreement in order to induce the Lenders and the Letter of Credit Issuers to
make extensions of credit to the Borrower under the Credit Agreement. Section 6.12 of the Collateral Agreement provides that additional Subsidiaries may become Subsidiary Parties under the Collateral Agreement by execution and delivery of an
instrument in the form of this Supplement. The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Subsidiary Loan Party, a Loan Party, a
Guarantor and a Grantor under the Collateral Agreement in order to induce the Lenders and the Letter of Credit Issuers to make additional extensions of credit under the Credit Agreement and as consideration for such extensions of credit previously
made. 
 Accordingly, the Administrative Agent and the New Subsidiary agree as follows: 

SECTION 1. In accordance with Section 6.12 of the Collateral Agreement, the New Subsidiary by its signature below becomes a Loan Party, a
Subsidiary Loan Party, a Guarantor and a Grantor under the Collateral Agreement with the same force and effect as if originally named therein as such, and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Collateral
Agreement applicable to it in such capacities and (b) represents and warrants that the representations and warranties made by it in such capacities thereunder are true and correct on and as of the date hereof. In furtherance of the foregoing,
the New Subsidiary, as security for the payment and performance in full of the Obligations (as defined in the Collateral Agreement), does hereby create and grant to the Administrative Agent, its successors and assigns, for the benefit of the Secured
Parties, their successors and assigns, a security interest in and lien on all of the New Subsidiary’s right, title and interest in, to and under the Collateral (as 

  
 2 

 defined in the Collateral Agreement) of the New Subsidiary. Each reference to a “Loan Party,”
“Subsidiary Loan Party,” “Guarantor” or “Grantor” in the Collateral Agreement shall be deemed to include the New Subsidiary. The Collateral Agreement is hereby incorporated herein by reference. 

SECTION 2. The New Subsidiary represents and warrants to the Administrative Agent and the other Secured Parties that this Supplement has been
duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and to general principles of equity, regardless of whether considered in a proceeding in equity or at law and hereby makes each of the representations and warranties applicable to a Grantor contained in the
Collateral Agreement. 
 SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when a counterpart hereof executed on behalf of the New Subsidiary shall have
been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent. Delivery of an executed counterpart of a signature page of this Supplement by facsimile or other electronic imaging
shall be effective as delivery of a manually executed counterpart of this Supplement. 
 SECTION 4. The New Subsidiary hereby represents and
warrants that (a) Schedule I sets forth, as of the date hereof, the true and correct legal name of the New Subsidiary, its jurisdiction of organization and the location of its chief executive office and (b) Schedule II sets
forth, as of the date hereof, a true and complete list of all the Pledged Equity Interests owned by the New Subsidiary and the percentage of the issued and outstanding units of each class of the Capital Stock of the issuer thereof represented by the
Pledged Equity Interests owned by the New Subsidiary. 
 SECTION 5. Except as expressly supplemented hereby, the Collateral Agreement shall
remain in full force and effect. 
 SECTION 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SUPPLEMENT, AND
ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF RELATING TO THIS SUPPLEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 SECTION 7. Any provision of this Supplement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction 

  
 3 

 SECTION 8. All communications and notices hereunder shall be in writing and given as provided in
Section 6.01 of the Collateral Agreement. 
 SECTION 9. The New Subsidiary agrees to reimburse the Administrative Agent for its
reasonable out-of-pocket expenses, including the reasonable fees, charges and disbursements of counsel, incurred by it in connection with this Supplement, including the
preparation, execution and delivery thereof. 
 IN WITNESS WHEREOF, the New Subsidiary and the Administrative Agent have duly executed this
Supplement to the Collateral Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW SUBSIDIARY]
		
	by	 	 
		 	Name:
		 	Title:

  

			
	BANK OF AMERICA, N.A.,
as Administrative Agent
		
	by	 	 
		 	Name:
		 	Title:

 Schedule I 

to Supplement No.      to the 

Guarantee and 
 Collateral Agreement

 New Subsidiary Loan Party Information 
  

					
	 Name
	  	Jurisdiction of
Organization	  	Chief Executive Office

 Pledged Equity Interests 

Pledged Capital Stock 
  

									
	 Grantor
	  	Stock Issuer	  	Certificate
Number	  	Number and Class
of Capital Stock	  	Percentage of
Capital Stock
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 Pledged LLC Interests 
  

									
	 Grantor
	  	Limited Liability
Company	  	Certificate
Number	  	Number of
LLC Interests	  	Percentage of
LLC Interests
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 Pledged Partnership Interests 
  

									
	 Grantor
	  	Partnership	  	Certificate
Number	  	Type of
Partnership
Interests	  	Percentage of
Partnership InterestsEX-10.9

 Exhibit 10.9 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”), is dated this      day of
            , 2018, by and between AMERICOLD LOGISTICS, LLC, a Delaware limited liability company with its principal place of business located in Atlanta, Georgia (the
“Company”) and FRED BOEHLER (the “Executive”). 
 W I T N E S
S E T H: 
 WHEREAS, the Executive currently serves as President and Chief Executive Officer of
the Company; 
 WHEREAS, the Executive and the Company are currently parties to that certain Amended and Restated Employment
Agreement, dated December 14, 2015 (the “Prior Employment Agreement”); and 
 WHEREAS, the Executive
and the Company mutually desire to terminate and cancel the Prior Employment Agreement and, in connection therewith, to provide for the continued services and employment of the Executive by the Company on the terms and conditions hereinafter set
forth. 
 NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and for good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto, each intending to be legally bound hereby, agree as follows: 

1.    Employment. On the terms and subject to the conditions set forth herein, the Company hereby
agrees to continue to employ the Executive, and the Executive hereby agrees to continue such employment, for the Employment Term (as defined below). During the Employment Term, the Executive shall serve as President and Chief Executive Officer of
the Company and shall report to the Board of Directors of the Company (the “Board”), performing the normal duties and responsibilities of such position with respect to the business of the Company and such other duties and
responsibilities commensurate with such position as the Board may reasonably assign to the Executive from time to time. 

2.    Performance. The Executive shall serve the Company and its subsidiaries and affiliates
faithfully and to the best of his ability and shall devote his full business time, energy, experience and talents to the business of the Company and its subsidiaries and affiliates, as applicable, and will not engage in any other employment
activities for any direct or indirect remuneration without the prior written approval of the Board; provided, however, that it shall not be a violation of this Agreement for the Executive to manage his personal investments, to engage
in or serve such civic, community, charitable, educational, industry, professional, or religious organizations as he may select, or, with the prior approval of the Board, to serve on the boards of directors of other companies, so long as such
service does not create an actual or potential conflict of interest with, or impair the Executive’s ability to fulfill his duties hereunder or conflict with the Executive’s covenants under Section 6 of this Agreement, in each case as
determined in the sole judgment of the Board. The Executive’s continued service on the Board of Directors of the International Association of Refrigerated Warehouses does not require additional approval of the Board. 

  
 1 

 3.    Employment Term. 

(a)    Subject to earlier termination pursuant to Section 7, the term of employment of the Executive
hereunder shall begin on [●] (the “Commencement Date”), and shall continue for an indefinite period of time, unless terminated earlier pursuant to Section 7 (the “Employment Term”). 

4.    Principal Location. The Executive’s principal place of employment shall be the
Company’s offices located in the Atlanta, Georgia metropolitan area, subject to required travel. 

5.    Compensation and Benefits. 

(a)    Base Salary. During the Employment Term, the Company shall pay the Executive a base salary,
payable in equal installments in accordance with Company payroll procedures, at an annual rate of Eight Hundred Fifty Thousand Dollars ($850,000), pro-rated to reflect any partial year of employment. The Board
or a committee thereof shall review Executive’s base salary on an annual basis and may increase Executive’s base salary from time to time, in which case such increased salary then shall become the Executive’s base salary for purposes
of this Agreement. 
 (b)    Annual Bonus. The Executive shall be eligible to receive an annual
performance-based cash bonus in respect of each calendar year that ends during the Employment Term, to the extent earned based on the achievement of performance objectives established by the Board or a committee thereof, after consultation with the
Executive, no later than 30 days after commencement of the relevant bonus period, pursuant to the terms of the Company’s Short-Term Incentive Plan, as amended from time to time. The maximum annual performance-based cash bonus that the Executive
may earn is one hundred seventy five percent (175%), and the target bonus is one hundred twenty five percent (125%), in each case, of the Executive’s annual base salary at the rate in effect at the end of the relevant calendar year, pro-rated to properly reflect any partial year of employment. If the applicable performances objectives, are not attained at least at the minimum level, no annual performance bonus shall be payable. The amount of
such annual bonus awarded for a calendar year shall be determined by the Board or a committee thereof after the end of the calendar year to which such bonus relates and shall be paid to the Executive during the following calendar year when annual
bonuses for the prior calendar year are paid to other senior executives of the Company generally. The amount of any such annual bonus shall be pro-rated to properly reflect any partial year of employment.
Except as otherwise provided in Section 7(b), to be eligible for any such annual bonus under this Section 5(b), the Executive must be in active working status at the time the Company pays bonuses for the relevant year to other senior
executives generally. For purposes of this Agreement, “active working status” means that the Executive is employed by the Company. 

(c)    Long Term Incentive Plan. 

(i)    The Executive shall be eligible to participate in the Americold Realty Trust 2017
Equity Incentive Plan (the “Stock Plan”) in such amounts and at such times as the Compensation Committee of the Board of Directors of Americold Realty Trust (“ART”) shall determine in its sole discretion. Any such
awards shall be governed by the Stock Plan and any Stock Plan award agreements between ART and the Executive. 

  
 2 

 (ii)    Restricted Stock Unit Grant.
In consideration of the Executive’s entering into this Agreement and as an inducement to remain with the Company, the Executive shall be granted promptly following the Commencement Date, under the Stock Plan, an award of seventy eight thousand
one hundred twenty five (78,125) restricted stock units to be settled in shares of the common stock of ART (the “Restricted Stock Units”), subject to the approval of the Compensation Committee of the Board of Directors of ART. Such
award shall be governed by the Stock Plan and a restricted stock unit award agreement between the Executive and ART. Subject to terms of the Stock Plan and the award agreement for the Restricted Stock Units, the Restricted Stock Units shall vest in
equal one-third (1/3) installments on the second, third and fourth anniversary of the date of grant of such award, subject to the Executive’s continuous employment with the Company from the date of grant
of such award through such vesting dates, except as otherwise provided in Section 7(b). 

(d)    Benefits. During the Employment Term, the Executive shall, subject to and in accordance with
the terms and conditions of the applicable plan documents in force from time to time and all applicable laws, be eligible to participate in all of the employee benefit, fringe and perquisite plans, practices, policies and arrangements the Company
makes available from time to time to its executive employees generally. 
 (e)    Paid Time Off.
The Executive shall be entitled to not less than twenty-nine (29) days of paid time off during each calendar year, pro-rated for any partial calendar year of employment, in accordance with the
Company’s policies and practices with respect to its employees generally as in effect from time to time. 

(f)    Business Expenses. The Executive shall be reimbursed by the Company for all reasonable and
necessary business expenses actually incurred by him in performing his duties hereunder. All payments under this Section 5(f) will be made in accordance with policies established by the Company from time to time and subject to receipt by the
Company of appropriate documentation. 
 (g)    Directors and Officers Liability Insurance.
During the Employment Term, the Company shall maintain director and officer liability insurance covering the Executive on terms that are no less favorable than the coverage provided to other senior executives, officers or directors of the Company,
as such coverage may be in effect from time to time. 
 6.    Covenants of the Executive. The
Executive acknowledges that in the course of his employment with the Company he will become familiar with the Company’s and its subsidiaries’ and affiliates’ trade secrets and with other confidential and proprietary information
concerning the Company and its subsidiaries and affiliates, and that his services are of special, unique and extraordinary value to the Company and its subsidiaries and affiliates. Therefore, the Company and the Executive mutually agree that it is
in the interest of both parties for the Executive to enter into the restrictive covenants set forth in this Section 6 to, among other things, protect the legitimate business interests of the Company and those of its subsidiaries and

  
 3 

 
affiliates, and that such restrictions and covenants contained in this Section 6 are reasonable in geographical and temporal scope and in all other respects given the nature of the
Executive’s duties and the nature of the Company’s and its subsidiaries’ and affiliates’ businesses and that such restrictions and covenants do not and will not unduly impair the Executive’s ability to earn a living after
termination of his employment with the Company. The Executive further acknowledges and agrees that (i) the Company would not have entered into this Agreement but for the restrictive covenants of the Executive set forth in this Section 6,
and (ii) such restrictive covenants have been made by the Executive in order to induce the Company to enter into this Agreement. 

(a)    Definitions. For purposes of this Section 6: 

“Competing Business” means any person or entity that engages in a business that is the same as or
substantially similar to the business conducted by the Company. 
 “Confidential Information” means
confidential information relating to the business of the Company and/or its affiliates that (i) has been made known to the Executive through his relationship with the Company or its affiliates, (ii) has value to the Company and/or its
affiliates and (iii) is not generally known to competitors of the Company and/or its affiliates. Confidential Information includes, without limitation, methods of operation, business strategies, plans for acquisition or expansion, terms of
transaction documents (including but not limited to purchase and sale agreements, operating agreements, lease agreements and employment agreements), financial information and projections, pricing and discount information, lists of and information
regarding current or prospective customers, vendors, licensees and licensors, product development activities, marketing plans and strategies, non-public personnel information, and any other information of
whatever kind that gives the Company and/or its affiliates an opportunity to obtain an advantage over competitors who do not possess such information, regardless of whether such information is marked “confidential.” Confidential
Information includes trade secrets (as defined under applicable law) as well as information that does not rise to the level of a trade secret, and includes information that has been entrusted to the Company or any of its affiliates by a third party
under an obligation of confidentiality. Confidential Information does not include any information that has been voluntarily disclosed to the public by the Company (except where such public disclosure has been made by the Executive without
authorization) or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means. 

“Customer” means a current or actively sought prospective customer of the Company during the last two
(2) years of the Executive’s employment with the Company. 
 “Restricted Period” means the
period in which the Executive is employed with the Company together with the one (1)-year period following termination of the Executive’s employment for any reason. 

“Services” means services of the type conducted, authorized, offered or provided by the Executive to or on
behalf of the Company during the last two (2) years of the Executive’s employment with the Company. 

  
 4 

 “Territory” means each geographic area in which the Company
conducted business during the Executive’s employment with the Company; provided, that if the Executive’s duties and responsibilities during the last two (2) years of the Executive’s employment were limited to particular
geographic areas, then the “Territory” shall be limited to such geographic areas. 

(b)    Noncompetition. During the Restricted Period, the Executive shall not, directly or
indirectly, own, manage, operate, control, consult with, be employed by or otherwise provide Services to, or participate in the ownership, management, operation or control of, any Competing Business anywhere in the Territory. Notwithstanding the
foregoing, the Executive’s ownership solely as an investor of two percent (2%) or less of the outstanding securities of any class of any publicly-traded securities of any company shall not, by itself, be considered to be competition with the
Company or any of its subsidiaries or affiliates. 

(c)    Non-solicitation of Customers. During the Restricted
Period, the Executive shall not, directly or indirectly, (i) solicit or attempt to solicit any Customer for purposes of providing products or services that are competitive with the products and services provided by the Company or
(ii) induce or attempt to induce any Customer to reduce or cease doing business with the Company, or otherwise interfere with the relationship between any Customer and the Company. 

(d)    Non-solicitation of Employees. During the Restricted
Period, the Executive shall not, directly or indirectly, (i) solicit for employment or attempt to solicit for employment, directly or by assisting others, any person who was an employee or independent contractor of the Company on, or within six
(6) months before, the date of such solicitation or attempted solicitation or (ii) induce or attempt to induce any employee or independent contractor of the Company to terminate such person’s employment or independent contractor
relationship with the Company, or in any way interfere with the relationship between any such person and the Company. 

(e)    Non-disclosure of Confidential Information. 

(i)    The Executive acknowledges that all Confidential Information is the property of the
Company or its applicable affiliates. The Executive further acknowledges that the Company and its affiliates intend, and make reasonable good faith efforts, to protect the Confidential Information from public disclosure. Therefore, the Executive
agrees that, except as required by law or regulation or as legally compelled by court order (provided that in such case, the Executive shall promptly notify the Company of such order, shall cooperate with the Company in attempting to obtain a
protective order or to otherwise restrict such disclosure, and shall only disclose Confidential Information to the minimum extent necessary to comply with any such law regulation or order), during the Employment Term and at all times thereafter, the
Executive shall not, directly or indirectly, divulge, transmit, publish, copy, distribute, furnish or otherwise disclose or make accessible any Confidential Information, or use any Confidential Information for the benefit of anyone other than the
Company and its affiliates,. 

  
 5 

 (ii)    The Company does not wish to
incorporate any unlicensed or unauthorized material into its products or services. Therefore, the Executive agrees that he will not disclose to the Company, use in the Company’s business, or cause the Company to use, any information or material
which is a trade secret, or confidential or proprietary information, of any third party, including, but not limited to, any former employer, any competitor or any client, unless the Company has a right to receive and use such information or
material. The Executive will not incorporate into his work any material or information which is subject to the copyrights of any third party unless the Company has a written agreement with such third party or otherwise has the right to receive and
use such material or information. 
 (f)    Company Intellectual Property. The Executive agrees
to promptly disclose to the Company any and all work product, inventions, artistic works, works of authorship, designs, methods, processes, technology, patterns, techniques, data, Confidential Information, patents, trade secrets, trademarks, domain
names, copyrights, and the like, and all other intellectual property relating to the business of the Company and any of its affiliates which are created, authored, composed, invented, discovered, performed, perfected, or learned by the Executive
(either solely or jointly with others) during the Employment Term (collectively, together with such intellectual property as may be owned or acquired by the Company, the “Company Intellectual Property”). The Company Intellectual
Property shall be the sole and absolute property of the Company and its affiliates. All work performed by the Executive in authoring, composing, inventing, creating, developing or modifying Company Intellectual Property and/or other work product to
which copyright protection may attach during the course of the Executive’s employment with the Company shall be considered “works made for hire” to the extent permitted under applicable copyright law and will be considered the sole
property of the Company. To the extent such works, work product or Company Intellectual Property are not considered “works made for hire,” all right, title, and interest to such works, work product and Company Intellectual Property,
including, but not limited to, all copyrights, patents, trademarks, rights of publicity, and trade secrets, is hereby assigned to the Company and the Executive agrees, at the Company’s expense, to execute any documents requested by the Company
or any of its affiliates at any time in relation to such assignment. The Executive acknowledges and agrees that the Company is and will be the sole and absolute owner of all trademarks, service marks, domain names, patents, copyrights, trade dress,
trade secrets, business names, rights of publicity, inventions, proprietary know-how and information of any type, whether or not in writing, and all other intellectual property used by the Company or held for
use in the business of the Company, including all Company Intellectual Property. The Executive further acknowledges and agrees that any and all derivative works, developments, or improvements based on intellectual property, materials and assets
subject to this Section 6 created during the Employment Term (including, without limitation, Company Intellectual Property) shall be exclusively owned by the Company. The Executive will cooperate with the Company and any of its affiliates, at
no additional cost to such parties (whether during or after the Employment Term), in the confirmation, registration, protection and enforcement of the rights and property of the Company and its affiliates in such intellectual property, materials and
assets, including, without limitation, the Company Intellectual Property. 

  
 6 

 (g)    Company Property. All Confidential Information,
Company Intellectual Property, files, records, correspondence, memoranda, notes or other documents (including, without limitation, those in computer-readable form) or property relating or belonging to the Company and affiliates, whether prepared by
the Executive or otherwise coming into his possession or control in the course of the performance of his services under this Agreement, shall be the exclusive property of the Company and shall be delivered to the Company, and not retained by the
Executive (including, without limitation, any copies thereof), promptly upon request by the Company and, in any event, promptly upon termination of the Employment Term. The Executive acknowledges and agrees that he has no expectation of privacy with
respect to the Company’s telecommunications, networking or information processing systems (including, without limitation, stored computer files, email messages and voice messages), and that the Executive’s activity and any files or
messages on or using any of those systems may be monitored at any time without notice. 

(h)    Enforcement. The Executive acknowledges that a breach of his covenants and agreements
contained in this Section 6 would cause irreparable damage to the Company and its affiliates, the exact amount of which would be difficult to ascertain, and that the remedies at law for any such breach or threatened breach would be inadequate.
Accordingly, the Executive agrees that if he materially breaches any of the covenants or agreements contained in this Section 6, in addition to any other remedy which may be available at law or in equity, the Company and affiliates shall be
entitled to: (i) cease or withhold payment to the Executive of any severance payments described in Section 7, for which he otherwise qualifies under such Section 7, and the Executive shall promptly repay to the Company 90% of any such
severance payments he previously received (with the remaining 10% serving as consideration for the Executive’s release of claims described in Section 7(d), (ii) institute and prosecute proceedings in any court of competent jurisdiction for
specific performance and injunctive and other equitable relief without bond or other security or a showing of irreparable harm or lack of an adequate remedy at law, and (iii) an equitable accounting by any court of competent jurisdiction of all
profits or benefits arising out of such violation. Additionally, upon a material breach by the Executive of this Section 6, the unvested Restricted Stock Units (and any other unvested stock-based awards held by the Executive) shall be
automatically canceled and forfeited without any further action. 
 (i)    Scope of Covenants.
The Company and the Executive further acknowledge that the time, scope, geographic area and other provisions of this Section 6 have been specifically negotiated by sophisticated commercial parties and agree that they consider the restrictions
and covenants contained in this Section 6 to be reasonable and necessary for the protection of the interests of the Company and its subsidiaries and affiliates, but if any such restriction or covenant shall be held by any court of competent
jurisdiction to be void but would be valid if deleted in part or reduced in application, such restriction or covenant shall apply in such jurisdiction with such deletion or modification as may be necessary to make it valid and enforceable. The
restrictions and covenants contained in each paragraph of this Section 6 shall be construed as separate and individual restrictions and covenants and shall each be capable of being reduced in application or severed without prejudice to the
other restrictions and covenants or to the remaining provisions of this Agreement. 

(j)    Enforceability. If any court holds any of the restrictions or covenants contained in this
Section 6 to be unenforceable by reason of their breadth or scope or otherwise, it is the intention of the parties hereto that such determination not bar or in any way affect the right of the Company and its affiliates to the relief provided in
this Section 6 in the courts of any other jurisdiction within the geographic scope of such restrictions and covenants. 

  
 7 

 (k)    Disclosure of Restrictive Covenants. The
Executive agrees to disclose in advance the existence and terms of the restrictions and covenants contained in this Section 6 to any employer or other service recipient by whom the Executive may be employed or retained during the Restricted
Period. 
 (l)    Extension of Restricted Period. If the Executive breaches any non-competition or non-solicitation covenant set forth in this Section 6 in any respect, the Restricted Period will be extended for a period equal to the period that the
Executive was in breach of such covenant, up to a maximum period of one (1) year. 

7.    Termination. 

(a)    Termination of Employment. The employment of the Executive hereunder and the Employment Term
may be terminated at any time: 
 (i)    by the Company with or without Cause (as defined
herein) upon written notice to the Executive; 
 (ii)    by the Company due to the
Executive’s Disability (as hereinafter defined) upon written notice to the Executive; 
  

	 	 (iii)
	 by the Executive with Good Reason (as defined herein); 

(iv)    by the Executive without Good Reason upon thirty (30) days written notice to
the Company (which notice period may be waived by the Company in its absolute discretion, in which case, such termination shall be effective immediately upon the Company’s receipt of notice thereof from the Executive); or 

 

	 	 (v)
	 without action by the Company, the Executive or any other person or entity, immediately upon the
Executive’s death. 

 If the Executive’s employment is terminated for any reason under this
Section 7, the Company shall be obligated to pay or provide to the Executive (or his estate, as applicable) in a lump sum within thirty (30) days following such termination, or at such other time prescribed by any applicable plan or
applicable laws: (A) any base salary payable to the Executive pursuant to this Agreement, accrued up to and including the date on which the Executive’s employment is terminated, less required statutory deductions; (B) accrued and
unpaid time off (if and as required by applicable law or the Company’s policies then in effect); (C) any employee benefits to which the Executive is entitled upon termination of his employment with the Company in accordance with the terms and
conditions of the applicable plans of the Company, as in place from time to time; and (D) reimbursement for any unreimbursed business expenses incurred by the Executive prior to his date of termination pursuant to Section 5(f) ((A)-(D)
collectively, the “Accrued Amounts”). 

  
 8 

 (b)    Termination by the Company without Cause or by the
Executive for Good Reason. If the Executive’s employment is terminated (A) by the Company without Cause or (B) by the Executive for Good Reason (in either case, other than a termination due to the Executive’s death or
Disability), in addition to the Accrued Amounts, the Executive shall be entitled to receive as severance (subject to Section 7(d)) the amounts set forth in this Section 7(b), provided the Executive executes and does not revoke the Release
as required by Section 7(d). 
 (i)    The Executive shall be entitled to an amount
equal to the product of (A) two times (B) the sum of (a) the Executive’s annual base salary (as described in Section 5(a)) as in effect immediately prior to the date of the Executive’s termination of employment, plus
(b) the Executive’s target annual bonus (as described in Section 5(b)) as in effect immediately prior to the Executive’s termination of employment (the “Separation Pay”), for a period equal to twenty-four
(24) months (the “Severance Period”), payable starting on the sixtieth (60th) day following the date of such termination (but with the first payment being a lump sum payment
covering all payment periods from the date of termination through the date of such first payment), in substantially equal installments in accordance with the Company’s payroll practices during the Severance Period following the date of such
termination, subject to reduction pursuant to the last paragraph of this Section 7(b) and/or Section 6(h); 

(ii)    To the extent performance objectives applicable to the Executive’s annual
bonus in the year of termination (including any objectives applicable to the Company’s targeted budget) are earned as of the end of the relevant bonus period, the Executive shall be entitled to the annual bonus earned for the calendar year of
such termination pursuant to Section 5(b) of this Agreement, pro-rated based on the number of days the Executive was actively employed by the Company during such bonus period, payable at the time such
annual bonus would otherwise be paid in accordance with Section 5(b) of this Agreement; 

(iii)    Continued full participation in the Company’s health and welfare benefit
programs (including full reimbursement for all health, dental and vision expenses, but excluding participation in the Company’s short- or long-term disability plans) for a period of eighteen (18) months following his termination date (for
the avoidance of doubt, this continuation period shall run concurrently with any required COBRA continuation coverage); and 

(iv)    Subject to Section 7(b)(v), if any Restricted Stock Units referenced in
Section 5(c)(ii) remain unvested at the time of such termination, the next installment of the Restricted Stock Units that would have vested on the next scheduled vesting date shall vest as of the date of termination and the balance of any
unvested Restricted Stock Units shall be forfeited. Also, if any awards issued to the Executive under the Stock Plan as to which vesting depends upon the satisfaction of one or more performance conditions remain unvested at the time of such
termination, a prorated portion of the performance-vesting awards shall remain outstanding and eligible to vest based on actual performance through the last day of the applicable performance period, based on the number of days during the applicable
performance period that the Executive was employed. Any performance-vesting awards that are earned based on actual performance will vest and settle as provided in the applicable award agreement. 

  
 9 

 (v)    If such termination of the
Executive’s employment by the Company without Cause or by the Executive for Good Reason occurs within the twelve (12) month period following a Change in Control (as such term is defined in the Stock Plan), (A) any Restricted Stock Units
referenced in Section 5(c)(ii) which are not vested at the time of such termination shall immediately become vested and (B) any other awards granted to the Executive pursuant to the Stock Plan as to which vesting depends upon the
satisfaction of one or more performance conditions and which are not vested at the time of termination shall immediately become vested based on actual performance through the termination date. 

Notwithstanding anything herein to the contrary, the payment of the Separation Pay shall be contingent on the Executive
acknowledging and certifying by accepting such payments that the Executive has not accepted or obtained any full-time or substantial part-time employment or significant consulting services as of the payment dates. If the Executive accepts full-time
or substantial part-time employment or provides significant consulting services at any time during the Severance Period, the Executive shall provide the Company with prompt written notice thereafter and the Executive agrees that the payment of the
Separation Pay (or the remaining unpaid balance thereof, as applicable) shall be offset by the total compensation the Executive receives (or is entitled to receive) from such full-time or substantial part-time employment or significant consulting
services during the Severance Period. The Executive shall provide such documentation as the Company may reasonably request for purposes of calculating the offset amount. 

(c)    Definitions of Certain Terms. For purposes of this Agreement: 

(i)    “Cause” means the Executive’s (A) commission of an act
that constitutes common law fraud or a felony, commission of any other crime involving moral turpitude, or commission of any other tortious or unlawful act causing, or which may likely cause, material harm to the business, standing or reputation of
the Company without the good faith belief that such conduct was in the best interests of the Company; (B) material breach of this Agreement, after the Company has given the Executive thirty (30) days written notice and an opportunity to
cure such breach to the extent curable; (C) willful failure or refusal to perform the Executive’s material duties or obligations under this Agreement, including, without limitation, failure or refusal to abide by the directions of the
Board or any written policy adopted by the Board, in each case after the Company has given the Executive thirty (30) days written notice and an opportunity to cure such failure or refusal to the extent curable; (D) willful misconduct or
gross negligence in the performance of the Executive’s duties as an employee, officer or director of the Company or any of its subsidiaries or affiliates; or and (E) material misappropriation or embezzlement of any property of the Company.

 (ii)    “Disability” means a condition entitling the Executive to
benefits under the Company’s long term disability plan, policy or arrangement in which the Executive participates; provided, however, that if no such plan, policy or arrangement is then

  
 10 

 
maintained by the Company and applicable to the Executive, “Disability” shall mean the Executive’s inability to perform, with or without reasonable accommodation, his duties under
this Agreement due to a mental or physical condition that can be expected to result in death or that can be expected to last (or has already lasted) for a continuous period of 90 days or more, or for an aggregate of 180 days in any 365 consecutive
day period, as determined by the Board in its good faith discretion. 

(iii)    “Good Reason” means the occurrence, without the Executive’s
consent, of any of the following events, other than in connection with a termination of the Executive’s employment for Cause or due to death or Disability: (A) a material reduction in the Executive’s rate of base salary stated in
Section 5(a) and/or the amount of the Executive’s annual bonus opportunity described in Section 5(b); (B) an action by the Company resulting in a material diminution in the Executive’s titles, authority, duties, responsibilities
or direct reports, (C) the Company’s relocation of the Executive’s principal place of employment to a location outside of the fifty (50)-mile radius of Atlanta, Georgia; or (D) a material breach by the Company of this Agreement;
provided, however, that none of the events described in this sentence shall constitute Good Reason unless and until (V) the Executive reasonably determines in good faith that a Good Reason condition has occurred, (W) the
Executive first notifies the Company in writing describing in reasonable detail the condition which constitutes Good Reason within sixty (60 days) of its initial occurrence, (X) the Company fails to cure such condition within thirty
(30) days after the Company’s receipt of such written notice, (Y) notwithstanding such efforts, the Good Reason condition continues to exist, and (Z) the Executive terminates his employment within sixty (60) days after the
end of such thirty (30)-day cure period. If the Company cures the Good Reason condition during such cure period, Good Reason shall be deemed not be have occurred. 

(d)    Release of Claims. As a condition of receiving any severance for which he otherwise
qualifies under Section 7(b), the Executive agrees to execute, deliver and not revoke, within sixty (60) days following the date of the Executive’s termination of employment, a separation agreement containing a general release of
claims against the Company and its subsidiaries and their respective affiliates and their respective employees, officers, directors, owners and members, in substantially the form attached hereto as Exhibit A (the “Release”),
such Release to be delivered, and to have become fully irrevocable, on or before the end of such sixty (60)-day period. If the Release has not been executed and delivered and become irrevocable on or before
the end of such sixty (60)-day period, no amounts or benefits under Section 7(b) shall be or become payable. 

(e)    No Additional Rights. The Executive acknowledges and agrees that, except as specifically
described in this Section 7, all of the Executive’s rights to any compensation, benefits, bonuses or severance from the Company and its subsidiaries and affiliates after termination of the Employment Term shall cease upon such termination.

  
 11 

 8.    Notices. All notices, requests, demands, claims,
consents and other communications which are required, permitted or otherwise delivered hereunder shall in every case be in writing and shall be deemed properly served if: (a) delivered personally, (b) sent by registered or certified mail,
in all such cases with first class postage prepaid, return receipt requested, or (c) delivered by a recognized overnight courier service, to the parties at the addresses as set forth below: 

 

			
	 If to the Company:
	  	 Americold Logistics, LLC

		  	 10 Glenlake Parkway

		  	 South Tower, Suite 600

		  	 Attention: General Counsel

		  	 Atlanta, Georgia 30328

		
	 With copies to:
	  	 King & Spalding LLP

		  	 1180 Peachtree Street

		  	 Attention: C. Spencer Johnson, III

		
	 If to the Executive:
	  	 At the Executive’s residence address

		  	 as maintained by the Company in the

		  	 regular course of its business for

		  	 payroll purposes.

 or to such other address as shall be furnished in writing by either party to the other party; provided
that such notice or change in address shall be effective only when actually received by the other party. Date of service of any such notices or other communications shall be: (a) the date such notice is personally delivered, (b) three days
after the date of mailing if sent by certified or registered mail, or (c) one business day after date of delivery to the overnight courier if sent by overnight courier. 

9.    Arbitration. Except as otherwise provided in Section 6(h) in connection with equitable
remedies, any dispute, claim or controversy arising out of or relating to this Agreement, including, without limitation, any dispute, claim or controversy concerning the validity, enforceability, breach or termination hereof, if not resolved by the
parties, shall be finally settled by arbitration in accordance with the then-prevailing Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association, as modified herein (“Rules”). There shall be one
arbitrator who shall be jointly selected by the parties. If the parties have not jointly agreed upon an arbitrator within twenty (20) calendar days of respondent’s receipt of claimant’s notice of intention to arbitrate, either party
may request the American Arbitration Association to furnish the parties with a list of names from which the parties shall jointly select an arbitrator. If the parties have not agreed upon an arbitrator within ten (10) calendar days of the
transmittal date of such list, then each party shall have an additional five (5) calendar days in which to strike any names objected to, number the remaining names in order of preference, and return the list to the American Arbitration
Association, which shall then select an arbitrator in accordance with Rule 13 of the Rules. The place of arbitration shall be Atlanta, Georgia or such other location as mutually agreed in writing by the parties. By agreeing to arbitration, the
parties hereto do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction or with respect to other proceedings described in Section 6(h) (or delay any such proceedings), pre-arbitral attachment or other order in aid of arbitration. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16. Judgment upon the
award of the arbitrator may be entered in any court of competent jurisdiction. Each party shall bear its or his own costs and expenses in any such arbitration and one-half of the arbitrator’s fees and
expenses. 

  
 12 

 10.    Waiver of Jury Trial. THE PARTIES TO THIS
AGREEMENT EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED
WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE.
THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF
THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

11.    Section 409A. 

(a)    The intent of the parties is that payments and benefits under this Agreement comply with, or be
exempt from, Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and the Company shall have complete discretion to interpret and construe this
Agreement and any associated documents in any manner that establishes an exemption from (or compliance with) the requirements of Code Section 409A. If, for any reason, such as imprecision in drafting any provision of this Agreement (or of any
award of compensation, including, without limitation, equity compensation or benefits) does not accurately reflect its intended establishment of an exemption from (or compliance with) Code Section 409A, as demonstrated by consistent
interpretations or other evidence of intent, such provision shall be considered ambiguous as to its exemption from (or compliance with) Code Section 409A and shall be interpreted by the Company in a manner consistent with such intent, as
determined in the discretion of the Company. 
 (b)    A termination of employment shall not be deemed
to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Code Section 409A upon or following a termination of employment
unless such termination is also a “separation from service” within the meaning of Code Section 409A, and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of
employment” or like terms shall mean such a “separation from service.” The determination of whether and when a separation from service has occurred for proposes of this Agreement shall be made in accordance with the presumptions set
forth in Section 1.409A-1(h) of the Treasury Regulations. 

(c)    Any provision of this Agreement to the contrary notwithstanding, if at the time of the
Executive’s separation from service, the Company determines that the Executive is a “specified employee,” within the meaning of Code Section 409A, then to the extent any payment or benefit that the Executive becomes entitled to
under this Agreement on account of such separation from service would be considered nonqualified deferred compensation under Code Section 409A such payment or benefit shall be paid or provided at the date which is the earlier of (i) six
(6) months and one day after such separation from service and (ii) the date of the 

  
 13 

 
Executive’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 11(c) (whether they would
have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or provided to the Executive in a lump-sum, and any remaining payments and benefits due under this
Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 

(d)    Any reimbursements and in-kind benefits provided under this
Agreement that constitute deferred compensation within the meaning of Code Section 409A shall be made or provided in accordance with the requirements of Code Section 409A, including, without limitation, that (i) in no event shall any
fees, expenses or other amounts eligible to be reimbursed by the Company under this Agreement be paid later than the last day of the calendar year next following the calendar year in which the applicable fees, expenses or other amounts were
incurred; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits that the Company is obligated to pay or provide, in any given calendar year shall not affect the expenses that the
Company is obligated to reimburse, or the in-kind benefits that the Company is obligated to pay or provide, in any other calendar year; (iii) the Executive’s right to have the Company pay or provide
such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits apply later than the Executive’s remaining lifetime (or if longer, through the sixth (6th) anniversary of the Commencement Date). 

(e)    For purposes of Code Section 409A, the Executive’s right to receive any installment
payments shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (for example, payment shall be made “within thirty
(30) days following such termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. In no event may the Executive, directly or indirectly, designate the calendar year of any
payment to be made under this Agreement, to the extent such payment is subject to Code Section 409A. 

(f)    The Company makes no representation or warranty and shall have no liability to the Executive or any
other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Code Section 409A but do not satisfy an exemption from, or the conditions of, Code Section 409A. 

12.    General. 

(a)    Governing Law. Unless preempted by federal law, this Agreement and the legal relations thus
created between the parties hereto shall be governed by and construed in accordance with, the internal laws of the State of Georgia, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Georgia or
any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of Georgia. The parties hereto acknowledge and agree that this Agreement was executed and delivered in the State of Georgia. 

  
 14 

 (b)    Construction and Severability. Whenever
possible, each provision of this Agreement shall be construed and interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by, or invalid, illegal or unenforceable
in any respect under, any applicable law or rule in any jurisdiction, such prohibition, invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any other jurisdiction, and the parties undertake to
implement all efforts which are necessary, desirable and sufficient to amend, supplement or substitute all and any such prohibited, invalid, illegal or unenforceable provisions with enforceable and valid provisions in such jurisdiction which would
produce as nearly as may be possible the result previously intended by the parties without renegotiation of any material terms and conditions stipulated herein. 

(c)    Cooperation. During the Employment Period and thereafter, the Executive shall cooperate with
the Company and be reasonably available to the Company with respect to continuing and/or future matters related to the Executive’s employment period with the Company and/or its subsidiaries or affiliates, whether such matters are
business-related, legal, regulatory or otherwise (including, without limitation, the Executive appearing at the Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all
pertinent information and turning over to the Company all relevant documents which are or may come into the Executive’s possession). Following the Employment Term, the Company shall reimburse the Executive for all reasonable out of pocket
expenses incurred by the Executive in rendering such services that are approved by the Company. In addition, if more than an incidental cooperation is required at any time after the termination of the Executive’s employment, the Executive shall
be paid (other than for the time of actual testimony) a per day fee based on his base salary described in Section 5(a) at the time of such termination divided by 225. 

(d)    Nondisparagement. During the Employment Term and thereafter, the Executive shall not,
directly or indirectly, take any action, or encourage others to take any action, to disparage the Company, its employees, officers, directors, products, services, customers or owners; provided, however, this provision does not apply to the
Executive’s oral or written communications made in the performance of his duties as provided in this Agreement, including but not limited to expressions of opinion communicated internally at the Company or to the Company’s directors. 

(e)    Successors and Assigns. This Agreement shall bind and inure to the benefit of and be
enforceable by the Company and its successors and assigns and the Executive and the Executive’s heirs, executors, administrators, and successors; provided that the services provided by the Executive under this Agreement are of a personal
nature, and rights and obligations of the Executive under this Agreement shall not be assignable or delegable, except for any death payments otherwise due the Executive, which shall be payable to the estate of the Executive; provided
further the Company may assign this Agreement to, and all rights hereunder shall inure to the benefit of, any subsidiary or affiliate of the Company or any person, firm or corporation resulting from the reorganization of the Company or
succeeding to the business or assets of the Company by purchase, merger, consolidation or otherwise; and provided further that in the event of the Executive’s death, any unpaid amount due to the Executive under this Agreement shall be paid to
his estate. 

  
 15 

 (f)    Executive’s Representations. The Executive
hereby represents and warrants to the Company that: (i) the execution, delivery and performance of this Agreement by the Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument,
order, judgment or decree to which the Executive is a party or by which the Executive is bound; (ii) the Executive is not a party to or bound by any employment agreement, noncompetition or nonsolicitation agreement or confidentiality agreement
with any other person or entity besides the Company and (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of the Executive, enforceable in accordance with its teens.
THE EXECUTIVE HEREBY ACKNOWLEDGES AND REPRESENTS THAT THE EXECUTIVE HAS CONSULTED WITH INDEPENDENT LEGAL COUNSEL REGARDING THE EXECUTIVE’S RIGHTS AND OBLIGATIONS UNDER THIS AGREEMENT, TO THE EXTENT DETERMINED NECESSARY OR APPROPRIATE BY THE
EXECUTIVE, AND THAT THE EXECUTIVE FULLY UNDERSTANDS THE TERMS AND CONDITIONS CONTAINED HEREIN. 

(g)    Compliance with Rules and Policies. The Executive shall perform all services in accordance
with the policies, procedures and rules established by the Company and the Board. In addition, the Executive shall comply with all laws, rules and regulations that are generally applicable to the Company or its subsidiaries or affiliates and their
respective employees, directors and officers. 
 (h)    Withholding Taxes. All amounts payable
hereunder shall be subject to the withholding of all applicable taxes and deductions required by any applicable law. 

(i)    Entire Agreement. This Agreement constitutes the entire agreement and understanding between
the parties hereto with respect to the subject matter hereof and terminates and supersedes any and all prior agreements, understandings and representations, whether written or oral, by or between the parties hereto or their affiliates which may have
related to the subject matter hereof in any way, including, without limitation, the Prior Agreement and any other existing employment agreement or change of control agreement, which is hereby terminated and cancelled and of no further force or
effect, without the payment of any additional consideration by or to either of the parties hereto. 

(j)    Duration. Notwithstanding the Employment Term hereunder, this Agreement shall continue for
so long as any obligations remain under this Agreement. 
 (k)    Survival. The covenants set
forth in Sections 6 and 12(c) of this Agreement shall survive and shall continue to be binding upon the Executive notwithstanding the termination of this Agreement for any reason whatsoever. 

(l)    Amendment and Waiver. The provisions of this Agreement may be amended or waived only with
the prior written consent of the Company and the Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including, without limitation, the
Company’s right to terminate the Employment Term for Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any similar or 

  
 16 

 
dissimilar requirement, provision or condition of this Agreement at the same or any prior or subsequent time. Pursuit by either party of any available remedy, either in law or equity, or any
action of any kind, does not constitute waiver of any other remedy or action. Such remedies and actions are cumulative and not exclusive. 

(m)    Counterparts. This Agreement may be executed in two or more counterparts, all of which taken
together shall constitute one instrument. 
 (n)    Section References. Section headings in this
Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. The words Section and paragraph herein shall refer to provisions of this Agreement unless expressly indicated
otherwise. 
 (o)    No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring either party hereto by virtue of the authorship of any of the provisions of this Agreement. When the context admits or requires, words used in the masculine gender shall be construed to include the feminine, the plural shall
include the singular, and the singular shall include the plural. 
 (p)    Time of the Essence;
Computation of Time. Time is of the essence for each and every provision of this Agreement. Whenever the last day for the exercise of any privilege or the discharge or any duty hereunder shall fall upon a Saturday, Sunday, or any date on which
banks in New York, New York are authorized to be closed, the party having such privilege or duty may exercise such privilege or discharge such duty on the next succeeding day which is a regular business day. 

(q)    No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended or
shall be construed to give any person other than the parties to this Agreement and their respective heirs, executors, administrators, successors or permitted assigns any legal or equitable right, remedy or claim under or in respect of any agreement
or any provision contained herein. 
 (r)    Protected Rights. Nothing contained in this
Agreement limits the Executive’s ability to file a charge or complaint with the Equal Employment Opportunity Commission or any other federal, state or local governmental agency or commission (collectively, “Government
Agencies”), or prevents the Executive from providing truthful testimony in response to a lawfully issued subpoena or court order. Further, this Agreement does not limit the Executive’s ability to communicate with any Government
Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. 

(s)    Defend Trade Secrets Act. The Executive is hereby notified that under the Defend Trade
Secrets Act: (i) no individual shall be held criminally or civilly liable under federal or state trade secret law for disclosure of a trade secret (as defined in the Economic Espionage Act) that is: (A) made in confidence to a federal,
state, or local government official, either 

  
 17 

 
directly or indirectly, or to an attorney, and made solely for the purpose of reporting or investigating a suspected violation of law or (B) made in a complaint or other document filed in a
lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and (ii) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade
secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court
order. 
 (t)    Legal Fees. The Company shall promptly (and in any event prior to March 15,
2018) pay or reimburse the Executive’s reasonable legal fees and costs associated with entering into this Agreement upon the Company’s receipt of appropriate and reasonable documentation thereof, not to exceed ten thousand dollars
($10,000). 
 [Signature Page Follows] 

  
 18 

 [Signature Page to Employment Agreement] 

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have hereunto executed this Agreement as of the day and
year first written above. 
  

							
		 		 	 AMERICOLD LOGISTICS, LLC

				
	 Date:
                                         
                           
	 		 	 By:
	 	
                  
       

		 		 	 Name:
	 	
		 		 	 Title:
	 	
			
		 		 	 FRED BOEHLER

			
	 Date: :
                                         
                           
	 		 	  

  
 19 

 Exhibit A: Form of Release 

WAIVER AND RELEASE 

This Waiver and Release (this “Release”) is executed by Fred Boehler (the “Executive”)
pursuant to Section 7(d) of the Employment Agreement, dated as of [●], by and between [AMERICOLD LOGISTICS, LLC] and the Executive (the “Employment Agreement”). Capitalized terms used but not defined in this Release have
the meanings given to them in the Employment Agreement. 
 1.    General Release. In
consideration of the payments and benefits to be provided to the Executive pursuant to Section 7(b) of the Employment Agreement, the Executive, on behalf of himself and anyone claiming through him, hereby fully and completely releases,
acquits and forever discharges the Company, its affiliates and related entities, and each of their respective current and former employees, officers, directors, shareholders, partners, members, managers, agents, employee benefit plans and
fiduciaries, insurers, trustees, attorneys, joint venture partners, transferees, successors and assigns (each a “Released Party” and collectively, the “Released Parties”), collectively, separately, and severally, of
and from any and all claims, demands, damages, causes of action, debts, liabilities, controversies, judgments, and suits of every kind and nature whatsoever, foreseen, unforeseen, known or unknown, that arise out of or relate to the Executive’s
employment or termination of employment with the Company and that the Executive has had, now has, or may have against the Released Parties (or any of them) at any time up to and including the date the Executive signs this Release, with the exception
of the claims set forth in Section 2 below (the claims released in this Release are collectively referred to as the “Released Claims”). The Released Claims include all claims arising under any federal,
state or local statute or ordinance, constitutional provision, public policy or common law, including Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967 (the “ADEA”), the Equal Pay Act, the
Civil Rights Act of 1866, the Civil Rights Act of 1871, the Employee Retirement Income Security Act (with respect to unvested benefits), COBRA, the Americans with Disabilities Act, the Family and Medical Leave Act, the Georgia Equal Pay Act, the
Georgia Prohibition of Age Discrimination in Employment Act, and the Georgia Equal Employment for People with Disabilities Code, all as amended; all claims arising under discrimination laws, whistleblower laws and laws relating to violation of
public policy, retaliation, or interference with legal rights; all claims for compensation of any type whatsoever, including claims for wages, bonuses, commissions, equity, vacation, sick leave, PTO and severance; all claims arising under tort,
contract and/or quasi-contract law, including all claims arising under the Employment Agreement; and all claims for monetary or equitable relief, including attorneys’ fees, back pay, front pay, reinstatement, experts’ fees, medical
expenses, costs and disbursements. The Executive hereby waives any right to seek or recover any individual relief (including any money damages, reinstatement, or other relief) in connection with any of the Released Claims through any charge,
complaint, lawsuit, or other proceeding, whether commenced or maintained by the Executive or by any other person or entity, with the exception of any right to seek an award pursuant to Section 21F of the Securities Exchange Act of 1934. 

  
 20 

 2.    Excluded Claims. The Released Claims do not
include (a) any claims for vested benefits to which the Executive is entitled upon the termination of his employment in accordance with the terms of the applicable benefit plans (for the avoidance of doubt, no term or provision under the
Employment Agreement shall be deemed a benefit plan for purposes of this Release); (b) any claims related to acts, omissions or events occurring after the date this Release is signed by the Executive; (c) any right that the Executive may have
to indemnification or insurance coverage under the Company’s organizational documents or any directors and officers insurance policy; (d) any claims that cannot legally be waived by private agreement. 

3.    Covenant Not to Sue. Except for an action to challenge the validity of the Executive’s
release of claims under the ADEA, or as otherwise provided in Section 5 below, the Executive promises that he will not file, instigate or participate in any proceeding against any of the Released Parties relating to any of
the Released Claims. In the event the Executive breaches the covenant contained in this Section 3, the Executive agrees to indemnify the Released Parties for all damages and expenses, including attorneys’ fees,
incurred by any Released Parties in defending, participating in or investigating any matter or proceeding covered by this Section 3. 

4.    Representations. The Executive represents and warrants that (a) the Executive has been
properly paid for all hours worked and has received all wages, bonuses, vacation pay, expense reimbursements and any other sums due from the Company (with the exception of the payments and benefits to be provided pursuant to Section 7(b) of the
Employment Agreement); (b) the Executive has returned all Company property in his possession or control and has permanently deleted any Confidential Information stored on any electronic device, web-based email
or other storage location not owned by the Company but within the Executive’s possession or control; (c) the Executive has suffered no work-related injury or occupational disease during the course of his employment with the Company that he
has not reported in writing to the Company; (d) the Executive is not aware of any activity by the Company or any other Released Party that he believes to be unlawful or potentially unlawful; (e) the Executive has not filed any complaints,
claims or actions against the Company or any other Released Party; and (f) the Executive has not assigned, transferred, conveyed or otherwise disposed of any Released Claims. 

5.    Protected Rights. Nothing contained in this Release limits the Executive’s ability to
file a charge or complaint with the Equal Employment Opportunity Commission or any other federal, state or local governmental agency or commission (collectively, “Government Agencies”). Further, this Release does not limit the
Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to
the Company. 
 6.    Consideration Period. The Executive understands that he has [twenty-one (21) days / forty-five (45) days]1 to consider this Release before deciding whether to sign it. The Executive may sign this Release sooner
if he chooses, but no sooner than the date of termination of his employment. If the Executive chooses to sign this Release before the expiration of such [21-day /
45-day] period, he represents that his decision to do so is knowing and voluntary. The Executive agrees that any changes made to this Release after it was delivered to him, whether material or immaterial, do
not restart the [21-day / 45-day] period described in this Section. The Company advises the Executive to consult with an attorney before signing this Release. 

 
  

	 1 
	 To be determined by the Company at the time of termination in accordance with applicable law.

  
 21 

 7.    Right to Revoke. The Executive understands that
he has the right to revoke this Release within seven (7) days after signing it. This Release shall not become effective until the eighth day following the date on which the Executive has signed it without having revoked it (the
“Effective Date”). If the Executive chooses to revoke this Release, he must deliver written notice of revocation to the Company in accordance with Section 8 of the Employment Agreement. Any such notice of revocation must be
delivered to the Company in a manner calculated to ensure receipt prior to 11:59 p.m. Eastern Time on the day prior to the Effective Date. The Executive understands that if he revoke this Release, he will not be entitled to any of the benefits
provided hereunder. 
 8.    General Provisions. The Released Parties expressly deny that they
have any liability to the Executive, and this Release is not to be construed as an admission of any such liability. This Release is to be construed under the laws of the State of Georgia. This Release constitutes the entire agreement between the
Executive and the Company with respect to the issues addressed in this Release. The Executive represents that he is not relying on any other agreements or oral representations not fully expressed in this Release. This Release may not be modified
except in writing signed by the Executive and an authorized Company representative. The headings in this Release are for reference only, and do not in any way affect the meaning or interpretation of this Release. As used herein, the phrase
“including” means “including, but not limited to” in each instance. “Or” is used in the inclusive sense of “and/or”. Should any part of this Release be found to be void or unenforceable by a court of competent
jurisdiction or Government Agency, such determination will not affect the remainder of this Release. 
  

	
	 ACCEPTED AND AGREED BY:

	
	  

	 Fred Boehler

	
	  

	 Date

  
 22

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