Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND JOINDER AGREEMENT 

THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT AND JOINDER AGREEMENT, dated as of November 16, 2015 (this “Agreement”),
is entered into by and among the lenders party hereto (each, a “New Term Loan Lender”), Blue Coat Holdings, Inc., a Delaware corporation (the “Borrower”), and Jefferies Finance LLC, as the Administrative Agent (the
“Administrative Agent”). 
 RECITALS: 

WHEREAS, reference is hereby made to the Credit Agreement, dated as of May 22, 2015 (as amended, restated, amended and restated,
supplemented or otherwise modified from time prior to the date hereof, the “Credit Agreement”), among Batman Intermediate Holdings B, Inc., a Delaware corporation, the Borrower, the lending institutions from time to time party
thereto, and Jefferies Finance LLC, as the Administrative Agent, the Collateral Agent, a Letter of Credit Issuer, the Swingline Lender and a Lender (capitalized terms used but not defined herein having the meaning provided in the Credit Agreement);

 WHEREAS, the Borrower intends to acquire (the “Acquisition”) Elastica, Inc., a Delaware corporation (the
“Target”), through its indirect wholly-owned subsidiary, Willow Merger Sub, Inc., a Delaware corporation (“Merger Sub”), pursuant to an Agreement and Plan of Merger, dated as of November 4, 2015, by and among
the Borrower, Merger Sub, the Target and the Representative identified therein (together with the schedules and exhibits thereto, and as may be amended, modified, supplemented or waived from time to time in accordance with Section 6(c) of this
Agreement, the “Acquisition Agreement”); 
 WHEREAS, subject to the terms and conditions of the Credit Agreement,
the Borrower may establish New Term Loan Commitments by, among other things, entering into one or more Joinder Agreements with New Term Loan Lenders; 

WHEREAS, in connection with the Acquisition, the Borrower has requested New Term Loan Commitments in an aggregate principal amount of
$225,000,000 (the “New Term Loan Commitments”), which will be available on the Effective Date (as defined below) and which New Term Loan Commitments shall constitute New Term Loan Commitments under the Credit Agreement, and the
loans thereunder (the “New Term Loans”); 
 WHEREAS, in connection with the New Term Loan Commitments, the Borrower
has requested, and the Administrative Agent has agreed to, an amendment of the Credit Agreement to extend the applicable period for the prepayment premium set forth in Section 5.1(b) of the Credit Agreement from six-months after the
Closing Date to six-months after the Effective Date; and 
 WHEREAS, the New Term Loan Lender party hereto hereby commits to provide
its New Term Loan Commitment as set forth on Schedule A annexed hereto, on the terms and subject to the conditions set forth in this Agreement; 

 NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants
herein contained, the parties hereto agree as follows: 
 SECTION 1. Term Loan Increase. 

 

	(a)	Pursuant to Section 2.14(a) and (d) of the Credit Agreement, upon the funding of the New Term Loans on the Effective Date, the New Term Loans shall be deemed a Term Loan Increase and
automatically and without further action by any Person shall constitute additional Initial Term Loans (and shall have the same terms as the Initial Term Loans (including the same Applicable Margin)) for all purposes of the Credit Agreement and the
other Credit Documents (other than to the extent a reference to the Initial Term Loans in the Credit Agreement or such other Credit Documents is qualified by reference to the Closing Date (including, for the avoidance of doubt, all references to the
Initial Term Loans in Section 6 of the Credit Agreement)). 

  

	(b)	Pursuant to Section 2.14(d) of the Credit Agreement, (i) the scheduled amortization payments in respect of Initial Term Loans under Section 2.5(b) of the Credit Agreement shall be
automatically ratably increased as a result of the incurrence of the New Term Loans (and, for the avoidance of doubt, the reference in Section 2.5(b) to “the aggregate principal amount of all Initial Term Loans outstanding on the
Closing Date” shall be deemed to include the aggregate principal amount of New Term Loans outstanding on the Effective Date) and (ii) the Administrative Agent shall take any and all action as may be reasonably necessary to ensure that the
New Term Loans are included in each repayment of Initial Term Loans on a pro rata basis (with the New Term Loans being fungible with the Initial Term Loans). Any remaining outstanding amount of New Term Loans shall be repaid in full on the Initial
Term Loan Maturity Date. 

  

	(c)	Scheduled installments of the principal of the New Term Loans set forth above shall be reduced by the amount of the relevant scheduled principal payment that has been prepaid or deemed prepaid in accordance with
Section 2.5(b) of the Credit Agreement. 

  

	(d)	In the event that, prior to the six-month anniversary of the Effective Date, the Borrower (i) makes any prepayment of New Term Loans in connection with any Repricing Transaction the primary purpose of which is to
decrease the Effective Yield on such New Term Loans or (ii) effects any amendment of the Credit Agreement resulting in a Repricing Transaction the primary purpose of which is to decrease the Effective Yield on the New Term Loans, the Borrower
shall pay to the Administrative Agent, for the ratable account of each of the applicable Lenders, (x) in the case of clause (i), a prepayment premium of 1.00% of the principal amount of New Term Loans being prepaid in connection with such
Repricing Transaction and (y) in the case of clause (ii), a premium equal to 1.00% of the aggregate amount of the New Term Loans outstanding immediately prior to such amendment that are subject to an effective pricing reduction pursuant to such
Repricing Transaction. 

  

	(e)	The New Term Loan Commitments provided for hereunder shall terminate on the Effective Date immediately upon the borrowing of the New Term Loans. 

SECTION 2. Amendments to Credit Agreement. The Borrower and the Administrative Agent agree that, on the Effective
Date, the Credit Agreement shall be amended as follows: 
  

	(a)	Section 1.1 of the Credit Agreement is amended by adding the following definitions in the appropriate alphabetical order: 

“Amendment No. 1 to Credit Agreement” means Amendment No. 1 to Credit Agreement and Joinder Agreement, dated as of
November 16, 2015, by and among the Borrower, the Lenders party thereto and the Administrative Agent. 

  
 2 

 “Amendment No. 1 Effective Date” means November 16, 2015, being the
date on which Joinder and Amendment No. 1 to Credit Agreement became effective. 
  

	(b)	Section 5.1(b) of the Credit Agreement is amended by replacing the words “prior to the six-month anniversary of the Closing Date” in the first sentence thereof with “prior to the six-month
anniversary of the Amendment No. 1 Effective Date”. 

 SECTION 3. New Term Loan Lender.
 
  

	(a)	The New Term Loan Lender (i) confirms that it has received a copy of the Credit Agreement and the other Credit Documents and the exhibits thereto, together with copies of the most recent financial statements
delivered pursuant to Section 9.1 of the Credit Agreement, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will,
independently and without reliance upon the Administrative Agent, the Collateral Agent, any other New Term Loan Lender or any other Lender or Agent, and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers
under the Credit Agreement and the other Credit Documents as are delegated to the Administrative Agent or the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto; and
(iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender. 

 

	(b)	The New Term Loan Lender acknowledges and agrees that upon its execution of this Agreement and the making of the New Term Loans, as the case may be, that such New Term Loan Lender shall become a
“Lender” under, and for all purposes of, the Credit Agreement and the other Credit Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender
thereunder and under any intercreditor agreement, as applicable, pursuant to Section 12.13 of the Credit Agreement. 

SECTION 4. Borrower Certifications. By its execution of this Agreement, the undersigned officer of the Borrower,
to the best of his or her knowledge, hereby certifies, solely in his or her capacity as an officer of the Borrower and not in his or her individual capacity, that no Event of Default under Section 11.1 or Section 11.5 of the
Credit Agreement exists on the date hereof before or after giving Pro Forma Effect to the New Term Loan Commitments contemplated hereby and to the Acquisition occurring in connection therewith. 

SECTION 5. Representations and Warranties. The Borrower makes the following representations and warranties to the Lenders
and the Administrative Agent, all of which shall survive the execution and delivery of this Agreement and the making of the New Term Loans: 

(a) Corporate Status. The Borrower (a) is a duly organized and validly existing corporation in good standing under the laws of the
jurisdiction of its organization and has the corporate power and authority to own its property and assets and to transact the business in which it is engaged and (b) has duly qualified and is authorized to do business and is in good standing
(if applicable) in all jurisdictions where it is required to be so qualified, except where the failure to be so qualified, authorized and in good standing would not reasonably be expected to result in a Material Adverse Effect. 

  
 3 

	(b)	Corporate Power and Authority. The Borrower has the corporate power and authority to execute, deliver and carry out the terms and provisions of this Agreement and has taken all necessary corporate action to
authorize the execution, delivery and performance of this Agreement. The Borrower has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid, and binding obligation of the Borrower enforceable in accordance with
its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity (provided that, with respect to the creation and
perfection of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries, only to the extent the creation and perfection of such obligation is governed by the Uniform Commercial Code).

  

	(c)	No Violation. Neither the execution, delivery or performance by the Borrower of this Agreement nor compliance with the terms and provisions hereof will (a) contravene any applicable provision of any law,
statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality, other than any such contravention that would not reasonably be expected to result in a Material Adverse Effect, (b) result in any breach
of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of the Borrower or any of the
Restricted Subsidiaries (other than Liens created under the Credit Documents or Permitted Liens) pursuant to, the terms of any material Contractual Requirement of the Borrower or any of the Restricted Subsidiaries, other than any such breach,
default or Lien that would not reasonably be expected to result in a Material Adverse Effect or (c) violate any provision of the certificate of incorporation, bylaws, articles or other Organizational Documents of the Borrower or any of the
Restricted Subsidiaries. 

  

	(d)	Government Approvals. The execution, delivery and performance of this Agreement by the Borrower does not require any consent or approval of, registration or filing with, or other action by, any Governmental
Authority, except for (i) such as have been obtained or made and are in full force and effect, (ii) filings, consents, approvals, registrations and recordings in respect of the Liens created pursuant to the Security Documents (and to
release existing Liens), and (iii) such licenses, approvals, authorizations, registrations, filings, consents or other actions the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect.

 SECTION 6. Conditions to Effectiveness. This Agreement shall become effective on the first date
(the “Effective Date”) when the following conditions set forth below have been satisfied or waived (by the Administrative Agent, in its sole discretion): 
  

	(a)	Joinder Documents. The Administrative Agent (or its counsel) shall have received: 

  

	 	1.	this Agreement, executed and delivered by a duly Authorized Officer of the Borrower; 

  

	 	2.	supplements to the Guarantee, the Pledge Agreement and the Security Agreement (collectively, the “Supplement Security Agreements”), in each case, executed and delivered by a duly Authorized Officer of
the Target (the “New Credit Party”); and 

  

	 	3.	a reaffirmation agreement in customary form, executed and delivered by the Credit Parties (other than the New Credit Party), pursuant to which each Credit Party shall have reaffirmed the applicable security interest and
guarantees under the Guarantee, the Pledge Agreement and the Security Agreement, as applicable. 

  
 4 

	(b)	Collateral. 

  

	 	1.	The Collateral Agent shall have received the certificates, if any, representing securities of the New Credit Party (to the extent certificated, accompanied by undated stock powers endorsed in blank); and

  

	 	2.	All Uniform Commercial Code financing statements in the jurisdiction of organization of New Credit Party to be filed, registered or recorded to perfect the Liens intended to be created by any Security Document to the
extent required by, and with the priority required by, such Security Document shall have been delivered to the Collateral Agent for filing, registration or recording. 

 

	(c)	Acquisition. The Acquisition shall have been, or substantially concurrently with the initial borrowing of the New Term Loans shall be, consummated in all material respects in accordance with the Acquisition
Agreement. No provision of the Acquisition Agreement shall have been waived, amended, consented to or otherwise modified in a manner material and adverse to the New Term Loan Lender (in its capacity as such) without the consent of the Lead Arranger
(as defined in the Commitment Letter (as defined below)) (not to be unreasonably withheld, delayed, denied or conditioned and provided that the Lead Arranger shall be deemed to have consented to such waiver, amendment, consent or other modification
unless they shall object thereto within three (3) Business Days after notice of such waiver, amendment, consent or other modification); provided that (i)(x) any reduction in the purchase price for the Acquisition set forth in the
Acquisition Agreement shall not be deemed to be material and adverse to the interests of the New Term Loan Lender so long as any such reduction is applied (1) first, to reduce Cash Consideration (as defined in the Commitment Letter) to $0 and
(2) thereafter, to reduce the New Term Loans and (y) any increase in the purchase price set forth in the Acquisition Agreement shall be deemed to be not material and adverse to the interests of the New Term Loan Lender so long as such
purchase price increase is not funded with additional indebtedness (it being understood and agreed that no purchase price, working capital or similar adjustment provisions set forth in the Acquisition Agreement shall constitute a reduction or
increase in the purchase price) and (ii) any change to the definition of Company Material Adverse Effect (as defined in the Acquisition Agreement as in effect November 4, 2015) shall be deemed materially adverse to the New Term Loan Lender
and shall require the consent of the Lead Arranger (not to be unreasonably withheld, delayed, denied or conditioned). 

  

	(d)	Patriot Act, Know Your Customer Regulation. The Administrative Agent shall have received (at least two (2) Business Days prior to the Effective Date) all documentation and other information about the
Borrower and each Guarantor, as applicable, as has been reasonably requested in writing at least 10 Business Days prior to the Effective Date by the Administrative Agent or the Lead Arranger that is required by regulatory authorities under
applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act. 

  

	(e)	Solvency Certificate. On the Effective Date, the Administrative Agent shall have received a certificate from the Chief Financial Officer of the Borrower (or other officer of the Borrower with similar
responsibilities) to the effect that after giving effect to the consummation of the Acquisition, the Borrower, together with the Restricted Subsidiaries on a consolidated basis, is Solvent. 

 

	(f)	 Effective Date Certificate. The Administrative Agent (or its counsel) shall have received (x) an executed legal opinion, in customary
form, from Ropes & Gray LLP, as counsel to the Credit Parties and (y) a certificate of the Borrower and the New Credit Party, dated the Effective Date, substantially in the form of Exhibit L to the Credit Agreement, with appropriate
insertions and attaching (i) a copy of the resolutions of the applicable governing body of the Borrower and the 

  
 5 

	 	
New Credit Party (or a duly authorized committee thereof) authorizing (a) the execution, delivery, and performance of (1) in the case of the Borrower, this Agreement and (2) in the
case of the New Credit Party, the Supplement Security Agreements (and, in each case, any agreements relating thereto) and (b) in the case of the Borrower, the extensions of credit contemplated hereunder to be made on the Effective Date,
(ii) the applicable Organizational Documents of the Borrower and the New Credit Party and, to the extent applicable in the jurisdiction of organization of the Borrower and the New Credit Party, a certificate as to its good standing as of a
recent date from an applicable Governmental Authority in such jurisdiction of organization and (iii) signature and incumbency certificates (or other comparable documents evidencing the same) of the Authorized Officers of the Borrower and the
New Credit Party executing the Credit Documents to which it is a party. 

  

	(g)	Notice of Borrowing. The Administrative Agent (or its counsel) shall have received a Notice of Borrowing with respect to the New Term Loans to be made on the Effective Date (which notice may be conditioned on the
consummation of the Acquisition), which shall be delivered to the Administrative Agent (i) in the case of New Term Loans that are ABR Loans, prior to 4:00 p.m. (New York City time) at least one Business Day prior to the Effective Date, and
(ii) in the case of New Term Loans that are LIBOR Loans, prior to 1:00 p.m. (New York City time) at least one Business Day prior to the Effective Date (or, in each case, such shorter notice as is approved by the Administrative Agent in its
reasonable discretion). 

  

	(h)	Fees and Expenses. All fees required to be paid on the Effective Date pursuant to the Incremental Fee Letter, dated as of November 4, 2015, between the Borrower and the Lead Arranger, and reasonable
out-of-pocket expenses required to be paid on the Effective Date pursuant to the Commitment Letter, dated as of November 4, 2015, between the Borrower and the Lead Arranger (the “Commitment Letter”), in each case to the extent
invoiced at least three (3) Business Days prior to the Effective Date, shall have been paid, or shall be paid substantially concurrently with, the borrowing of the New Term Loans. 

 

	(i)	No Company Material Adverse Effect. Since December 31, 2014, no Company Material Adverse Effect (as defined in the Acquisition Agreement) has occurred. Since the date of the Acquisition Agreement, there
shall not have occurred any Company Material Adverse Effect that is continuing at the Effective Date. 

  

	(j)	Specified Representations. The Specified Representations (as defined in the Commitment Letter) shall be true and correct in all material respects (except for representations and warranties that are already
qualified by materiality, which representations and warranties shall be true and correct in all respects after giving effect to such materiality qualification) as of the Effective Date. 

 

	(k)	Specified Acquisition Agreement Representations. The Specified Acquisition Agreement Representations (as defined in the Commitment Letter) shall be true and correct in all material respects (except for
representations and warranties that are already qualified by materiality, which representations and warranties shall be true and correct in all respects after giving effect to such materiality qualification) as of the Effective Date, but only to the
extent that Merger Sub (or any of its affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the Acquisition Agreement or decline to consummate the Acquisition (in each case, in accordance
with the terms of the Acquisition Agreement) as a result of a breach of such Specified Acquisition Agreement Representation. 

  
 6 

	(l)	Officer’s Certificate. The Administrative Agent (or its counsel) shall have received a certificate of the Borrower, dated as of the Effective Date, confirming (x) satisfaction of the conditions set
forth in clauses (c), (i), (j) and (k) of this Section 6 and (y) that the incurrence of the New Term Loans on the Effective Date is in compliance with Section 2.14 of the Credit Agreement, including that no Event of
Default under Section 11.1 or Section 11.5 of the Credit Agreement exists on the Effective Date before or after giving Pro Forma Effect to the New Term Loan Commitments contemplated by this Agreement and to the Acquisition
occurring in connection therewith. 

  

	(m)	Officer’s Certificate. Solely in the case of the amendments to the Credit Agreement set forth in Section 2 to this Agreement, the Administrative Agent (or its counsel) shall have received a certificate
of the Borrower, dated as of the Effective Date, confirming that, among other things, on the Effective Date and also after giving effect thereto (a) no Default or Event of Default has occurred and is continuing and (b)(i) all representations
and warranties made by any Credit Party contained in the Credit Agreement or in the other Credit Documents shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on and as
of the Effective Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date) and
(ii) the representations and warranties set forth in Section 5 of this Agreement shall be true and correct in all material respects. 

SECTION 7. Miscellaneous.  

 

	(a)	Credit Agreement Governs. Except as set forth in this Agreement, the New Term Loans shall otherwise be subject to the provisions of the Credit Agreement and the other Credit Documents. 

 

	(b)	Notice. For purposes of the Credit Agreement, the initial notice address of the New Term Loan Lender shall be as set forth below its signature below. 

 

	(c)	Recordation of New Loans. Upon execution and delivery hereof, the Administrative Agent will record the New Term Loans made by the New Term Loan Lender in the Register. 

 

	(d)	Amendment, Modification and Waiver. This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto.

  

	(e)	Entire Agreement. This Agreement, the Credit Agreement and the other Credit Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all
other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof. 

  

	(f)	GOVERNING LAW; WAIVER OF JURY TRIAL.  

  

	 	1.	 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT (A) THE INTERPRETATION OF THE DEFINITION OF COMPANY MATERIAL ADVERSE EFFECT AND WHETHER A COMPANY MATERIAL ADVERSE EFFECT HAS OCCURRED, (B) THE ACCURACY OF ANY SPECIFIED
ACQUISITION AGREEMENT REPRESENTATIONS AND WHETHER MERGER SUB (OR ANY OF ITS AFFILIATES) HAVE THE RIGHT (TAKING INTO ACCOUNT ANY 

  
 7 

	 	
APPLICABLE CURE PROVISIONS) TO TERMINATE MERGER SUB’S (OR SUCH AFFILIATES’) OBLIGATIONS UNDER THE ACQUISITION AGREEMENT OR DECLINE TO CONSUMMATE THE ACQUISITION (IN EACH CASE, IN
ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT) AS A RESULT OF A BREACH OF SUCH SPECIFIED ACQUISITION AGREEMENT REPRESENTATIONS AND (C) WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION
AGREEMENT SHALL, IN EACH CASE, BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY IN SUCH STATE (WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).

  

	 	2.	EACH PARTY HERETO BY ITS ACCEPTANCE OF THE TERMS HEREOF HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) THE RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION, PROCEEDING, CLAIM OR
COUNTERCLAIM BROUGHT BY ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR THE PERFORMANCE OF SERVICES HEREUNDER. 

  

	(g)	Submission to Jurisdiction; Waivers. Each party hereto irrevocably and unconditionally: 

  

	 	1.	submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit Documents to which it is a party to the exclusive general jurisdiction of the courts of the State of
New York or the courts of the United States for the Southern District of New York, in each case sitting in New York City in the Borough of Manhattan, and appellate courts from any thereof; 

 

	 	2.	consents that any such action or proceeding shall be brought in such courts and waives (to the extent permitted by applicable law) 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 or to commence or support any such action or proceeding in any other courts; 

 

	 	3.	agrees that service of process in any such action or proceeding shall be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at
its address set forth on the signature pages hereto, at its address set forth on Schedule 13.2 of the Credit Agreement or at such other address of which the Administrative Agent shall have been notified pursuant to Section 13.2 of the
Credit Agreement, as applicable. 

  

	 	4.	agrees that nothing herein shall affect the right of the Administrative Agent, any Lender or another Secured Party to effect service of process in any other manner permitted by law; and 

 

	 	5.	waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 7(g) any special, exemplary, punitive or consequential
damages. 

  
 8 

	(h)	Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction 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. 

 

	(i)	Section Headings. Section headings herein are for convenience of reference only and shall not affect the interpretation hereof. 

 

	(j)	Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile or other electronic transmission), and all of said
counterparts taken together shall be deemed to constitute one and the same instrument. 

  

	(k)	Credit Document. On and after the Effective Date, this Agreement shall constitute a “Credit Document” for all purposes of the Credit Agreement and the other Credit Documents (it being understood that
for the avoidance of doubt this Agreement may be amended or waived solely by the parties hereto as set forth in clause (d) of this Section 7). 

[Signature pages follow] 

  
 9 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Agreement as of the date first set forth above. 
  

			
	JEFFERIES FINANCE LLC, as New Term Loan Lender
		
	By:	 	/s/ Brian Buoye
	Name:	 	Brian Buoye
	Title:	 	Managing Director

  

			
	BLUE COAT HOLDINGS, INC.
		
	By:	 	/s/ Gregory Hampton
	Name:	 	Gregory Hampton
	Title:	 	Chief Financial Officer

 
			
	 JEFFERIES FINANCE LLC,
 as
Administrative Agent

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

 SCHEDULE A 
  

					
	 Name of New Term Loan Lender
	  	Commitment Amount	 
	 Jefferies Finance LLC
	  	$	225,000,000	  
		  	  
	  
	 
	 Total:
	  	$	225,000,000EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
 PLEDGE
AGREEMENT 
 THIS PLEDGE AGREEMENT, dated as of May 22, 2015 (as the same may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time, this “Pledge Agreement”), among Batman Intermediate Holdings B, Inc., a Delaware corporation (“Holdings”), Batman Merger Sub, Inc., a Delaware corporation (as
further defined in Section 1.1 of the Credit Agreement described below, the “Borrower”), each of the Subsidiaries of the Borrower listed on the signature pages hereto or that becomes a party hereto pursuant to
Section 29 hereof (each such Subsidiary being a “Subsidiary Pledgor” and, collectively, the “Subsidiary Pledgors”; the Subsidiary Pledgors, Holdings and the Borrower are referred to collectively as the
“Pledgors”), and Jefferies Finance LLC, as collateral agent (in such capacity, together with any successor collateral agent appointed pursuant to the Credit Agreement, the “Collateral Agent”) for the benefit of the
Secured Parties. 
 W I T N E S S E T H: 

WHEREAS, Holdings and the Borrower are party to the Credit Agreement, dated as of the date hereof (as the same may be amended, restated,
amended and restated, supplemented or otherwise modified, refinanced or replaced from time to time, the “Credit Agreement”), among Holdings, the Borrower, the Lenders from time to time party thereto, Jefferies Finance LLC, as the
Administrative Agent, the Collateral Agent, a Letter of Credit Issuer, the Swingline Lender and a Lender, and the other parties party thereto; 

WHEREAS, (a) pursuant to the Credit Agreement, the Lenders have severally agreed to make Loans to the Borrower, the Swingline Lender has
agreed to make Swingline Loans to the Borrower and the Letter of Credit Issuer has agreed to issue Letters of Credit for the account of Holdings, the Borrower and the Restricted Subsidiaries (such Loans, Swingline Loans and Letters of Credit,
collectively, the “Extensions of Credit”) upon the terms and subject to the conditions set forth therein and (b) one or more Cash Management Banks, Bank Product Providers or Hedge Banks may from time to time enter into Secured
Cash Management Agreements, Secured Bank Product Agreements or Secured Hedge Agreements with Holdings, the Borrower and/or the Restricted Subsidiaries; 

WHEREAS, pursuant to the Guarantee, dated as of the date hereof (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “Guarantee”), each Pledgor (other than the Borrower) has agreed to unconditionally and irrevocably guarantee, as primary obligor and not merely as surety, to the Collateral Agent for the benefit of
the Secured Parties, the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations in accordance with and subject to the terms and conditions of the Guarantee; 

WHEREAS, the Extensions of Credit will be used by the Borrower and its Subsidiaries to effect the Transactions and for general corporate
purposes (including for working capital, capital expenditures and any transaction or other action not prohibited by the Credit Documents); 

WHEREAS, each Pledgor acknowledges that it will derive substantial direct and indirect benefit from the Extensions of Credit and the provision
of the Secured Cash Management Agreements, Secured Bank Product Agreements and Secured Hedge Agreements; 

 WHEREAS, as of the date hereof, (a) the Pledgors are the legal and beneficial owners of the
Equity Interests described in Schedule 1 hereto and issued by the entities named therein (such Equity Interests, together with any Equity Interests of the issuer of such Equity Interests or any other Wholly-Owned Restricted Subsidiary that is
a Material Subsidiary directly held by any Pledgor in the future, in each case, except to the extent excluded from the Collateral pursuant to the last paragraph of Section 2 below, referred to collectively herein as the “Pledged
Shares”) and (b) each of the Pledgors is the legal and beneficial owner of the Indebtedness evidenced by a promissory note in excess of $15,000,000 and, if any, described in Schedule 1 hereto (together with any other
Indebtedness owed to any Pledgor hereafter and required to be pledged pursuant to Section 9.12 of the Credit Agreement, the “Pledged Debt”); and 

NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent, the Collateral Agent, the Lenders, the Swingline
Lender and the Letter of Credit Issuer to enter into the Credit Agreement and to induce the Lenders to make their respective Loans, the Swingline Lender to make Swingline Loans and the Letter of Credit Issuer to issue Letters of Credit for the
account of Holdings, the Borrower and the Restricted Subsidiaries under the Credit Agreement, and to induce one or more Agents, Lenders or Affiliates of an Agent or a Lender to enter into Secured Cash Management Agreements, Secured Bank Product
Agreements or Secured Hedge Agreements with Holdings, the Borrower and/or the Restricted Subsidiaries, the Pledgors hereby agree with the Collateral Agent, for the benefit of the Secured Parties, as follows: 

1. Defined Terms. 
 (a)
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. Any term used herein or in the Credit Agreement without definition that is defined in the UCC has
the meaning given to it in the UCC. 
 (b) “Borrower” shall have the meaning provided in the preamble hereto. 

(c) “Collateral” shall have the meaning provided in Section 2. 

(d) “Collateral Agent” shall have the meaning provided in the preamble hereto. 

(e) “Extensions of Credit” shall have the meaning provided in the preamble hereto. 

(f) “Guarantee” shall have the meaning provided in the recitals hereto. 

(g) “Holdings” shall have the meaning provided in the preamble hereto. 

(h) “Intercreditor Agreement” shall mean any Junior Lien Intercreditor Agreement, if executed, and/or Pari Intercreditor
Agreement, if executed. 
 (i) “Permitted Liens” shall mean any Liens permitted under Section 10.2 of the Credit
Agreement. 
 (j) “Pledge Agreement” shall have the meaning provided in the preamble hereto. 

(k) “Pledged Debt” shall have the meaning provided in the recitals hereto. 

(l) “Pledged Shares” shall have the meaning provided in the recitals hereto. 

(m) “Pledgors” shall have the meaning provided in the preamble hereto. 

(n) “Security Interest” shall have the meaning provided in Section 2. 

  
 -2- 

 (o) “Subsidiary Pledgor” shall have the meaning provided in the recitals hereto.

 (p) “Termination Date” shall have the meaning ascribed thereto in Section 13(a). 

(q) “Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as from time to time in effect
in the State of New York; provided, however, that, in the event that, by reason of mandatory provisions of law, any of the attachment, perfection or priority of the Collateral Agent’s and the Secured Parties’ security
interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for
purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions related to such provisions. 

(r) Sections 1.2, 1.3, 1.5, 1.6, 1.8, 1.9 and 1.10 of the Credit Agreement are incorporated herein by reference, mutatis mutandis. 

2. Grant of Security. As collateral security for the payment and performance when due of all of the Obligations, each Pledgor hereby
collaterally assigns and pledges to the Collateral Agent, for the benefit of the Secured Parties, and grants to the Collateral Agent, for the benefit of the Secured Parties, a lien on and a security interest in (the “Security
Interest”) all of such Pledgor’s right, title and interest in, to and under the following, whether now owned or existing or at any time hereafter acquired or existing (collectively, the “Collateral”): 

(a) the Pledged Shares held by such Pledgor and the certificates representing such Pledged Shares and any interest of such
Pledgor in the entries on the books of the issuer of the Pledged Shares or any financial intermediary pertaining to the Pledged Shares and all dividends, cash, warrants, rights, instruments and other property or Proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Shares. 
 (b) the Pledged
Debt and the instruments evidencing the Pledged Debt owed to such Pledgor, and all interest, cash, instruments and other property or Proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all
of such Pledged Debt; and 
 (c) to the extent not covered by clauses (a) and (b) above, respectively, all Proceeds
of any or all of the items set forth in clauses (a) and (b) above. 
 Notwithstanding the foregoing, the Collateral (and any
defined term used in the definition thereof) for the Obligations shall not include any Excluded Stock and Stock Equivalents or any Excluded Property. The Pledgors shall not be required to take any action intended to cause “Excluded
Property” to constitute Collateral and none of the covenants or representations and warranties herein shall be deemed to apply to any property constituting Excluded Property. 

3. Delivery of the Collateral. All certificates or instruments, if any, representing or evidencing the Collateral shall be promptly
(and in any event within ninety (90) days (or such longer period as the Collateral Agent may reasonably agree)), delivered to and held by or on behalf of the Collateral Agent pursuant hereto to the extent required by the Credit Agreement and
shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance reasonably satisfactory to the Collateral Agent. The Collateral Agent shall have
the right, at any time after the occurrence and during the continuance of an Event of Default, subject to the terms of any Intercreditor Agreement, and upon three (3) Business Days’ prior written notice to the relevant Pledgor, to transfer
to or to register in the name of the Collateral Agent or any of its nominees any or all of the Pledged Shares. 

  
 -3- 

 4. Representations and Warranties. Each Pledgor represents and warrants as follows: 

(a) Schedule 1 hereto (i) correctly represents as of the Closing Date (A) the issuer, the certificate number
(if applicable), the Pledgor and the record and beneficial owner, the number and class and the percentage of the issued and outstanding Equity Interests of such class of all Pledged Shares and (B) the issuer, the initial principal amount, the
Pledgor and holder, date of the instrument and maturity date of all Pledged Debt and (ii) together with the comparable schedule to each supplement hereto, includes all Equity Interests, debt securities and promissory notes required to be
pledged hereunder. Except as set forth on Schedule 1, and except for Excluded Stock and Stock Equivalents and any other Excluded Property, the Pledged Shares represent all (or 65% in the case of pledges of the outstanding Capital Stock of any
Foreign Subsidiary or any CFC Holding Company) of the issued and outstanding Equity Interests of each class of Equity Interests in the issuer on the Closing Date. 

(b) Such Pledgor is the legal and beneficial owner of the Collateral pledged or collaterally assigned by such Pledgor hereunder
free and clear of any Lien, except for Permitted Liens (including the Liens created by the Security Documents). 
 (c) As of
the Closing Date, the Pledged Shares pledged by such Pledgor hereunder have been duly authorized and validly issued and, in the case of Pledged Shares issued by a corporation, are fully paid and non-assessable, in each case, to the extent such
concepts are applicable in the jurisdiction of organization of the respective issuer. 
 (d) The execution and delivery by
such Pledgor of this Pledge Agreement and the pledge of the Collateral pledged by such Pledgor hereunder pursuant hereto create a legal, valid and enforceable security interest in such Collateral (provided that, with respect to the creation
and perfection of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries and CFC Holding Companies, only to the extent the creation and perfection thereof is governed by the Uniform Commercial
Code) and, upon the filing of a UCC financing statement in the appropriate office of the jurisdiction of organization of such Pledgor and/or delivery of such Collateral to, and continued possession in the State of New York by, the Collateral Agent,
shall constitute a fully perfected Lien on and security interest in the Collateral, securing the payment of the Obligations, in favor of the Collateral Agent for the benefit of the Secured Parties (provided that, with respect to the creation
and perfection of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries and CFC Holding Companies, only to the extent the creation and perfection thereof is governed by the Uniform Commercial
Code), except as enforceability thereof may be limited by bankruptcy, insolvency or other similar laws affecting creditors’ rights generally and subject to general principles of equity and principles of good faith and fair dealing. 

(e) Such Pledgor has the corporate or other organizational power and authority to pledge all the Collateral pledged by such
Pledgor pursuant to this Pledge Agreement and this Pledge Agreement constitutes a legal, valid and binding obligation of each Pledgor, enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity and principles of good faith and fair dealing (provided that, with respect to the creation and perfection of security interests
with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries and CFC Holding Companies, only to the extent enforceability thereof is governed by the Uniform Commercial Code). 

  
 -4- 

 5. Certification of Limited Liability Company, Limited Partnership Interests, Equity Interests
in Foreign Subsidiaries and Pledged Debt. No interest in any limited liability company or limited partnership controlled by any Pledgor that constitutes Pledged Shares shall be represented by a certificate unless (i) the limited liability
company agreement or partnership agreement expressly provides that such interests shall be a “security” within the meaning of Article 8 of the UCC of the applicable jurisdiction, (ii) such certificate bears a legend indicating such
interest represented thereby is such a “security”, and (iii) such certificate shall be delivered to the Collateral Agent in accordance with Section 3. With respect to any Equity Interests of any Subsidiary that are not a
security as defined in Section 8-102(a)(15) of the Uniform Commercial Code or pursuant to Section 8-103 of the Uniform Commercial Code, if any Pledgor shall take any action that, under such sections, converts such Equity Interests into a
security, such Pledgor shall give prompt written notice thereof to the Collateral Agent and cause the issuer thereof to issue to it certificates or instruments evidencing such Equity Interests, which it shall promptly deliver to the Collateral Agent
as provided in Section 3. 
 6. Further Assurances. Subject to the terms and limitations of Sections 9.11, 9.12 and 9.14
of the Credit Agreement and Section 3.2(c) of the Security Agreement, each Pledgor agrees that at any time and from time to time, at the expense of such Pledgor, it will execute or otherwise authorize the filing of any and all further
documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements, deeds of trust and other documents), which may be required under any applicable law, or which
the Collateral Agent may reasonably request, in order (x) to perfect and protect any pledge, assignment or security interest granted or purported to be granted hereby (including the priority thereof) or (y) to enable the Collateral Agent
to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Each Pledgor hereby irrevocably authorizes the Collateral Agent and its Affiliates, counsel and other representatives, at any time and from time to time, to
file or record financing statements, amendments to financing statements and, with prior written notice to the applicable Pledgors, other filing or recording documents or instruments with respect to the Collateral in such form and in such offices as
the Collateral Agent reasonably determines appropriate to perfect the Security Interest of the Collateral Agent under this Pledge Agreement. For the avoidance of doubt, no Pledgor or any Subsidiary shall be required to take any action outside the
United States to guarantee the Obligations or grant, maintain or perfect any security interest in the Collateral (including the execution of any agreement, document or other instrument governed by the law of any jurisdiction other than the United
States, any State thereof or the District of Columbia). 
 7. Voting Rights; Dividends and Distributions; Etc. 

(a) So long as no Event of Default shall have occurred and be continuing and the Collateral Agent has not provided the notice contemplated in
Section 7(c) below: 
 (i) Each Pledgor shall be entitled to exercise any and all voting and other consensual
rights pertaining to the Collateral or any part thereof for any purpose not prohibited by the terms of this Pledge Agreement or the other Credit Documents. 

(ii) The Collateral Agent shall execute and deliver (or cause to be executed and delivered) to each Pledgor all such proxies
and other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph (i) above. 

  
 -5- 

 (b) Subject to paragraph (c) below, each Pledgor shall be entitled to receive and retain and
use, free and clear of the Lien created by any Security Document, any and all dividends, distributions, principal and interest made or paid in respect of the Collateral to the extent permitted by the Credit Agreement, as applicable; provided,
however, that any and all noncash dividends, interest, principal or other distributions that would constitute Pledged Shares or Pledged Debt, whether resulting from a subdivision, combination or reclassification of the outstanding Equity
Interests of the issuer of any Pledged Shares or received in exchange for Pledged Shares or Pledged Debt 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 shall be forthwith delivered to the Collateral Agent to hold as, Collateral and shall, if received by such Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated
from the other property or funds of such Pledgor and be forthwith delivered to the Collateral Agent as Collateral in substantially the same form as so received (with any necessary endorsement). So long as no Event of Default has occurred and is
continuing, the Collateral Agent shall, at the Pledgor’s expense, promptly (upon receipt of a written request) deliver to each Pledgor any Collateral in its possession if requested to be delivered to the issuer thereof in connection with any
exchange or redemption of such Collateral permitted by the Credit Agreement. 
 (c) Upon three Business Days’ prior written notice to a
Pledgor by the Collateral Agent that the Collateral Agent is exercising its rights under this Section 7(c), following the occurrence and during the continuance of an Event of Default, subject to the terms of any Intercreditor Agreement,

 (i) all rights of such Pledgor to exercise or refrain from exercising the voting and other consensual rights that it would
otherwise be entitled to exercise pursuant to Section 7(a)(i) shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise or refrain from exercising such
voting and other consensual rights during the continuance of such Event of Default, provided that, unless otherwise directed by the Required Lenders, the Collateral Agent shall have the right from time to time following the occurrence and
during the continuance of an Event of Default, subject to the terms of any Intercreditor Agreement, to permit the Pledgors to exercise such rights. After all Events of Default have been cured or waived, each Pledgor will have the right to exercise
the voting and consensual rights that such Pledgor would otherwise be entitled to exercise pursuant to the terms of Section 7(a)(i) (and the obligations of the Collateral Agent under Section 7(a)(ii) shall be reinstated);

 (ii) all rights of such Pledgor to receive the dividends, distributions and principal and interest payments that such
Pledgor would otherwise be authorized to receive and retain pursuant to Section 7(b) shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which, subject to the terms of any Intercreditor Agreement,
shall thereupon have the sole right to receive and hold as Collateral such dividends, distributions and principal and interest payments during the continuance of such Event of Default. After all Events of Default have been cured or waived, the
Collateral Agent shall repay to each Pledgor (without interest) all dividends, distributions and principal and interest payments that such Pledgor would otherwise be permitted to receive, retain and use pursuant to the terms of
Section 7(b); 
 (iii) all dividends, distributions and principal and interest payments that are received by such
Pledgor contrary to the provisions of Section 7(b) shall be received in trust for the benefit of the Collateral Agent and segregated from other property or funds of such Pledgor and shall promptly be delivered to the Collateral Agent as
Collateral in substantially the same form as so received (with any necessary endorsements); and 

  
 -6-

 (iv) in order to permit the Collateral Agent to receive all dividends,
distributions and principal and interest payments to which it may be entitled under Section 7(b) above, to exercise the voting and other consensual rights that it may be entitled to exercise pursuant to Section 7(c)(i) above,
and to receive all dividends, distributions and principal and interest payments that it may be entitled to under Sections 7(c)(ii) and (c)(iii) above, such Pledgor shall from time to time execute and deliver to the Collateral Agent,
appropriate proxies, dividend payment orders and other instruments as the Collateral Agent may reasonably request in writing, subject to the terms of any Intercreditor Agreement. 

8. Transfers and Other Liens; Additional Collateral; Etc. Subject to the terms of any Intercreditor Agreement, each Pledgor shall: 

(a) not (i) except as permitted by the Credit Agreement, sell or otherwise dispose of, or grant any option or warrant with
respect to, any of the Collateral or (ii) create or suffer to exist any consensual Lien upon or with respect to any of the Collateral, except for Permitted Liens, including the Liens created by any Security Document; provided that in the
event such Pledgor sells or otherwise disposes of assets as permitted by the Credit Agreement to a Person that is not a Credit Party, and such assets are or include any of the Collateral, the Liens created by any Security Document shall be
automatically released concurrently with the consummation of such sale, and upon the request of the applicable Pledgor, the Collateral Agent shall deliver evidence such release of such Collateral to such Pledgor; and 

(b) use commercially reasonable efforts to defend its and the Collateral Agent’s title or interest in and to all the
Collateral (and in the Proceeds thereof) against any and all Liens (other than Permitted Liens, including the Liens created by any Security Document), however arising, and any and all Persons (other than holders of Permitted Liens) whomsoever
(except to the extent that the Collateral Agent and the Borrower agree that the cost of such defense is excessive in relation to the benefit to the Lenders thereof). 

9. Collateral Agent Appointed Attorney-in-Fact. Each Pledgor hereby appoints, which appointment is irrevocable and coupled with an
interest, and shall automatically terminate on the Termination Date or, if sooner, upon the release of such Pledgor hereunder pursuant to Section 13, the Collateral Agent as such Pledgor’s attorney-in-fact, with full authority in
the place and stead of such Pledgor and in the name of such Pledgor or otherwise, to take any action and to execute any instrument, in each case solely after the occurrence and during the continuance of an Event of Default (and upon prior written
notice to such Pledgor that the Collateral Agent intends to take such action), that the Collateral Agent may deem reasonably necessary or advisable to accomplish the purposes of this Pledge Agreement, including to receive, indorse and collect all
instruments made payable to such Pledgor representing any dividend, distribution or principal or interest payment in respect of the Collateral or any part thereof and to give full discharge for the same. 

10. The Collateral Agent’s Duties. The powers conferred on the Collateral Agent hereunder are solely to protect its interest in
the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no
duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Shares, whether or not the Collateral Agent or any other Secured Party has or
is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to have exercised reasonable care
in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Collateral 

  
 -7- 

 
Agent accords its own property. The Collateral Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or
collectability of the Collateral, the existence, priority or perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by any Credit Party in connection therewith, nor shall the Collateral Agent be responsible or liable to
the Lenders for any failure to monitor or maintain any portion of the Collateral. 
 11. Remedies. Subject to the terms of any
Intercreditor Agreement, if any Event of Default shall have occurred and be continuing: 
 (a) The Collateral Agent may
exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the UCC or any other applicable law (whether or not
the UCC applies to the affected Collateral) and also may upon prior written notice to the relevant Pledgor, sell the Collateral or any part thereof in one or more parcels at public or private sale or sales, at any exchange broker’s board or at
any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, at such price or prices and upon such other terms as are commercially reasonable irrespective of the impact of any such sales on the market price of
the Collateral. The Collateral Agent shall be authorized at any such sale of Pledged Shares or Pledged Debt (if it deems it advisable to do so) to restrict the prospective bidders or purchasers of Collateral to Persons who will represent and agree
that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and, upon consummation of any such sale, the Collateral Agent shall have the right to assign, transfer and deliver
to the purchaser or purchasers thereof the Pledged Shares or Pledged Debt so sold. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives (to
the extent permitted by law) all rights of redemption, stay and/or appraisal that it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Collateral Agent or any Secured Party shall
have the right upon any such public sale, and, to the extent permitted by law, upon any such private sale, to purchase all or any part of the Collateral so sold, and the Collateral Agent or such Secured Party may pay the purchase price by crediting
the amount thereof against the Obligations. Each Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days’ prior written notice to such Pledgor of the time and place of any public sale or the time
after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any
public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. To the extent permitted by law, each Pledgor hereby
waives any claim against the Collateral Agent arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale, even if the
Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree. 
 (b) The
Collateral Agent shall apply the Proceeds of any collection or sale of the Collateral as well as any Collateral consisting of cash, at any time after receipt in the order set forth in Section 11.13 of the Credit Agreement. 

Upon any sale of the Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a
judicial proceeding), the receipt of the Collateral 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 Collateral Agent or such officer or be answerable in any way for the misapplication thereof. 

  
 -8- 

 (c) All payments received by any Pledgor in respect of the Collateral after the
occurrence and during the continuance of an Event of Default, shall be received in trust for the benefit of the Collateral Agent shall be segregated from other property or funds of such Pledgor and shall be forthwith delivered to the Collateral
Agent as Collateral in substantially the same form as so received (with any necessary endorsement). 
 12. Amendments, etc. with Respect
to the Obligations; Waiver of Rights. Unless and until the Termination Date has occurred or, with respect to any Pledgor, such Pledgor shall be released in accordance with Section 13(b), each Pledgor shall remain obligated hereunder
notwithstanding that, without any reservation of rights against any Pledgor and without notice to or further assent by any Pledgor, (a) any demand for payment of any of the Obligations made by the Collateral Agent or any other Secured Party may
be rescinded by such party and any of the Obligations continued, (b) the Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto,
may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Collateral Agent or any other Secured Party, (c) the Credit Agreement, the other Credit
Documents and any other documents executed and delivered in connection therewith and the Secured Cash Management Agreements, Secured Bank Product Agreements, Secured Hedge Agreements and any other documents executed and delivered in connection
therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders, as the case may be, or, in the case of any Secured Hedge Agreement, Secured Bank Product Agreement or Secured
Cash Management Agreement, the Hedge Bank, Bank Product Provider or Cash Management Bank party thereto) may deem advisable from time to time and (d) any collateral security, guarantee or right of offset at any time held by the Collateral Agent
or any other Secured Party for the payment of the Obligations may be sold, exchanged, waived, surrendered or released. Except as provided in Section 10, neither the Collateral Agent nor any other Secured Party shall have any obligation
to protect, secure, perfect or insure any Lien at any time held by it as security for the Obligations or for this Pledge Agreement or any property subject thereto. When making any demand hereunder against any Pledgor, the Collateral Agent or any
other Secured Party may, but shall be under no obligation to, make a similar demand on any other Pledgor or any other Person, and any failure by the Collateral Agent or any other Secured Party to make any such demand or to collect any payments from
any other Pledgor or any other Person or any release of the Borrower or any other Pledgor or any other Person shall not relieve any Pledgor in respect of which a demand or collection is not made or any Pledgor not so released of its several
obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of the Collateral Agent or any other Secured Party against any Pledgor. For the purposes hereof
“demand” shall include the commencement and continuance of any legal proceedings. 
 13. Continuing Security Interest;
Assignments Under the Credit Agreement; Release. 
 (a) This Pledge Agreement shall remain in full force and effect and be binding in
accordance with and to the extent of its terms upon each Pledgor and the successors and assigns thereof, and shall inure to the benefit of the Collateral Agent and the other Secured Parties and their respective successors, endorsees, transferees and
assigns permitted under the Credit Agreement until the date on which all the Obligations under the Credit Documents (other than, in each case, any contingent obligations not then due, any Secured Hedge Obligations, any Secured Bank Product
Obligations or any Secured Cash Management Obligations) shall have been satisfied by payment in full, the Commitments shall have been terminated, all Letters of Credit shall have expired or terminated, and all Letters of Credit Outstanding shall
have been reduced to zero (or all such Letters of Credit and Letters of Credit Outstanding shall have been Cash Collateralized) (such date, the “Termination Date”). 

  
 -9- 

 (b) Any Pledgor shall automatically be released from its obligations hereunder and the Collateral
of such Pledgor shall be automatically released as it relates to the Obligations upon such Pledgor ceasing to be a Credit Party in accordance with Section 13.1 of the Credit Agreement. Any such release in connection with any sale, transfer or
other disposition of such Collateral permitted under the Credit Agreement to a Person that is not a Credit Party shall result in such Collateral being sold, transferred or disposed of, as applicable, free and clear of the Liens of this Pledge
Agreement. 
 (c) The Collateral shall be automatically released from the Liens of this Pledge Agreement as it relates to the Obligations
(i) to the extent provided for in Section 13.1 of the Credit Agreement and (ii) upon the effectiveness of any written consent to the release of the security interest granted in such Collateral pursuant to Section 13.1 of the
Credit Agreement. 
 (d) In connection with any termination or release pursuant to the foregoing Section 13(a),
(b) or (c), the Collateral Agent shall execute and deliver to any Pledgor or authorize the filing of, at such Pledgor’s expense, all documents that such Pledgor shall reasonably request to evidence such termination or
release. Any execution and delivery of documents pursuant to this Section 13 shall be without recourse to or warranty by the Collateral Agent. 

14. Reinstatement. Notwithstanding anything to the contrary contained herein, each Pledgor further agrees that, if any payment made by
any Credit Party or other Person and applied to the Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the Proceeds of
Collateral are required to be returned by any Secured Party to such Credit Party, its estate, trustee, receiver or any other Person, including any Pledgor, under any bankruptcy law, state, federal or foreign law, common law or equitable cause, then,
to the extent of such payment or repayment, any Lien or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made or, if prior thereto the Lien granted hereby or other
Collateral securing such liability hereunder shall have been released or terminated by virtue of such cancellation or surrender), such Lien or other Collateral shall be reinstated in full force and effect, and such prior cancellation or surrender
shall not diminish, release, discharge, impair or otherwise affect any Lien or other Collateral securing the obligations of any Pledgor in respect of the amount of such payment. 

15. Collateral Agent As Agent. 

(a) Jefferies Finance LLC has been appointed to act as the Collateral Agent under the Credit Agreement, by the Lenders under the Credit
Agreement and, by their acceptance of the benefits hereof, the other Secured Parties. The Collateral Agent shall be obligated, and shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights,
and to take or refrain from taking any action (including the release or substitution of Collateral), solely in accordance with this Pledge Agreement and the Credit Agreement, provided that the Collateral Agent shall exercise, or refrain from
exercising, any remedies provided for in Section 11 in accordance with the instructions of Required Lenders. In furtherance of the foregoing provisions of this Section 15(a), each Secured Party, by its acceptance of the
benefits hereof, agrees that it shall have no right individually to realize upon any of the Collateral hereunder, except to the extent specifically set forth in Section 5 of the Guarantee, it being understood and agreed by such Secured
Party that all rights and remedies hereunder may be exercised solely by the Collateral Agent for the benefit of the Secured Parties in accordance with the terms of this Section 15(a). Each Secured Party, by its acceptance of the benefits
hereof, agrees that any action taken by the Collateral Agent in accordance with the provisions of the Security Documents, and the exercise by the Collateral Agent of any rights or remedies set forth therein, together with all other powers reasonably
incidental thereto, shall be authorized and binding upon all Secured Parties. 

  
 -10- 

 (b) The Collateral Agent shall at all times be the same Person that is the Collateral Agent under
the Credit Agreement. Written notice of resignation by the Collateral Agent pursuant to Section 12.9 of the Credit Agreement shall also constitute notice of resignation as Collateral Agent under this Pledge Agreement; removal of the Collateral
Agent shall also constitute removal under this Pledge Agreement; and appointment of a Collateral Agent pursuant to Section 12.9 of the Credit Agreement shall also constitute appointment of a successor Collateral Agent under this Pledge
Agreement. Upon the acceptance of any appointment as Collateral Agent under Section 12.9 of the Credit Agreement by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring or removed Collateral Agent under this Pledge Agreement, and the retiring or removed Collateral Agent under this Pledge Agreement shall promptly (i) transfer to such successor Collateral Agent all
sums, securities and other items of Collateral held hereunder, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Collateral Agent under this Pledge Agreement and
(ii) execute and deliver to such successor Collateral Agent or otherwise authorize the filing of such amendments to financing statements and take such other actions, as may be necessary or appropriate in connection with the assignment to such
successor Collateral Agent of the Security Interests created hereunder, whereupon such retiring or removed Collateral Agent shall be discharged from its duties and obligations under this Pledge Agreement. After any retiring or removed Collateral
Agent’s resignation or removal hereunder as Collateral Agent, the provisions of this Pledge Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under this Pledge Agreement while it was Collateral Agent
hereunder. 
 (c) Neither the Collateral Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall
be liable to any party for any action taken or omitted to be taken by any of them under or in connection with this Pledge Agreement or any Security Document (except for its or such other Person’s own gross negligence, willful misconduct, bad
faith or material breach, each as determined in a final non-appealable judgment of a court of competent jurisdiction). 
 16.
Notices. All notices, requests and demands pursuant hereto shall be made in accordance with Section 13.2 of the Credit Agreement. All communications and notices hereunder to any Pledgor shall be given to it in care of the Borrower at the
Borrower’s address set forth in Schedule 13.2 to the Credit Agreement. 
 17. Counterparts. This Pledge Agreement may be
executed by one or more of the parties to this Pledge Agreement on any number of separate counterparts (including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the
same instrument. 
 18. Severability. Any provision of this Pledge Agreement that is prohibited or unenforceable in any jurisdiction
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. 
 19. Integration. This Pledge Agreement and the other Credit
Documents represent the agreement of the Pledgors, the Collateral Agent and the other Secured Parties with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Pledgors, the Collateral
Agent or any other Secured Party relative to the subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents. 

  
 -11- 

 20. Amendments in Writing; No Waiver; Cumulative Remedies. 

(a) None of the terms or provisions of this Pledge Agreement may be waived, amended, supplemented or otherwise modified except in accordance
with Section 13.1 of the Credit Agreement. 
 (b) Neither the Collateral Agent nor any Secured Party shall by any act (except by a
written instrument pursuant to Section 20(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default or in any breach of any of the terms
and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent or any other Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of
any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Collateral Agent or any other Secured Party of any right or remedy hereunder on any
one occasion shall not be construed as a bar to any right or remedy that the Collateral Agent or such other Secured Party would otherwise have on any future occasion. 

(c) The rights, remedies, powers and privileges herein provided are cumulative, may be exercised singly or concurrently and are not exclusive
of any other rights or remedies provided by law. 
 21. Section Headings. Section headings used in this Pledge Agreement are for
convenience of reference only and shall not affect the interpretation hereof. 
 22. Successors and Assigns. This Pledge Agreement
shall be binding upon the successors and assigns of each Pledgor and shall inure to the benefit of the Collateral Agent and the other Secured Parties and their respective successors and permitted assigns, except that no Pledgor may assign, transfer
or delegate any of its rights or obligations under this Pledge Agreement without the prior written consent of the Collateral Agent or as otherwise permitted by the Credit Agreement. 

23. WAIVER OF JURY TRIAL. EACH PARTY HERETO, INCLUDING WITHOUT LIMITATION THE COLLATERAL AGENT FOR THE BENEFIT OF THE SECURED
PARTIES, BY ITS ACCEPTANCE OF THE TERMS HEREOF HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) THE RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY ANY PARTY RELATED
TO OR ARISING OUT OF THIS PLEDGE AGREEMENT OR THE PERFORMANCE OF SERVICES HEREUNDER. 
 24. Submission to Jurisdiction; Waivers.
Each party hereto, including, without limitation, the Collateral Agent for the benefit of each of the Secured Parties by its acceptance of the terms hereof, irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Pledge Agreement and the other
Credit Documents to which it is a party to the exclusive general jurisdiction of the courts of the State of New York or the courts of the United States for the Southern District of New York, in each case sitting in New York City in the Borough of
Manhattan, and appellate courts from any thereof; 

  
 -12- 

 (b) consents that any such action or proceeding shall be brought in such courts
and waives (to the extent permitted by applicable law) 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 or to commence or support any such action or proceeding in any other courts; 
 (c) agrees
that service of process in any such action or proceeding shall be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address referred to in
Section 16 or at such other address of which the Collateral Agent shall have been notified pursuant thereto; 

(d) agrees that nothing herein shall affect the right of any other party hereto (or any Secured Party) to effect service of
process in any other manner permitted by law; and 
 (e) waives, to the maximum extent not prohibited by law, any right it
may have to claim or recover in any legal action or proceeding referred to in this Section 24 any special, exemplary, punitive or consequential damages. 

25. GOVERNING LAW. THIS PLEDGE AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 26. Intercreditor Agreements. Notwithstanding anything
herein to the contrary, the Liens and security interests granted to the Collateral Agent pursuant to this Pledge Agreement and the exercise of any right or remedy by the Collateral Agent hereunder, are subject to the provisions of any Intercreditor
Agreement. In the event of any conflict between the terms of any Intercreditor Agreement and the terms of this Pledge Agreement, the terms of any Intercreditor Agreement shall govern and control. No right, power or remedy granted to the Collateral
Agent hereunder shall be exercised by the Collateral Agent, and no direction shall be given by the Collateral Agent, in contravention of any such Intercreditor Agreement. 

27. Enforcement Expenses; Indemnification. 

(a) Each Pledgor agrees to pay any and all reasonable and documented out-of-pocket expenses (including all reasonable and documented fees and
disbursements of counsel) that may be paid or incurred by the Collateral Agent in enforcing its rights under this Pledge Agreement, in each case in accordance with, and subject to the limitations on reimbursement of costs and expenses set forth in,
Section 13.5 of the Credit Agreement. 
 (b) Each Pledgor agrees to pay, and to save the Collateral Agent and the Secured Parties
harmless from, all actual losses, damages, claims, expenses or liabilities of any kind or nature whatsoever related to the execution, delivery, enforcement, performance and administration of this Pledge Agreement to the extent the Borrower would be
required to do so pursuant to Section 13.5 of the Credit Agreement. 
 (c) The agreements in this Section 27 shall survive
repayment of the Obligations and all other amounts payable under the Credit Agreement and the other Credit Documents. 

  
 -13- 

 28. Acknowledgments. Each party hereto hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Pledge Agreement and the other Credit Documents to which
it is a party; 
 (b) neither the Collateral Agent nor any other Secured Party has any fiduciary relationship with or duty to any Pledgor
arising out of or in connection with this Pledge Agreement or any of the other Credit Documents, and the relationship between the Pledgors, on the one hand, and the Collateral Agent and the other Secured Parties, on the other hand, in connection
herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Credit Documents
or otherwise exists by virtue of the transactions contemplated hereby among the Lenders and any other Secured Party or among the Pledgors and the Lenders and any other Secured Party. 

29. Additional Pledgors. Each Subsidiary that is required to become a party to this Pledge Agreement pursuant to Section 9.11 of
the Credit Agreement, and each Subsidiary of the Borrower that elects to become a party to this Pledge Agreement, shall become a Subsidiary Pledgor, with the same force and effect as if originally named as a Pledgor herein, for all purposes of this
Pledge Agreement, upon execution and delivery by such Subsidiary of a written supplement substantially in the form of Annex A hereto. The execution and delivery of any instrument adding an additional Pledgor as a party to this Pledge Agreement shall
not require the consent of any other Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Pledgor as a party to this Pledge Agreement. 

[SIGNATURE PAGES FOLLOW] 

  
 -14- 

 IN WITNESS WHEREOF, each of the undersigned has caused this Pledge Agreement to be duly executed
and delivered by its duly authorized officer as of the day and year first above written. 
  

			
	 BATMAN INTERMEDIATE HOLDINGS B,

INC., as a Pledgor

		
	By:	 	/s/ Gregory Hampton
		 	Name: Gregory Hampton
		 	Title: Chief Financial Officer

  

			
	BATMAN MERGER SUB, INC., as a Pledgor
	
		
	By:	 	/s/ Darren Abrahamson
		 	Name: Darren Abrahamson
		 	Title: Secretary and Treasurer

  

	
	The undersigned, Blue Coat Holdings, Inc., hereby confirms that, as a result of its merger with Batman Merger Sub, Inc., it hereby assumes all of the rights and obligations of Batman Merger Sub, Inc. under this Pledge Agreement (in
furtherance of, and not in lieu of, any assumption or deemed assumption as a matter of law) and hereby is joined to this Pledge Agreement as a Pledgor hereunder.
	
	BLUE COAT HOLDINGS, INC. (formerly known as PROJECT BARBOUR HOLDINGS CORPORATION), as a Pledgor
	

  

			
	By:	 	/s/ Gregory Hampton
		 	Name: Gregory Hampton
		 	Title: Chief Financial Officer

  

			
	 BLUE COAT SYSTEMS, INC., as a Pledgor

		
	By:	 	/s/ Gregory Hampton
		 	Name: Gregory Hampton
		 	Title: Chief Financial Officer

 [Signature Page to Pledge Agreement] 

 
			
	JEFFERIES FINANCE LLC, as the Collateral Agent
		
	By:	 	/s/ Brian Buoye
		 	Name: Brian Buoye
		 	Title: Managing Director

 [Signature Page to Pledge Agreement] 

 SCHEDULE 1 

TO THE PLEDGE AGREEMENT 

Pledged Shares 
  

															
	 Issuer
	  	 Jurisdiction of
Organization
	  	 Owner of

Outstanding
 Equity
Interests
	  	Certificate
Number	  	Percentage of
Outstanding
Equity
Interests Held,
Directly or
Indirectly, by
the Owner	 	 	Percentage
Pledged by
Owner	 
	 Blue Coat Holdings, Inc.
	  	Delaware	  	Batman Intermediate Holdings B, Inc.	  	1	  	 	100	% 	 	 	100	% 
	 Blue Coat Systems, Inc.
	  	Delaware	  	Blue Coat Holdings, Inc.	  	2	  	 	100	% 	 	 	100	% 
	 Blue Coat Systems Holding, Inc.
	  	Delaware	  	Blue Coat Systems, Inc.	  	1	  	 	100	% 	 	 	65	% 
	 Blue Coat Argentina S.R.L.
	  	Argentina	  	Blue Coat Systems, Inc.	  	N/A	  	 	95	% 	 	 	65	% 
	 Blue Coat Systems Canada Inc.
	  	Canada	  	Blue Coat Systems, Inc.	  	ACOM-2	  	 	100	% 	 	 	65	% 
	 Blue Coat Systems Canada Inc.
	  	Canada	  	Blue Coat Systems, Inc.	  	BCOM-4	  	 	100	% 	 	 	65	% 

 Pledged Debt 

That certain Intercompany Note, dated as of the Closing Date (as amended, restated, amended and restated, supplemented or otherwise modified from time to
time), issued by the Borrower and certain Subsidiaries of the Borrower from time to time party thereto in favor of the Borrower and certain Subsidiaries of the Borrower from time to time party thereto. 

 ANNEX A 

TO THE PLEDGE AGREEMENT 
 This
Supplement, dated as of [    ], 20[    ] (this “Supplement”), supplements the PLEDGE AGREEMENT, dated as of May 22, 2015 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement”), among Batman Intermediate Holdings B, Inc., a Delaware corporation (“Holdings”), Batman Merger Sub, Inc., a Delaware corporation (as
further defined in Section 1.1 of the Credit Agreement, the “Borrower”), each of the Subsidiaries listed on the signature pages thereto or that becomes a party thereto pursuant to Section 29 thereof (each such
Subsidiary being a “Subsidiary Pledgor” and, collectively, the “Subsidiary Pledgors”; the Subsidiary Pledgors, Holdings and the Borrower are referred to collectively as the “Pledgors”), and
Jefferies Finance LLC, as collateral agent (in such capacity, together with any successor agent appointed pursuant to the Credit Agreement, the “Collateral Agent”) for the benefit of the Secured Parties. 

A. Reference is made to the Credit Agreement, dated as of May 22, 2015 (as amended, restated, amended and restated, refinanced, replaced,
supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”), among Holdings, the Borrower, the Lenders from time to time party thereto, Jefferies Finance LLC, as the Administrative Agent, the
Collateral Agent, a Letter of Credit Issuer, the Swingline Lender and a Lender, and the other parties party thereto. 
 B. Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Pledge Agreement. 
 C. The Pledgors have
entered into the Pledge Agreement in order to induce the Administrative Agent, the Collateral Agent, the Lenders, the Swingline Lender and the Letter of Credit Issuer to enter into the Credit Agreement and to induce the Lenders to make the Loans to
the Borrower, the Swingline Lender to make Swingline Loans to the Borrower and the Letter of Credit Issuer to issue Letters of Credit for the account of Holdings, the Borrower and the Restricted Subsidiaries, and to induce one or more Cash
Management Banks, Bank Product Providers or Hedge Banks to enter into Secured Cash Management Agreements, Secured Bank Product Obligations or Secured Hedge Agreements with Holdings, the Borrower and/or the Restricted Subsidiaries. 

D. The undersigned Subsidiaries (each an “Additional Pledgor”) are, as of the date hereof, (a) the legal and beneficial
owners of the Equity Interests described in Schedule 1 hereto and issued by the entities named therein (such Equity Interests, together with any Equity Interests of the issuer of such Equity Interests or any other Wholly-Owned Restricted
Subsidiary that is a Material Subsidiary directly held by any such Additional Pledgor in the future, in each case, except to the extent excluded from the Additional Collateral pursuant to the penultimate paragraph of Section 1 below,
referred to collectively herein as the “Additional Pledged Shares”) and (b) the legal and beneficial owners of the Indebtedness evidenced by a promissory note in excess of $15,000,000 and, if any, described in Schedule 1
hereto (together with any other Indebtedness owed to any such Additional Pledgor hereafter and required to be pledged pursuant to Section 9.12 of the Credit Agreement, the “Additional Pledged Debt”). 

E. Section 9.11 of the Credit Agreement and Section 29 of the Pledge Agreement provide that additional Subsidiaries may
become Subsidiary Pledgors under the Pledge Agreement by execution and delivery of an instrument in the form of this Supplement or as otherwise provided in the Credit Agreement. Each undersigned Additional Pledgor is executing this Supplement in
accordance 

  
 A-1 

 
with the requirements of Section 9.11 of the Credit Agreement and Section 29 of the Pledge Agreement to pledge to the Collateral Agent for the benefit of the Secured Parties the
Additional Pledged Shares and the Additional Pledged Debt and to become a Subsidiary Pledgor under the Pledge Agreement in order to induce the Lenders, the Swingline Lender and the Letter of Credit Issuer to make additional Extensions of Credit (and
as consideration for Extensions of Credit previously made) and to induce one or more Cash Management Banks, Bank Product Providers or Hedge Banks to enter into Secured Cash Management Agreements, Secured Bank Product Agreements and Secured Hedge
Agreements with Holdings, the Borrower and/or the Restricted Subsidiaries. 
 Accordingly, the Collateral Agent and each undersigned
Additional Pledgor agree as follows: 
 SECTION 1. As collateral security for the payment and performance when due of all of the Obligations,
each Additional Pledgor hereby collaterally assigns and pledges to the Collateral Agent, for the benefit of the Secured Parties, and grants to the Collateral Agent, for the benefit of the Secured Parties, a lien on and security interest in all of
such Additional Pledgor’s right, title and interest in, to and under the following, whether now owned or existing or at any time hereafter acquired or existing (collectively, the “Additional Collateral”): 

(a) the Additional Pledged Shares held by such Additional Pledgor and the certificates representing such Additional Pledged
Shares and any interest of such Additional Pledgor in the entries on the books of the issuer of the Additional Pledged Shares or any financial intermediary pertaining to the Additional Pledged Shares and all dividends, cash, warrants, rights,
instruments and other property or Proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Additional Pledged Shares; 

(b) the Additional Pledged Debt and the instruments evidencing the Additional Pledged Debt owed to such Additional Pledgor, and
all interest, cash, instruments and other property or Proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such Additional Pledged Debt; and 

(c) to the extent not covered by clauses (a) and (b) above, respectively, all Proceeds of any or all of the items set
forth in clauses (a) and (b) above. 
 Notwithstanding the foregoing, the Additional Collateral (and any defined term used in the
definition thereof) for the Obligations shall not include any Excluded Stock and Stock Equivalents or any Excluded Property. The Additional Pledgors shall not be required to take any action intended to cause Excluded Property to constitute
Additional Collateral and none of the covenants or representations and warranties herein shall be deemed to apply to any property constituting Excluded Property. 

For purposes of the Pledge Agreement, the Collateral shall be deemed to include the Additional Collateral. 

SECTION 2. Each Additional Pledgor by its signature below becomes a Pledgor under the Pledge Agreement with the same force and effect as if
originally named therein as a Pledgor, and each Additional Pledgor hereby agrees to all the terms and provisions of the Pledge Agreement applicable to it as a Pledgor thereunder. Each reference to a “Subsidiary Pledgor” or a
“Pledgor” in the Pledge Agreement shall be deemed to include each Additional Pledgor. The Pledge Agreement is hereby incorporated herein by reference. 

  
 A-2 

 SECTION 3. Each Additional Pledgor represents and warrants as follows: 

(a) Schedule 1 hereto correctly represents as of the date hereof (A) the issuer, the certificate number (if
applicable), the Additional Pledgor and record and beneficial owner, the number and class and the percentage of the issued and outstanding Equity Interests of such class of all Additional Pledged Shares and (B) the issuer, the initial principal
amount, the Additional Pledgor and holder, date of the instrument and maturity date of all Additional Pledged Debt. Except as set forth on Schedule 1, and except for Excluded Stock and Stock Equivalents and any other Excluded Property, the
Additional Pledged Shares represent all (or 65% in the case of pledges of the outstanding Capital Stock of Foreign Subsidiaries or any CFC Holding Company) of the issued and outstanding Equity Interests of each class of Equity Interests of the
issuer thereof on the date hereof. 
 (b) Such Additional Pledgor is the legal and beneficial owner of the Additional
Collateral pledged or collaterally assigned by such Additional Pledgor hereunder free and clear of any Lien, except for Permitted Liens, including the Liens created by the Security Documents. 

(c) As of the date of this Supplement, the Additional Pledged Shares pledged by such Additional Pledgor hereunder have been
duly authorized and validly issued and, in the case of Additional Pledged Shares issued by a corporation, are fully paid and non-assessable, in each case, to the extent such concepts are applicable in the jurisdiction of organization of the
respective issuer. 
 (d) The execution and delivery by such Additional Pledgor of this Supplement and the pledge of the
Additional Collateral pledged by such Additional Pledgor pursuant hereto create a legal, valid and enforceable security interest in such Additional Collateral (provided that, with respect to the creation and perfection of security interests
with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries and CFC Holding Companies, only to the extent the creation and perfection thereof is governed by the Uniform Commercial Code) and, upon the filing of a UCC
financing statement in the appropriate office of the jurisdiction of organization of such Pledgor and/or delivery of such Additional Collateral to, and continued possession in the State of New York by, the Collateral Agent, shall constitute a fully
perfected lien and security interest in the Additional Collateral, securing the payment of the Obligations, in favor of the Collateral Agent for the benefit of the Secured Parties (provided that, with respect to the creation and perfection of
security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries and CFC Holding Companies, only to the extent the creation and perfection thereof is governed by the Uniform Commercial Code), except as
enforceability thereof may be limited by bankruptcy, insolvency or other similar laws affecting creditors’ rights generally and subject to general principles of equity and principles of good faith and fair dealing. 

(e) Such Additional Pledgor has the corporate or other organizational power and authority to pledge all the Additional
Collateral pledged by such Additional Pledgor pursuant to this Supplement and this Supplement constitutes a legal, valid and binding obligation of each Additional Pledgor, enforceable in accordance with its terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights 

  
 A-3 

 
generally and subject to general principles of equity and principles of good faith and fair dealing (provided that, with respect to the creation and perfection of security interests with
respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries and CFC Holding Companies, only to the extent enforceability thereof is governed by the Uniform Commercial Code). 

SECTION 4. This Supplement may be executed by one or more of the parties to this Supplement on any number of separate counterparts (including
by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

SECTION 5. Except as expressly supplemented hereby, the Pledge Agreement shall remain in full force and effect. 

SECTION 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER 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 that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and in the Pledge Agreement, and any such prohibition or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 8. All notices, requests
and demands pursuant hereto shall be made in accordance with Section 16 of the Pledge Agreement. All communications and notices hereunder to each Additional Pledgor shall be given to it in care of the Borrower at the Borrower’s
address set forth in Schedule 13.2 to the Credit Agreement. 
 [SIGNATURE PAGES FOLLOW] 

  
 A-4 

 IN WITNESS WHEREOF, each Additional Pledgor and the Collateral Agent have duly executed this
Supplement to the Pledge Agreement as of the day and year first above written. 
  

			
	 [NAME OF ADDITIONAL PLEDGOR],
 as an
Additional Pledgor

		
	By:	 	 
		 	 Name:
 Title:

  

			
	JEFFERIES FINANCE LLC, as the Collateral Agent
		
	By:	 	 
		 	 Name:
 Title:

 SCHEDULE 1 

TO THE SUPPLEMENT 
 TO THE PLEDGE
AGREEMENT 
 Additional Pledged Shares 
  

											
	 Issuer
	 	 Jurisdiction of

Organization
	 	 Owner of

Outstanding

Equity Interests
	  	Certificate
Number	  	Percentage of
Outstanding
Equity
Interests
Held, Directly
or Indirectly,
by the 
Owner	  	Percentage
Pledged by
Owner
		 		 		  		  		  	
		 		 		  		  		  	
		 		 		  		  		  	
		 		 		  		  		  	

 Additional Pledged Debt 
  

									
	 Payee
	 	 Issuer
	 	 Principal

Amount
	  	Date of
Instrument	  	Maturity
Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}]]