Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 SECOND
AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT 
 DATED AS OF MAY 9,
2014 
 AMONG 

THE ORIGINATORS FROM TIME TO TIME PARTY HERETO 

AND 

RPM FUNDING CORPORATION, 

AS BUYER 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I AMOUNTS AND TERMS
	  	 	2	  
			
	 Section 1.1
	 	[Reserved]	  	 	2	  
	 Section 1.2
	 	Sales of Receivables	  	 	2	  
	 Section 1.3
	 	Payment for the Purchases	  	 	3	  
	 Section 1.4
	 	Purchase Price Credit Adjustments	  	 	4	  
	 Section 1.5
	 	Payments and Computations, Etc	  	 	5	  
	 Section 1.6
	 	Transfer of Records	  	 	5	  
	 Section 1.7
	 	Characterization	  	 	5	  
		
	 ARTICLE II REPRESENTATIONS AND WARRANTIES
	  	 	6	  
			
	 Section 2.1
	 	Representations and Warranties of Originators	  	 	6	  
		
	 ARTICLE III CONDITIONS OF PURCHASE
	  	 	11	  
			
	 Section 3.1
	 	Conditions Precedent to Initial Purchase	  	 	11	  
	 Section 3.2
	 	Conditions Precedent to Subsequent Payments	  	 	11	  
	 Section 3.3
	 	Reaffirmation of Representations and Warranties	  	 	11	  
		
	 ARTICLE IV COVENANTS
	  	 	11	  
			
	 Section 4.1
	 	Affirmative Covenants of Originators	  	 	11	  
	 Section 4.2
	 	Negative Covenants of Originators	  	 	17	  
		
	 ARTICLE V TERMINATION EVENTS
	  	 	19	  
			
	 Section 5.1
	 	Termination Events	  	 	19	  
	 Section 5.2
	 	Remedies	  	 	20	  
		
	 ARTICLE VI INDEMNIFICATION
	  	 	20	  
			
	 Section 6.1
	 	Indemnities by Originators	  	 	20	  
	 Section 6.2
	 	Other Costs and Expenses	  	 	23	  
		
	 ARTICLE VII MISCELLANEOUS
	  	 	23	  
			
	 Section 7.1
	 	Waivers and Amendments	  	 	23	  
	 Section 7.2
	 	Notices	  	 	23	  
	 Section 7.3
	 	Protection of Ownership Interests of Buyer	  	 	23	  
	 Section 7.4
	 	Confidentiality	  	 	24	  
	 Section 7.5
	 	Bankruptcy Petition	  	 	25	  
	 Section 7.6
	 	CHOICE OF LAW	  	 	25	  
	 Section 7.7
	 	CONSENT TO JURISDICTION	  	 	25	  
	 Section 7.8
	 	WAIVER OF JURY TRIAL	  	 	25	  
	 Section 7.9
	 	Integration; Binding Effect; Survival of Terms	  	 	26	  
	 Section 7.10
	 	Counterparts; Severability; Section References	  	 	26	  

  
 -i- 

 SECOND AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT 

THIS SECOND AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT, dated as of May 9, 2014, is by and among each of the parties from time to
time party hereto as an Originator (each, an “Originator” and collectively, the “Originators”), and RPM Funding Corporation, a Delaware corporation (“Buyer”). Unless defined
elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I hereto (or, if not defined in Exhibit I hereto, the meanings assigned to such terms in Exhibit
I to the Purchase Agreement hereinafter defined). 
 PRELIMINARY STATEMENTS 

Each of the Originators (other than Dri-Eaz Products, Inc., a Washington corporation (“Dri-Eaz”),
Sapphire Scientific Inc., an Arizona corporation (“Sapphire”) and Kirker Enterprises, Inc., a Delaware Corporation (“Kirker”; together with Sapphire and Dri-Eaz, each a “New
Originator” and collectively, the “New Originators”)) and the Buyer are parties to an Amended and Restated Receivables Sale Agreement dated as of April 7, 2009, as heretofore amended from time to time (the
“Existing Agreement”). The parties hereto agree to amend and restate the Existing Agreement on the terms and subject to the conditions hereinafter set forth. 

Each of the Originators now owns, and from time to time hereafter will own, Receivables. Each of the Originators wishes to sell
and assign to Buyer, and Buyer wishes to purchase from such Originator, all of such Originator’s right, title and interest in and to its Receivables, together with the Related Security and Collections with respect thereto. 

Each of the Originators and Buyer intends the transactions contemplated hereby to be true sales of the Receivables from such
Originator to Buyer, providing Buyer with the full benefits of ownership of the Receivables originated by such Originator, and none of the Originators or Buyer intends these transactions to be, or for any purpose to be characterized as, loans from
Buyer to any Originator. 
 Buyer will sell undivided interests in the Receivables and in the associated Related Security and
Collections pursuant to that certain Amended and Restated Receivables Purchase Agreement dated as of the date hereof (as the same may from time to time hereafter be amended, supplemented, restated or otherwise modified, the “Purchase
Agreement”) among Buyer, RPM International Inc., a Delaware corporation (“RPM-Delaware”), as initial Servicer, Fifth Third Bank (“Fifth Third”), and PNC Bank, National Association
(“PNC” and each of Fifth Third and PNC, a “Purchaser” and, collectively, the “Purchasers”), and PNC, in its capacity as administrative agent for the Purchasers (in such
capacity, together with its successors and assigns, the “Administrative Agent”). 

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

ARTICLE I 
 AMOUNTS AND
TERMS 
 Section 1.1 [Reserved] 

Section 1.2 Sales of Receivables. 

(a) In consideration for payment of the Purchase Price in accordance with Section 1.3 and upon the terms and subject to the
conditions set forth herein, each Originator hereby sells, assigns, transfers, sets-over and otherwise conveys to Buyer, without recourse (except to the extent expressly provided herein), and Buyer hereby agrees to purchase from each Originator, all
of such Originator’s right, title and interest in and to all of such Originator’s Receivables existing on the Initial Cutoff Date and all Receivables originated by such Originator on each day from and after the Initial Cutoff Date through
and including such Originator’s Termination Date, together with all Related Security relating thereto and all Collections thereof. In connection with the payment of the Purchase Price for any Receivables purchased hereunder, Buyer may request
that the applicable Originator deliver, and such Originator shall deliver, such approvals, opinions, information, reports or documents as Buyer may reasonably request. 

(b) It is the intention of the parties hereto that each Transfer of Receivables made hereunder shall constitute a “sale of accounts”
(as such term is used in Article 9 of the UCC) or other absolute conveyance, which Transfer is absolute and irrevocable and provides Buyer with the full benefits of ownership of the Receivables. Except for the Purchase Price Credits owed pursuant to
Section 1.4, the Transfers of Receivables hereunder are made without recourse to the Originators; provided, however, that (i) each Originator shall be liable to Buyer for all representations, warranties and covenants
made by such Originator pursuant to the terms of the Transaction Documents to which such Originator is a party, and (ii) such Transfers do not constitute and are not intended to result in an assumption by Buyer or any assignee thereof of any
obligation of the applicable Originator or any other Person arising in connection with the Receivables, the related Contracts and/or other Related Security or any other obligations of any Originator. In view of the intention of the parties hereto
that each Transfer of Receivables made hereunder shall constitute a sale or other outright conveyance of such Receivables rather than a loan secured thereby, each Originator agrees that it will, on or prior to the date hereof and in accordance with
Section 4.1(e)(ii), mark its master data processing records relating to the Receivables with a legend acceptable to Buyer and to the Administrative Agent (as Buyer’s collateral assignee), evidencing that Buyer has purchased such
Receivables as provided in this Agreement and agrees to note in its financial statements that its Receivables have been sold to Buyer. Upon the request of Buyer or the Administrative Agent (as Buyer’s collateral assignee), each Originator will
execute and file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate to perfect and maintain the perfection of Buyer’s ownership
interest in the Receivables originated by such Originator and the Related Security and Collections with respect thereto, or as Buyer or the Administrative Agent (as Buyer’s collateral assignee) may reasonably request. 

  
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 (c) Notwithstanding anything to the contrary set forth in paragraph (a) above or otherwise
in this Agreement, no New Originator shall sell any Receivable of such New Originator or any Related Security with respect thereto to the Buyer pursuant to this Agreement until such time (with respect to any New Originator, the “Subject
Date”), if any, as (i) each of such New Originator, the Buyer, RPM-Delaware, each of the Purchasers and the Administrative Agent have consented thereto in writing (which consent may be in the form of electronic mail) and the
Administrative Agent has confirmed that the Subject Date with respect to such New Originator has occurred, (ii) such New Originator shall have acquired one or more shares of Preferred Shares and (iii) each of the Buyer, each of the
Purchasers and the Administrative Agent have received such information, documents, instruments and agreements, in form and substance satisfactory to the Buyer, each of the Purchasers and the Administrative Agent (in their sole and absolute
discretion), as reasonably requested by such party prior to the Subject Date. Upon the occurrence of the Subject Date with respect to any New Originator, such New Originator shall immediately sell, assign, transfer, set-over and otherwise convey to
Buyer, without recourse (except to the extent expressly provided herein), and Buyer shall purchase from such New Originator, all of such New Originator’s right, title and interest in and to all of such New Originator’s Receivables existing
on the Subject Date and all Related Security relating thereto and all Collections thereof, on the terms and subject to the conditions set forth in this Agreement. On each day on and after the Subject Date with respect to each New Originator, such
New Originator shall sell all Receivables originated by such New Originator on such date in accordance with Section 1.2(a) of this Agreement. 

Section 1.3 Payment for the Purchases. 

(a) The Purchase Price for each Receivable shall be due and owing in full by Buyer to the applicable Originator or its designee on the date
each such Receivable comes into existence (except that Buyer may, with respect to any such Purchase Price, offset against such Purchase Price any amounts owed by such Originator to Buyer hereunder and which have become due but remain unpaid) and
shall be paid to such Originator in the manner provided in the following paragraphs (b), (c) and (d). 
 (b) With respect to any
Receivables coming into existence after the Initial Cutoff Date, on each Settlement Date, Buyer shall pay the Purchase Price therefor to the applicable Originator in accordance with Section 1.3(d) and in the following manner: 

first, by delivery of immediately available funds, to the extent of funds available to Buyer from its subsequent
sale of an interest in the Receivables to the Administrative Agent for the benefit of the Purchasers under the Purchase Agreement, or other cash on hand; and/or 

second, by delivery of the proceeds of a subordinated loan from such Originator to Buyer (a
“Subordinated Loan”) in an amount not to exceed the least of (A) the remaining unpaid portion of such Purchase Price, and (B) the maximum Subordinated Loan that could be borrowed without rendering Buyer’s Net
Worth less than the Required 

  
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Capital Amount. Such Originator is hereby authorized by Buyer to endorse on the schedule attached to its Subordinated Note an appropriate notation evidencing the date and amount of each advance
thereunder, as well as the date of each payment with respect thereto, provided that the failure to make such notation shall not affect any obligation of Buyer thereunder; and/or 

third, by accepting such Receivables as a contribution to Buyer’s preferred equity capital associated with
such Originator’s Preferred Shares identified on Schedule A hereto; provided that no such capital contribution shall be made from and after the date on which any Originator notifies Buyer in writing that it has designated a date
as such Originator’s Termination Date. 
 Subject to the limitations set forth in clause second above, each Originator irrevocably agrees
to advance each Subordinated Loan requested by Buyer on or prior to such Originator’s Termination Date. The Subordinated Loans shall be evidenced by, and shall be payable in accordance with the terms and provisions of such Originator’s
Subordinated Note and shall be payable solely from funds which Buyer is not required under the Purchase Agreement to set aside for the benefit of, or otherwise pay over to, the Administrative Agent or the Purchasers. 

(c) From and after an Originator’s Termination Date, each Originator shall not be obligated to (but may, at its option) (i) sell its
Receivables to Buyer, or (ii) contribute Receivables to Buyer’s preferred equity capital pursuant to clause third of Section 1.3(b) unless such Originator reasonably determines that the Purchase Price therefor
will be satisfied with funds available to Buyer from sales of interests in the Receivables pursuant to the Purchase Agreement, Collections, proceeds of Subordinated Loans, other cash on hand or otherwise. 

(d) Although the Purchase Price for each Receivable shall be due and payable in full by Buyer to the applicable Originator on the date such
Receivable comes into existence, settlement of the Purchase Price between Buyer and such Originator shall be effected on a monthly basis on Settlement Dates with respect to all Receivables coming into existence during the same Calculation Period and
based on the information contained in the Receivables Report delivered by the Servicer pursuant to Article VIII of the Purchase Agreement for the Calculation Period then most recently ended. Although settlement shall be effected on Settlement Dates,
increases or decreases in the amount owing under the applicable Subordinated Note made pursuant to Section 1.3(b) and any contribution of preferred equity capital by an Originator to Buyer made pursuant to Section 1.3(b)
shall be deemed to have occurred and shall be effective as of the last Business Day of the Calculation Period to which such settlement relates. 

Section 1.4 Purchase Price Credit Adjustments. If on any day, any Originator is deemed to have received a Deemed Collection with
respect to any Receivable sold by it to Buyer hereunder, then, in such event, Buyer shall be entitled to a credit (each, a “Purchase Price Credit”) against the Purchase Price otherwise payable to such Originator hereunder in
an amount equal to such Deemed Collection. If such Purchase Price Credit exceeds the original Outstanding Balance of the Receivables originated by the applicable Originator on such day, then the applicable Originator shall pay the remaining amount
of such Purchase Price Credit in cash within 10 Business Days thereafter; provided that if the applicable Originator’s Termination Date has not occurred, such Originator shall be allowed to deduct the remaining amount of such
Purchase Price Credit from any indebtedness owed to it under its Subordinated Note to the extent permitted thereunder. 

  
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 Section 1.5 Payments and Computations, Etc. All amounts to be paid or deposited by
Buyer hereunder shall be paid or deposited in accordance with the terms hereof on the day when due in immediately available funds to the account of the applicable Originator designated from time to time by such Originator or as otherwise directed by
such Originator. In the event that any payment owed by any Person hereunder becomes due on a day that is not a Business Day, then such payment shall be made on the next succeeding Business Day. If any Person fails to pay any amount hereunder when
due, such Person agrees to pay, on demand, the Default Fee in respect thereof until paid in full; provided, however, that such Default Fee shall not at any time exceed the maximum rate permitted by applicable law. 

Section 1.6 Transfer of Records. 

(a) In connection with each Transfer of a Receivable by an Originator hereunder, such Originator hereby sells, transfers, assigns and otherwise
conveys to Buyer all of such Originator’s right and title to and interest in the Records relating to such Receivable without the need for any further documentation in connection with such Transfer. In connection with each such Transfer, such
Originator hereby grants to each of Buyer, the Administrative Agent and the Servicer an irrevocable, non-exclusive license to use, without royalty or payment of any kind, all software used by such Originator to account for the Receivables originated
or serviced by such Originator, to the extent necessary to administer such Receivables, whether such software is owned by such Originator or is owned by others and used by such Originator under license agreements with respect thereto, provided that
should the consent of any licensor of such software be required for the grant of the license described herein, to be effective, such Originator hereby agrees that upon the request of Buyer (or the Administrative Agent, as Buyer’s collateral
assignee), such Originator will use its reasonable efforts to obtain the consent of such third-party licensor. The license granted hereby shall be irrevocable until the indefeasible payment in full of the Aggregate Unpaids, and shall terminate on
the date this Agreement terminates in accordance with its terms. 
 (b) Each Originator (i) shall take such action requested by Buyer
and/or the Administrative Agent (as Buyer’s collateral assignee), from time to time hereafter, that may be necessary or appropriate to ensure that Buyer has an enforceable ownership interest in the Records relating to the Receivables purchased
from such Originator hereunder, and (ii) shall use its reasonable efforts to ensure that Buyer, the Administrative Agent and the Servicer each has an enforceable right (whether by license or sublicense or otherwise) to use all of the computer
software used to account for such Receivables and/or to recreate such Records. 
 Section 1.7 Characterization. 

(a) If, notwithstanding the intention of the parties expressed in Section 1.2(b), any sale by any Originator to Buyer of
Receivables hereunder shall be characterized as a secured loan and not a sale, or such sale shall for any reason be ineffective or unenforceable, then this Agreement shall be deemed to constitute a security agreement under the UCC and other
applicable law. For this purpose and without being in derogation of the parties’ intention that 

  
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each sale of Receivables hereunder shall constitute a true sale thereof, each Originator hereby grants to Buyer a valid and perfected security interest in all of such Originator’s right,
title and interest in, to and under all Receivables now existing and hereafter arising, and in all Collections and Related Security with respect thereto (including, without limitation, each Lock-Box and Collection Account), all other rights and
payments relating to the Receivables and all proceeds of the foregoing to secure the prompt and complete payment of all of such Originator’s obligations hereunder, which security interest shall be prior to all other Adverse Claims thereto.
Buyer shall have, in addition to the rights and remedies which they may have under this Agreement, all other rights and remedies provided to a secured creditor under the UCC and other applicable law, which rights and remedies shall be cumulative.
Each Originator hereby authorizes Buyer (or the Administrative Agent, as Buyer’s collateral assignee), within the meaning of Section 9-509 of any applicable enactment of the UCC, as secured party, to file, without the signature of the
debtor, the UCC financing statements contemplated hereby. 
 (b) Each Originator acknowledges that Buyer, pursuant to the Purchase Agreement,
shall collaterally assign to the Administrative Agent, for the benefit of the Administrative Agent and the Purchasers thereunder, all of its rights, remedies, powers and privileges under this Agreement and that the Administrative Agent may further
assign such rights, remedies, powers and privileges to the extent permitted in the Purchase Agreement. Each Originator agrees that the Administrative Agent, as the collateral assignee of Buyer, shall, following the occurrence and during the
continuance of an Amortization Event, have the right to enforce this Agreement and to exercise directly all of Buyer’s rights and remedies under this Agreement (including, without limitation, the right to give or withhold any consents or
approvals of Buyer to be given or withheld hereunder, and, in any case, without regard to whether specific reference is made to Buyer’s assigns or collateral assignees in the provisions of this Agreement which set forth such rights and
remedies) and each Originator agrees to cooperate fully with the Administrative Agent and the Purchasers in the exercise of such rights and remedies. Each Originator further agrees to give to the Administrative Agent copies of all notices it is
required to give to Buyer hereunder. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Representations and Warranties of Originators. Each Originator hereby represents and warrants to Buyer, as to such
Originator and the Receivables originated by it, that, as of the date of each Purchase: 
 (a) Corporate Existence and
Power. Such Originator is a corporation duly organized, validly existing and in good standing under the laws of the state of its organization, and is duly qualified to do business and is in good standing as a foreign corporation, and has and
holds all corporate power and all governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is conducted except where the failure to so qualify or so hold could not
reasonably be expected to have a Material Adverse Effect. 

  
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 (b) Power and Authority; Due Authorization, Execution and Delivery. The
execution and delivery by such Originator of this Agreement and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder and such Originator’s use of the proceeds of each Purchase
made from it hereunder, are within its corporate powers and authority and have been duly authorized by all necessary corporate action on its part. This Agreement and each other Transaction Document to which such Originator is a party has been duly
executed and delivered by such Originator. 
 (c) No Conflict; No Bulk Sale. The execution and delivery by such
Originator of this Agreement and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder do not contravene or violate (i) its certificate or articles of incorporation or by-laws or any shareholder agreements, voting trusts, and similar arrangements applicable to any of its authorized shares, (ii) any law, rule or regulation applicable to it, (iii) any restrictions under
any agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or (iv) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and do not result in the
creation or imposition of any Adverse Claim on assets of such Originator or its Subsidiaries (except as created hereunder) except, in any case, where such contravention or violation could not reasonably be expected to have a Material Adverse Effect.
No transaction contemplated hereby with respect to such Originator requires compliance with any bulk sales act or similar law. 

(d) Governmental Authorization. Other than the filing of the financing statements required hereunder, no authorization
or approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required for the due execution and delivery by such Originator of this Agreement and each other Transaction Document to which it is a
party and the performance of its obligations hereunder and thereunder. 
 (e) Actions, Suits. There are no actions,
suits or proceedings pending, or to the best of such Originator’s knowledge, threatened, against or affecting such Originator, or any of its properties, in or before any court, arbitrator or other body, that could reasonably be expected to have
a Material Adverse Effect. Such Originator is not in default with respect to any order of any court, arbitrator or governmental body. 

(f) Binding Effect. This Agreement and each other Transaction Document to which such Originator is a party constitute
the legal, valid and binding obligations of such Originator enforceable against such Originator in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other
similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

(g) Accuracy of Information. All information heretofore furnished by a Responsible Officer of such Originator to Buyer
(or to the Administrative Agent, as Buyer’s collateral assignee) for purposes of or in connection with this Agreement, any of the other Transaction Documents or any transaction contemplated hereby or thereby is,

  
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and all such information hereafter furnished by a Responsible Officer of such Originator to Buyer (or to the Administrative Agent, as Buyer’s collateral assignee) will be, true and accurate
in every material respect on the date such information is stated or certified and does not and will not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not
misleading. 
 (h) Use of Proceeds. No proceeds of any Purchase from such Originator hereunder will be used
(i) for a purpose that violates, or would be inconsistent with, any law, rule or regulation applicable to such Originator or (ii) to acquire any security in any transaction which is subject to Section 12, 13 or 14 of the Securities
Exchange Act of 1934, as amended. 
 (i) Good Title. Immediately prior to each Purchase from such Originator
hereunder, such Originator (i) is the legal and beneficial owner of the Receivables which are to be the subject of such Purchase and (ii) is the legal and beneficial owner of the Related Security with respect thereto or possesses a valid
and perfected security interest therein, in each case, free and clear of any Adverse Claim, except as created by the Transaction Documents. 

(j) Perfection. This Agreement, together with the filing of the financing statements contemplated hereby, is effective
to transfer to Buyer (and Buyer shall acquire from such Originator) (i) legal and equitable title to, with the right to sell and encumber each Receivable originated by such Originator, whether now existing or hereafter arising, together with
the Collections with respect thereto, and (ii) all of such Originator’s right, title and interest in the Related Security associated with each such Receivable, in each case, free and clear of any Adverse Claim, except as created by the
Transaction Documents. There have been duly filed (or delivered to the Administrative Agent (as Buyer’s collateral assignee) in form suitable for filing) all financing statements or other similar instruments or documents necessary under the UCC
(or any comparable law) of all appropriate jurisdictions to perfect Buyer’s ownership interest in the Receivables originated by such Originator, the Related Security and the Collections. 

(k) Places of Business and Locations of Records. The state of organization and chief executive office of such Originator
and the offices where it keeps all of its Records are located at the address(es) listed on Exhibit II or such other locations of which Buyer has been notified in accordance with Section 4.2(a) in jurisdictions where all action required by
Section 4.2(a) has been taken and completed. Such Originator’s Federal Employer Identification Number and organizational identification number are correctly set forth on Exhibit II. 

(l) Collections. The conditions and requirements set forth in Section 4.1(i) have at all times been satisfied and
duly performed. The names and addresses of all Collection Banks, together with the account numbers of the Collection Accounts of such Originator at each Collection Bank and the post office box number of each Lock-Box, are listed on Exhibit III. Such
Originator has not granted any Person, other than Buyer (and, to the extent contemplated by the Purchase Agreement, the Servicer and the Administrative Agent, as Buyer’s collateral assignee) dominion and control of any Lock-Box or Collection
Account, or the right to take dominion and control of any such Lock-Box or Collection Account at a future time or upon the occurrence of a future event. 

  
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 (m) Material Adverse Effect. Since February 28, 2014, no event has
occurred that would have a Material Adverse Effect. 
 (n) Names. In the past five (5) years, such Originator has
not used any corporate names, trade names or assumed names other than the name in which it has executed this Agreement and as listed on Exhibit II. 

(o) Ownership of Originators. RPM-Delaware owns, directly or indirectly, 100% of the issued and outstanding shares of
capital stock of such Originator, free and clear of any Adverse Claim. Such capital stock is validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire securities of such Originator. 

(p) Not an Investment Company. Such Originator is not an “investment company” within the meaning of the
Investment Company Act of 1940, as amended, or any successor statute. 
 (q) Compliance with Law. Such Originator has
complied in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not reasonably be expected to have a Material
Adverse Effect. Each Receivable originated by such Originator, together with the Contract related thereto, does not contravene any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to
truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy), and no part of such Contract is in violation of any such law, rule or regulation, except where such contravention or
violation could not reasonably be expected to have a Material Adverse Effect. 
 (r) Compliance with Credit and Collection
Policy. Such Originator has complied in all material respects with its Credit and Collection Policy with regard to each Receivable originated by it and the related Contract, and has not made any material change to such Credit and Collection
Policy, except such material change as permitted by Section 4.2(c) and in compliance with the notification requirements in Section 4.1(a)(viii). 

(s) Payments to such Originator. With respect to each Receivable transferred hereunder by such Originator to Buyer, the
Purchase Price received by such Originator constitutes reasonably equivalent value in consideration therefor and such transfer was not made for or on account of an antecedent debt. No transfer by such Originator of any Receivable hereunder is or may
be voidable under any section of the Bankruptcy Reform Act of 1978 (11 U.S.C. §§ 101 et seq.), as amended. 
 (t)
Enforceability of Contracts. Each Contract with respect to each Receivable originated by such Originator is effective to create, and has created, a legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of
the 

  
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Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy,
insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

(u) Nature of Receivables. Each Receivable originated by such Originator is an “account” under and as defined
in the UCC of all applicable jurisdictions. 
 (v) Accounting. The manner in which such Originator accounts for the
transactions contemplated by this Agreement does not jeopardize the true sale analysis. 
 (w) Purpose. Such
Originator has determined that, from a business viewpoint, its sales of Receivables to Buyer and the other transactions contemplated herein and in the Purchase Agreement are in the best interests of such Originator. 

(x) Eligible Receivables. Each Receivable originated by such Originator that was included on any Receivables Report as
an Eligible Receivable was an Eligible Receivable on the date on which it was sold or contributed to Buyer hereunder. 
 (y)
Anti-Terrorism Law Compliance. None of the Originators is subject to or in violation of any law, regulation, or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list, Executive Order
No. 13224 or the USA PATRIOT Act) that prohibits or limits the conduct of business with or the receiving of funds, goods or services to or for the benefit of certain Persons specified therein or that prohibits or limits Buyer from making any
Purchase or from otherwise conducting business with any of the Originators. 
 (z) No Sanctions. No Originator is a
Sanctioned Person. No Obligor was a Sanctioned Person at the time of origination of any Receivable owing by such Obligor. The Originators and their Affiliates: (i) have less than 10% of their assets in Sanctioned Countries; and
(ii) derive less than 10% of their operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Countries. No Originator engages in activities related to Sanctioned Countries except for such activities as are
(A) specifically or generally licensed by OFAC, or (B) otherwise in compliance with OFAC’s sanctions regulations. 

(aa) Ordinary Course of Business. Each remittance of Collections by or on behalf of such Originator to the Buyer under
this Agreement will have been (i) in payment of a debt incurred by such Originator in the ordinary course of business or financial affairs of such Originator and (ii) made in the ordinary course of business or financial affairs of such
Originator. 

  
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 ARTICLE III 

CONDITIONS OF PURCHASE 

Section 3.1 Conditions Precedent to Initial Purchase. The initial Purchase from each Originator under this Agreement is subject to
the conditions precedent that (a) Buyer shall have received on or before the date of such Purchase those documents listed on Schedule B and (b) all of the conditions to the initial purchase under the Purchase Agreement shall
have been satisfied or waived in accordance with the terms thereof. 
 Section 3.2 Conditions Precedent to Subsequent Payments.
Buyer’s obligation to pay each Originator for Receivables coming into existence after the Initial Cutoff Date shall be subject to the further conditions precedent that: (a) the Facility Termination Date shall not have occurred;
(b) Buyer (or the Administrative Agent, as Buyer’s collateral assignee) shall have received such other opinions or documents as it may reasonably request pursuant to Section 6.2 of the Purchase Agreement, and (c) on the
date such Receivable came into existence, the following statements shall be true (and acceptance of the proceeds of any payment for such Receivable shall be deemed a representation and warranty by such Originator that such statements are then true):

 (i) the representations and warranties of such Originator set forth in Article II are true and correct on and as of
the date such Receivable came into existence as though made on and as of such date; and 
 (ii) no event has occurred and is
continuing that will constitute a Termination Event or a Potential Termination Event. 
 Section 3.3 Reaffirmation of
Representations and Warranties. Each Originator, by accepting the Purchase Price related to each Purchase of such Originator’s Receivables and Related Security, shall be deemed to have certified that the representations and warranties of
such Originator contained in Article II are true and correct as to such Originator on and as of the date of such Purchase, with the same effect as though made on and as of such day, and that each of the applicable conditions precedent set
forth in this Article III has been satisfied as of the date of such purchase. 
 ARTICLE IV 

COVENANTS 

Section 4.1 Affirmative Covenants of Originators. Until the date on which this Agreement terminates in accordance with its terms,
each Originator hereby covenants as set forth below: 
 (a) Financial Reporting. Such Originator will maintain, for
itself and each of its Subsidiaries, a system of accounting established and administered in accordance with GAAP, and furnish to Buyer (and to the Administrative Agent, as Buyer’s collateral assignee): 

(i) Annual Reporting. As soon as available and in any event within 90 days after the end of each fiscal year of such
Originator, consolidated statements of income, shareholders’ equity and cash flows of RPM-Delaware (or, once applicable, Parent) and its Subsidiaries for such year and the related consolidated balance sheet as at the end of such year, setting
forth in each case in comparative form the corresponding figures for the preceding fiscal year, and accompanied by an opinion thereon of independent certified public accountants of 

  
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recognized national standing, which opinion shall state that said consolidated financial statements fairly present in all material respects the consolidated financial condition and results of
operations of such Originator and its Subsidiaries as at the end of, and for, such fiscal year; provided that delivery to the Buyer of RPM-Delaware’s (or, once applicable, Parent’s) filing with the SEC of SEC Form 10-K for each fiscal year
shall satisfy the requirements of this Section 4.1(a)(i) for each Originator. 
 (ii) Quarterly Reporting.
As soon as available and in any event within 45 days after the end of each fiscal quarter of such Originator other than the last fiscal quarter in each fiscal year, consolidated statements of income, shareholders’ equity and cash flows of
RPM-Delaware (or, once applicable, Parent) and its Subsidiaries for such fiscal quarter and for the portion of the fiscal year ended at the end of such fiscal quarter, and the related consolidated balance sheet as at the end of such fiscal quarter,
accompanied, in each case, by a certificate of a Senior Officer, which certificate shall state that said consolidated financial statements fairly present in all material respects the consolidated financial condition and results of operations of
RPM-Delaware (or, once applicable, Parent) in accordance with GAAP (except for footnotes of the type required by the SEC to be included in quarterly reports on Form 10-Q), consistently applied, as at the end of, and for, such period (subject to
normal year-end audit adjustments); provided that delivery to the Buyer of RPM-Delaware’s (or, once applicable, Parent’s) filing with the SEC of SEC Form 10-Q for the first three quarters of each fiscal year shall satisfy the requirements
of this Section 4.1(a)(ii) for each Originator. 
 (iii) Compliance Certificate. Together with the
financial statements required hereunder, a compliance certificate in substantially the form of Exhibit IV signed by an Authorized Officer of each Originator and dated the date of such annual financial statement or such quarterly
financial statement, as the case may be. 
 (iv) Monthly Report. At any time that (i) the Servicer is rated below
“Baa3” by Moody’s, “BBB-” by S&P, or “BBB-” by Fitch or (ii) the Buyer (or the Administrative Agent as its collateral assignee) has determined, in its reasonable discretion, that there has been material
deterioration in the performance of the Receivables, upon the request of the Buyer (or the Administrative Agent or any Purchaser as its collateral assignees), for as long as RPM-Delaware is the Servicer, the unaudited financial reports of the
Servicer for the calendar month most recently ended. 
 (v) Shareholders Statements and Reports. Promptly upon the
furnishing thereof to the shareholders of RPM-Delaware (or, once applicable, Parent), copies of all financial statements, reports and proxy statements so furnished. 

  
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 (vi) SEC Filings. Promptly upon the filing thereof, copies of all
registration statements and annual, quarterly, monthly or other regular reports (other than SEC Forms 10-K and 10-Q filed by RPM-Delaware (or, once applicable, Parent) and delivered in accordance with Sections 4.1(a)(i) and
(ii) and other than SEC Forms 3, 4 or 5) which RPM-Delaware or any of its Subsidiaries files with the SEC. 

(vii) Copies of Notices. Promptly upon its receipt of any notice, request for consent, financial statements,
certification, report or other communication under or in connection with any Transaction Document from any Person other than Buyer, the Administrative Agent or any of the Purchasers, copies of the same. 

(viii) Change in Credit and Collection Policy. At least thirty (30) days prior to the effectiveness of any material
change in or material amendment to such Originator’s Credit and Collection Policy, a copy of its Credit and Collection Policy then in effect and a notice (A) indicating such change or amendment, and (B) if such proposed change or
amendment would be reasonably likely to adversely affect the collectability of the Receivables originated by such Originator or decrease the credit quality of any newly created Receivables, requesting Buyer’s and Administrative Agent’s
consent thereto. 
 (ix) Other Information. Promptly, from time to time, such other information, documents, records or
reports relating to the Receivables or the condition or operations, financial or otherwise, of such Originator as Buyer (or the Administrative Agent, as Buyer’s collateral assignee) may from time to time reasonably request in order to protect
the interests of Buyer (and the Administrative Agent, as Buyer’s collateral assignee) under or as contemplated by this Agreement. 

(b) Notices. Such Originator will notify the Buyer (and the Administrative Agent, as Buyer’s collateral assignee)
in writing of any of the following promptly upon learning of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 

(i) Termination Events or Potential Termination Events. The occurrence of each Termination Event and each Potential
Termination Event, by a statement of an Authorized Officer of such Originator. 
 (ii) Judgment and Proceedings.
(1) The entry of any judgment or decree against any Originator or any of its Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against the Originators and their Subsidiaries exceeds $75,000,000 after deducting
(a) the amount with respect to which the applicable Originator or Subsidiary is insured and with respect to which the insurer has acknowledged responsibility, and (b) the amount for which the applicable Originator or Subsidiary is
otherwise indemnified if the terms of such indemnification are satisfactory to Buyer (and the Administrative Agent, as Buyer’s collateral assignee), and (2) the institution of any litigation, arbitration proceeding or governmental
proceeding against any Originator which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

  
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 (iii) Material Adverse Effect. The occurrence of any event or condition
that has had, or could reasonably be expected to have, a Material Adverse Effect. 
 (iv) Defaults Under Other
Agreements. The occurrence of a default or an event of default under any other financing arrangement involving Indebtedness or a line of credit in excess of $5,000,000 in aggregate principal amount pursuant to which such Originator is a debtor
or an obligor. 
 (v) Downgrade of RPM-Delaware (or, once applicable, Parent). Any downgrade in the rating of any
Indebtedness of RPM-Delaware (or, once applicable, Parent) by Standard and Poor’s Ratings Group or by Moody’s Investors Service, Inc., setting forth the Indebtedness affected and the nature of such change. 

(c) Compliance with Laws and Preservation of Corporate Existence. Such Originator will comply in all respects with all
applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect. Such Originator will
preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify and remain qualified in good standing as a foreign corporation in each jurisdiction where its business is
conducted, except where the failure to so qualify or remain in good standing could not reasonably be expected to have a Material Adverse Effect and except that any Originator may merge with and into another Originator. 

(d) Audits. Such Originator will furnish to Buyer (and to the Administrative Agent and each Purchaser, as Buyer’s
collateral assignees) from time to time such information with respect to it and the Receivables originated or serviced by it as Buyer (or the Administrative Agent or any of the Purchasers) may reasonably request. Such Originator will, from time to
time during regular business hours as requested by Buyer (or the Administrative Agent or any of the Purchasers), upon reasonable notice and at the sole cost of such Originator, permit Buyer and the Administrative Agent and each of the Purchasers or
their respective agents or representatives: (i) to examine and make copies of and abstracts from all Records in the possession or under the control of such Originator relating to such Receivables and the Related Security, including, without
limitation, the related Contracts, and (ii) to visit the offices and properties of such Originator for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to such Originator’s
financial condition or such Receivables and the Related Security or such Originator’s performance under any of the Transaction Documents or such Originator’s performance under the Contracts and, in each case, with any of the officers or
employees of such Originator having knowledge of such matters (each of the foregoing examinations and visits, a “Review”); provided, however, that, so long as no Amortization Event or Potential Amortization
Event (each, as defined in the Purchase Agreement) has occurred, the Originators shall only be responsible for the costs and expenses of two (2) Reviews in any one calendar year. 

  
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 (e) Keeping and Marking of Records and Books. 

(i) Such Originator will maintain and implement administrative and operating procedures (including, without limitation, an
ability to recreate records evidencing Receivables originated by it in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the
collection of all such Receivables (including, without limitation, records adequate to permit the immediate identification of each such new Receivable and all Collections of and adjustments to each such existing Receivable). Such Originator will
give Buyer (and the Administrative Agent and each Purchaser, as Buyer’s collateral assignees) notice of any material change in the administrative and operating procedures referred to in the previous sentence other than a change in the type of
software used by such Originator. 
 (ii) Such Originator will: (A) on or prior to the date hereof, mark its master data
processing records and other books and records relating to the Receivables originated by it with a legend, acceptable to Buyer (and to the Administrative Agent, as Buyer’s collateral assignee), describing Buyer’s ownership interests in
such Receivables and further describing the Purchaser Interests of the Administrative Agent (on behalf of the Purchasers) under the Purchase Agreement and (B) upon the request of Buyer (or the Administrative Agent or any of the Purchasers, as
Buyer’s collateral assignees) following the occurrence of a Termination Event or an Amortization Event (as defined in the Purchase Agreement: (x) mark each Contract with a legend describing Buyer’s ownership interests in such
Receivables and further describing the Purchaser Interests of the Administrative Agent (on behalf of the Purchasers) and (y) deliver to Buyer (or, following the occurrence and during the continuance of an Amortization Event, to the
Administrative Agent, as Buyer’s collateral assignee) all Contracts (including, without limitation, all multiple originals of any such Contract that constitutes an instrument, a certificated security or chattel paper under the UCC) relating to
such Receivables. 
 (f) Compliance with Contracts and Credit and Collection Policy. Such Originator will timely and
fully (i) perform and comply with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables originated or serviced by it, and (ii) comply in all material respects with its
Credit and Collection Policy in regard to each such Receivable and the related Contract. 
 (g) Ownership. Such
Originator will take all necessary action to establish and maintain, irrevocably in Buyer, (i) legal and equitable title to the Receivables originated by such Originator and the associated Collections and (ii) all of such Originator’s
right, title and interest in the Related Security associated with such Receivables, in each case, free and clear of any Adverse Claims other than Adverse Claims in favor of Buyer (and 

  
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the Administrative Agent, as Buyer’s collateral assignee) (including, without limitation, the filing of all financing statements, financing statement amendments, continuation statements or
other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect and preserve Buyer’s interest in such Receivables, Related Security and Collections and such other action to
perfect, protect or more fully evidence the interest of Buyer as Buyer (or the Administrative Agent, as Buyer’s collateral assignee) may reasonably request). 

(h) Purchasers’ Reliance. Such Originator acknowledges that the Administrative Agent and the Purchasers are
entering into the transactions contemplated by the Purchase Agreement in reliance upon Buyer’s identity as a legal entity that is separate from such Originator and any Affiliates thereof. Therefore, from and after the date of execution and
delivery of this Agreement, such Originator will take all reasonable steps including, without limitation, all steps that Buyer (or the Administrative Agent, as Buyer’s collateral assignee) may from time to time reasonably request to maintain
Buyer’s identity as a separate legal entity and to make it manifest to third parties that Buyer is an entity with assets and liabilities distinct from those of such Originator and any Affiliates thereof and not just a division of such
Originator or any such Affiliate. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, such Originator (i) will not hold itself out to third parties as liable for the debts of Buyer nor
purport to own the Receivables and other assets acquired by Buyer, (ii) will take all other actions necessary on its part to ensure that Buyer is at all times in compliance with the covenants set forth in Section 7.1(i) of the Purchase
Agreement and (iii) will cause all tax liabilities arising in connection with the transactions contemplated herein or otherwise to be allocated between such Originator and Buyer on an arm’s-length basis and in a manner consistent with the
procedures set forth in U.S. Treasury Regulations §§1.1502-33(d) and 1.1552-1. 
 (i) Collections. Such
Originator shall direct all Obligors to make payments of such Originator’s Receivables directly to a Lock Box or Collection Account that has been transferred into the name of the Buyer (or the Administrative Agent, as Buyer’s collateral
assignee) and is the subject of a Collection Account Agreement at a Collection Bank. If, notwithstanding the foregoing, any Obligor makes payment to such Originator, such Originator further agrees to remit any Collections (including any security
deposits applied to the Outstanding Balance of any Receivable) that it receives on such Receivables directly to a Collection Bank for deposit into a Collection Account within two (2) Business Days after receipt thereof, and agrees that all such
Collections shall be deemed to be received in trust for Buyer (and the Administrative Agent, as Buyer’s collateral assignee); provided that, to the extent permitted pursuant to Section 1.3, such Originator may retain such
Collections as a portion of the Purchase Price then payable to or apply such Collections to the reduction of the outstanding balance of its Subordinated Note. 

(j) Taxes. Except to the extent that such Originator is included in consolidated tax returns or reports filed by
RPM-Delaware (or, once applicable, Parent), such Originator will file all tax returns and reports required by law to be filed by it and will promptly pay all taxes and governmental charges at any time owing, except any such

  
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taxes which are not yet delinquent or are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on
its books. Such Originator will also pay when due any taxes payable in connection with the Receivables originated by it, exclusive of taxes on or measured by income or gross receipts of Buyer and its assigns. 

(k) Insurance. Such Originator will maintain in effect, at such Originator’s expense, such casualty and liability
insurance as such Originator deems appropriate in its good faith business judgment. Such Originator will pay the premiums therefor. The foregoing requirements shall not be construed to negate, reduce or modify, and are in addition to, such
Originator’s obligations hereunder. 
 (l) Reports. Such Originator shall prepare the following reports and
forward to the Servicer and the Administrative Agent (i) on the second Business Day prior to each Settlement Date, the next Business Day, and at such times as the Servicer or the Administrative Agent shall request (the “Receivables
Reporting Date”), a Receivables Report and (ii) at such times as the Servicer or the Administrative Agent shall reasonably request, a listing by Obligor of all Receivables originated by such Originator together with an aging of
such Receivables. 
 Section 4.2 Negative Covenants of Originators. Until the date on which this Agreement terminates in
accordance with its terms, each Originator hereby covenants that: 
 (a) Name Change, Offices and Records. Such
Originator will not (i) change its name (within the meaning of Section 9-507(c) of any applicable enactment of the UCC), identity, corporate structure or location of books and records unless, at
least fifteen (15) Business Days prior to the effective date of any such name change, change in corporate structure or change in location of books and records, such Originator notifies Buyer and Administrative Agent thereof and delivers to
Buyer (and to the Administrative Agent, as Buyer’s collateral assignee) such financing statements (Forms UCC-1 and UCC-3) executed by such Originator (if required
under applicable law) which Buyer (or the Administrative Agent, as Buyer’s collateral assignee) may reasonably request to reflect such name change, location change or change in corporate structure, together with such other documents and
instruments that Buyer (or the Administrative Agent, as Buyer’s collateral assignee) may reasonably request in connection therewith and has taken all other steps to ensure that Buyer continues to have an exclusive perfected ownership or
security interest in the Receivables originated by it, the Related Security related thereto and any Collections thereon, or (ii) change its jurisdiction of organization unless Buyer (and the Administrative Agent, as Buyer’s collateral
assignee) shall have received from such Originator, prior to such change, (A) those items described in clause (i) hereof, and (B) if Buyer (or the Administrative Agent, as Buyer’s collateral assignee) shall so request, an opinion
of counsel, in form and substance reasonably satisfactory to such Person, as to such organization and such Originator’s valid existence and good standing and the perfection and priority of Buyer’s ownership or security interest in the
Receivables originated by such Originator and the Related Security and the Collections related thereto. 

  
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 (b) Change in Payment Instructions to Obligors. Such Originator will not
add or terminate any bank as a Collection Bank, or make any change in the instructions to Obligors regarding payments to be made to any Lock-Box or Collection Account, unless Buyer (and the Administrative Agent, as Buyer’s collateral assignee)
shall have received, at least ten (10) days before the proposed effective date therefor, (i) written notice of such addition, termination or change and (ii) with respect to the addition of a Collection Bank or a Collection Account or
Lock-Box, an executed Collection Account Agreement with respect to the new Collection Account or Lock-Box; provided, however, that such Originator may make changes in instructions to Obligors regarding payments if such new instructions require such
Obligor to make payments to another existing Collection Account. 
 (c) Modifications to Contracts and Credit and
Collection Policy. Such Originator will not make any change to its Credit and Collection Policy that could adversely affect the collectability of the Receivables originated or serviced by such Originator or decrease the credit quality of any
such newly created Receivables. Except as otherwise permitted in its capacity as a permitted sub-Servicer pursuant to Article VIII of the Purchase Agreement, such Originator will not extend, amend or otherwise modify the terms of any Receivable
originated or serviced by it or any Contract related thereto in any material respect other than in accordance with its Credit and Collection Policy. 

(d) Sales, Liens. Except pursuant to the Transaction Documents, such Originator will not sell, assign (by operation of
law or otherwise) or otherwise dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any Receivable originated
by it or the associated Related Security or Collections, or upon or with respect to any Contract under which any Receivable arises, or any Lock-Box or Collection Account, or assign any right to receive income with respect thereto (other than, in
each case, the creation of the interests therein in favor of Buyer provided for herein), and such Originator will defend the right, title and interest of Buyer in, to and under any of the foregoing property, against all claims of third parties
claiming through or under such Originator. Such Originator shall not create or suffer to exist any mortgage, pledge, security interest, encumbrance, lien, charge or other similar arrangement on any of its inventory. 

(e) Accounting for Purchase. Such Originator will not, and will not permit any Affiliate to, account for the
transactions contemplated hereby in any manner other than as a sale by such Originator to Buyer of Receivables originated by such Originator and the associated Collections and Related Security. 

(f) OFAC. No Originator will use the proceeds of any Purchase under this Agreement to fund any operations in, finance
any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country. 
 (g) Subordinated
Notes, Etc. Such Originator will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of
any financing statement) or with respect to, any Subordinated Note or any Preferred Shares. 

  
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 ARTICLE V 

TERMINATION EVENTS 

Section 5.1 Termination Events. The occurrence of any one or more of the following events shall constitute a “Termination
Event” with respect to an Originator: 
 (a) Such Originator shall fail to make any payment or deposit required
hereunder on or within one (1) Business Day after the date on which the same is required to be made. 
 (b) Such
Originator or Performance Guarantor shall fail to perform or observe any covenant contained in Section 4.1(l) or any provision of Section 4.2 other than Section 4.2(c). 

(c) (i) Such Originator or Performance Guarantor shall fail to perform or observe any other covenant, agreement or other
obligation hereunder (other than as referred to in another paragraph of this Section 5.1) or any other Transaction Document to which it is a party and such failure shall continue for three (3) consecutive Business Days following the
earlier to occur of (i) notice from Buyer (or the Administrative Agent or any Purchaser, as its collateral assignee) of such non-performance or non-observance, or (ii) the date on which a Responsible Officer of such Originator (or
Performance Guarantor, as the case may be) otherwise becomes aware of such non-performance or non-observance. 

(d) Any representation, warranty, certification or statement made by such Originator in this Agreement, any other
Transaction Document or in any other document required to be delivered pursuant hereto or thereto shall prove to have been incorrect when made or deemed made in any material respect and is not cured within five (5) Business Days following the
earlier to occur of (i) notice from Buyer (or the Administrative Agent or any Purchaser, as its collateral assignee) of such inaccuracy, or (ii) the date on which a Responsible Officer of such Originator (or Performance Guarantor, as the
case may be) otherwise becomes aware of such inaccuracy, provided that the materiality threshold in this subsection shall not be applicable with respect to any representation or warranty which itself contains a materiality threshold
although the five (5) Business Day cure period shall continue to apply. 
 (e) Any Originator shall
default, or the Performance Guarantor or any of its Subsidiaries (other than an Originator) shall default, in the payment when due of any principal or of or interest on any Material Indebtedness; or any event or condition shall occur which results
in the acceleration of the maturity of any such Material Indebtedness. 
 (f) (i) Such Originator, Performance Guarantor or
any of their respective Significant Subsidiaries (as defined in the RPM Credit Agreement) shall generally not pay its debts as such debts become due or shall admit in writing its inability to pay its debts generally or shall make a general
assignment for the benefit of creditors; or (ii) any 

  
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proceeding shall be instituted by or against such Originator, Performance Guarantor or any of their respective Significant Subsidiaries seeking to adjudicate it bankrupt or insolvent, or seeking
liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for
relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property or (iii) such Originator, Performance Guarantor or any of their respective Significant Subsidiaries shall take any
corporate action to authorize any of the actions set forth in the foregoing clauses (i) or (ii) of this subsection (f). 

(g) A Change of Control shall occur with respect to such Originator or Performance Guarantor. 

(h) One or more final judgments for the payment of money in an amount in excess of $75,000,000, individually or in the
aggregate, shall be entered against such Originator or Performance Guarantor on claims not covered by insurance or as to which the insurance carrier has denied its responsibility, and such judgment shall continue unsatisfied and in effect for ten
(10) consecutive days without a stay of execution. 
 Section 5.2 Remedies. Upon the occurrence and during the continuation
of a Termination Event, Buyer may take any of the following actions: (i) declare the applicable Originator’s Termination Date to have occurred, whereupon such Originator’s Termination Date shall forthwith occur, without demand,
protest or further notice of any kind, all of which are hereby expressly waived by the Originators; provided, however, that upon the occurrence of a Termination Event described in Section 5.1(f), or of an
actual or deemed entry of an order for relief with respect to Performance Guarantor or any Originator under the Federal Bankruptcy Code, such Originator’s Termination Date shall automatically occur, without demand, protest or any notice of any
kind, all of which are hereby expressly waived by each Originator and (ii) to the fullest extent permitted by applicable law, declare that the Default Fee shall accrue with respect to any amounts then due and owing by each Originator to Buyer.
The aforementioned rights and remedies shall be without limitation and shall be in addition to all other rights and remedies of Buyer (or the Administrative Agent, as Buyer’s collateral assignee) otherwise available under any other provision of
this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including, without limitation, all rights and remedies provided under the UCC, all of which rights shall be cumulative. 

ARTICLE VI 

INDEMNIFICATION 

Section 6.1 Indemnities by Originators. Without limiting any other rights that Buyer may have hereunder or under applicable law,
each Originator hereby agrees to indemnify (and pay upon demand to) Buyer and its assigns, officers, directors, agents and employees (each, an “Indemnified Party”) from and against any and all damages, losses, claims, taxes,
liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of Buyer or any such assign) and disbursements (all of the foregoing being collectively referred to as
“Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this Agreement or the acquisition, either directly or 

  
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indirectly, by Buyer of an interest in the Receivables originated by such Originator, excluding, however, in all of the foregoing cases: 

(a) Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified Amounts
resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; 
 (b)
Indemnified Amounts to the extent the same includes losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor; or 

(c) taxes imposed by the United States, the Indemnified Party’s jurisdiction of organization (or, in the case of an
individual, primary residence) or any other jurisdiction in which such Indemnified Party has established a taxable nexus other than in connection with the transactions contemplated hereby and by the Purchase Agreement on or measured by the overall
net income of such Indemnified Party to the extent that the computation of such taxes is consistent with the Intended Characterization; 
 provided,
however, that nothing contained in this sentence shall limit the liability of such Originator or limit the recourse of Buyer to such Originator for amounts otherwise specifically provided to be paid by such Originator under the terms of this
Agreement. Without limiting the generality of the foregoing indemnification, but subject to the exclusions in clauses (a), (b) and (c) above, each Originator shall indemnify Buyer for Indemnified Amounts (including, without limitation,
losses in respect of uncollectible Receivables, regardless of whether reimbursement therefor would constitute recourse to such Originator) relating to or resulting from: 

(i) any representation or warranty made by such Originator (or any of its officers) under or in connection with this Agreement,
any other Transaction Document to which such Originator is a party or any other information or report required to be delivered by any such Person pursuant hereto or thereto, which shall have been false or incorrect when made or deemed made; 

(ii) the failure by such Originator to comply with any applicable law, rule or regulation with respect to any Receivable
originated by it, or any Contract related thereto, or the nonconformity of any such Receivable or Contract with any such applicable law, rule or regulation or any failure of any Originator to keep or perform any of its obligations, express or
implied, with respect to any such Contract; 
 (iii) any failure of such Originator to perform its duties, covenants or other
obligations in accordance with the provisions of this Agreement or any other Transaction Document to which it is a party; 

(iv) any products liability, personal injury or damage suit, or other similar claim arising out of or in connection with goods
that are the subject of any Contract or any Receivable originated by such Originator; 

  
 21 

 (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of
the Obligor) of the Obligor to the payment of any Receivable originated by such Originator (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor
enforceable against it in accordance with its terms), or any other claim resulting from the sale of goods or services related to such Receivable or the furnishing or failure to furnish such goods or services; 

(vi) the commingling of Collections of such Receivables at any time with other funds; 

(vii) any investigation, litigation or proceeding related to or arising from this Agreement or any other Transaction Document
to which such Originator is a party, the transactions contemplated hereby, the use by such Originator of the proceeds of any purchase from it hereunder or any other investigation, litigation or proceeding relating to such Originator in which any
Indemnified Party becomes involved as a result of any of the transactions contemplated hereby; 
 (viii) any inability to
litigate any claim against any Obligor in respect of any such Receivable as a result of such Obligor being immune from civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding; 

(ix) (A) failure of such Originator generally to pay its debts as such debts become due or admission by such Originator in
writing of its inability to pay its debts generally or any making by such Originator of a general assignment for the benefit of creditors; or (B) the institution of any proceeding by or against such Originator seeking to adjudicate it bankrupt
or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the
entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property, or (C) the taking by such Originator of any corporate action to authorize any of the actions set
forth in clauses (A) or (B) above in this clause (ix); 
 (x) any failure to vest and maintain vested in Buyer, or
to transfer to Buyer, legal and equitable title to, and ownership of, an exclusive perfected ownership interest in the Receivables originated by such Originator and the associated Related Security and Collections, free and clear of any Adverse Claim
(except as created by the Transaction Documents); 
 (xi) the failure to have filed, or any delay in filing, financing
statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any such Receivable, the Related Security and Collections with respect thereto, and the proceeds of any
thereof, whether at the time of sale to Buyer or at any subsequent time; and 

  
 22 

 (xii) any action or omission by such Originator which reduces or impairs the
rights of Buyer with respect to any Receivable or the value of any such Receivable. 
 Section 6.2 Other Costs and Expenses. In
addition to the obligations of each Originator under Section 6.1, each Originator agrees to pay on demand: 
 (a)
all reasonable costs and expenses, including attorneys’ fees, in connection with the enforcement against such Originator of this Agreement and the other Transaction Documents executed by such Originator; and 

(b) all stamp duties and other similar filing or recording taxes and fees payable or determined to be payable in connection
with the execution, delivery, filing and recording of this Agreement or the other Transaction Documents executed by such Originator, and agrees to indemnify Indemnified Parties against any liabilities with respect to or resulting from any delay in
paying or omission to pay such taxes and fees. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Waivers and Amendments. (a) No failure or delay on the part of Buyer (or, following the occurrence and during the
continuance of an Amortization Event, the Administrative Agent, as Buyer’s collateral assignee) in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any
such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law. Any
waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given. 
 (b) No provision
of this Agreement may be amended, supplemented, modified or waived except in writing signed by each Originator and Buyer and, to the extent required under the Purchase Agreement, the Administrative Agent and the Purchasers. 

Section 7.2 Notices. All communications and notices provided for hereunder shall be in writing (including bank wire, telecopy or
electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their respective addresses or telecopy numbers set forth on the signature pages hereof or at such other address or telecopy number as such Person
may hereafter specify for the purpose of notice to each of the other parties hereto. Each such notice or other communication shall be effective (a) if given by telecopy, upon the receipt thereof, (b) if given by mail, three
(3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or (c) if given by any other means, when received at the address specified in this Section 7.2. 

Section 7.3 Protection of Ownership Interests of Buyer. 

(a) Each Originator agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take
all actions, that may be necessary or desirable, or that Buyer (or the Administrative Agent, as Buyer’s collateral 

  
 23 

 
assignee) may request, to perfect, protect or more fully evidence the interest of Buyer hereunder and the Purchaser Interests, or to enable Buyer (or, following the occurrence and during the
continuance of an Amortization Event, the Administrative Agent, as Buyer’s collateral assignee) to exercise and enforce its (or their) rights and remedies hereunder. At any time, Buyer may, at the applicable Originator’s sole cost and
expense, direct such Originator to notify the Obligors of Receivables originated or serviced by it of the ownership interests of Buyer under this Agreement and may also direct that payments of all amounts due or that become due under any or all
Receivables be made directly to Buyer or its designee. 
 (b) If any Originator fails to perform any of its obligations hereunder, Buyer may
(but shall not be required to) perform, or cause performance of, such obligation, and Buyer’s costs and expenses incurred in connection therewith shall be payable by such Originator as provided in Section 6.2. Each Originator
irrevocably authorizes Buyer (and, from and after the occurrence and during the continuance of an Amortization Event, the Administrative Agent, as Buyer’s collateral assignee) at any time and from time to time in the sole discretion of Buyer
(or the Administrative Agent), and appoints Buyer (and, from and after the occurrence and during the continuance of an Amortization Event, the Administrative Agent) as its attorney(ies)-in-fact, to act on behalf of such Originator (i) to
execute on behalf of such Originator as debtor and to file financing statements necessary or desirable in Buyer’s sole discretion to perfect and to maintain the perfection and priority of the ownership interest of Buyer in the Receivables and
(ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing statement in such offices as Buyer (or, as applicable, the Administrative Agent) in its sole
discretion deem necessary or desirable to perfect and to maintain the perfection and priority of Buyer’s interests in the Receivables. This appointment is coupled with an interest and is irrevocable. 

Section 7.4 Confidentiality. 

(a) Each of the parties hereto shall maintain and shall cause each of its employees and officers to maintain the confidentiality of the Fee
Letters and the other confidential or proprietary information with respect to the Originators, the Administrative Agent, the Purchasers and their respective businesses obtained by it or them in connection with the structuring, negotiating and
execution of the transactions contemplated herein, except that such party and its officers and employees may disclose such information (i) to such party’s external accountants and attorneys and (ii) as required by any applicable law,
regulation or order of any judicial or administrative proceeding provided that each party shall use commercially reasonable efforts to ensure, to the extent permitted given the circumstances, that any such information which is so disclosed is kept
confidential. 
 (b) Anything herein to the contrary notwithstanding, each Originator hereby consents to the disclosure of any nonpublic
information with respect to it (i) to the Administrative Agent and each of the Purchasers, (ii) to any prospective or actual assignee or participant of the Administrative Agent or any of the Purchasers, and (iii) to any rating agency,
Commercial Paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to a Purchaser or any entity organized for the purpose of purchasing, or making loans secured by, financial assets for which any of the Purchasers acts as
the administrative agent or administrator and to any officers, directors, employees, outside accountants and attorneys of any of the 

  
 24 

 
foregoing, provided each such Person is advised of the confidential nature of such information and, in the case of a Person described in clause (ii) above, agrees to be bound by the
provisions of this Section 7.4. In addition, the Administrative Agent and each Purchaser may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or
regulatory authority or proceedings (whether or not having the force or effect of law) although each of them shall use commercially reasonable efforts to ensure, to the extent permitted given the circumstances, that any such information which is so
disclosed is kept confidential. 
 Section 7.5 Bankruptcy Petition. Each Originator covenants and agrees that, prior to the date
that is one year and one day after the payment in full of all Aggregate Unpaids under the Purchase Agreement, it will not institute against, or join any other Person in instituting against, Buyer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 

Section 7.6 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK
(WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL APPLY HERETO. 

Section 7.7 CONSENT TO JURISDICTION. EACH ORIGINATOR HEREBY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
DOCUMENT EXECUTED BY SUCH ORIGINATOR PURSUANT TO THIS AGREEMENT, AND EACH ORIGINATOR HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION
IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF BUYER (OR ITS ASSIGNS) TO BRING PROCEEDINGS AGAINST ANY
ORIGINATOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY ORIGINATOR AGAINST BUYER (OR ITS ASSIGNS) OR ANY AFFILIATE THEREOF INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED
WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH ORIGINATOR PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN THE BOROUGH OF MANHATTAN, NEW YORK. 

Section 7.8 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ANY ORIGINATOR PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER. 

  
 25 

 Section 7.9 Integration; Binding Effect; Survival of Terms. 

(a) This Agreement and each other Transaction Document contain the final and complete integration of all prior expressions by the parties
hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. 

(b) This Agreement shall be binding upon and inure to the benefit of the Originators, Buyer and their respective successors and permitted
assigns (including any trustee in bankruptcy). No Originator may assign any of its rights and obligations hereunder or any interest herein without the prior written consent of Buyer. Buyer may pledge and assign at any time its rights and obligations
hereunder and interests herein to any other Person without the consent of any Originator, and hereby notifies the Originators that it has pledged and collaterally assigned its right, title and interest hereunder with respect to each Receivable in
which the Purchasers have acquired any interest under the Receivables Purchase Agreement to the Administrative Agent, for the benefit of the Administrative Agent and each Purchaser under the Purchase Agreement. This Agreement shall create and
constitute the continuing obligation of each of the parties hereto in accordance with its terms and shall remain in full force and effect until terminated in accordance with its terms; provided, however, that the rights and remedies with respect to
(i) any breach of any representation and warranty made by any Originator pursuant to Article II; (ii) the indemnification and payment provisions of Article VI; and (iii) Section 7.5 shall be continuing and shall
survive any termination of this Agreement. 
 Section 7.10 Counterparts; Severability; Section References. This Agreement may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which, taken together, shall constitute one and the same agreement. Any
provisions of this Agreement which are 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. Unless otherwise expressly indicated, all references herein to “Article,” “Section,”
“Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to, this Agreement. 

[SIGNATURE PAGES FOLLOW] 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
and delivered by their duly authorized officers as of the date hereof. 
  

					
		 	 DAP PRODUCTS INC.
 DRI-EAZ
PRODUCTS, INC.
 KIRKER ENTERPRISES, INC.
 SAPPHIRE SCIENTIFIC
INC.
 TREMCO INCORPORATED
 RUST-OLEUM CORPORATION

THE EUCLID CHEMICAL COMPANY
 REPUBLIC POWDERED METALS, INC.

WEATHERPROOFING TECHNOLOGIES, INC.
 TREMCO BARRIER SOLUTIONS,
INC.

			
		 	By:	 	/s/ Edward W. Moore
		 	Name:	 	Edward W. Moore
		 	Title:	 	Secretary
		
	Address:	 	c/o RPM International Inc.
		 	 2628 Pearl Road
 P.O. Box 777

Medina, Ohio 44258
 Attention: Treasurer

Phone: (330) 273-8826
 Fax: (330) 220-6006

E-Mail: mratajczak@rpminc.com

  

					
		 	S-1	  	Second A&R Receivables Sale Agreement

 
					
		 	RPM FUNDING CORPORATION
			
		 	By:	 	/s/ Edward W. Moore
		 	Name:	 	Edward W. Moore
		 	Title:	 	Secretary
		
	Address:	 	RPM Funding Corporation
		 	 2628 Pearl Road, Suite 100
 Medina,
Ohio 44256
 Attention: Treasurer
 Phone:
(330) 273-8826
 Fax: (330) 220-6006
 E-Mail:
mratajczak@rpminc.com

  

					
		 	S-2	  	 Second A&R Receivables Sale Agreement

 Exhibit I 

Definitions 
 This is
Exhibit I to the Agreement (as hereinafter defined). As used in the Agreement and the Exhibits and Schedules thereto, capitalized terms have the meanings set forth in this Exhibit I (such meanings to be equally applicable to the singular and plural
forms thereof). If a capitalized term is used in the Agreement, or any Exhibit or Schedule thereto, and not otherwise defined therein or in this Exhibit I, such term shall have the meaning assigned thereto in Exhibit I to the Purchase Agreement.

 “Administrative Agent” has the meaning set forth in the Preliminary Statements to the Agreement.

 “Agreement” means the Second Amended and Restated Receivables Sale Agreement, dated as of May 9, 2014, among
the Originators and Buyer, as the same may be amended, restated or otherwise modified. 
 “Amortization
Event” has the meaning set forth in the Purchase Agreement. 
 “Authorized
Officer” means, with respect to each Originator, its president, corporate controller, chief financial officer, treasurer or secretary. 

“Buyer” has the meaning set forth in the preamble to the Agreement. 

“Calculation Period” means each calendar month or portion thereof which elapses during the term of the Agreement. The
first Calculation Period for each Originator shall commence on the date of the initial Purchase of Receivables from such Originator hereunder and the final Calculation Period shall terminate on its Termination Date. 

“Change of Control” means (a) the acquisition by any Person (other than Parent), or two or more Persons acting in
concert (other than Parent and any Subsidiary of Parent), of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of 30% or more of the outstanding shares of
voting stock of RPM-Delaware (or, once applicable, Parent) or (b) RPM-Delaware (or, once applicable, Parent) ceases to own, directly or indirectly, 100% of the outstanding voting stock of any Originator or Buyer. 

“Collections” means, with respect to any Receivable, all cash collections and other cash proceeds in respect of such
Receivable, including, without limitation, all yield, Finance Charges or other related amounts accruing in respect thereof and all cash proceeds of Related Security with respect to such Receivable. 

“Credit and Collection Policy” means each Originator’s credit and collection policies and practices relating to
Contracts and Receivables existing on the date hereof and summarized in Exhibit V, as modified from time to time in accordance with the Agreement. 

  
 Exhibit I-1 

 “Deemed Collections” means the aggregate of all amounts an Originator
shall have been deemed to have received as a Collection of a Receivable sold by it. An Originator shall be deemed to have received a Collection (but only to the extent of the reduction or cancellation identified below) of a Receivable sold by it if
at any time (i) the Outstanding Balance of any such Receivable is either (x) reduced as a result of any defective or rejected goods or services, any discount or any adjustment or otherwise by such Originator (other than cash Collections on
account of the Receivables) or (y) reduced or canceled as a result of a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction) or (ii) any of the
representations or warranties in Article II were not true with respect to such Receivable at the time of its sale hereunder (in which case, such Originator shall be deemed to have received a Collection in an amount equal to the Outstanding Balance
of such Receivable). 
 “Default Fee” means a per annum rate of interest equal to the sum of (i) the Alternate
Base Rate, plus (ii) 2% per annum (computed for actual days elapsed on the basis of a year consisting of 360 days). 

“Discount Factor” means, with respect to any Receivable, a percentage calculated to provide Buyer with a reasonable
return on its investment in such Receivable after taking account of (i) the time value of money based upon the anticipated dates of collection of such Receivable and the cost to Buyer of financing its investment in such Receivable during such
period and (ii) the risk of nonpayment by the related Obligor. Each Originator and Buyer may agree from time to time to change the Discount Factor with respect to the Receivables originated by such Originator based on changes in one or more of
the items affecting the calculation thereof, provided that any change to the Discount Factor shall take effect as of the commencement of a Calculation Period, shall apply only prospectively and shall not affect the Purchase Price
payment in respect of a Purchase which occurred during any Calculation Period ending prior to the Calculation Period during which any Originator and Buyer agree to make such change. 

“Excluded Obligor” means AutoZone, Inc. 

“Finance Charges” means, with respect to a Contract, any finance, interest, late payment charges or similar charges
owing by an Obligor pursuant to such Contract. 
 “Initial Cutoff Date” means the close of business on June 6,
2002. 
 “Intended Characterization” means, for income tax purposes, the characterization of the acquisition by the
Purchasers of Purchaser Interests under the Purchase Agreement as a loan or loans by the Purchasers to the Seller secured by the Receivables, the Related Security and the Collections. 

“Material Adverse Effect” means a material adverse effect on (i) the financial condition or operations of any
Originator, or of RPM-Delaware (or, once applicable, Parent) and its Subsidiaries, taken as a whole, (ii) the ability of any Originator to perform its obligations under the Agreement or any other Transaction Document, (iii) the legality,
validity or enforceability of the Agreement or any other Transaction Document, (iv) Buyer’s (or any of its 

  
 Exhibit I-2 

 
assigns’) interest in the Receivables generally or in any significant portion of the Receivables, the Related Security or Collections with respect thereto, or (v) the collectability of
the Receivables generally or of any material portion of the Receivables, in each case, relating to Receivables sold by such Originator hereunder. 

“Material Indebtedness” means (a) with respect to the Performance Guarantor and its Subsidiaries (other than the
Originators), Indebtedness in excess of $75 million in aggregate principal amount and (b) with respect to any Originator, Indebtedness in excess of $20 million in aggregate principal amount. 

“Net Worth” means as of the last Business Day of each Calculation Period preceding any date of determination, the
excess, if any, of (a) the aggregate Outstanding Balance of the Receivables at such time, over (b) the sum of (i) the Aggregate Capital outstanding at such time, plus (ii) the aggregate outstanding principal balance
of the Subordinated Loans (including any Subordinated Loan proposed to be made on the date of determination). 

“Obligor” means a Person obligated to make payments pursuant to a Contract. 

“Original Balance” means, with respect to any Receivable coming into existence after the Initial Cutoff Date, the
Outstanding Balance of such Receivable on the date it was created. 
 “Originator(s)” has the meaning set forth in
the preamble to the Agreement. 
 “Parent” means any publicly-held corporation, limited liability company or
partnership that (a) is formed for the sole purpose of acquiring, directly or indirectly (whether by distribution or otherwise), substantially all of the outstanding voting stock of all classes of RPM-Delaware, (b) is owned immediately
after the acquisition described in clause (a) of this definition by the same shareholders as were shareholders of RPM-Delaware immediately prior to the acquisition described in clause (a) of this definition, and (c) hereafter owns,
directly or indirectly, all of the outstanding voting stock of all classes of RPM-Delaware. 
 “Performance
Guarantor” means RPM-Delaware (or any Parent that hereafter unconditionally assumes in writing RPM-Delaware’s obligations under the Performance Undertaking in accordance with the Purchase Agreement). 

“Performance Undertaking” has the meaning provided in the Purchase Agreement. 

“Potential Termination Event” means an event which, without remedial action and with the passage of time or the giving
of notice, or both, would constitute a Termination Event. 
 “Preferred Shares” means shares of Buyer’s Serial
Preferred Stock, as defined in Buyer’s Certificate of Incorporation, as amended. 

  
 Exhibit I-3 

 “Purchase” means each purchase pursuant to Section 1.2(a) of
the Agreement by Buyer from an Originator of Receivables originated by such Originator and the Related Security and Collections related thereto, together with all related rights in connection therewith. 

“Purchase Agreement” has the meaning set forth in the Preliminary Statements to the Agreement. 

“Purchase Price” means, with respect to any Receivable, the price to be paid by Buyer to the applicable Originator for
such Receivable and the Related Security and Collections with respect thereto in accordance with Section 1.3 of the Agreement, which price shall equal (i) the product of (x) the Original Balance of such Receivable,
multiplied by (y) one minus the Discount Factor then in effect, minus (ii) any Purchase Price Credits to be credited against the Purchase Price otherwise payable in accordance with Section 1.4 of the Agreement.

 “Purchase Price Credit” has the meaning set forth in Section 1.4 of the Agreement. 

“Receivable” means all rights to payment owed to an Originator (at the times it arises, and before giving effect to
any transfer or conveyance under the Agreement) or Buyer (after giving effect to the transfers under the Agreement) constituting an account arising in connection with the sale of goods or the rendering of services by such Originator and further
includes, without limitation, the obligation to pay any Finance Charges with respect thereto; provided, however, that in no event shall the term “Receivable” include such right to payment arising from any sale of goods or the rendering of
services by any Originator to any Excluded Obligor which occurs after the effective date of the amendment designating such Obligor as being an Excluded Obligor. Indebtedness and other rights and obligations arising from any one transaction,
including, without limitation, indebtedness and other rights and obligations represented by an individual invoice, shall constitute a Receivable separate from a Receivable consisting of the indebtedness and other rights and obligations arising from
any other transaction; provided, further, that any indebtedness, rights or obligations referred to in the immediately preceding sentence shall be a Receivable regardless of whether the account debtor or such Originator treats such indebtedness,
rights or obligations as a separate payment obligation. 
 “Receivables Report” means a report, in substantially the
form of Exhibit VII hereto (appropriately completed), furnished by an Originator to the Servicer pursuant to Section 4.1(l). 

“Records” means, with respect to any Receivable, all Contracts and other documents, books, records and other
information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such Receivable, any Related Security therefor and the related Obligor. 

“Related Security” means, with respect to any Receivable: 

(i) all of the applicable Originator’s interest in the inventory and goods (including returned or repossessed inventory or
goods), if any, the sale of which by 

  
 Exhibit I-4 

 
such Originator gave rise to such Receivable, and all insurance contracts with respect thereto, 

(ii) all other security interests or liens and property subject thereto from time to time, if any, purporting to secure payment
of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements and security agreements describing any collateral securing such Receivable, 

(iii) all guaranties, letters of credit, insurance and other agreements or arrangements of whatever character from time to time
supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable or otherwise, 

(iv) all enforcement rights or rights to receive payment with respect to service contracts and other contracts and agreements
associated with such Receivable, 
 (v) all Records related to such Receivable, 

(vi) all of the applicable Originator’s right, title and interest in each Lock-Box and each Collection Account, and 

(vii) all proceeds of any of the foregoing. 

“Required Capital Amount” means, as of any date of determination, an amount equal to the greater of (i) 3% of the
aggregate Outstanding Balance of all Receivables as of such date and (ii) $20,000,000. 
 “Responsible Officer”
means, with respect to any Person, each of the following officers (if applicable) of such Person (or anyone performing substantially the same functions as the following officers typically perform): any of such Person’s Senior Officers, or such
Person’s assistant treasurer, credit manager or controller. 
 “RPM” has the meaning set forth in the
Preliminary Statements to the Agreement. 
 “RPM-Delaware” has the meaning set forth in the Preliminary Statements
to the Agreement. 
 “SEC” means the United States Securities and Exchange Commission or any successor regulatory
body. 
 “Senior Officer” means, as to each Originator, the chief executive officer, president, chief financial
officer, vice president, treasurer, or secretary. 
 “Servicer” means the Person who from time to time is designated
as the “Servicer” under and as defined in the Purchase Agreement, 

  
 Exhibit I-5 

 “Subordinated Loan” has the meaning set forth in
Section 1.3(b) of the Agreement. 
 “Subordinated Note” means each promissory note in substantially the
form of Exhibit VI hereto as more fully described in Section 1.3 of the Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Termination Date” means, as to each Originator, the earliest to occur of (i) the Facility Termination Date,
(ii) the Business Day immediately prior to the occurrence of a Termination Event set forth in Section 5.1(f) with respect to such Originator or Performance Guarantor, (iii) the Business Day specified in a written notice from
Buyer (or its assigns) to such Originator following the occurrence of any other Termination Event with respect to such Originator , and (iv) the date which is thirty (30) days after Buyer’s receipt of written notice from such
Originator that it wishes to terminate the facility evidenced by this Agreement. 
 “Termination Event” has the
meaning set forth in Section 5.1 of the Agreement. 
 “Transaction Documents” means, collectively, this
Agreement, each Collection Account Agreement, the Subordinated Notes, the Performance Undertaking and all other instruments, documents and agreements executed and delivered in connection herewith. 

“Transfer” means a sale or contribution of Receivables pursuant to the Agreement. 

All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC
in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 

  
 Exhibit I-6 

 EXHIBIT II 

ORIGINATORS’ PLACES OF BUSINESS AND LOCATIONS OF RECORDS 

 

							
	 Name of Originator
 Address of Chief
Executive
 Office and Records
	  	 State of

Incorporation

Organization

Number
	  	 Federal

Employee

Identification

Number
	  	Former Corporate, Trade, or
Assumed Names
				
	 DAP Products Inc.
 2400 Boston Street, Suite
200
 Baltimore, Maryland 21224
	  	Delaware	  		  	 DAP Inc. 
 Phenomenal Brands

				
	 Dri-Eaz Products, Inc.
 15180 Josh Wilson
Road
 Burlington, WA 98233
	  	Washington	  		  	
				
	 The Euclid Chemical Company
 3735 Green Road

Beachwood, Ohio 44122
	  	Ohio	  		  	 Epoxy Chemicals, Inc. 
 Increte Systems

				
	 Kirker Enterprises, Inc.
 55 East 6th Street
 Paterson, NJ 07524
	  	Delaware	  		  	
				
	 Republic Powdered Metals, Inc.
 3735 Green
Road
 Beachwood, Ohio 44122
	  	Ohio	  		  	
				
	 Rust-Oleum Corporation
 11 Hawthorn Parkway

Vernon Hills, Illinois 60061
	  	Illinois	  		  	The Testor Corporation
 Synta
 XIM
Products
 Multi Color Specialties
 ROC Sales,
Inc.

				
	 Sapphire Scientific Inc.
 2604 Liberator

Prescott, AZ 86301
	  	Arizona	  		  	
				
	 Tremco Barrier Solutions, Inc.
 6420 E. Main
Street
 Reynoldsburg. Ohio 43068
	  	Delaware	  		  	
				
	 Tremco Incorporated
 3735 Green Road

Beachwood, Ohio 44122
	  	Ohio	  		  	
				
	 Weatherproofing Technologies, Inc.
 3735 Green
Road
 Beachwood, Ohio 44122
	  	Delaware	  		  	Tremco Service Corporation

  
 Exhibit II-1 

 Exhibit III 

Lock-boxes; Collection Accounts; Collection Banks 

See Exhibit IV to Purchase Agreement 

  
 Exhibit III-1 

 Exhibit IV 

[Form of] Compliance Certificate 

This Compliance Certificate is furnished pursuant to that certain Second Amended and Restated Receivables Sale Agreement dated as of
May 9, 2014 (as amended, restated or otherwise modified from time to time, the “Agreement”) among Weatherproofing Technologies, Inc., a Delaware corporation, DAP Products Inc., a Delaware corporation, Dri-Eaz Products,
Inc., a Washington corporation, Sapphire Scientific Inc., an Arizona corporation, Tremco Incorporated, an Ohio corporation, Rust-Oleum Corporation, an Illinois corporation, The Euclid Chemical Company, an Ohio corporation, Kirker Enterprises, Inc.,
a Delaware corporation, Republic Powdered Metals, Inc., an Ohio corporation, and Tremo Barrier Solutions, Inc., a Delaware corporation, and RPM Funding Corporation, a Delaware corporation (“Buyer”). Capitalized terms used and
not otherwise defined herein are used with the meanings attributed thereto in the Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES THAT:

 1. I am the duly elected             of
            (the “Originator”). 
 2. I
have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Originator and its Subsidiaries during the accounting period covered by the
attached financial statements. 
 3. The examinations described in paragraph 2 did not disclose, and to the best of my knowledge, no
condition or event exists which constitutes, a Termination Event or a Potential Termination Event (as each such term is defined under the Agreement) as to the Originator during or at the end of the accounting period covered by the attached financial
statements or as of the date of this Certificate, except as set forth below. 
 4. Described below are the exceptions, if any, to paragraph
3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Originator has taken, is taking, or proposes to take with respect to each such condition or event:
             
 The foregoing certifications, together with the financial
statements delivered with this Certificate in support hereof, are made and delivered this             day of             ,
200    . 
  

			
	  

	[Name]
		
	On behalf of	 	  

	in my capacity as an officer thereof

  
 Exhibit IV-1 

 Exhibit V 

Credit and Collection Policy 

  
 Exhibit V-1 

 Exhibit VI 

[Form of] Subordinated Note 

SUBORDINATED NOTE 
 May 9,
2014 
 1. Note. FOR VALUE RECEIVED, the undersigned, RPM Funding Corporation, a Delaware corporation
(“SPV”), hereby unconditionally promises to pay to the order of             , a(n)
            corporation (“Originator”), in lawful money of the United States of America and in immediately available funds, on the date following Originator’s
Termination Date which is one year and one day after the date on which (i) the Outstanding Balance of all Receivables sold under the “Sale Agreement” referred to below has been reduced to zero and (ii) Originator has paid to the
Buyer all indemnities, adjustments and other amounts which may be owed thereunder in connection with the Purchases (the “Collection Date”), the aggregate unpaid principal sum outstanding of all “Subordinated Loans”
made from time to time by Originator to SPV pursuant to and in accordance with the terms of that certain Second Amended and Restated Receivables Sale Agreement dated as of May 9, 2014 among Originator and various of its Affiliates and SPV (as
amended, restated, supplemented or otherwise modified from time to time, the “Sale Agreement”). Reference to Section 1.3 of the Sale Agreement is hereby made for a statement of the terms and conditions under which
the loans evidenced hereby have been and will be made. All terms which are capitalized and used herein and which are not otherwise specifically defined herein shall have the meanings ascribed to such terms in the Sale Agreement. 

2. Interest. SPV further promises to pay interest on the outstanding unpaid principal amount hereof from the date hereof until payment
in full hereof at a rate equal to the Alternate Base Rate; provided, however, that if SPV shall default in the payment of any principal hereof, SPV promises to pay, on demand, interest at the rate of the Alternate Base
Rate plus 2.00% per annum on any such unpaid amounts, from the date such payment is due to the date of actual payment. Interest shall be payable on the first Business Day of each month in arrears; provided, however,
that SPV may elect on the date any interest payment is due hereunder to defer such payment and upon such election the amount of interest due but unpaid on such date shall constitute principal under this Subordinated Note. The outstanding principal
of any loan made under this Subordinated Note shall be due and payable on the Collection Date and may be repaid or prepaid at any time without premium or penalty. 

3. Principal Payments. Originator is authorized and directed by SPV to enter on the grid attached hereto, or, at its option, in its
books and records, the date and amount of each loan made by it which is evidenced by this Subordinated Note and the amount of each payment of principal made by SPV, and absent manifest error, such entries shall constitute prima facie evidence of the
accuracy of the information so entered; provided that neither the failure of Originator to make any such entry or any error therein shall expand, limit or affect the obligations of SPV hereunder. 

  
 Exhibit VI-1 

 4. Subordination. Originator shall have the right to receive, and SPV shall make, any and
all payments relating to the loans made under this Subordinated Note provided that, after giving effect to any such payment, the Adjusted Net Receivables Balance (as such term is defined in the Receivables Purchase Agreement hereinafter referred to)
at such time under the Receivables Purchase Agreement exceeds the sum of (a) the Aggregate Capital (as defined in the Receivables Purchase Agreement) at such time under the Receivables Purchase Agreement, plus (b) the Aggregate
Reserves (as defined in the Receivables Purchase Agreement) at such time under the Receivables Purchase Agreement. Originator hereby agrees that at any time during which the conditions set forth in the proviso of the immediately preceding sentence
shall not be satisfied, Originator shall be subordinate in right of payment to the prior payment of any indebtedness or obligation of SPV owing to the Administrative Agent or any Purchaser under that certain Amended and Restated Receivables Purchase
Agreement dated as of May 9, 2014 by and among SPV, RPM International Inc., as initial Servicer, various “Purchasers” from time to time party thereto, and PNC Bank, National Association, as the “Administrative Agent” (as
amended, restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”). The subordination provisions contained herein are for the direct benefit of, and may be enforced by, the Administrative Agent and the
Purchasers and/or any of their respective assignees (collectively, the “Senior Claimants”) under the Purchase Agreement. Until the date that is one year and one day following the date on which all “Capital” outstanding
under the Purchase Agreement has been repaid in full and all other obligations of SPV and/or the Servicer thereunder and under the “Fee Letter” referenced therein (all such obligations, collectively, the “Senior Claim”)
have been indefeasibly paid and satisfied in full, Originator shall not institute against SPV any proceeding of the type described in Section 5.1(f) of the Sale Agreement unless and until the Collection Date has occurred. Should any
payment, distribution or security or proceeds thereof be received by Originator in violation of this Section 4, Originator agrees that such payment shall be segregated, received and held in trust for the benefit of, and deemed to be the
property of, and shall be immediately paid over and delivered to the Administrative Agent for the benefit of the Senior Claimants. 
 5.
Bankruptcy; Insolvency. Upon the occurrence of any proceeding of the type described in Section 5.1(f) of the Sale Agreement involving SPV as debtor, then and in any such event the Senior Claimants shall receive payment in full of
all amounts due or to become due on or in respect of the Aggregate Capital and the Senior Claim (including “Yield” as defined and as accruing under the Purchase Agreement after the commencement of any such proceeding, whether or not any or
all of such Yield is an allowable claim in any such proceeding) before Originator is entitled to receive payment on account of this Subordinated Note, and to that end, any payment or distribution of assets of SPV of any kind or character, whether in
cash, securities or other property, in any applicable insolvency proceeding, which would otherwise be payable to or deliverable upon or with respect to any or all indebtedness under this Subordinated Note, is hereby assigned to and shall be paid or
delivered by the Person making such payment or delivery (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Administrative Agent for application to, or as collateral for the payment of, the
Senior Claim until such Senior Claim shall have been paid in full and satisfied. 

  
 Exhibit VI-2 

 6. Amendments. This Subordinated Note shall not be amended or modified except in
accordance with Section 7.1 of the Sale Agreement. The terms of this Subordinated Note may not be amended or otherwise modified without the prior written consent of the Administrative Agent for the benefit of the Purchasers. 

7. GOVERNING LAW. THIS SUBORDINATED NOTE HAS BEEN MADE AND DELIVERED AT NEW YORK, NEW YORK, AND SHALL BE INTERPRETED AND THE
RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE LAWS AND DECISIONS OF THE STATE OF NEW YORK. WHEREVER POSSIBLE EACH PROVISION OF THIS SUBORDINATED NOTE SHALL BE INTERPRETED IN SUCH MANNER AS TO BE EFFECTIVE AND VALID
UNDER APPLICABLE LAW, BUT IF ANY PROVISION OF THIS SUBORDINATED NOTE SHALL BE PROHIBITED BY OR INVALID UNDER APPLICABLE LAW, SUCH PROVISION SHALL BE INEFFECTIVE TO THE EXTENT OF SUCH PROHIBITION OR INVALIDITY, WITHOUT INVALIDATING THE REMAINDER OF
SUCH PROVISION OR THE REMAINING PROVISIONS OF THIS SUBORDINATED NOTE. 
 8. Waivers. All parties hereto, whether as makers,
endorsers, or otherwise, severally waive presentment for payment, demand, protest and notice of dishonor. Originator additionally expressly waives all notice of the acceptance by any Senior Claimant of the subordination and other provisions of this
Subordinated Note and expressly waives reliance by any Senior Claimant upon the subordination and other provisions herein provided. 
 9.
Assignment. This Subordinated Note may not be assigned, pledged or otherwise transferred to any party other than Originator without the prior written consent of the Administrative Agent, and any such attempted transfer shall be void. 

 

			
	RPM FUNDING CORPORATION
		
	By:	 	  

	Title:	 	

  
 Exhibit VI-3 

 Schedule 

to 
 SUBORDINATED NOTE 

SUBORDINATED LOANS AND PAYMENTS OF PRINCIPAL 
  

									
	 Date
	 	 Amount of

Subordinated Loan
	 	 Amount of

Principal Paid
	  	Unpaid
Principal Balance	  	Notation made by
(initials)

  
 Exhibit VI-4 

 Exhibit VII 

[Form of] Receivables Report for Each Originator 

  
 Exhibit VII-1 

 Schedule A 

Preferred Shares 
  

			
	Weatherproofing Technologies, Inc.	  	10 shares of Series H Preferred Stock
	Dap Products Inc.	  	10 shares of Series B Preferred Stock
	Tremco Incorporated	  	10 shares of Series G Preferred Stock
	Rust-Oleum Corporation	  	10 shares each of Series E, F & I Preferred Stock
	The Euclid Chemical Company	  	10 shares of Series C Preferred Stock
	Republic Powdered Metals, Inc.	  	10 shares each of Series A & D Preferred Stock
	Tremco Barrier Solutions, Inc.	  	10 shares of Series J Preferred Stock

  
 Schedule A-1EX-10.2

 Exhibit 10.2 

EXECUTION COPY 
 AMENDED
AND RESTATED 
 RECEIVABLES PURCHASE AGREEMENT 

DATED AS OF MAY 9, 2014 

AMONG 

RPM FUNDING CORPORATION, AS SELLER, 

RPM INTERNATIONAL INC., AS SERVICER, 

PNC BANK, NATIONAL ASSOCIATION 

FIFTH THIRD BANK 

AND 

PNC BANK, NATIONAL ASSOCIATION, INDIVIDUALLY, AS ADMINISTRATIVE AGENT 

 TABLE OF CONTENTS 

 
  

					
	 	 	 	  	Page
		
	 ARTICLE I. PURCHASE ARRANGEMENTS
	  	2
			
	 Section 1.1
	 	Purchase Facility	  	2
	 Section 1.2
	 	Increases	  	2
	 Section 1.3
	 	Decreases	  	3
	 Section 1.4
	 	Payment Requirements	  	3
		
	 ARTICLE II. PAYMENTS AND COLLECTIONS
	  	3
			
	 Section 2.1
	 	Payments	  	3
	 Section 2.2
	 	Collections Prior to Amortization	  	4
	 Section 2.3
	 	Collections Following Amortization	  	4
	 Section 2.4
	 	Application of Collections	  	5
	 Section 2.5
	 	Payment Rescission	  	5
	 Section 2.6
	 	Maximum Purchaser Interests	  	6
	 Section 2.7
	 	Clean Up Call	  	6
		
	 ARTICLE III. [RESERVED]
	  	6
	 ARTICLE IV. PURCHASER FUNDING
	  	6
			
	 Section 4.1
	 	Purchaser Funding	  	6
	 Section 4.2
	 	Yield Payments	  	6
	 Section 4.3
	 	Selection and Continuation of Tranche Periods	  	6
	 Section 4.4
	 	Discount Rates	  	7
	 Section 4.5
	 	Suspension of the LIBO Rate or LMIR	  	7
		
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	  	7
			
	 Section 5.1
	 	Representations and Warranties of Seller	  	7
		
	 ARTICLE VI. CONDITIONS OF PURCHASES
	  	12
			
	 Section 6.1
	 	Conditions Precedent to Initial Incremental Purchase	  	12
	 Section 6.2
	 	Conditions Precedent to All Purchases and Reinvestments	  	12
		
	 ARTICLE VII. COVENANTS
	  	13
			
	 Section 7.1
	 	Affirmative Covenants of the Seller Parties	  	13
	 Section 7.2
	 	Negative Covenants of the Seller Parties	  	20
		
	 ARTICLE VIII. ADMINISTRATION AND COLLECTION
	  	22
			
	 Section 8.1
	 	Designation of Servicer	  	22
	 Section 8.2
	 	Duties of Servicer	  	23
	 Section 8.3
	 	Collection Notices	  	25
	 Section 8.4
	 	Responsibilities of Seller	  	25
	 Section 8.5
	 	Reports	  	25
	 Section 8.6
	 	Servicing Fees	  	25
		
	 ARTICLE IX. AMORTIZATION EVENTS
	  	26
			
	 Section 9.1
	 	Amortization Events	  	26
	 Section 9.2
	 	Remedies	  	28

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	 	 	  	Page
		
	 ARTICLE X. INDEMNIFICATION
	  	29
			
	 Section 10.1
	 	Indemnities by the Seller	  	29
	 Section 10.2
	 	Indemnities by the Servicer	  	31
	 Section 10.3
	 	Increased Cost and Reduced Return	  	33
	 Section 10.4
	 	Other Costs and Expenses	  	33
		
	 ARTICLE XI. THE ADMINISTRATIVE AGENT
	  	34
			
	 Section 11.1
	 	Appointment	  	34
	 Section 11.2
	 	Delegation of Duties	  	34
	 Section 11.3
	 	Exculpatory Provisions	  	34
	 Section 11.4
	 	Reliance by the Administrative Agent and the Purchasers	  	35
	 Section 11.5
	 	Notice of Amortization Events	  	35
	 Section 11.6
	 	Non-Reliance on the Administrative Agent and Other Purchasers	  	35
	 Section 11.7
	 	Indemnification of Administrative Agent	  	36
	 Section 11.8
	 	Administrative Agent in its Individual Capacity	  	36
	 Section 11.9
	 	Successor Administrative Agent	  	37
	 Section 11.10
	 	[RESERVED]	  	37
	 Section 11.11
	 	UCC Filings	  	37
		
	 ARTICLE XII. ASSIGNMENTS; PARTICIPATIONS
	  	37
			
	 Section 12.1
	 	Assignments	  	37
	 Section 12.2
	 	Participations	  	38
		
	 ARTICLE XIII. [RESERVED]
	  	38
	 ARTICLE XIV. MISCELLANEOUS
	  	38
			
	 Section 14.1
	 	Waivers and Amendments	  	38
	 Section 14.2
	 	Notices	  	39
	 Section 14.3
	 	Ratable Payments	  	39
	 Section 14.4
	 	Protection of Purchaser Interests	  	39
	 Section 14.5
	 	Confidentiality	  	40
	 Section 14.6
	 	[RESERVED]	  	40
	 Section 14.7
	 	Limitation of Liability	  	41
	 Section 14.8
	 	CHOICE OF LAW	  	41
	 Section 14.9
	 	CONSENT TO JURISDICTION	  	41
	 Section 14.10
	 	WAIVER OF JURY TRIAL	  	41
	 Section 14.11
	 	Integration; Binding Effect; Survival of Terms	  	42
	 Section 14.12
	 	Counterparts; Severability; Section References	  	42
	 Section 14.13
	 	Characterization	  	42

  
 -ii- 

 AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 

THIS AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT dated as of May 9, 2014, is among: 

(a) RPM Funding Corporation, a Delaware corporation (“Seller”), 

(b) RPM International Inc., a Delaware corporation (“RPM-Delaware”), as initial Servicer, 

(c) Fifth Third Bank (“Fifth Third”) and PNC Bank, National Association (“PNC”
and each of Fifth Third and PNC, a “Purchaser” and, collectively, the “Purchasers”), and 

(d) PNC, in its capacity as administrative agent for the Purchasers (in such capacity, together with its successors and
assigns, the “Administrative Agent”). 
 Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the
meanings assigned to such terms in Exhibit I. 
 PRELIMINARY STATEMENTS 

The Seller, RPM-Delaware, Fifth Third and Wells Fargo Bank, National Association (successor to Wachovia Bank, National Association)
(“Wells Fargo”) entered into that certain Receivables Purchase Agreement, dated as of April 7, 2009 (as amended, supplemented or otherwise modified, the “Existing RPA”). Immediately prior to the effectiveness
of this Agreement, Wells Fargo and the parties hereto entered into an Assignment and Assumption Agreement, pursuant to which, among other things, PNC became the Administrative Agent and a Purchaser under the Existing RPA, and Wells Fargo ceased to
be a party to the Existing RPA. The parties hereto desire to amend and restate the Existing RPA in its entirety. 
 Seller desires to
transfer and assign Purchaser Interests to the Purchasers from time to time. 
 Each Purchaser shall purchase its Percentage of each
Purchaser Interest from Seller from time to time. 
 PNC has been requested and is willing to act as Administrative Agent on behalf of the
Purchasers in accordance with the terms hereof. 
 AGREEMENT 

Now therefore, in consideration of the foregoing and for other valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree that the Existing RPA is hereby amended and restated in its entirety to read as follows: 

 ARTICLE I. 

PURCHASE ARRANGEMENTS 

Section 1.1 Purchase Facility. 

(a) On the terms and subject to the conditions set forth in this Agreement, Seller may from time to time prior to the Facility
Termination Date, sell Purchaser Interests to the Purchasers by delivering (or causing Servicer to deliver, on Seller’s behalf) a Purchase Notice to each Purchaser in accordance with Section 1.2. Upon receipt of a Purchase Notice, 

(i) PNC agrees to purchase its Percentage of such Purchaser Interest, on the terms and subject to the conditions hereof,
provided that at no time may the aggregate Capital of PNC at any one time outstanding exceed the lesser of (A) the amount of PNC’s Commitment hereunder, and (B) PNC’s Percentage of the difference between the
Adjusted Net Receivables Balance and the Aggregate Reserves; and 
 (ii) Fifth Third agrees to purchase its Percentage of
such Purchaser Interest, on the terms and subject to the conditions hereof, provided that at no time may the aggregate Capital of Fifth Third at any one time outstanding exceed the lesser of (A) the amount of Fifth Third’s
Commitment hereunder, and (B) Fifth Third’s Percentage of the difference between the Adjusted Net Receivables Balance and the Aggregate Reserves. 

In no event shall the Aggregate Capital outstanding hereunder exceed the lesser of (1) the Purchase Limit and (2) the difference
between the Adjusted Net Receivables Balance and the Aggregate Reserves. Each Purchaser’s Commitments to Seller under this Agreement shall terminate on the Facility Termination Date. 

(b) Seller may, upon at least 10 Business Days’ notice to the Administrative Agent and each Purchaser, terminate in whole
or reduce in part, ratably between PNC and Fifth Third in accordance with their respective Percentages, the unused portion of the Purchase Limit; provided that each partial reduction of the Purchase Limit shall be in an aggregate
amount equal to $10,000,000 or a larger integral multiple of $1,000,000. 
 Section 1.2 Increases. Seller (or Servicer, on
Seller’s behalf) shall provide each Purchaser with notice of each Incremental Purchase by 12:00 p.m. New York City time on the date of each such Incremental Purchase in a form set forth as Exhibit II hereto (a “Purchase
Notice”). Each Purchase Notice shall be subject to Section 6.2 hereof and, except as set forth below, shall be irrevocable and shall specify the requested Purchase Price (which shall be at least $3,000,000 or a larger integral
multiple of $100,000) and date of purchase and the requested Discount Rate and Tranche Period. In the event that any Purchase Notice is delivered later than 12:00 p.m. New York City time on the date of such Incremental Purchase, the Purchasers shall
make such Incremental Purchase on a best-efforts basis only. On the date of each Incremental Purchase, upon satisfaction of the applicable conditions precedent set forth in Article VI, each Purchaser, shall deposit to the Facility Account, in
immediately available funds, no later than 2:00 p.m. (New York time), an amount equal to its Percentage of the Purchase Price of the Purchaser Interest then being purchased. 

  
 2 

 Section 1.3 Decreases. Seller (or Servicer, on Seller’s behalf) shall provide
each Purchaser with prior written notice no later than 12:00 noon (New York time) on the proposed effective date (each, a “Reduction Notice”) of any proposed reduction of Aggregate Capital. Such Reduction Notice shall
designate (i) the date upon which any such reduction of Aggregate Capital shall occur (which date shall be a Business Day), (ii) the amount of Aggregate Capital to be reduced (the “Aggregate Reduction”) and
(iii) each Purchaser’s Percentage of such Aggregate Reduction, which shall be applied ratably to the Purchaser Interests of each Purchaser in accordance with the amount of Capital (if any) owing to such Purchaser. Only one
(1) Reduction Notice shall be outstanding at any time. 
 Section 1.4 Payment Requirements. All amounts to be paid or
deposited by any Seller Party pursuant to any provision of this Agreement shall be paid or deposited in accordance with the terms hereof no later than 12:00 noon (New York time) on the day when due in immediately available funds, and if not received
before 12:00 noon (New York time) shall be deemed to be received on the next succeeding Business Day. If such amounts are payable to Fifth Third, they shall be paid to the Fifth Third Account. If such amounts are payable to the Administrative Agent
or to PNC, they shall be paid to the PNC Account. All computations of Yield, per annum fees hereunder and per annum fees under the Fee Letter shall be made on the basis of a year of 360 days for the actual number of days elapsed. If any amount
hereunder shall be payable on a day which is not a Business Day, such amount shall be payable on the next succeeding Business Day. 

ARTICLE II. 
 PAYMENTS
AND COLLECTIONS 
 Section 2.1 Payments. Notwithstanding any limitation on recourse contained in this Agreement, Seller (or
Servicer, on Seller’s behalf) shall immediately remit to each of the Purchasers when due, for the account of such Purchaser, on a full recourse basis, all of the following (collectively, the “Obligations”): 

(i) such fees as set forth in the Fee Letter (which fees shall be sufficient to pay all fees owing to the Administrative Agent
and the Purchasers), 
 (ii) all amounts payable as Yield, 

(iii) all amounts payable as Deemed Collections (which shall be immediately due and payable by Seller and applied to reduce
outstanding Aggregate Capital hereunder in accordance with Sections 2.2 and 2.3 hereof), 
 (iv) all amounts required
pursuant to Section 2.6, 
 (v) all amounts payable pursuant to Article X, if any, 

  
 3 

 (vi) all Servicer costs and expenses, including the Servicing Fee, in connection
with servicing, administering and collecting the Receivables, 
 (vii) all Broken Funding Costs, and 

(viii) all Default Fees. 
 If
Seller fails to pay any of the Obligations when due, Seller agrees to pay, on demand, the Default Fee in respect thereof until paid. Notwithstanding the foregoing, no provision of this Agreement or the Fee Letter shall require the payment or permit
the collection of any amounts hereunder in excess of the maximum permitted by applicable law. If at any time Seller receives any Collections or is deemed to receive any Collections, Seller (or Servicer, on Seller’s behalf) shall immediately pay
such Collections or Deemed Collections to the Servicer for application in accordance with the terms and conditions hereof and, at all times prior to such payment, such Collections or Deemed Collections shall be held in trust by Seller for the
exclusive benefit of the Purchasers and the Administrative Agent. 
 Section 2.2 Collections Prior to Amortization. Prior to the
Amortization Date, any Collections and/or Deemed Collections received by the Servicer shall be set aside and held in trust by the Servicer for the payment of any accrued and unpaid Aggregate Unpaids or for a Reinvestment as provided in this
Section 2.2. If on any Business Day prior to the Amortization Date, any Collections are received by the Servicer after payment of any Obligations that are then due and owing, Seller hereby requests and the Purchasers hereby agree to make,
simultaneously with such receipt, a reinvestment (each, a “Reinvestment”) with that portion of the balance of each and every Collection received by the Servicer that is part of any Purchaser Interest, such that after giving
effect to such Reinvestment, the amount of Capital of such Purchaser Interest immediately after such receipt and corresponding Reinvestment shall be equal to the amount of Capital immediately prior to such receipt. On each Settlement Date prior to
the occurrence of the Amortization Date, the Servicer shall remit to the Fifth Third Account and the PNC Account each Purchaser’s respective Percentage of the amounts set aside during the preceding Settlement Period that have not been subject
to a Reinvestment and apply such amounts (if not previously paid in accordance with Section 2.1) to reduce the Obligations. Once such Obligations shall be reduced to zero, any additional Collections received by the Servicer (i) if
applicable, shall be remitted to the Fifth Third Account and the PNC Account no later than 12:00 noon (New York time) to the extent required to fund the Purchasers’ respective Percentages of any Aggregate Reduction on such Settlement Date and
(ii) any balance remaining thereafter shall be remitted from the Servicer to Seller on such Settlement Date. 
 Section 2.3
Collections Following Amortization. On the Amortization Date and on each day thereafter, the Servicer shall set aside and hold in trust, for the holders of each Purchaser Interest, all Collections received on such day and an additional amount
of the Seller’s funds for the payment of any accrued and unpaid Obligations owed by Seller and not previously paid by Seller in accordance with Section 2.1. On and after the Amortization Date, the Servicer shall, at any time upon the
request from time to time by (or pursuant to standing instructions from) the Administrative Agent or any Purchaser (i) remit to the Fifth Third Account and the PNC Account the Purchasers’ respective Percentages of the amounts set aside
pursuant to the preceding sentence, and (ii) apply such amounts to reduce the applicable Purchasers’ Capital associated with each such Purchaser Interest and any other Aggregate Unpaids. 

  
 4 

 Section 2.4 Application of Collections. If there shall be insufficient funds on
deposit for the Servicer to distribute funds in payment in full of the aforementioned amounts pursuant to Section 2.2 or 2.3 (as applicable), the Servicer shall distribute funds: 

first, to the payment of the Servicer’s reasonably and properly documented out-of-pocket costs and expenses
in connection with servicing, administering and collecting the Receivables, including the Servicing Fee, if RPM-Delaware or one of its Affiliates is not then acting as the Servicer, 

second, to the reimbursement of the Administrative Agent’s costs of collection and enforcement of this
Agreement, 
 third, ratably to the payment of all accrued and unpaid fees under the Fee Letter and Yield, 

fourth, for the ratable payment of all other unpaid Obligations, provided that to the extent such Obligations
relate to the payment of Servicer costs and expenses, including the Servicing Fee, when RPM-Delaware or one of its Affiliates is acting as the Servicer, such costs and expenses will not be paid until after the payment in full of all other
Obligations, 
 fifth, unless the Amortization Date has occurred or a Reduction Notice has been delivered, to
the making of a Reinvestment, 
 sixth, to the ratable reduction of the Aggregate Capital, and 

seventh, after the Aggregate Unpaids have been indefeasibly reduced to zero, to Seller. 

Collections applied to the payment of Aggregate Unpaids shall be distributed in accordance with the aforementioned provisions, and, giving effect to each of
the priorities set forth above in this Section 2.4, shall be shared ratably (within each priority) among the Administrative Agent and the Purchasers in accordance with the amount of such Aggregate Unpaids owing to each of them in respect of
each such priority. 
 Section 2.5 Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or
applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. Seller shall remain obligated
for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Purchaser or the Administrative Agent the full amount thereof, plus the Default Fee from the date of any such rescission,
return or refunding. 

  
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 Section 2.6 Maximum Purchaser Interests. Seller shall ensure that the Purchaser
Interests of the Purchasers shall at no time exceed in the aggregate 100%. If the aggregate of the Purchaser Interests of the Purchasers exceeds 100% or the Aggregate Capital of the Purchasers exceeds the Purchase Limit, Seller shall pay to each of
the Purchasers within one (1) Business Day its respective Percentage of an amount to be applied to reduce its aggregate Capital outstanding, such that after giving effect to such payment, the aggregate of the Purchaser Interests equals or is
less than 100% and the Aggregate Capital of the Purchasers equals or is less than the Purchase Limit. 
 Section 2.7 Clean Up
Call. In addition to Seller’s rights pursuant to Section 1.3, Seller shall have the right on any Business Day (after providing written notice to the Administrative Agent and the Purchasers no later than 12:00 noon (New York time) on
the proposed effective date), at any time following the reduction of the Aggregate Capital to a level that is less than 20.0% of the original Purchase Limit, to repurchase from the Purchasers all, but not less than all, of the then outstanding
Purchaser Interests. The purchase price in respect thereof shall be an amount equal to the Aggregate Unpaids through the date of such repurchase, payable in immediately available funds. Such repurchase shall be without representation, warranty or
recourse of any kind by, on the part of, or against any Purchaser except for a representation and warranty that the reconveyance to Seller is being made free and clear of any Adverse Claim created by the applicable Purchaser. 

ARTICLE III. 

[RESERVED] 
 ARTICLE IV.

 PURCHASER FUNDING 

Section 4.1 Purchaser Funding. Each Purchaser Interest shall accrue Yield for each day during its Tranche Period at either the
LIBO Rate, LMIR or the Alternate Base Rate in accordance with the terms and conditions hereof. Until Seller gives notice to the applicable Purchaser of another Discount Rate in accordance with Section 4.4, the initial Discount Rate for any
Purchaser Interest shall be LMIR. Each Purchaser Interest acquired by a Purchaser shall be deemed to have a new Tranche Period commencing on the date of any such purchase. 

Section 4.2 Yield Payments. On the Settlement Date for each Purchaser Interest, Seller shall pay to the applicable Purchaser an
aggregate amount equal to the accrued and unpaid Yield for the entire Tranche Period of each such Purchaser Interest in accordance with Article II. 

Section 4.3 Selection and Continuation of Tranche Periods. 

(a) Seller (or Servicer, on Seller’s behalf) shall from time to time request Tranche Periods for the Purchaser Interests
of each Purchaser, provided that if at any time such Purchaser shall have a Purchaser Interest, Seller shall always request Tranche Periods such that at least one Tranche Period shall end on a Settlement Date. 

(b) Seller, Servicer (on Seller’s behalf) or the applicable Purchaser, upon notice to and consent by the other received by
12:00 noon (New York time) on the last Business Day of a Tranche Period (the “Terminating Tranche”) for any Purchaser 

  
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Interest, may, effective on the last day of the Terminating Tranche: (i) divide any such Purchaser Interest into multiple Purchaser Interests, (ii) combine any such Purchaser Interest
with one or more other Purchaser Interests that have a Terminating Tranche ending on the same day as such Terminating Tranche or (iii) combine any such Purchaser Interest with a new Purchaser Interest to be purchased on the day such Terminating
Tranche ends. 
 Section 4.4 Discount Rates. Seller may select LMIR, the LIBO Rate, or the Alternate Base Rate for each
Purchaser Interest of any Purchaser. Seller shall by 12:00 noon (New York time) on the last Business Days of any Terminating Tranche, give the applicable Purchaser irrevocable notice of the new Discount Rate for the Purchaser Interest associated
with such Terminating Tranche. Until Seller gives notice to the applicable Purchaser of another Discount Rate, the initial Discount Rate for any Purchaser Interest purchased by any Purchaser shall be LMIR. 

Section 4.5 Suspension of the LIBO Rate or LMIR 

(a) If any Purchaser determines that funding its Purchaser Interests at a LIBO Rate or LMIR would violate any applicable law,
rule, regulation, or directive of any governmental or regulatory authority, whether or not having the force of law, or that (i) deposits of a type and maturity appropriate to match fund its Purchaser Interests at such LIBO Rate or LMIR are not
available or (ii) such LIBO Rate or LMIR does not accurately reflect the cost of acquiring or maintaining a Purchaser Interest at such LIBO Rate or LMIR, then such Purchaser shall suspend the availability of such LIBO Rate or LMIR, as the case
may be, and require Seller to select the Alternate Base Rate for any of its Purchaser Interests accruing Yield at such LIBO Rate. 

ARTICLE V. 

REPRESENTATIONS AND WARRANTIES 

Section 5.1 Representations and Warranties of Seller. Seller hereby represents and warrants to the Administrative Agent and the
Purchasers, as to itself, as of the date hereof and as of the date of each Incremental Purchase and the date of each Reinvestment that: 

(a) Existence and Power. Seller is duly organized, validly existing and in good standing under the laws of its state of
organization. Seller is duly qualified to do business and is in good standing as a foreign corporation, and has and holds all corporate power and all governmental licenses, authorizations, consents and approvals required to carry on its business in
each jurisdiction in which its business is conducted except where the failure to so qualify or so hold could not reasonably be expected to have a Material Adverse Effect. 

(b) Power and Authority; Due Authorization, Execution and Delivery. The execution and delivery by Seller of this
Agreement and each other Transaction Document to which it is a party, the performance of its obligations hereunder and thereunder and the use of the proceeds of purchases made hereunder, are within its corporate powers and authority and have been
duly authorized by all necessary corporate action on its part. This Agreement and each other Transaction Document to which Seller Party is a party has been duly executed and delivered by Seller. 

  
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 (c) No Conflict. The execution and delivery by Seller of this Agreement
and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder do not contravene or violate (i) its certificate or articles of incorporation or by-laws, (ii) any law, rule or
regulation applicable to it, (iii) any restrictions under any agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or (iv) any order, writ, judgment, award, injunction or decree binding
on or affecting it or its property, and do not result in the creation or imposition of any Adverse Claim on assets of Seller (except as created hereunder) except, in any case, where such contravention or violation could not reasonably be expected to
have a Material Adverse Effect; and no transaction contemplated hereby requires compliance with any bulk sales act or similar law. 

(d) Governmental Authorization. Other than the filing of the financing statements required hereunder, no authorization
or approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required for the due execution and delivery by Seller of this Agreement and each other Transaction Document to which it is a party and
the performance of its obligations hereunder and thereunder. 
 (e) Actions, Suits. Seller represents and warrants
that (i) there are no actions, suits or proceedings pending, or to the best of Seller’s knowledge, threatened, against or affecting Seller, or any of its properties, in or before any court, arbitrator or other body, that could reasonably
be expected to have a Material Adverse Effect, and (ii) Seller is not in default with respect to any order of any court, arbitrator or governmental body. 

(f) Binding Effect. This Agreement and each other Transaction Document to which Seller is a party constitute the legal,
valid and binding obligations of Seller enforceable against Seller in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or
limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

(g) Accuracy of Information. Seller represents and warrants that all information heretofore furnished by Seller or by
any Responsible Officer of an Originator to the Administrative Agent or any of the Purchasers for purposes of or in connection with this Agreement, any of the other Transaction Documents or any transaction contemplated hereby or thereby is, and all
such information hereafter furnished by Seller or any such Responsible Officer to the Administrative Agent or any of the Purchasers will be, true and accurate in every material respect on the date such information is stated or certified and does not
and will not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading. Servicer represents and warrants that each Receivables Report completed and
compiled by it accurately aggregates the information received by it from the Originators and correctly computes the ratios and concentrations set forth therein based upon such aggregates. 

  
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 (h) Use of Proceeds. Seller represents and warrants that it will not use
the proceeds of any purchase hereunder (i) for a purpose that violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any
security in any transaction which is subject to Section 12, 13 or 14 of the Securities Exchange Act of 1934, as amended. 

(i) Good Title. Seller represents and warrants that immediately prior to each purchase hereunder, Seller shall be the
legal and beneficial owner of the Receivables and Related Security with respect thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents. Seller represents and warrants that there have been duly filed all
financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Seller’s ownership or security interest in each Receivable, its Collections and the
Related Security. 
 (j) Perfection. Seller represents and warrants that this Agreement, together with the filing of
the financing statements contemplated hereby, is effective to, and shall, upon each purchase hereunder, transfer to the Administrative Agent for the benefit of the relevant Purchaser or Purchasers (and the Administrative Agent for the benefit of
such Purchaser or Purchasers shall acquire from Seller) a valid and perfected first priority undivided percentage ownership or security interest in each Receivable existing or hereafter arising and in the Related Security and Collections with
respect thereto, free and clear of any Adverse Claim, except as created by the Transactions Documents. Seller represents and warrants that there have been duly filed all financing statements or other similar instruments or documents necessary under
the UCC (or any comparable law) of all appropriate jurisdictions to perfect the Administrative Agent’s (on behalf of the Purchasers) ownership or security interest in the Receivables, the Related Security and the Collections. 

(k) Places of Business and Locations of Records. The principal places of business and chief executive office of Seller
and the offices where it keeps all of its Records are located at the address(es) listed on Exhibit III or such other locations of which the Administrative Agent and the Purchasers have been notified in accordance with Section 7.2(a) in
jurisdictions where all action required by Section 14.4(a) has been taken and completed. Seller’s Federal Employer Identification Number and Organizational Identification Number are correctly set forth on Exhibit III. 

(l) Collections. Each of the Seller Parties represents and warrants that the conditions and requirements set forth in
Section 7.1(j) and Section 8.2 have at all times been satisfied and duly performed. Seller represents and warrants that the names and addresses of all Collection Banks, together with the account numbers of the Collection Accounts of Seller
at each Collection Bank and the post office box number of each Lock-

  
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Box, are listed on Exhibit IV. Seller represents and warrants that Seller has not granted any Person, other than the Administrative Agent as contemplated by this Agreement, dominion and control
of any Lock-Box or Collection Account, or the right to take dominion and control of any such Lock-Box or Collection Account at a future time or upon the occurrence of a future event. Notwithstanding the foregoing, Seller confirms that it has granted
the Servicer a right of access to the Lock-Boxes and Collection Accounts to the extent permitted in the Collection Account Agreements. 

(m) Material Adverse Effect. Seller represents and warrants that since February 28, 2014, no event has occurred
that would have a Material Adverse Effect. 
 (n) Names. In the past five (5) years, Seller has not used any
corporate names, trade names or assumed names other than the name in which it has executed this Agreement. 
 (o)
Ownership of Seller. Seller represents and warrants that RPM-Delaware and the Originators, collectively, own, directly or indirectly, 100% of the issued and outstanding capital stock of all classes of Seller, free and clear of any Adverse
Claim. Seller represents and warrants that such capital stock is validly issued, fully paid and nonassessable, and that there are no options, warrants or other rights to acquire securities of Seller. 

(p) Not an Investment Company. Seller is not an “investment company” within the meaning of the Investment
Company Act of 1940, as amended, or any successor statute. 
 (q) Compliance with Law. Seller has complied in all
respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect.
Each Receivable, together with the Contract related thereto, does not contravene any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to truth in lending, fair credit billing, fair
credit reporting, equal credit opportunity, fair debt collection practices and privacy), and no part of such Contract is in violation of any such law, rule or regulation, except where such contravention or violation could not reasonably be expected
to have a Material Adverse Effect. 
 (r) Compliance with Credit and Collection Policy. Seller has complied in all
material respects with the Credit and Collection Policy with regard to each Receivable and the related Contract, and has not made any material change to such Credit and Collection Policy, except such material change as to which the Administrative
Agent and the Purchasers have been notified in accordance with Section 4.1(a)(vii) of the Receivables Sale Agreement. 

(s) Payments to Applicable Originator. With respect to each Receivable transferred to Seller under the Receivables Sale
Agreement, Seller has given reasonably equivalent value to the applicable Originator in consideration therefor and such transfer 

  
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was not made for or on account of an antecedent debt. No transfer by any Originator of any Receivable under the Receivables Sale Agreement is or may be voidable under any section of the
Bankruptcy Reform Act of 1978 (11 U.S.C. §§ 101 et seq.), as amended. 
 (t) Enforceability of Contracts.
Seller represents and warrants that each Contract with respect to each Eligible Receivable is effective to create, and has created, a legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Eligible
Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws
relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

(u) Eligible Receivables. Seller represents and warrants that each Receivable included in the Net Receivables Balance as
an Eligible Receivable was an Eligible Receivable on the date so included. 
 (v) Net Receivables Balance. Seller
represents and warrants that Seller has determined that, immediately after giving effect to each Incremental Purchase and Reinvestment hereunder, the Adjusted Net Receivables Balance is at least equal to the sum of (i) the Aggregate Capital,
plus (ii) the Aggregate Reserves. 
 (w) Accounting. The manner in which Seller accounts for the transactions
contemplated by this Agreement and the Receivables Sale Agreement does not jeopardize the true sale analysis. 
 (x)
Anti-Terrorism Law Compliance. None of the Seller Parties is subject to or in violation of any law, regulation, or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list, Executive Order
No. 13224 or the USA PATRIOT Act) that prohibits or limits the conduct of business with or the receiving of funds, goods or services to or for the benefit of certain Persons specified therein or that prohibits or limits any Purchaser from
making any Incremental Purchase or from otherwise conducting business with any of the Seller Parties. 
 (y) No
Sanctions. The Seller is not a Sanctioned Person. No Obligor was a Sanctioned Person at the time of origination of any Receivable owing by such Obligor. The Seller and its Affiliates: (i) have less than 10% of their assets in
Sanctioned Countries; and (ii) derive less than 10% of their operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Countries. The Seller does not engage in activities related to Sanctioned Countries except
for such activities as are (A) specifically or generally licensed by OFAC, or (B) otherwise in compliance with OFAC’s sanctions regulations. 

  
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 ARTICLE VI. 

CONDITIONS OF PURCHASES 

Section 6.1 Conditions Precedent to Initial Incremental Purchase. The initial Incremental Purchase of a Purchaser Interest under
this Agreement is subject to the conditions precedent that (a) the Administrative Agent shall have received on or before the date of such purchase those documents listed on Schedule B, and (b) the Administrative Agent and each of the
Purchasers shall have received all fees and expenses required to be paid on such date pursuant to the terms of this Agreement and the applicable Fee Letter. 

Section 6.2 Conditions Precedent to All Purchases and Reinvestments. Each purchase of a Purchaser Interest and each Reinvestment
shall be subject to the further conditions precedent that (a) in the case of each such purchase or Reinvestment the Servicer shall have delivered to the Purchasers on or prior to the date of such purchase, in form and substance satisfactory to
each of the Purchasers, all Receivables Reports as and when due under Section 8.5; (b) the Facility Termination Date shall not have occurred; (c) the Administrative Agent and the Purchasers shall have received such other approvals,
opinions or documents as it may reasonably request and (d) on the date of each such Incremental Purchase or Reinvestment, the following statements shall be true (and acceptance of the proceeds of such Incremental Purchase or Reinvestment shall
be deemed a representation and warranty by Seller that such statements are then true): 
 (i) the representations and
warranties set forth in Section 5.1 are true and correct on and as of the date of such Incremental Purchase or Reinvestment as though made on and as of such date; provided, however, that so long as the RPM-Delaware Credit
Agreement does not require the bring down as of each borrowing date of the absence of material adverse change representation thereunder, the representation contained in Section 5.1(m) of this Agreement need only be true as of the date of the
initial Purchase hereunder; 
 (ii) no event has occurred and is continuing, or would result from such Incremental Purchase
or Reinvestment, that will constitute an Amortization Event, and no event has occurred and is continuing, or would result from such Incremental Purchase or Reinvestment, that would constitute a Potential Amortization Event; and 

(iii) the Aggregate Capital does not exceed the Purchase Limit and the aggregate Purchaser Interests do not exceed 100%. 

It is expressly understood that each Reinvestment shall, unless otherwise directed by the Administrative Agent or any Purchaser, occur automatically on each
day that the Servicer shall receive any Collections without the requirement that any further action be taken on the part of any Person and notwithstanding the failure of Seller to satisfy any of the foregoing conditions precedent in respect of such
Reinvestment. The failure of Seller to satisfy any of the foregoing conditions precedent in respect of any Reinvestment shall give rise to a right of each Purchaser, which right may be exercised at any time on demand of such Purchaser, to rescind
the related purchase and direct Seller to pay to such Purchaser its Percentages of the Collection prior to the Amortization Date that shall have been applied to the affected Reinvestment. 

  
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 ARTICLE VII. 

COVENANTS 

Section 7.1 Affirmative Covenants of the Seller Parties. Until the date on which the Aggregate Unpaids have been indefeasibly paid
in full and this Agreement terminates in accordance with its terms: 
 (a) Financial Reporting. Such Seller Party will
maintain, for itself and each of its Subsidiaries, a system of accounting established and administered in accordance with GAAP, and furnish or cause to be furnished to the Administrative Agent and each Purchaser: 

(i) Annual Reporting. As soon as available and in any event within 90 days after the end of each fiscal year of
RPM-Delaware, (A) the audited annual financial statements of RPM-Delaware required to be delivered under Section 4.1(a)(i) of the Receivables Sale Agreement, together with (B) comparable unaudited annual financial statements of
Seller. 
 (ii) Quarterly Reporting. As soon as available and in any event within 45 days after the end of each fiscal
quarter of RPM-Delaware, (A) the quarterly financial statements of RPM-Delaware required to be delivered under Section 4.1(a)(ii) of the Receivables Sale Agreement, together with (B) comparable unaudited quarterly financial
statements of Seller. 
 (iii) Compliance Certificate. Together with the financial statements required hereunder, a
compliance certificate in substantially the form of Exhibit V signed by the applicable Seller Party’s Authorized Officer and dated the date of such annual financial statement or such quarterly financial statement, as the case may be;
provided, however, that no such compliance certificate shall be required at any time when the Servicer Rating Condition is satisfied, and Schedule I of the form of certificate attached as Exhibit V may be adjusted by the Seller and the
Servicer from time to time in order to reflect any changes made to the EBITDA to Interest Expense ratio set forth in Section 9.1(o) in accordance with such Section. 

(iv) Monthly Report. At any time that (i) the Servicer Rating Condition is not satisfied or (ii) the
Administrative Agent has determined, in its reasonable discretion, that there has been material deterioration in the performance of the Receivables, upon the request of the Administrative Agent or any Purchaser, for as long as RPM-Delaware is the
Servicer, the unaudited financial reports of the Servicer for the calendar month most recently ended. 
 (v)
[Reserved]. 
 (vi) [Reserved]. 

(vii) Copies of Notices. Promptly upon its receipt of any notice, request for consent, financial statements,
certification, report or other communication under or in connection with any Transaction Document from any Originator, the Performance Guarantor or any Collection Bank, copies of the same. 

  
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 (viii) Other Information. Promptly, from time to time, such other
information, documents, records or reports relating to the Receivables or the financial condition, operations, prospects or business of such Seller Party as the Administrative Agent or any Purchaser may from time to time reasonably request in order
to protect the interests of the Administrative Agent and the Purchasers under or as contemplated by this Agreement. 
 Information required
to be delivered pursuant to this Section 7.1(a) shall be deemed to have been delivered if such information shall be available on the website of the Securities and Exchange Commission at http://www.sec.gov. 

(b) Notices. Such Seller Party will notify the Administrative Agent and each Purchaser in writing of any of the
following promptly upon learning of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 

(i) Amortization Events or Potential Amortization Events. The occurrence of each Amortization Event and each Potential
Amortization Event, by a statement of an Authorized Officer of such Seller Party. 
 (ii) Judgment and Proceedings.
(A) (1) The entry of any judgment or decree against the Servicer or any of its respective Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against the Servicer and its Subsidiaries exceeds $75,000,000
after deducting (a) the amount with respect to which the Servicer or any such Subsidiary is insured and with respect to which the insurer has acknowledged responsibility, and (b) the amount for which the Servicer or any such Subsidiary is
otherwise indemnified if the terms of such indemnification are satisfactory to the Administrative Agent and each Purchaser, and (2) the institution of any litigation, arbitration proceeding or governmental proceeding against the Servicer which,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; and (B) the entry of any judgment or decree or the institution of any litigation, arbitration proceeding or governmental proceeding against
Seller. 
 (iii) Material Adverse Effect. The occurrence of any event or condition that has had, or could reasonably
be expected to have, a Material Adverse Effect. 
 (iv) Defaults Under Other Agreements. The occurrence of a default
or an event of default under any other financing arrangement relating to a line of credit or Indebtedness in excess of $5 million in aggregate principal amount pursuant to which any Originator is a debtor or an obligor. 

(v) Termination Date. The occurrence of the “Termination Date” under and as defined in the
Receivables Sale Agreement. 

  
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 (vi) Downgrade of Performance Guarantor. Any downgrade in the rating of
any Indebtedness of Performance Guarantor by S&P, or by Moody’s setting forth the Indebtedness affected and the nature of such change. 

(c) Compliance with Laws and Preservation of Corporate Existence. Such Seller Party will comply in all respects with all
applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect. Such Seller Party
will preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify and remain qualified in good standing as a foreign corporation in each jurisdiction where its business is
conducted, except where the failure to so preserve and maintain or qualify could not reasonably be expected to have a Material Adverse Effect. 

(d) Audits. Such Seller Party will furnish to the Administrative Agent and each Purchaser from time to time such
information with respect to it and the Receivables as the Administrative Agent or any of the Purchasers may reasonably request. Such Seller Party will, from time to time during regular business hours as requested by the Administrative Agent or any
Purchaser upon reasonable notice and at the sole cost of such Seller Party, permit the Administrative Agent and each of the Purchasers, or their respective agents or representatives (and shall cause each Originator to permit the Administrative Agent
and each of the Purchasers or their respective agents or representatives): (i) to examine and make copies of and abstracts from all Records in the possession or under the control of such Person relating to the Receivables and the Related
Security, including, without limitation, the related Contracts, and (ii) to visit the offices and properties of such Person for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to such
Person’s financial condition or the Receivables and the Related Security or any Person’s performance under any of the Transaction Documents or any Person’s performance under the Contracts and, in each case, with any of the officers or
employees of Seller or the Servicer having knowledge of such matters (each of the foregoing examinations and visits, a “Review”); provided, however, that, except in connection with an Extension Request, so long
as no Amortization Event or Potential Amortization Event has occurred, the Seller Parties shall only be responsible for the costs and expenses of two (2) Reviews in any one calendar year. 

(e) Keeping and Marking of Records and Books. 

(i) The Servicer will (and will cause each Originator to) maintain and implement administrative and operating procedures
(including, without limitation, an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or
advisable for the collection of all Receivables (including, without limitation, records adequate to permit the immediate identification of each new Receivable and all Collections of and adjustments to each existing Receivable). The Servicer will
(and will cause each Originator to) give the Administrative Agent and each Purchaser notice of any material change in the administrative and operating procedures referred to in the previous sentence. 

  
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 (ii) Servicer will (and will cause each Originator to) (A) on or prior to
the date hereof, mark its master data processing records and other books and records relating to the Purchaser Interests with a legend, acceptable to the Administrative Agent and each Purchaser, describing the Purchaser Interests and (B) upon
the request of the Administrative Agent or any of the Purchasers following the occurrence of an Amortization Event, deliver to the Administrative Agent all invoices included in the Contracts (including, without limitation, all multiple originals of
any such invoice) relating to the Receivables. 
 (f) Compliance with Contracts and Credit and Collection Policy.
Servicer will (and will cause each Originator to) timely and fully (i) perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables,
and (ii) comply in all material respects with the Credit and Collection Policy in regard to each Receivable and the related Contract. 

(g) Performance and Enforcement of Receivables Sale Agreement and Performance Undertaking. Seller will, and will require
each of the Originators to, perform each of their respective obligations and undertakings under and pursuant to the Receivables Sale Agreement, will purchase Receivables thereunder in strict compliance with the terms thereof and will vigorously
enforce the rights and remedies accorded to Seller under the Receivables Sale Agreement. Seller will take all actions to perfect and enforce its rights and interests (and the rights and interests of the Administrative Agent and the Purchasers as
assignees of Seller) under the Receivables Sale Agreement as the Administrative Agent and any Purchaser may from time to time reasonably request, including, without limitation, making claims to which it may be entitled under any indemnity,
reimbursement or similar provision contained in the Receivables Sale Agreement. In addition, Seller will vigorously enforce the rights and remedies accorded to Seller under the Performance Undertaking. 

(h) Ownership. Seller will (or will cause each Originator to) take all necessary action to (i) vest legal and
equitable title to the Receivables, the Related Security and the Collections purchased under the Receivables Sale Agreement irrevocably in Seller, free and clear of any Adverse Claims other than Adverse Claims in favor of the Administrative Agent
and the Purchasers (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Seller’s interest in
such Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence the interest of Seller therein as the Administrative Agent and any Purchaser may reasonably request), and (ii) establish and
maintain, in favor of the Administrative Agent, for the benefit of the Purchasers, a valid and perfected first priority undivided percentage ownership interest (and/or a valid and perfected first priority security interest) in all Receivables,
Related Security and Collections to the full extent contemplated herein, free and clear of any Adverse Claims other than Adverse 

  
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Claims in favor of the Administrative Agent for the benefit of the Purchasers (including, without limitation, the filing of all financing statements or other similar instruments or documents
necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect the Administrative Agent’s (for the benefit of the Purchasers) interest in such Receivables, Related Security and Collections and such other action to
perfect, protect or more fully evidence the interest of the Administrative Agent for the benefit of the Purchasers as the Administrative Agent or any Purchaser may reasonably request). 

(i) Purchasers’ Reliance. Seller acknowledges that the Administrative Agent and the Purchasers are entering into
the transactions contemplated by this Agreement in reliance upon Seller’s identity as a legal entity that is separate from the Norwegian Company, each of the Originators, the Performance Guarantor and their respective other Affiliates
(collectively, the “RPM Group”). Therefore, from and after the date of execution and delivery of this Agreement, Seller shall take all reasonable steps, including, without limitation, all steps that the Administrative Agent
or any Purchaser may from time to time reasonably request, to maintain Seller’s identity as a separate legal entity and to make it manifest to third parties that Seller is an entity with assets and liabilities distinct from those of the members
of the RPM Group thereof and not just a division thereof. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, Seller will: 

(A) conduct its own business in its own name and require that all full-time employees of Seller, if any, identify themselves
as such and not as employees of any member of the RPM Group (including, without limitation, by means of providing appropriate employees with business or identification cards identifying such employees as Seller’s employees); 

(B) compensate all employees, consultants and agents directly, from Seller’s own funds, for services provided to Seller
by such employees, consultants and agents and, to the extent any employee, consultant or agent of Seller is also an employee, consultant or agent of a member of the RPM Group, allocate the compensation of such employee, consultant or agent between
Seller and the members of the RPM Group on a basis that reflects the services rendered to Seller and the RPM Group; 
 (C)
clearly identify its offices (by signage or otherwise) as its offices and, if such office is located in the offices of a member of the RPM Group, Seller shall lease such office at a fair market rent; 

(D) have separate stationery, invoices and checks in its own name; 

(E) conduct all transactions with the members of the RPM Group strictly on an arm’s-length basis, allocate all overhead
expenses (including, without limitation, telephone and other utility charges) for items shared between Seller and the RPM Group on the basis of actual use to the extent practicable and, to the extent such allocation is not practicable, on a basis
reasonably related to actual use; 

  
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 (F) at all times have a Board of Directors consisting of not less than three
members, at least one member of which is an Independent Director; 
 (G) observe all corporate formalities as a distinct
entity, and ensure that all corporate actions relating to (A) the selection, maintenance or replacement of the Independent Director, (B) the dissolution or liquidation of Seller or (C) the initiation of, participation in, acquiescence
in or consent to any bankruptcy, insolvency, reorganization or similar proceeding involving Seller, are duly authorized by unanimous vote of its Board of Directors (including the Independent Director); 

(H) maintain Seller’s books and records separate from those of the members of the RPM Group and otherwise readily
identifiable as its own assets rather than assets of a member of the RPM Group; 
 (I) prepare its financial statements
separately from those of the RPM Group and insure that any consolidated financial statements of the RPM Group (or any member thereof) that include Seller and that are filed with the Securities and Exchange Commission or any other governmental agency
have notes clearly stating that Seller is a separate legal entity and that its assets will be available first and foremost to satisfy the claims of the creditors of Seller; 

(J) except as herein specifically otherwise provided, maintain the funds or other assets of Seller separate from, and not
commingled with, those of the members of the RPM Group and only maintain bank accounts or other depository accounts to which Seller alone is the account party, into which Seller alone (or Servicer, on Seller’s behalf) makes deposits and from
which Seller alone (or Servicer, on Seller’s behalf, or the Administrative Agent hereunder) has the power to make withdrawals; 

(K) pay all of Seller’s operating expenses from Seller’s own assets (except for certain payments by a member of the
RPM Group or other Persons pursuant to allocation arrangements that comply with the requirements of this Section 7.1(i)); 

(L) operate its business and activities such that: it does not engage in any business or activity of any kind, or enter into
any transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking, other than the transactions contemplated and authorized by this Agreement and the Receivables Sale Agreement; and does not create, incur, guarantee,
assume or suffer to exist any indebtedness or other liabilities, whether direct or contingent, other than 

  
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(1) as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, (2) the incurrence of obligations under
this Agreement, (3) the incurrence of obligations, as expressly contemplated in the Receivables Sale Agreement, to make payment to Originators thereunder for the purchase of Receivables from Originators under the Receivables Sale Agreement, and
(4) the incurrence of operating expenses in the ordinary course of business of the type otherwise contemplated by this Agreement; 

(M) maintain its Organic Documents in conformity with this Agreement, such that it does not amend, restate, supplement or
otherwise modify its Organic Documents in any respect that would impair its ability to comply with the terms or provisions of any of the Transaction Documents, including, without limitation, this Section 7.1(i); 

(N) maintain the effectiveness of, and continue to perform under the Receivables Sale Agreement and the Performance
Undertaking, such that it does not amend, restate, supplement, cancel, terminate or otherwise modify the Receivables Sale Agreement or the Performance Undertaking, or give any consent, waiver, directive or approval thereunder or waive any default,
action, omission or breach under the Receivables Sale Agreement or the Performance Undertaking or otherwise grant any indulgence thereunder, without (in each case) the prior written consent of the Administrative Agent and each of the Purchasers;

 (O) maintain its legal separateness such that it does not merge or consolidate with or into, or convey, transfer, lease
or otherwise dispose of (whether in one transaction or in a series of transactions, and except as otherwise contemplated herein) all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or substantially all
of the assets of, any Person, nor at any time create, have, acquire, maintain or hold any interest in any Subsidiary; 
 (P)
maintain at all times the Required Capital Amount (as defined in the Receivables Sale Agreement) and refrain from making any dividend, distribution, redemption of capital stock or payment of any subordinated indebtedness which would cause the
Required Capital Amount to cease to be so maintained; 
 (Q) maintain its investment in the Norwegian Company at a level not
to exceed 5% of the Norwegian Company’s outstanding voting Equity Interests; and 
 (R) take such other actions as are
necessary on its part to ensure that the facts and assumptions set forth in the opinion issued by Calfee, Halter & Griswold, LLP, as counsel for Seller, in connection with the closing or initial Incremental Purchase under this Agreement and
relating to substantive consolidation issues, and in the certificates accompanying such opinion, remain true and correct in all material respects at all times. 

  
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 (j) Collections. Such Seller Party will cause (1) all proceeds from
all Lock-Boxes to be directly deposited by a Collection Bank into a Collection Account and (2) each Lock-Box and Collection Account to be subject at all times to a Collection Account Agreement that is in full force and effect. In the event any
payments relating to Receivables are remitted directly to Seller or any Affiliate of Seller, Seller will remit (or will cause all such payments to be remitted) directly to a Collection Bank and deposited into a Collection Account within two
(2) Business Days following receipt thereof, and, at all times prior to such remittance, Seller will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of the Administrative Agent and the
Purchasers. Seller will maintain exclusive ownership, dominion and control (subject to the terms of this Agreement) of each Lock-Box and Collection Account and shall not grant the right to take dominion and control of any Lock-Box or Collection
Account at a future time or upon the occurrence of a future event to any Person, except to the Administrative Agent as contemplated by this Agreement and except that Seller may authorize the Servicer to make deposits to and withdrawals from the
Collection Accounts prior to delivery of the Collection Notices. 
 (k) Taxes. Such Seller Party will file all tax
returns and reports required by law to be filed by it and will promptly pay all taxes and governmental charges at any time owing, except any such taxes which are not yet delinquent or are being diligently contested in good faith by appropriate
proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books. Seller will pay when due any taxes payable in connection with the Receivables, exclusive of taxes on or measured by income or gross receipts
of the Administrative Agent or any of the Purchasers. 
 (l) Insurance. Seller will maintain in effect, or cause to be
maintained in effect, at Seller’s own expense, such casualty and liability insurance as Seller shall deem appropriate in its good faith business judgment. 

(m) Payment to Originators. With respect to any Receivable purchased by Seller from an Originator, such sale shall be
effected under, and in strict compliance with the terms of, the Receivables Sale Agreement, including, without limitation, the terms relating to the amount and timing of payments to be made to such Originator in respect of the purchase price for
such Receivable. 
 Section 7.2 Negative Covenants of the Seller Parties. Until the date on which the Aggregate Unpaids have been
indefeasibly paid in full and this Agreement terminates in accordance with its terms: 
 (a) Name Change, Offices and
Records. Seller will not change its name, identity or legal structure (within the meaning of Section 9-507(c) of any applicable enactment of the UCC) or relocate its chief executive office or any office where Records are kept unless it
shall have: (i) given the Administrative Agent and each Purchaser at least forty-five (45) days’ prior written notice thereof and (ii) delivered to the Administrative Agent all financing statements, instruments and other
documents reasonably requested by the Administrative Agent or any Purchaser in connection with such change or relocation. 

  
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 (b) Change in Payment Instructions to Obligors. Except as may be required
by the Administrative Agent pursuant to Section 8.2(b), such Seller Party will not add or terminate any bank as a Collection Bank, or make any change in the instructions to Obligors regarding payments to be made to any Lock-Box or Collection
Account, unless the Administrative Agent and the Purchasers shall have received, at least ten (10) days before the proposed effective date therefor, (i) written notice of such addition, termination or change and (ii) with respect to
the addition of a Collection Bank or a Collection Account or Lock-Box, an executed Collection Account Agreement with respect to the new Collection Account or Lock-Box; provided, however, that the Servicer may make changes in
instructions to Obligors regarding payments if such new instructions require such Obligor to make payments to another existing Collection Account. 

(c) Modifications to Contracts and Credit and Collection Policy. No Seller Party will, and will not permit any
Originator to, make any change to the Credit and Collection Policy that could adversely affect the collectability of the Receivables or decrease the credit quality of any newly created Receivables. Except as provided in Section 8.2(d),
no Seller Party will, or will permit any Originator to, extend, amend or otherwise modify the terms of any Receivable or any Contract related thereto in any material respect other than in accordance with the Credit and Collection Policy. 

(d) Sales, Liens. Seller will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any
option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any Receivable, Related Security or Collections, or upon or with respect to any
Contract under which any Receivable arises, or any Lock-Box or Collection Account, or assign any right to receive income with respect thereto (other than, in each case, the creation of the interests therein in favor of the Administrative Agent and
the Purchasers provided for herein), and Seller will defend the right, title and interest of the Administrative Agent and the Purchasers in, to and under any of the foregoing property, against all claims of third parties claiming through or under
Seller or any Originator. 
 (e) Net Receivables Balance. At no time prior to the Amortization Date shall Seller
permit the Adjusted Net Receivables Balance to be less than an amount equal to the sum of (i) the Aggregate Capital plus (ii) the Aggregate Reserves. 

(f) Termination Date Determination. Seller will not designate the Termination Date (as defined in the Receivables Sale
Agreement), or send any written notice to any Originator in respect thereof, without the prior written consent of the Administrative Agent and the Purchasers, except with respect to the occurrence of such Termination Date arising pursuant to
Section 5.1(d) of the Receivables Sale Agreement. 

  
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 (g) Restricted Junior Payments. From and after the occurrence of any
Amortization Event, Seller will not make any Restricted Junior Payment if, after giving effect thereto, Seller would fail to meet its obligations set forth in Section 7.2(e). 

(h) Seller Indebtedness. Seller will not incur or permit to exist any Indebtedness or liability on account of deposits
except: (i) the Obligations, (ii) the Subordinated Loans (as defined in the Receivables Sale Agreement), and (iii) other current accounts payable arising in the ordinary course of business and not overdue. 

(i) Prohibition on Additional Negative Pledges. Seller will not (and will not authorize any Originator to) enter into or
assume any agreement (other than this Agreement and the other Transaction Documents) prohibiting the creation or assumption of any Adverse Claim upon the Receivables, Collections or Related Security except as contemplated by the Transaction
Documents, or otherwise prohibiting or restricting any transaction contemplated hereby or by the other Transaction Documents. Seller will not (and will not authorize any Originator to) enter into or assume any agreement creating any Adverse Claim
upon the Subordinated Notes (as defined in the Receivables Sale Agreement). 
 (j) Anti-Terrorism Laws. None of the
Seller Parties shall be in violation of any law or regulation or appear on any list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list, Executive Order No. 13224 or the USA PATRIOT Act) that
prohibits or limits the conduct of business with or the receiving of funds, goods, or services to or for the benefit of certain Persons specified therein or that prohibits or limits any Purchaser from making any Incremental Purchase. 

(k) OFAC. The Seller will not use the proceeds of any Receivable or any Incremental Purchase under this Agreement to
fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country. 

ARTICLE VIII. 

ADMINISTRATION AND COLLECTION 

Section 8.1 Designation of Servicer. 

(a) The servicing, administration and collection of the Receivables shall be conducted by such Person (the
“Servicer”) so designated from time to time in accordance with this Section 8.1. RPM-Delaware is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms of
this Agreement. At any time after the occurrence of an Amortization Event, the Administrative Agent and the Purchasers may at any time designate as Servicer any Person to succeed RPM-Delaware or any successor Servicer. 

(b) RPM-Delaware may delegate, and RPM-Delaware hereby advises the Purchasers and the Administrative Agent that it has
delegated, to the Originators, as sub-servicers of the Servicer, certain of its duties and responsibilities as Servicer hereunder in 

  
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respect of the Receivables originated by such Originators. Without the prior written consent of the Purchasers, the Servicer shall not be permitted to delegate any of its duties or
responsibilities as Servicer to any Person other than (i) Seller, (ii) the Originators, and (iii) with respect to certain Charged-Off Receivables, outside collection agencies in accordance with its customary practices, except as
permitted in Section 8.1(a). Seller shall not be permitted to further delegate to any other Person any of the duties or responsibilities of Servicer delegated to it by RPM-Delaware. If at any time following the occurrence of an Amortization
Event, the Purchasers shall designate as Servicer any Person other than RPM-Delaware, all duties and responsibilities theretofore delegated by RPM-Delaware to Seller or any Originator may, at the discretion of any of the Administrative Agent, be
terminated forthwith on notice given by the Administrative Agent or any Purchaser to the Administrative Agent or the other Purchaser, as applicable, RPM-Delaware and to Seller. 

(c) Notwithstanding the foregoing subsection (b), (i) Servicer shall be and remain primarily liable to the Administrative
Agent and the Purchasers for the full and prompt performance of all duties and responsibilities of the Servicer hereunder and (ii) the Administrative Agent and the Purchasers shall be entitled to deal exclusively with Servicer in matters
relating to the discharge by the Servicer of its duties and responsibilities hereunder. The Administrative Agent and the Purchasers shall not be required to give notice, demand or other communication to any Person other than Servicer in order for
communication to the Servicer and its sub-servicer or other delegate with respect thereto to be accomplished. Servicer, at all times that it is the Servicer, shall be responsible for providing any sub-servicer or other delegate of the Servicer with
any notice given to the Servicer under this Agreement. 
 Section 8.2 Duties of Servicer. 

(a) The Servicer shall take or cause to be taken all such actions as may be necessary or advisable to collect each Receivable
from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the Credit and Collection Policy. 

(b) The Servicer will instruct all Obligors to pay all Collections directly to a Lock-Box or Collection Account. The Servicer
shall effect a Collection Account Agreement substantially in the form of Exhibit VI with each bank party to a Collection Account at any time. In the case of any remittances received in any Lock-Box or Collection Account that shall have been
identified, to the satisfaction of the Servicer, to not constitute Collections or other proceeds of the Receivables or the Related Security, the Servicer shall promptly remit such items to the Person identified to it as being the owner of such
remittances. From and after the date the Administrative Agent delivers to any Collection Bank a Collection Notice pursuant to Section 8.3, the Administrative Agent may request that the Servicer, and the Servicer thereupon promptly shall
instruct all Obligors with respect to the Receivables, to remit all payments thereon to a new depositary account specified by the Administrative Agent and, at all times thereafter, Seller and the Servicer shall not deposit or otherwise credit, and
shall not permit any other Person to deposit or otherwise credit to such new depositary account any cash or payment item other than Collections. 

  
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 (c) The Servicer shall administer the Collections in accordance with the
procedures described herein and in Article II. The Servicer shall set aside and hold in trust for the account of Seller and the Purchasers their respective shares of the Collections (or such funds or other assets arising therefrom) in accordance
with Article II. The Servicer shall, upon the request of the Administrative Agent, segregate, in a manner acceptable to the Administrative Agent and the Purchasers, all cash, checks and other instruments received by it from time to time constituting
Collections from the general funds of the Servicer or Seller prior to the remittance thereof in accordance with Article II. If the Servicer shall be required to segregate Collections pursuant to the preceding sentence, the Servicer shall segregate
and deposit with a bank designated by the Administrative Agent such allocable share of Collections of Receivables set aside for the Purchasers on the first Business Day following receipt by the Servicer of such Collections, duly endorsed or with
duly executed instruments of transfer. 
 (d) The Servicer may, in accordance with the Credit and Collection Policy, extend
the maturity of any Receivable or adjust the Outstanding Balance of any Receivable as the Servicer determines to be appropriate to maximize Collections thereof; provided, however, that such extension or adjustment shall not alter the
status of such Receivable as a Delinquent Receivable, Defaulted Receivable or Charged-Off Receivable or limit the rights of the Administrative Agent or the Purchasers under this Agreement. Notwithstanding anything to the contrary contained herein,
the Administrative Agent shall have the absolute and unlimited right to direct the Servicer to commence or settle any legal action with respect to any Receivable or to foreclose upon or repossess any Related Security. 

(e) The Servicer shall hold in trust for Seller and the Purchasers all Records that (i) evidence or relate to the
Receivables, the related Contracts and Related Security or (ii) are otherwise necessary or desirable to collect the Receivables and shall, as soon as practicable upon demand of the Administrative Agent, deliver or make available to the
Administrative Agent all such Records, at a place selected by the Administrative Agent. The Servicer shall, as soon as practicable following receipt thereof turn over to Seller any cash collections or other cash proceeds received with respect to
Indebtedness not constituting Receivables. The Servicer shall, from time to time at the request of any Purchaser, furnish to the Purchasers (promptly after any such request) a calculation of the amounts set aside for the Purchasers pursuant to
Article II. 
 (f) Any payment by an Obligor in respect of any indebtedness owed by it to an Originator or Seller shall,
except as otherwise specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by the Administrative Agent, be applied as a Collection of any Receivable of such Obligor (starting with the oldest such
Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other obligation of such Obligor. 

  
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 Section 8.3 Collection Notices. The Administrative Agent is authorized at any time to
date and to deliver to the Collection Banks the Collection Notices. Seller hereby transfers to the Administrative Agent for the benefit of the Purchasers, effective when the Administrative Agent delivers such notice, the exclusive ownership and
control of each Lock-Box and the Collection Accounts. In case any authorized signatory of Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice
shall nevertheless be valid as if such authority had remained in force. Seller hereby authorizes the Administrative Agent, and agrees that the Administrative Agent shall be entitled after the occurrence of an Amortization Event to (i) endorse
Seller’s name on checks and other instruments representing Collections, (ii) enforce the Receivables, the related Contracts and the Related Security and (iii) take such action as shall be necessary or desirable to cause all cash,
checks and other instruments constituting Collections of Receivables to come into the possession of the Administrative Agent rather than Seller. 

Section 8.4 Responsibilities of Seller. Anything herein to the contrary notwithstanding, the exercise by the Administrative Agent
and the Purchasers of their rights hereunder shall not release the Servicer, any Originator or Seller from any of their duties or obligations with respect to any Receivables or under the related Contracts. The Purchasers shall have no obligation or
liability with respect to any Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of Seller. 

Section 8.5 Reports. The Servicer shall compile and complete the following reports based on information received by it from the
Originators under the Receivables Sale Agreement and forward to the Administrative Agent and the Purchasers (i) on the second Business Day prior to each Settlement Date (the “Monthly Reporting Date”), a Receivables
Report; provided, however, that the Receivables Report to be delivered in May 2014 shall be delivered on or prior to May 23, 2014 and (ii) at such times as the Administrative Agent or any Purchaser shall reasonably request, a
listing by Obligor of all Receivables together with an aging of such Receivables. 
 Section 8.6 Servicing Fees. In
consideration of RPM-Delaware’s agreement to act as Servicer hereunder, the Purchasers hereby agree that, so long as RPM-Delaware shall continue to perform as Servicer hereunder, Seller shall pay over to RPM-Delaware a fee (the
“Servicing Fee”) as compensation for its servicing activities hereunder on each Settlement Date in arrears for the immediately preceding calendar month (to the extent funds are available therefor in accordance with this
Agreement), equal to the product of (a) one twelfth (1/12), times (b) 1.00%, times (c) (i) if the Amortization Date has not occurred, the average monthly aggregate Outstanding Balance of all Receivables during the most recently
ended calendar year (for each month in such year, measured as of the last day of such month) or (ii) if the Amortization Date has occurred, the average daily aggregate Outstanding Balance of all Receivables during such preceding month. 

  
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 ARTICLE IX. 

AMORTIZATION EVENTS 

Section 9.1 Amortization Events. The occurrence of any one or more of the following events shall constitute an “Amortization
Event”: 
 (a) Any Seller Party shall fail to make any payment or deposit required under this Agreement or any other
Transaction Document to which it is a party on or within one (1) Business Day after the date on which the same is required to be made. 

(b) Any Seller Party shall fail to perform or observe any covenant contained in any provision of Section 7.2 (other
than Section 7.2(c)) or Section 8.5. 
 (c) Any Seller Party shall fail to perform or observe any
other covenant, agreement or other obligation hereunder (other than as referred to in another paragraph of this Section 9.1) or any other Transaction Document to which it is a party and such failure shall continue for three
(3) consecutive Business Days following the earlier to occur of (i) notice from the Administrative Agent or any Purchaser of such nonperformance or non-observance, or (ii) the date on which a Responsible Officer of such Seller Party
otherwise becomes aware of such non-performance or non-observance. 
 (d) Any representation, warranty, certification or
statement made by any Seller Party in this Agreement, any other Transaction Document or in any other document required to be delivered pursuant hereto or thereto shall prove to have been incorrect when made or deemed made in any material respect and
is not cured within five (5) Business Days following the earlier to occur of (i) notice from the Administrative Agent or any Purchaser of such inaccuracy or (ii) the date on which a Responsible Officer of such Seller Party otherwise
becomes aware of such inaccuracy; provided that the materiality threshold in this subsection shall not be applicable with respect to any representation or warranty which itself contains a materiality threshold although the five
(5) Business Day cure period shall continue to apply. 
 (e) (i) Seller shall default in the payment when due of any
principal of or interest on any Indebtedness, or any event or condition shall occur which results in the acceleration of the maturity of any such Indebtedness; or (ii) any Originator shall default, or the Performance Guarantor or any of its
Subsidiaries (other than an Originator or Seller) shall default, in the payment when due of any principal or of or interest on any Material Indebtedness; or any event or condition shall occur which results in the acceleration of the maturity of any
such Material Indebtedness. 
 (f) (i) Any Seller Party, any Originator or any Significant Subsidiary (as defined in the RPM
Credit Agreement) shall generally not pay its debts as such debts become due or shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors; or (ii) any proceeding shall be
instituted by or against any Seller Party, any Originator or any Significant Subsidiary seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of
it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part
of its property or (iii) any Seller Party, any Originator or any Significant Subsidiary shall take any corporate action to authorize any of the actions set forth in clauses (i) or (ii) above in this subsection (f). 

  
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 (g) Seller shall fail to comply with the terms of Section 2.6 hereof. 

(h) As at the end of any calendar month: 

(i) the average of the Dilution Ratios for the three months then most recently ended shall exceed 4.5%; 

(ii) the Days Sales Outstanding shall not exceed 73; or 

(iii) the average of the Past Due Ratios for the three months then most recently ended shall exceed 6.0%. 

(i) A Change of Control shall occur. 

(j) (i) One or more final judgments for the payment of money shall be entered against Seller or (ii) one or more final
judgments for the payment of money in an amount in excess of $75,000,000, individually or in the aggregate, shall be entered against the Servicer on claims not covered by insurance or as to which the insurance carrier has denied its responsibility,
and such judgment shall continue unsatisfied and in effect for ten (10) consecutive days without a stay of execution. 

(k) Either (i) the “Termination Date” under and as defined in the Receivables Sale Agreement shall
occur with respect to any Originator or (ii) any Originator shall for any reason cease to transfer, or cease to have the legal capacity to transfer, or otherwise be incapable of transferring Receivables to Seller under the Receivables Sale
Agreement, provided, however, that upon 30 days’ prior written notice, an Originator may cease to sell or contribute Receivables to the Seller under the Receivables Sale Agreement without causing an Amortization Event under this
Agreement if (1) such Originator has consolidated or merged with or into another Originator, or (2) to the extent that (a) Aggregate Capital plus Aggregate Reserves continue to be equal to or less than the Adjusted Net Receivables
Balance after such Originator ceases to sell or contribute, (b) RPM-Delaware and the remaining Originators agree to such modified transaction terms which may be requested by the Administrative Agent and the Purchasers as being necessary to
maintain an implied rating equivalent to the implied rating of the facility evidenced by this Agreement prior to such Originator ceasing to sell or contribute, as determined in the exercise of the Administrative Agent’s and the Purchasers’
reasonable credit judgment, including to (I) establish the Dilution Ratio, Delinquency Ratio and Past Due Ratio for this Agreement after such Originator ceases to sell or contribute which shall be set and calculated consistent with the
methodology used to set and calculate such ratios prior to such Originator ceasing to sell or contribute, (II) establish Concentration Limits and Aggregate Reserves for the facility evidenced by this Agreement after such Originator ceases to sell or
contribute which shall be set and calculated consistent with such methodology prior to such Originator’s ceasing to sell or contribute and (III) establish standards for items (ii)-(v) of the definition of “Eligible
Receivable” which are consistent with those required for the Facility prior to such Originator’s ceasing to sell or contribute and are based on the Receivables of the remaining Originators, and (c) no Amortization Event or
Potential Amortization Event shall exist after such Originator shall cease to sell or contribute. 

  
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 (l) This Agreement shall terminate in whole or in part (except in accordance with
its terms), or shall cease to be effective or to be the legally valid, binding and enforceable obligation of Seller, or any Obligor shall directly or indirectly contest in any manner such effectiveness, validity, binding nature or enforceability, or
the Administrative Agent for the benefit of the Purchasers shall cease to have a valid and perfected first priority security interest in the Receivables, the Related Security and the Collections with respect thereto and the Collection Accounts. 

(m) The Performance Guarantor shall fail to pay, upon demand, any amount required to be paid by it under the Performance
Undertaking, or the Performance Undertaking shall cease to be effective or to be the legally valid, binding and enforceable obligation of RPM-Delaware, or RPM-Delaware shall directly or indirectly contest in any manner such effectiveness, validity,
binding nature or enforceability. 
 (n) [Reserved]. 

(o) At any time that the Servicer Rating Condition is not satisfied, RPM-Delaware shall permit the ratio, calculated as at the
end of each fiscal quarter ending after the date of this Agreement for the four fiscal quarters then ended, of EBITDA for such period to Interest Expense for such period to be less than (x) so long as the following clause (y) does not then
apply, 3.5:1.0 or (y) such other required ratio of EBITDA to Interest Expense set forth in the RPM Credit Agreement, so long as each of the Purchasers has consented in writing after the date hereof to such change under this Agreement (it being
understood that such consent to be granted or withheld by each Purchaser in its sole discretion). For purposes of this clause (o), unless otherwise defined in this Agreement, terms used herein (including all defined terms used within such
terms) shall have the respective meaning assigned to such terms in the RPM Credit Agreement, (i) without giving effect to any subsequent amendment, restatement or supplement thereof that was not consented to in writing by each of the Purchasers
under this Agreement and (ii) regardless of whether or not the RPM Credit Agreement is substituted, replaced, terminated or any of the provisions therein are or become unenforceable in whole or in part as against any party thereto. 

Section 9.2 Remedies. Upon the occurrence and during the continuation of an Amortization Event, the Administrative Agent may, and
upon the direction of either of the Purchasers, shall, take any of the following actions: (i) replace the Person then acting as Servicer, (ii) declare the Amortization Date to have occurred, whereupon the Amortization Date shall forthwith
occur, without demand, protest or further notice of any kind, all of which are hereby expressly waived by each Seller Party; provided, however, that upon the occurrence of an Amortization Event described in Section 9.1(f)(ii), or of an actual
or deemed entry of an order for relief with respect to any Seller Party under the Federal Bankruptcy Code, the Amortization Date shall automatically occur, without demand, protest or any notice of any kind, all of which are hereby expressly waived
by each Seller Party, (iii) to the fullest extent permitted by 

  
 28 

 
applicable law, declare that the Default Fee shall accrue with respect to any of the Aggregate Unpaids outstanding at such time, (iv) deliver the Collection Notices to the Collection Banks,
and (v) notify Obligors of the Purchasers’ interest in the Receivables. The aforementioned rights and remedies shall be without limitation, and shall be in addition to all other rights and remedies of the Administrative Agent and the
Purchasers otherwise available under any other provision of this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including, without limitation, all rights and remedies provided under the UCC, all
of which rights shall be cumulative. 
 ARTICLE X. 

INDEMNIFICATION 

Section 10.1 Indemnities by the Seller. Without limiting any other rights that the Administrative Agent or any Purchaser may have
hereunder or under applicable law, Seller hereby agrees to indemnify (and pay upon demand to) the Administrative Agent and each of the Purchasers and their respective assigns, officers, directors, agents and employees (each an
“Indemnified Party”) from and against any and all damages, losses, claims, taxes, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of
the Administrative Agent or such Purchaser) and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this
Agreement or the acquisition, either directly or indirectly, by a Purchaser of an interest in the Receivables excluding, however, in all of the foregoing instances: 

(a) Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified Amounts
resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; 
 (b)
Indemnified Amounts to the extent the same includes losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor; or 

(c) taxes imposed by the jurisdiction in which such Indemnified Party’s principal executive office is located, on or
measured by the overall net income of such Indemnified Party to the extent that the computation of such taxes is consistent with the characterization for income tax purposes of the acquisition by the Purchasers of Purchaser Interests as a loan or
loans by the Purchasers to Seller secured by the Receivables, the Related Security, the Collection Accounts and the Collections; 
 provided,
however, that nothing contained in this sentence shall limit the liability of Seller or limit the recourse of the Purchasers to Seller for amounts otherwise specifically provided to be paid by Seller under the terms of this Agreement.
Without limiting the generality of the foregoing indemnification, Seller shall indemnify the Indemnified Parties for Indemnified Amounts (including, without limitation, losses in respect of uncollectible receivables, regardless of whether
reimbursement therefor would constitute recourse to Seller) relating to or resulting from: 

  
 29 

 (i) any representation or warranty made by any Seller Party or any Originator (or
any officers of any such Person) under or in connection with this Agreement, any other Transaction Document or any other information or report required to be delivered by any such Person pursuant hereto or thereto, which shall have been false or
incorrect when made or deemed made; 
 (ii) the failure by any Seller Party or any Originator to comply with any applicable
law, rule or regulation with respect to any Receivable or Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such applicable law, rule or regulation or any failure of any Originator to keep or
perform any of its obligations, express or implied, with respect to any Contract; 
 (iii) any failure of any Seller Party or
any Originator to perform its duties, covenants or other obligations in accordance with the provisions of this Agreement or any other Transaction Document; 

(iv) any products liability, personal injury or damage suit, or other similar claim arising out of or in connection with
merchandise, insurance or services that are the subject of any Contract or any Receivable; 
 (v) any dispute, claim, offset
or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Receivable (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation
of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the merchandise or service related to such Receivable or the furnishing or failure to furnish such merchandise or services; 

(vi) the commingling of Collections of Receivables at any time with other funds; 

(vii) any investigation, litigation or proceeding related to or arising from this Agreement or any other Transaction Document,
the transactions contemplated hereby, the use of the proceeds of an Incremental Purchase or a Reinvestment, the ownership of the Purchaser Interests or any other investigation, litigation or proceeding relating to any Seller Party or any Originator
in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby; 
 (viii) any
inability to litigate any claim against any Obligor in respect of any Receivable as a result of such Obligor being immune from civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding;

  
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 (ix) any Amortization Event described in Section 9.1(f); 

(x) any failure of Seller to acquire and maintain legal and equitable title to, and ownership of any Receivable and the Related
Security and Collections with respect thereto from any Originator, free and clear of any Adverse Claim (other than as created hereunder); or any failure of Seller to give reasonably equivalent value to the applicable Originator under the Receivables
Sale Agreement in consideration of the transfer by such Originator of any Receivable, or any attempt by any Person to void such transfer under statutory provisions or common law or equitable action; 

(xi) any failure to vest and maintain vested in the Administrative Agent for the benefit of the Purchasers, or to transfer to
the Administrative Agent for the benefit of the Purchasers, legal and equitable title to, and ownership of, a first priority perfected undivided percentage ownership interest (to the extent of the Purchaser Interests contemplated hereunder) or
security interest in the Receivables, the Related Security and the Collections, free and clear of any Adverse Claim (except as created by the Transaction Documents); 

(xii) the failure to have filed, or any delay in filing, financing statements or other similar instruments or documents under
the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivable, the Related Security and Collections with respect thereto, and the proceeds of any thereof, whether at the time of any Incremental Purchase or
Reinvestment or at any subsequent time; 
 (xiii) any action or omission by any Seller Party which reduces or impairs the
rights of the Administrative Agent or the Purchasers with respect to any Receivable or the value of any such Receivable; 

(xiv) any attempt by any Person to void any Incremental Purchase or Reinvestment hereunder under statutory provisions or common
law or equitable action; and 
 (xv) the failure of any Receivable included in the calculation of the Net Receivables Balance
as an Eligible Receivable to be an Eligible Receivable at the time so included. 
 Section 10.2 Indemnities by the Servicer.
Without limiting any other rights that the Administrative Agent or any Purchaser may have hereunder or under applicable law, Servicer hereby agrees to indemnify (and pay upon demand to) each Indemnified Party from and against any and all damages,
losses, claims, taxes, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of the Administrative Agent or such Purchaser) and disbursements (all of the foregoing
being collectively referred to as “Servicer Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of Servicer’s failure to duly and punctually perform its obligations under this
Agreement excluding, however, in all of the foregoing instances: 

  
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 (a) Servicer Indemnified Amounts to the extent a final judgment of a court of
competent jurisdiction holds that such Servicer Indemnified Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; and 

(b) Servicer Indemnified Amounts to the extent the same includes losses in respect of Receivables that are uncollectible on
account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor; 
 provided, however, that nothing contained in this
sentence shall limit the liability of Servicer or limit the recourse of the Purchasers to Servicer for Collections received by the Servicer and required to be remitted by it under the terms of this Agreement. Without limiting the generality of the
foregoing indemnification, Servicer shall indemnify the Indemnified Parties for Servicer Indemnified Amounts (including, without limitation, losses in respect of uncollectible receivables, regardless of whether reimbursement therefor would
constitute recourse to the Servicer) relating to or resulting from: 
 (i) any representation or warranty made by Servicer
(or any officers of Servicer) under or in connection with this Agreement, any other Transaction Document or any other information or report delivered by any such Person pursuant hereto or thereto, which shall have been false or incorrect when made
or deemed made; 
 (ii) the failure by Servicer to comply with any applicable law, rule or regulation with respect to the
collection of any Receivable or Related Security; 
 (iii) any failure of Servicer to perform its duties, covenants or other
obligations in accordance with the provisions of this Agreement or any other Transaction Document; 
 (iv) the commingling by
the Servicer of Collections of Receivables or funds or other assets arising therefrom at any time with other funds; 
 (v)
any investigation, litigation or proceeding relating to Servicer in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby; 

(vi) any Amortization Event of the described in Section 9.1(f) with respect to Servicer; and 

(vii) any action or omission by Servicer relating to its obligations hereunder which reduces or impairs the rights of the
Administrative Agent or the Purchasers with respect to any Receivable or the value of any such Receivable. 

  
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 Section 10.3 Increased Cost and Reduced Return. 

(a) Increased Costs Generally. If any Change in Law: (i) subjects any Purchaser to any charge or withholding on or with respect to
this Agreement or a Purchaser’s obligations hereunder, or on or with respect to the Receivables, or changes the basis of taxation of payments to any Purchaser of any amounts payable hereunder (except for changes in the rate of tax on the
overall net income of a Purchaser or taxes excluded by Section 10.1) or (ii) imposes, modifies or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or
for the account of a Purchaser, or credit extended by a Purchaser pursuant to this Agreement or (iii) imposes any other condition the result of which is to increase the cost to a Purchaser of performing its obligations hereunder, or to reduce
the rate of return on a Purchaser’s capital as a consequence of its obligations hereunder, or to reduce the amount of any sum received or receivable by a Purchaser under this Agreement or to require any payment calculated by reference to the
amount of interests or loans held or interest received by it, then, upon demand by the applicable Purchaser, Seller shall pay to such Purchaser, such amounts charged to such Purchaser or such amounts to otherwise compensate such Purchaser for such
increased cost or such reduction. Notwithstanding the foregoing, no Purchaser that is not organized under the laws of the United States of America, or a state thereof, shall be entitled to reimbursement or compensation hereunder unless and until it
has delivered to the Seller two (2) duly completed and signed originals of United States Internal Revenue Service Form W-8BEN or W-8ECI, as applicable, certifying in either case that such Purchaser is entitled to receive payments under this
Agreement without deduction or withholding of any United States federal income taxes. 
 (b) Capital Requirements. If any Purchaser
determines that any Change in Law affecting such Purchaser or any lending office of such Purchaser or such Purchaser’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of
return on such Purchaser’s capital or on the capital of such Purchaser’s holding company, if any, as a consequence of (A) this Agreement, (B) the commitments of such Purchaser hereunder, or (C) the ownership of undivided
percentage ownership interests with regard to the Purchaser Interest (or interests therein) or any Capital, in any case, to a level below that which such Purchaser or such Purchaser’s holding company could have achieved but for such Change in
Law (taking into consideration such Purchaser’s policies and the policies of such Purchaser’s holding company with respect to capital adequacy and liquidity), then from time to time, upon request of such Purchaser, the Seller will pay to
such Purchaser such additional amount or amounts as will compensate such Purchaser or such Purchaser’s holding company for any such reduction suffered. 

Section 10.4 Other Costs and Expenses. Subject to the limitations set forth in the Fee Letter, Seller shall pay to the
Administrative Agent and the Purchasers on demand all costs and out-of-pocket expenses in connection with the preparation, execution, delivery and administration of this Agreement, the transactions contemplated hereby and the other documents to be
delivered hereunder, including without limitation, the cost of Purchasers’ auditors auditing the books, records and procedures of Seller, reasonable fees and out-of-pocket expenses of legal counsel for the Administrative Agent and the
Purchasers (which such counsel may be employees of the Administrative Agent or a Purchaser) with respect thereto and with respect to advising the Administrative Agent and the Purchasers as to their respective rights and remedies under this
Agreement. Seller shall pay to the Administrative Agent and the Purchasers on demand any and all costs and expenses of the Administrative Agent and the Purchasers, if any, including reasonable counsel fees and expenses in connection with the
enforcement of this Agreement and the other documents delivered hereunder and in connection with any restructuring or workout of this Agreement or such documents, or the administration of this Agreement following an Amortization Event. 

  
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 ARTICLE XI. 

THE ADMINISTRATIVE AGENT 

Section 11.1 Appointment. 

(a) Each Purchaser hereby irrevocably designates and appoints PNC, as Administrative Agent hereunder, and authorizes the
Administrative Agent to take such action on its behalf under the provisions of the Transaction Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of the Transaction
Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those
expressly set forth herein, or any fiduciary relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the Administrative Agent shall be read into this Agreement or
otherwise exist against the Administrative Agent. 
 (b) The provisions of this Article XI are solely for the benefit of the
Administrative Agent and the Purchasers, and neither of the Seller Parties shall have any rights as a third-party beneficiary or otherwise under any of the provisions of this Article XI, except that this Article XI shall not affect any obligations
which the Administrative Agent or any Purchaser may have to either of the Seller Parties under the other provisions of this Agreement. 

(c) In performing its functions and duties hereunder, the Administrative Agent shall act solely as the agent of the Purchasers
and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for either of the Seller Parties or any of their respective successors and assigns. 

Section 11.2 Delegation of Duties. The Administrative Agent may execute any of its duties under the applicable Transaction
Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care. 
 Section 11.3 Exculpatory Provisions. Neither the Administrative Agent
nor any of its directors, officers, agents or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them or any Person described in Section 11.2 under or in connection with the Transaction Documents
(except for its, their or such Person’s own bad faith, gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Purchasers or other agents for any recitals, statements, representations or warranties made by
the Seller contained in any Transaction Document or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, any Transaction Document or for the

  
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value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of either of the Seller
Parties to perform its respective obligations hereunder, or for the satisfaction of any condition specified in Article VI, except receipt of items required to be delivered to the Administrative Agent. The Administrative Agent shall not be under any
obligation to any Purchaser to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, any Transaction Document, or to inspect the properties, books or records of the Seller
Parties. This Section 11.3 is intended solely to govern the relationship between the Administrative Agent, on the one hand, and the Purchasers on the other. 

Section 11.4 Reliance by the Administrative Agent and the Purchasers. 

(a) The Administrative Agent and each Purchaser shall in all cases be entitled to rely, and shall be fully protected in
relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Seller Parties), independent accountants and other experts selected by the
Administrative Agent or such Purchaser. The Administrative Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first
receive such advice or concurrence of each Purchaser (except where another provision of this Agreement specifically authorizes the Administrative Agent to take action based on the instructions of either Purchaser). 

(b) Any action taken by the Administrative Agent in accordance with Section 11.4(a) shall be binding upon all Purchasers.

 Section 11.5 Notice of Amortization Events. Neither the Administrative Agent nor any Purchaser shall be deemed to have
knowledge or notice of the occurrence of any Amortization Event or Potential Amortization Event unless it has received notice from the Administrative Agent or another Purchaser, as applicable, or a Seller Party referring to this Agreement, stating
that an Amortization Event or Potential Amortization Event has occurred hereunder and describing such Amortization Event or Potential Amortization Event. In the event that the Administrative Agent or any Purchaser receives such a notice, it shall
promptly give notice thereof to the Administrative Agent and the other Purchasers, as applicable. The Administrative Agent shall take such action with respect to such Amortization Event or Potential Amortization Event as shall be directed by any
Purchaser. 
 Section 11.6 Non-Reliance on the Administrative Agent and Other Purchasers. Each of the Purchasers expressly
acknowledges that neither the Administrative Agent, nor any of the Administrative Agent’s officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the
Administrative Agent hereafter taken, including, without limitation, any review of the affairs of the Seller Parties, shall be deemed to constitute any representation or warranty by the Administrative Agent. Each of the Purchasers also represents
and warrants to the Administrative Agent and the other Purchasers 

  
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that it has, independently and without reliance upon any such Person (or any of their Affiliates) and based on such documents and information as it has deemed appropriate, made its own appraisal
of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Seller Parties and made its own decision to enter into this Agreement. Each of the Purchasers also represents that it
will, independently and without reliance upon the Administrative Agent or any other Purchaser, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions
in taking or not taking action under this Agreement, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, prospects, financial and other condition and creditworthiness of the Seller Parties.
Neither the Administrative Agent nor any Purchaser, nor any of their respective Affiliates, shall have any duty or responsibility to provide any party to this Agreement with any credit or other information concerning the business, operations,
property, prospects, financial and other condition or creditworthiness of the Seller Parties which may come into the possession of such Person or any of its respective officers, directors, employees, agents, attorneys-in-fact or affiliates. 

Section 11.7 Indemnification of Administrative Agent. 

(a) Each Purchaser agrees to indemnify the Administrative Agent and its officers, directors, employees, representatives and
agents (to the extent not reimbursed by the Seller Parties and without limiting the obligation of the Seller Parties to do so), ratably in accordance with their respective Percentages or Capital, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of counsel for the Administrative Agent or
such Person in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not the Administrative Agent in its capacity as Administrative Agent or such Person shall be designated a party thereto) that
may at any time be imposed on, incurred by or asserted against the Administrative Agent or such Person as a result of, or arising out of, or in any way related to or by reason of, any of the transactions contemplated hereunder or the execution,
delivery or performance of this Agreement or any other document furnished in connection herewith (but excluding any such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting
solely from the bad faith, gross negligence or willful misconduct of the Administrative Agent or such Person as finally determined by a court of competent jurisdiction). 

Section 11.8 Administrative Agent in its Individual Capacity. The Administrative Agent in its individual capacity and its
affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Seller Parties and their Affiliates as though the Administrative Agent were not the Administrative Agent hereunder. With respect to its
Purchaser Interests, if any, pursuant to this Agreement, the Administrative Agent shall have the same rights and powers under this Agreement as any Purchaser and may exercise the same as though it were not the Administrative Agent, and the terms
“Purchaser” and “Purchasers” shall include the Administrative Agent in its individual capacity. 

  
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 Section 11.9 Successor Administrative Agent. The Administrative Agent, upon five
(5) days’ notice to the Seller Parties and the Purchasers, may voluntarily resign and may be removed at any time, with or without cause, by both Purchasers, whereupon Fifth Third shall become the successor Administrative Agent;
provided, however, that PNC shall not voluntarily resign as the Administrative Agent so long as PNC’s Commitment remains in effect or PNC has any outstanding Purchaser Interests hereunder. Upon resignation or replacement of any
Administrative Agent in accordance with this Section 11.9, the retiring Administrative Agent shall execute such UCC-3 assignments and amendments, and assignments and amendments of the Transaction Documents, as may be necessary to give effect to
its replacement by a successor Administrative Agent. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of Article X and this Article XI shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was Administrative Agent under this Agreement. 
 Section 11.10 [RESERVED]. 

Section 11.11 UCC Filings. Each of the Purchasers hereby expressly recognizes and agrees that the Administrative Agent may be
designated as the secured party of record on the various UCC filings required to be made under this Agreement and the party entitled to amend, release and terminate the UCC filings under the Receivable Sale Agreement in order to perfect their
respective interests in the Receivables, Collections and Related Security, that such designation shall be for administrative convenience only in creating a record or nominee holder to take certain actions hereunder on behalf of the Purchasers and
that such listing will not affect in any way the status of the Purchasers as the true parties in interest with respect to the Purchaser Interests. In addition, such listing shall impose no duties on the Administrative Agent other than those
expressly and specifically undertaken in accordance with this Article XI. 
 ARTICLE XII. 

ASSIGNMENTS; PARTICIPATIONS 

Section 12.1 Assignments. Any Purchaser may at any time and from time to time assign to one or more Persons (each, an
“Assignee Purchaser”) all or any part of its rights and obligations under this Agreement pursuant to an assignment agreement, substantially in the form set forth in Exhibit VII hereto (the “Assignment
Agreement”) executed by such Assignee Purchaser and such selling Purchaser. The consent of the Seller (which consent shall not be unreasonably withheld or delayed) shall be required prior to the effectiveness of any such assignment
other than to an existing Purchaser. Each assignee of a Purchaser must (i) have a short-term debt rating of A-1 or better by S&P and P-1 by Moody’s Investor Service, Inc. or a long term debt rating of “A” by S&P and
“A2” or better by Moody’s. Upon delivery of the executed Assignment Agreement to the Administrative Agent, such selling Purchaser shall be released from its obligations hereunder to the extent of such assignment. Thereafter the
Assignee Purchaser shall for all purposes be a Purchaser party to this Agreement and shall have all the rights and obligations of a Purchaser under this Agreement to the same extent as if it were an original party hereto and thereto, and no further
consent or action by Seller, the Purchasers or the Administrative Agent shall be required. Neither Seller nor the Servicer shall have the right to assign its rights or obligations under this Agreement. 

  
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 Section 12.2 Participations. Any Purchaser may, in the ordinary course of its
business at any time sell to one or more Persons (each a “Participant”) participating interests in its Commitment and Purchaser Interest. Notwithstanding any such sale by a Purchaser of a participating interest to a
Participant, such Purchaser’s rights and obligations under this Agreement shall remain unchanged, such Purchaser shall remain solely responsible for the performance of its obligations hereunder, and each of the parties hereto shall continue to
deal solely and directly with such Purchaser in connection with such Purchaser’s rights and obligations under this Agreement. Each Purchaser agrees that any agreement between such Purchaser and any such Participant in respect of such
participating interest shall not restrict such Purchaser’s right to agree to any amendment, supplement, waiver or modification to this Agreement, except for any amendment, supplement, waiver or modification described in Section 14.1(b)(i).

 ARTICLE XIII. 

[RESERVED]. 
 ARTICLE
XIV. 
 MISCELLANEOUS 

Section 14.1 Waivers and Amendments. 

(a) No failure or delay on the part of the Administrative Agent or any Purchaser in exercising any power, right or remedy under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies
herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law. Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given. 

(b) No provision of this Agreement may be amended, supplemented, modified or waived except in writing in accordance with the
provisions of this Section 14.1(b). This Agreement and the provisions hereof may only be amended, supplemented, modified or waived in a writing signed by the Purchasers, the Seller and the Administrative Agent. 

Notwithstanding the foregoing, (i) without the consent of the Purchasers, but with the consent of Seller, the Administrative Agent may amend this
Agreement solely to add additional Persons as Purchasers hereunder and (ii) the Administrative Agent and the Purchasers may enter into amendments to modify any of the terms or provisions of Article XI, Article XII, or Section 14.13 of this
Agreement without the consent of Seller, provided that such amendment has no negative impact upon Seller. Any modification or waiver made in accordance with this Section 14.1 shall apply to each of the Purchasers equally and shall be binding
upon Seller, the Purchasers and the Administrative Agent. 

  
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 Section 14.2 Notices. Except as provided in this Section 14.2, all
communications and notices provided for hereunder shall be in writing (including bank wire, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their respective addresses or telecopy
numbers set forth on the signature pages hereof or at such other address or telecopy number as such Person may hereafter specify for the purpose of notice to each of the other parties hereto. Each such notice or other communication shall be
effective (i) if given by telecopy, upon the receipt thereof, (ii) if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or (iii) if given by any
other means, when received at the address specified in this Section 14.2. Seller hereby authorizes the Purchasers to effect purchases and Tranche Period and Discount Rate selections based on telephonic notices made by any Person whom the
Administrative Agent in good faith believes to be acting on behalf of Seller. Seller agrees to deliver promptly to the Administrative Agent a written confirmation of each telephonic notice signed by an authorized officer of Seller; provided,
however, the absence of such confirmation shall not affect the validity of such notice. If the written confirmation differs from the action taken by the Administrative Agent, the records of the Administrative Agent shall govern absent manifest
error. 
 Section 14.3 Ratable Payments. If any Purchaser, whether by setoff or otherwise, has payment made to it with respect
to any portion of the Aggregate Unpaids owing to such Purchaser (other than payments received pursuant to Section 10.3 or 10.4) in a greater proportion than that received by any other Purchaser entitled to receive a ratable share of such
Aggregate Unpaids, such Purchaser agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of such Aggregate Unpaids held by the other Purchasers so that after such purchase each Purchaser will hold its ratable
proportion of such Aggregate Unpaids; provided that if all or any portion of such excess amount is thereafter recovered from such Purchaser, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without
interest. 
 Section 14.4 Protection of Purchaser Interests. 

(a) Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents,
and take all actions, that may be necessary or desirable, or that the Administrative Agent may request, to perfect, protect or more fully evidence the Purchaser Interests, or to enable the Administrative Agent or the Purchasers to exercise and
enforce their rights and remedies hereunder. At any time after the occurrence of an Amortization Event, the Administrative Agent may, or the Administrative Agent may direct Seller or the Servicer to, notify the Obligors of Receivables, at
Seller’s expense, of the ownership or security interests of the Purchasers under this Agreement and may also direct that payments of all amounts due or that become due under any or all Receivables be made directly to the Administrative Agent or
its designee. Seller or the Servicer (as applicable) shall, at any Purchaser’s request, withhold the identity of such Purchaser in any such notification. 

(b) If any Seller Party fails to perform any of its obligations hereunder, the Administrative Agent or any Purchaser may (but
shall not be required to) perform, or cause performance of, such obligations, and the Administrative Agent’s or such 

  
 39 

 
Purchaser’s costs and expenses incurred in connection therewith shall be payable by Seller as provided in Section 10.4. Each Seller Party irrevocably authorizes the Administrative Agent
at any time and from time to time in the sole discretion of the Administrative Agent, and appoints the Administrative Agent as its attorney-in-fact, to act on behalf of such Seller Party (i) to execute on behalf of Seller as debtor and to file
financing statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the interest of the Purchasers in the Receivables and (ii) to file a carbon, photographic
or other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain
the perfection and priority of the interests of the Purchasers in the Receivables. This appointment is coupled with an interest and is irrevocable. 

Section 14.5 Confidentiality. 

(a) Each of the parties hereto shall maintain and shall cause each of its employees and officers to maintain the
confidentiality of the Fee Letter and the other confidential or proprietary information with respect to the Originators, the Administrative Agent, the Purchasers and their respective businesses obtained by it or them in connection with the
structuring, negotiating and execution of the transactions contemplated herein, except that such party and its directors, officers and employees may disclose such information (i) to such party’s external accountants, attorneys, investors,
potential investors and credit enhancers and the agents or advisors of such Persons and (ii) as required by any applicable law, regulation or order of any judicial or administrative proceeding provided that each party shall use commercially
reasonable efforts to ensure, to the extent permitted given the circumstances, that any such information which is so disclosed is kept confidential. 

(b) Anything herein to the contrary notwithstanding, each Originator hereby consents to the disclosure of any nonpublic
information with respect to it (i) to the Administrative Agent and each of the Purchasers, (ii) to any prospective or actual assignee or participant of the Administrative Agent or any of the Purchasers, and (iii) to any rating agency,
and to any officers, directors, employees, outside accountants, advisors and attorneys of any of the foregoing, provided each such Person is advised of the confidential nature of such information and, in the case of a Person described in clause
(ii) above, agrees to be bound by the provisions of this Section 14.5. In addition, the Administrative Agent and the Purchasers may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or
order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law) although each of them shall use commercially reasonable efforts to ensure, to the extent permitted given the
circumstances, that any such information which is so disclosed is kept confidential. 
 Section 14.6 [RESERVED]. 

  
 40 

 Section 14.7 Limitation of Liability. Except with respect to any claim arising out of
the willful misconduct or gross negligence of the Administrative Agent or any Purchaser, no claim may be made by any Seller Party or any other Person against the Administrative Agent or any Purchaser or their respective Affiliates, directors,
officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this
Agreement, or any act, omission or event occurring in connection therewith; and each Seller Party hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to
exist in its favor. 
 Section 14.8 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW
OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL APPLY HERETO) EXCEPT TO THE EXTENT THAT THE PERFECTION OF THE
ADMINISTRATIVE AGENT’S OR PURCHASERS’ OWNERSHIP OF OR SECURITY INTEREST IN THE RECEIVABLES AND RELATED SECURITY OR REMEDIES HEREUNDER IN RESPECT THEREOF ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. 

Section 14.9 CONSENT TO JURISDICTION. EACH SELLER PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED
STATES FEDERAL OR STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT AND EACH SELLER PARTY HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT
IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY PURCHASER TO BRING PROCEEDINGS AGAINST ANY SELLER PARTY IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL
PROCEEDING BY ANY SELLER PARTY AGAINST THE ADMINISTRATIVE AGENT OR ANY PURCHASER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY PURCHASER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH
THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH SELLER PARTY PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN THE BOROUGH OF MANHATTAN, NEW YORK. 

Section 14.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY
OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ANY SELLER PARTY PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER. 

  
 41 

 Section 14.11 Integration; Binding Effect; Survival of Terms. 

(a) This Agreement and each other Transaction Document contain the final and complete integration of all prior expressions by
the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. 

(b) This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns (including any trustee in bankruptcy). This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until terminated in
accordance with its terms; provided, however, that the rights and remedies with respect to (i) any breach of any representation and warranty made by any Seller Party pursuant to Article V, (ii) the indemnification and payment provisions of
Article X, and Sections 14.5 and 14.6 shall be continuing and shall survive any termination of this Agreement. 
 Section 14.12
Counterparts; Severability; Section References. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of
which when taken together shall constitute one and the same Agreement. Any provisions of this Agreement which are 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. Unless otherwise expressly
indicated, all references herein to “Article,” “Section,” “Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to, this Agreement. 

Section 14.13 Characterization. 

(a) It is the intention of the parties hereto that each purchase hereunder shall constitute and be treated as an absolute and
irrevocable sale, which purchase shall provide the applicable Purchaser with the full benefits of ownership of the applicable Purchaser Interest. Except as specifically provided in this Agreement, each sale of a Purchaser Interest hereunder is made
without recourse to Seller; provided, however, that (i) Seller shall be liable to each of the Purchasers and the Administrative Agent for all representations, warranties, covenants and indemnities made by Seller pursuant to the terms of this
Agreement, and (ii) such sale does not constitute and is not intended to result in an assumption by any Purchaser or the Administrative Agent or any assignee thereof of any obligation of Seller or any Originator or any other Person arising in
connection with the Receivables, the Related Security, or the related Contracts, or any other obligations of Seller or any Originator. 

  
 42 

 (b) In addition to any ownership interest which the Administrative Agent may from
time to time acquire pursuant hereto, Seller hereby grants to the Administrative Agent for the ratable benefit of the Purchasers a valid and perfected security interest in all of Seller’s right, title and interest in, to and under all
Receivables now existing or hereafter arising, the Collections, each Lock-Box, each Collection Account, all Related Security, all other rights and payments relating to such Receivables, and all proceeds of any thereof prior to all other liens on and
security interests therein to secure the prompt and complete payment of the Aggregate Unpaids. The Administrative Agent and the Purchasers shall have, in addition to the rights and remedies that they may have under this Agreement, all other rights
and remedies provided to a secured creditor under the UCC and other applicable law, which rights and remedies shall be cumulative. 

  
 43 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
and delivered by their duly authorized officers as of the date hereof. 
  

			
	RPM FUNDING CORPORATION, AS SELLER
		
	By:	 	/s/ Edward W. Moore
	Name:	 	Edward W. Moore
	Title:	 	Secretary

 Address: 

RPM Funding Corporation 
 2628
Pearl Road, Suite 100 
 Medina, Ohio 44256 

Attention: Treasurer 
 Phone:
(330) 273-8826 
 Fax: (330) 220-6006 

E-Mail: mratajczak@rpminc.com 
  

			
	RPM INTERNATIONAL INC., AS SERVICER
		
	By:	 	/s/ Edward W. Moore
	Name:	 	Edward W. Moore
	Title:	 	Senior Vice President, General Counsel, Chief Compliance Officer and Secretary

 Address: 

RPM International Inc. 
 2628
Pearl Road 
 P.O. Box 777 

Medina, Ohio 44258 
 Attention:
Treasurer 
 Phone: (330) 273-8826 

Fax: (330) 220-6006 
 E-Mail:
mratajczak@rpminc.com 

  

					
		  	S-1	  	 Amended and Restated

Receivables Purchase Agreement

			
	FIFTH THIRD BANK, AS A PURCHASER
		
	By:	 	/s/ Andrew D. Jones
	Name:	 	Andrew D. Jones
	Title:	 	Vice President

 Address: 

Fifth Third Bank 
 38 Fountain
Square Plaza, MD 109046 
 Cincinnati, OH 45263 

Attention: Andrew D. Jones 

Phone: (513) 534-0836 
 Fax:
(513) 534-0319 
 E-Mail: 53.Securitization.Bancorp@53.com 

With a copy to: 
 Fifth Third Bank

 38 Fountain Square Plaza, MD 109046 

Cincinnati, OH 45263 
 Attention:
Kevin Gusweiler 
 Phone: (513) 534-0435 

Fax: (513) 534-0319 

  

					
		  	S-2	  	 Amended and Restated

Receivables Purchase Agreement

			
	PNC BANK, NATIONAL ASSOCIATION, INDIVIDUALLY AS A PURCHASER AND AS ADMINISTRATIVE
AGENT
		
	By:	 	/s/ Mark Falcione
	Name:	 	Mark Falcione
	Title:	 	Executive Vice President

 Address: 

PNC Bank, National Association 

Three PNC Plaza 
 225 Fifth Avenue

 Pittsburgh, PA 15222 

	 	Attention:	Robyn A. Reeher 

	 	Phone:	412-768-3090 

	 	Fax:	412-803-7142 

	 	E-Mail:	robyn.reeher@pnc.com 

  

					
		  	S-3	  	 Amended and Restated

Receivables Purchase Agreement

 EXHIBIT I 

DEFINITIONS 
 As used in
this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Accrual Period” means each calendar month, provided that the initial Accrual Period hereunder means the period from
(and including) the date of the initial purchase hereunder to (and including) the last day of the calendar month thereafter. 

“Adjusted Dilution Ratio” means, at any time, the rolling average of the Dilution Ratio for the 12 Calculation Periods
then most recently ended. 
 “Adjusted Eligible Receivables” means the aggregate Outstanding Balance of Eligible
Receivables less (i) the aggregate Outstanding Balance of all State Government Receivables in excess of 10% of the aggregate Outstanding Balance of all Receivables; (ii) the aggregate Outstanding Balance of all other Government Receivables
in excess of 5% of the aggregate Outstanding Balance of all Receivables; (iii) the aggregate Outstanding Balance of all Canadian Receivables in excess of 3% of the aggregate Outstanding Balance of all Receivables; (iv) the aggregate
Outstanding Balance of all Foreign Receivables in excess of 5% of the aggregate Outstanding Balance of all Receivables; (v) the aggregate Outstanding Balance of all Eligible Receivables which by their terms are due 70-91 days after the date of
invoice in excess of 15% of the aggregate Outstanding Balance of all Receivables; (vi) the aggregate Outstanding Balance of all Eligible Receivables which by their terms are due 92-121 days after the date of invoice in excess of 3% of the
aggregate Outstanding Balance of all Receivables; (vii) the aggregate Outstanding Balance of all Eligible Receivables which by their terms are due greater than 121 days but less than 180 days after the date of invoice in excess of 2.5% of the
aggregate Outstanding Balance of all Receivables; and (viii) the amount by which the FOB Accrual Balance exceeds 5% of the aggregate Outstanding Balance of all Receivables; provided, however, that either Purchaser may, upon not less than five
Business Days’ notice to Seller and the other Purchaser, decrease or eliminate any of the percentages specified in clauses (i)-(viii) of this definition. 

“Adjusted Net Receivables Balance” means, at any time, the Net Receivables Balance at such time less the sum of
(i) the Cash Discount Exposure Factor at such time, plus (ii) the aggregate Contractual Rebate Accrual at such time with respect to all Eligible Receivables. 

“Administrative Agent” has the meaning set forth in the preamble to this Agreement. 

“Adverse Claim” means a lien, security interest, charge or encumbrance, or other right or claim in, of or on any
Person’s assets or properties in favor of any other Person. 
 “Affiliate” means, with respect to any Person,
any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person or any Subsidiary of such Person. A Person shall be deemed to control another Person if

  
 Exhibit I-1 

 
the controlling Person owns 10% or more of any class of voting securities of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the
management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. For purposes of this Agreement, Affiliate shall not include any Excluded Subsidiary. 

“Aggregate Capital” means, on any date of determination, the aggregate amount of Capital of all Purchaser Interests
outstanding on such date. 
 “Aggregate Reduction” has the meaning specified in Section 1.3. 

“Aggregate Reserve Percentage” means, on any date of determination, the greater of (i) the Required Reserve
Factor Floor and (ii) the sum of the Loss Reserve, the Yield Reserve, the Dilution Reserve and the Servicing Reserve. 

“Aggregate Reserves” means the Aggregate Reserve Percentage multiplied by the Adjusted Net Receivables Balance. 

“Aggregate Unpaids” means, at any time, an amount equal to the sum of all Aggregate Capital and unpaid Obligations
(whether due or accrued) at such time. 
 “Agreement” means this Amended and Restated Receivables Purchase
Agreement, as it may be amended, restated, supplemented or otherwise modified and in effect from time to time. 
 “Alternate Base
Rate” means for any day, the rate per annum equal to the higher as of such day of (i) the Prime Rate, or (ii) one-half of one percent (0.50%) above the Federal Funds Rate, plus, in either case, the Applicable Margin. For
purposes of determining the Alternate Base Rate for any day, changes in the Prime Rate or the Federal Funds Rate shall be effective on the date of each such change. 

“Amortization Date” means the earliest to occur of (i) the day on which any of the conditions precedent set forth
in Section 6.2 are not satisfied, (ii) the Business Day immediately prior to the occurrence of an Amortization Event set forth in Section 9.1(f)(ii), (iii) the Business Day specified in a written notice from any Agent following
the occurrence of any other Amortization Event, and (iv) the date which is 10 Business Days after the Purchasers’ receipt of written notice from Seller that it wishes to terminate the facility evidenced by this Agreement. 

“Amortization Event” has the meaning specified in Section 9.1. 

“Applicable Margin” means the percentage set forth in the Fee Letter. 

“Assignee Purchaser” has the meaning set forth in Section 12.1. 

“Assignment Agreement” has the meaning set forth in Section 12.1. 

  
 Exhibit I-2 

 “Authorized Officer” means, with respect to any Person, its president,
corporate controller, treasurer, chief financial officer or secretary. 
 “Broken Funding Costs” means for any
Purchaser Interest which: (i) has its Capital reduced without compliance by Seller with the notice requirements hereunder or (ii) does not become subject to an Aggregate Reduction following the delivery of any Reduction Notice or
(iii) is terminated prior to the date on which it was originally scheduled to end; an amount equal to the excess, if any, of (A) the Yield (as applicable) that would have accrued during the remainder of the Tranche Periods determined by
the applicable Purchaser to relate to such Purchaser Interest (as applicable) subsequent to the date of such reduction, assignment or termination (or in respect of clause (ii) above, the date such Aggregate Reduction was designated to occur
pursuant to the Reduction Notice) of the Capital of such Purchaser Interest if such reduction, assignment or termination had not occurred or such Reduction Notice had not been delivered, over (B) the sum of (x) to the extent all or a
portion of such Capital is allocated to another Purchaser Interest, the amount of Yield actually accrued during the remainder of such period on such Capital for the new Purchaser Interest, and (y) to the extent such Capital is not allocated to
another Purchaser Interest, the income, if any, actually received during the remainder of such period by the holder of such Purchaser Interest from investing the portion of such Capital not so allocated. In the event that the amount referred to in
clause (B) exceeds the amount referred to in clause (A), the relevant Purchaser or Purchasers agree to pay to Seller the amount of such excess. All Broken Funding Costs shall be due and payable hereunder upon written demand. 

“Business Day” means any day on which banks are not authorized or required to close in New York, New York or Atlanta,
Georgia and The Depository Trust Company of New York is open for business, and, if the applicable Business Day relates to any computation or payment to be made with respect to the LIBO Rate or LMIR, any day on which dealings in dollar deposits are
carried on in the London interbank market. 
 “Calculation Period” means a calendar month. 

“Canadian Receivable” means a Receivable as to which the Obligor (a) if a natural person, is a resident of
Canada, and (b) if a corporation or other business entity, is organized under the laws of and/or maintains its chief executive office in Canada. 

“Capital” of any Purchaser Interest means, at any time, (A) the Purchase Price of such Purchaser Interest, minus
(B) the sum of the aggregate amount of Collections and other payments received by the Administrative Agent which in each case are applied to reduce such Capital in accordance with the terms and conditions of this Agreement; provided that such
Capital shall be restored (in accordance with Section 2.5) in the amount of any Collections or other payments so received and applied if at any time the distribution of such Collections or payments are rescinded, returned or refunded for any
reason. 
 “Capital Lease Obligations” means, as to any Person, the obligations of such Person to pay rent or other
amounts under a lease of (or other agreement conveying the right to use) real and/or personal property to the extent such obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP
(including 

  
 Exhibit I-3 

 
Accounting Standards Codification Topic 840 of the Financial Accounting Standards Board) and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount
thereof, determined in accordance with GAAP (including such Topic 840). 
 “Cash Discount Exposure Factor” means
1.5% multiplied by the aggregate Outstanding Balance of all Receivables less than 31 days past due; provided that the Administrative Agent, by written notice to the Seller, the Servicer and each Purchaser, may modify the factors appearing in this
definition as may be necessary to more accurately reflect the cash discounts offered by the Originators to Obligors. 
 “Change
in Law” means the occurrence, after the date hereof, of any of the following: (a) the adoption of any law, rule, regulation or treaty or (b) any change in any law, rule, regulation or treaty or in the official administration,
interpretation, implementation or application thereof by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any
successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to the agreements reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More
Resilient Banks and Banking Systems” (as amended, supplemented or otherwise modified or replaced from time to time), shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

“Change of Control” has the meaning set forth in the Receivables Sale Agreement. 

“Charged-Off Receivable” means a Receivable: (i) as to which the Obligor thereof has taken any action, or
suffered any event to occur, of the type described in Section 9.1(f) (as if references to Seller Party therein refer to such Obligor); (ii) as to which the Obligor thereof, if a natural person, is deceased, (iii) which, consistent
with the Credit and Collection Policy, would be written off Seller’s books as uncollectible, or (iv) which has been identified by Seller as uncollectible. 

“Collection Account” means each concentration account, depositary account, lock-box account or similar account in
which any Collections are collected or deposited and which is listed on Exhibit IV. 
 “Collection Account
Agreement” means an agreement among an Originator, Seller, the Administrative Agent and a Collection Bank perfecting the Administrative Agent’s security interest in one or more Collection Accounts. 

“Collection Bank” means, at any time, any of the banks holding one or more Collection Accounts. 

“Collection Notice” means a notice, in substantially the form attached to any Collection Account Agreement from the
Administrative Agent to a Collection Bank, terminating the Seller Parties’ rights to access, or give instructions with respect to, any Collection Account. 

  
 Exhibit I-4 

 “Collections” means, with respect to any Receivable, all cash collections
and other cash proceeds in respect of such Receivable, including, without limitation, all yield, Finance Charges or other related amounts accruing in respect thereof and all cash proceeds of Related Security with respect to such Receivable. 

“Commitment” means, for each Purchaser, the commitment of such Purchaser to purchase Purchaser Interests from Seller,
in an amount not to exceed (i) in the aggregate, the amount set forth opposite such Purchaser’s name on Schedule A to this Agreement, as such amount may be modified in accordance with the terms hereof and (ii) with respect to any
individual purchase hereunder, its Percentage of the Purchase Price therefor. 
 “Concentration Limit” means, at any
time, for any Obligor and its Affiliates, considered as if they were one and the same Obligor, the percentage of Adjusted Eligible Receivables set forth in the table below opposite such Obligor’s applicable short-term unsecured debt ratings (or
in the absence thereof, the equivalent long term unsecured senior debt ratings), or such other amount (a “Special Concentration Limit”) for such Obligor designated by the Purchasers: 

 

													
	 Short-Term

S&P Rating
	 	 Long-Term

S&P Rating
	 	 Short-Term Moody’s
Rating
	 	 Long-Term Moody’s
Rating
	 	 Allowable % of Adjusted

Eligible Receivables
	 	 Obligor

Group

	 	 	 	 	 If Servicer Condition is
satisfied:
	 	 If Servicer Condition is
not satisfied:
	 
	A-1+	 	AAA	 	P-1	 	Aaa	 	20%	 	20%	 	A+
	A-1	 	AA+, AA, AA- or A+	 	P-1	 	Aa1, Aa2, Aa3 or A1	 	20%	 	20%	 	A
	A-2	 	A, A- or BBB+	 	P-2	 	A2, A3 or Baa1	 	20%	 	10%	 	B
	A-3	 	BBB or BBB-	 	P-3	 	Baa2 or Baa3	 	10%	 	6.67%	 	C
	 Below A-3 or Not Rated by either S&P or Moody’s
	 	 Below

BBB- or
 Not Rated by

either S&P or Moody’s
	 	 Below P-3 or Not Rated by

either S&P or Moody’s
	 	Below Baa3 or Not Rated by either S&P or Moody’s	 	5%	 	4%	 	D

 ; provided, however, that (a) if any Obligor has a split rating, the applicable rating will be the lower of
the two, (b) if any Obligor is not rated by either S&P or Moody’s, the applicable Concentration Limit shall be the one set forth in the last line of the table above, and (c) either of

  
 Exhibit I-5 

 
the Purchasers may, upon not less than five Business Days’ notice to Seller, cancel any Special Concentration Limit. As of the date hereof, (x) as long as The Home Depot, Inc. has debt
ratings of BBB-/Baa3/BBB- or above, the Special Concentration Limit for The Home Depot, Inc. and its Affiliates is 35% of Adjusted Eligible Receivables; (y) the Special Concentration Limit for Ace Hardware and its Affiliates is 5% of Adjusted
Eligible Receivables, and (z) as long as Lowe’s Companies, Inc. has debt ratings of BBB-/Baa3/BBB- or above, the Special Concentration Limit for Lowe’s Companies, Inc. and its Affiliates is 20% of Adjusted Eligible Receivables. 

“Concentration Reserve” means, for any Calculation Period, the ratio (expressed as a percentage) computed by dividing
(a) the largest of the items on the table set forth below, by (b) the sum of the aggregate Outstanding Balance of all Eligible Receivables. 
  

			
	 If Servicer Condition is satisfied:
	  	 If Servicer Condition is not satisfied:

	(i) the sum of the aggregate Outstanding Balance of Receivables for the four (4) largest Group D Obligors (based on Outstanding Balance) (up to the Concentration Limit for each such Obligor);	  	(i) the sum of the aggregate Outstanding Balance of Receivables for the five (5) largest Group D Obligors (based on Outstanding Balance) (up to the Concentration Limit for each such Obligor);
		
	(ii) the sum of the aggregate Outstanding Balance of Receivables for the two (2) largest Group C Obligors (based on Outstanding Balance) (up to the Concentration Limit for each such Obligor); and	  	(ii) the sum of the aggregate Outstanding Balance of Receivables for the three (3) largest Group C Obligors (based on Outstanding Balance) (up to the Concentration Limit for each such Obligor);
		
	(iii) the aggregate Outstanding Balance of Receivables for the largest Group B Obligor (based on Outstanding Balance) (up to the Concentration Limit for such Obligor).	  	(iii) the sum of the aggregate Outstanding Balance of Receivables for the two (2) largest Group B Obligors (based on Outstanding Balance) (up to the Concentration Limit for each such Obligor); and
		
		  	(iv) the aggregate Outstanding Balance of Receivables for the largest Group A Obligor (based on Outstanding Balance) (up to the Concentration Limit for such Obligor), other than the Home Depot, Inc., so long as The Home Depot, Inc.
maintains a long-term debt rating of at least AA/Aa2 by S&P and Moody’s.

 “Contract” means, with respect to any Receivable, any and all instruments, agreements,
invoices or other writings pursuant to which such Receivable arises or which evidences such Receivable. 
 “Contractual Rebate
Accrual” means, with respect to any Receivable on any date of determination, the ending balance of all accounting accruals or reserves for Rebates on such Receivable; provided that the Administrative Agent, by written
notice to the Seller, Servicer and each Purchaser may require an adjustment to the Contractual Rebate Accrual if its determines pursuant to a Review that accounting accruals and reserves do not accurately reflect the actual amount of Rebates. 

  
 Exhibit I-6 

 “Credit and Collection Policy” means the Originators’ credit and
collection policies and practices relating to Contracts and Receivables existing on the date hereof and summarized in Exhibit VIII hereto, as modified from time to time in accordance with this Agreement. 

“Cut-Off Date” means the last day of a Calculation Period. 

“Days Sales Outstanding” means, as of any day, an amount equal to the product of (x) 91, multiplied by
(y) the amount obtained by dividing (i) the aggregate Outstanding Balance of all Receivables as of the most recent Cut-Off Date, by (ii) the aggregate amount of Receivables created during the three (3) Calculation Periods
including and immediately preceding such Cut-Off Date. 
 “Deemed Collections” means the aggregate of all amounts
Seller shall have been deemed to have received as a Collection of a Receivable. Seller shall be deemed to have received a Collection in full of a Receivable if at any time any of the representations or warranties in Article V are no longer true with
respect to any Receivable. If (i) the Outstanding Balance of any Receivable is either (x) reduced as a result of any defective or rejected goods or services, any discount or any adjustment or otherwise by Seller (other than cash
Collections on account of the Receivables) or (y) reduced or canceled as a result of a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction), Seller shall
be deemed to have received a Collection of such Receivable to the extent of such reduction or cancellation. 
 “Default
Fee” means with respect to any amount due and payable by Seller in respect of any Aggregate Unpaids, an amount equal to interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 2% above the Alternate Base Rate. 

“Default Horizon Ratio” means, as of any Cut-Off Date, the ratio (expressed as a decimal) computed by dividing
(a) the aggregate sales generated by the Originators during the six Calculation Periods ending on such Cut-Off Date by (b) the Net Receivables Balance as of such Cut-Off Date. 

“Default Ratio” means, as of any Cut-Off Date, the ratio (expressed as a percentage) computed by dividing (x) the
total amount of Receivables which became Defaulted Receivables or which became Charged-Off Receivables before becoming Defaulted Receivables, in either case during the Calculation Period that includes such Cut-Off Date, by (y) the aggregate
sales generated by the Originators during the Calculation Period occurring five months prior to the Calculation Period ending on such Cut-Off Date. 

“Defaulted Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for 121 days or
more from the original due date for such payment. 

  
 Exhibit I-7 

 “Delinquency Ratio” means, at any time, a percentage equal to
(i) the aggregate Outstanding Balance of all Receivables that were Delinquent Receivables at such time divided by (ii) the aggregate Outstanding Balance of all Receivables at such time. 

“Delinquent Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for 91-120 days
from the original due date for such payment. 
 “Designated Obligor” means an Obligor indicated by the
Administrative Agent or any Purchaser to Seller in writing. 
 “Dilution Horizon Ratio” means, as of any Cut-off
Date, a ratio (expressed as a decimal), computed by dividing (a) the aggregate sales generated by the Originators during the three Calculation Periods ending on such Cut-Off Date by (b) the Net Receivables Balance as of such Cut-Off Date.

 “Dilution Ratio” means, as of any Cut-Off Date, a ratio (expressed as a percentage), computed by dividing
(a) the total amount of Dilutions during the Calculation Period ending on such Cut-Off Date, by (b) the aggregate sales generated by the Originators during the Calculation Period that ended three Cut-Off Dates prior to such Cut-Off Date.

 “Dilution Reserve” means, for any Calculation Period, the product (expressed as a percentage) of (a) the sum
of (i) the Stress Factor times the Adjusted Dilution Ratio as of the Cutoff Date for such Calculation Period, plus (ii) the Dilution Volatility Component as of the Cutoff Date for such Calculation Period, times
(b) the Dilution Horizon Ratio as of the Cutoff Date for such Calculation Period. 
 “Dilution Volatility
Component” means the product (expressed as a percentage) of (i) the difference between (a) the highest three (3)-month rolling average Dilution Ratio over the past 12 Calculation Periods and (b) the Adjusted Dilution
Ratio, and (ii) a fraction, the numerator of which is equal to the amount calculated in (i)(a) of this definition and the denominator of which is equal to the amount calculated in (i)(b) of this definition. 

“Dilutions” means, at any time, the aggregate amount of reductions or cancellations described in clause (i) of
the definition of “Deemed Collections” other than those for which a Contractual Rebate Accrual has been booked. 

“Discount Rate” means, the LIBO Rate, LMIR or the Alternate Base Rate, as applicable, with respect to each Purchaser
Interest. 
 “Domestic Subsidiary” shall mean any Subsidiary organized under the law of the United
States of America, any State thereof, or the District of Columbia. 
 “Eligible Assignee” means any Qualifying
Purchaser having a combined capital and surplus of at least $250,000,000. 

  
 Exhibit I-8 

 “Eligible Receivable” means, at any time, a Receivable: 

(i) the Obligor of which (a) if a natural person, is a resident of the United States, Puerto Rico or Canada or, if a
corporation or other business organization, is organized under the laws of the United States, Puerto Rico, Canada or any political subdivision of the foregoing and has its chief executive office in the United States, Puerto Rico or Canada;
(b) is not an Affiliate of any of the parties hereto; (c) is not a Designated Obligor; and (d) is not a Sanctioned Person, 

(ii) the Obligor of which is not the Obligor of any Charged-Off Receivable, 

(iii) which is not a Charged-Off Receivable, a Delinquent Receivable or a Defaulted Receivable, 

(iv) which is not owing from an Obligor as to which more than 50% of the aggregate Outstanding Balance of all Receivables owing
from such Obligor are Defaulted Receivables, 
 (v) which by its terms is due and payable on or within 180 days of the
original billing date therefor and has not had its payment terms extended, 
 (vi) which is an “account” within the
meaning of Section 9-102 of the UCC of all applicable jurisdictions, 
 (vii) which is denominated and payable only in
United States dollars in the United States, 
 (viii) which arises under a Contract in substantially the form of one of the
form contracts set forth on Exhibit IX hereto or otherwise approved by the Purchasers in writing, which, together with such Receivable, is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor
enforceable against such Obligor in accordance with its terms subject to no offset, counterclaim or other defense, 
 (ix)
which arises under a Contract which (A) does not require the Obligor under such Contract to consent to the transfer, sale or assignment of the rights and duties of the applicable Originator or any of its assignees under such Contract and
(B) does not contain a confidentiality provision that purports to restrict the ability of any Purchaser to exercise its rights under this Agreement, including, without limitation, its right to review the Contract, 

(x) which arises under a Contract that contains an obligation to pay a specified sum of money, contingent only upon the sale of
goods or the provision of services by the applicable Originator, 
 (xi) which, together with the Contract related thereto,
does not contravene any law, rule or regulation applicable thereto (including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection
practices and privacy) and with respect to which no part of the Contract related thereto is in violation of any such law, rule or regulation, 

  
 Exhibit I-9 

 (xii) which satisfies in all material respects the applicable requirements of the
Credit and Collection Policy, 
 (xiii) which was generated in the ordinary course of the applicable Originator’s
business, 
 (xiv) which arises solely from the sale of goods or the provision of services to the related Obligor by an
Originator, and not by any other Person (in whole or in part), 
 (xv) as to which a Purchaser has not notified Seller that
such Purchaser has determined in the exercise of its commercially reasonable credit judgment that such Receivable or class of Receivables is not acceptable as an Eligible Receivable, including, without limitation, because such Receivable arises
under a Contract that is not acceptable to such Purchaser, 
 (xvi) which is not subject to (A) any right of rescission
or set-off, or (B) any currently asserted counterclaim or other defense (including defenses arising out of violations of usury laws) of the applicable Obligor against any Originator or any other Adverse Claim, and the Obligor thereon holds no
right as against any Originator to cause any Originator to repurchase the goods or merchandise the sale of which shall have given rise to such Receivable (except with respect to sale discounts effected pursuant to the Contract, or defective goods
returned in accordance with the terms of the Contract); provided, however, that if such dispute, offset, counterclaim or defense affects only a portion of the Outstanding Balance of such Receivable, then such Receivable
may be deemed an Eligible Receivable to the extent of the portion of such Outstanding Balance which is not so affected, and provided, further, that Receivables of any Obligor which has any accounts payable by the
applicable Originator or by a wholly-owned Subsidiary of such Originator (thus giving rise to a potential offset against such Receivables) may be treated as Eligible Receivables to the extent that the Obligor of such Receivables has agreed pursuant
to a written agreement in form and substance satisfactory to the Administrative Agent and the Purchasers, that such Receivables shall not be subject to such offset, 

(xvii) as to which the applicable Originator has satisfied and fully performed all obligations on its part with respect to such
Receivable required to be fulfilled by it, and no further action is required to be performed by any Person with respect thereto other than payment thereon by the applicable Obligor, other than an Originator’s obligation to deliver the related
products or goods to such Obligor’s destination if such products or goods were shipped to such Obligor within the preceding fifteen (15) days and remain in transit to such Obligor; it being understood that such Receivable shall cease to
constitute an Eligible Receivable if the related products or goods are not delivered to such Obligor on or prior to the 15th day after the origination of such Receivable, and 

  
 Exhibit I-10 

 (xviii) all right, title and interest to and in which has been validly
transferred by the applicable Originator directly to Seller under and in accordance with the Receivables Sale Agreement, and Seller has good and marketable title thereto free and clear of any Adverse Claim. 

“Equity Interests” means, with respect to any Person, all shares of capital stock, partnership interests, membership
interests in a limited liability company or other ownership in participation or equivalent interests (however designated, whether voting or non-voting) of such Person’s equity capital (including any warrants, options or other purchase rights
with respect to the foregoing). 
 “Excluded Subsidiary” shall mean any Potentially Excluded Subsidiary that has
been the subject of an Exclusionary Event and each other corporation, limited liability company, partnership or other entity of which ownership interests representing at least a majority of the ordinary voting power or, in the case of partnership,
at least a majority of the general partnership interests are directly or indirectly owned, controlled or held by one or more Potentially Excluded Subsidiary that has been subject of an Exclusionary Event. 

“Exclusionary Event” shall mean the board of directors of any Potentially Excluded Subsidiary shall have authorized
the filing of a bankruptcy petition with respect to such Potentially Excluded Subsidiary. 
 “Facility Account”
means the account specified as such on Schedule C. 
 “Facility Termination Date” means the earlier of
(i) May 9, 2017, and (ii) the Amortization Date. 
 “Federal Bankruptcy Code” means Title 11 of the
United States Code entitled “Bankruptcy,” as amended and any successor statute thereto. 
 “Federal Funds
Rate” means, for any period, a fluctuating interest rate per annum for each day during such period equal to (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve
System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the preceding Business Day) by the Federal Reserve Bank of New York in the Composite Closing Quotations for U.S. Government Securities;
or (ii) if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 11:30 a.m. (New York time) for such day on such transactions received by the Agent from three federal funds brokers of
recognized standing selected by it. 
 “Fee Letter” means that certain Fee Letter dated as of the date hereof by and
between Seller, the Administrative Agent and the Purchasers, as the same may be amended, restated or otherwise modified from time to time. 

“Fifth Third” has the meaning set forth in the preamble to this Agreement. 

  
 Exhibit I-11 

 “Fifth Third Account” means the account specified form payments to Fifth
Third on Schedule C or such other account designated as such by Fifth Third from time to time. 
 “Finance Charges”
means, with respect to a Contract, any finance, interest, late payment charges or similar charges owing by an Obligor pursuant to such Contract. 

“FOB Accrual Balance” means, with respect to any Receivable on any date of determination, the ending balance of all
accounting accruals or reserves for Receivables for which the related products and goods have been shipped to the related Obligor but not delivered to the related Obligor; provided that the Administrative Agent, by written notice to the Seller,
Servicer and each Purchaser may require an adjustment to the FOB Accrual Balance if it determines pursuant to a Review that accounting accruals and reserves do not accurately reflect the actual amount of Receivables for which the related products
and goods have been shipped to the related Obligor but not delivered to the related Obligor. 
 “Foreign Receivable”
means a Receivable (other than a Canadian Receivable) as to which the Obligor (a) if a natural person, is not a resident of the United States of America, and (b) if a corporation or other business entity, is organized under the
laws of and/or maintains its chief executive office in a jurisdiction other than the United States of America. 
 “GAAP”
means generally accepted accounting principles in effect in the United States of America from time to time. 

“Government Receivable” means a Receivable as to which the Obligor is a government or a governmental subdivision or
agency. 
 “Governmental Authority” means the government of the United States of America or any other nation, or of
any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Group A+ Obligor” means any Obligor that has an “Obligor Group” of “A+” as determined in
accordance with the table set forth below the definition of Concentration Limit. 
 “Group A Obligor” means any
Obligor that has an “Obligor Group” of “A” as determined in accordance with the table set forth below the definition of Concentration Limit. 

“Group B Obligor” means any Obligor that has an “Obligor Group” of “B” as determined in accordance
with the table set forth below the definition of Concentration Limit. 
 “Group C Obligor” means any Obligor that
has an “Obligor Group” of “C” as determined in accordance with the table set forth below the definition of Concentration Limit. 

“Group D Obligor” means any Obligor that has an “Obligor Group” of “D” as determined in accordance
with the table set forth below the definition of Concentration Limit. 

  
 Exhibit I-12 

 “Guaranteed” has the meaning ascribed thereto in the definition of
“Guaranty” in the RPM Credit Agreement. 
 “Incremental Purchase” means a purchase of a
Purchaser Interest which increases the total outstanding Aggregate Capital hereunder. 
 “Indebtedness” means, as to
any Person (determined without duplication): (i) indebtedness of such Person for borrowed money (whether by loan or the issuance and sale of debt securities) or for the deferred purchase or acquisition price of property or services other than
accounts payable (other than for borrowed money) incurred in the ordinary course of such Person’s business, (ii) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other
financial institutions for the account of such Person (whether or not such obligations are contingent); (iii) Capital Lease Obligations of such Person; (iv) obligations of such Person to redeem or otherwise retire shares of capital stock
of such Person; (v) indebtedness of others of the type described in clause (i), (ii), (iii) or (iv) above secured by a lien on the property of such Person, whether or not the respective obligation so secured has been assumed by such
Person; and (vi) indebtedness of others of the type described in clause (i), (ii), (iii) or (iv) above Guaranteed by such Person. 

“Independent Director” shall mean a member of the Board of Directors of Seller who (i) is not at such time, and
has not been at any time during the preceding five (5) years, (A) a director, officer, employee or affiliate of any Seller Party, any Originator, or any of their respective Subsidiaries or Affiliates, (B) a customer or supplier of any
Seller Party, any Originator, or any of their respective Subsidiaries or Affiliates (other than his or her service as an Independent Director of Seller or an independent director of any other bankruptcy-remote special purpose entity formed for the
sole purpose of securitizing, or facilitating the securitization of, financial assets of any Seller Party, any Originator, or any of their respective Subsidiaries or Affiliates), (C) a member of the immediate family of a Person described in
clauses (A) or (B) above, (D) the beneficial owner (at the time of such individual’s appointment as an Independent Director or at any time thereafter while serving as an Independent Director) of any of the outstanding common
shares of any Seller Party, any Originator, or any of their respective Subsidiaries or Affiliates, having general voting rights and (ii) has (A) prior experience as an independent director for a corporation or limited liability company
whose organizational or charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or
could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (B) at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective
businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities. 

“LIBOR Market Index Rate” means, for any day, the one-month Eurodollar Rate for U.S. dollar deposits as reported on
the Reuters Screen LIBOR01 Page or any other page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits in United States dollars, as of 11:00 a.m. (London time) on
such date, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the Administrative Agent from another recognized source for interbank quotation), in each case, changing when
and as such rate changes. 

  
 Exhibit I-13 

 “LIBO Rate” means the rate per annum equal to the sum of
(i) (a) the applicable rate for deposits in U.S. dollars appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations
comparable to those currently provided on such page of such service) as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of the relevant Tranche Period, and having a maturity equal to such Tranche Period, provided
that, if no such rate is then available to the Administrative Agent, the applicable LIBO Rate for the relevant Tranche Period shall instead be the rate determined by each Purchaser to be the rate at which such Purchaser offers to place deposits in
U.S. dollars with first-class banks in the London interbank market at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Tranche Period, in the approximate amount to be funded at the LIBO Rate and having a
maturity equal to such Tranche Period, divided by (b) one minus the maximum aggregate reserve requirement (including all basic, supplemental, marginal or other reserves) which is imposed against the Administrative Agent in respect of
Eurocurrency liabilities, as defined in Regulation D of the Board of Governors of the Federal Reserve System as in effect from time to time (expressed as a decimal), applicable to such Tranche Period, plus (ii) the Applicable Margin per annum.
The LIBO Rate shall be rounded, if necessary, to the next higher 1/16 of 1%. 
 “LMIR” means, on any date of
determination, a rate per annum equal to the LIBOR Market Index Rate plus the Applicable Margin. 
 “Lock-Box” means
each locked postal box with respect to which a bank who has executed a Collection Account Agreement has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and which is listed on Exhibit IV.

 “Loss Reserve” means, for any Calculation Period, the product (expressed as a percentage) of (a) the Stress
Factor, times (b) the highest three-month rolling average Default Ratio during the 12 Calculation Periods ending on the immediately preceding Cut-Off Date, times (c) the Default Horizon Ratio as of the immediately preceding
Cut-Off Date. 
 “Material Adverse Effect” means a material adverse effect on (i) the financial condition or
operations of Seller or RPM-Delaware and any of its subsidiaries, taken as a whole, (ii) the ability of Seller to perform its obligations under this Agreement or (at any time RPM-Delaware is acting as Servicer or Performance Guarantor), the
ability of the Servicer or the Performance Guarantor to perform its obligations under this Agreement or the Performance Undertaking, as the case may be, (iii) the legality, validity or enforceability of this Agreement or any other Transaction
Document, (iv) any Purchaser’s interest in the Receivables generally or in any significant portion of the Receivables, the Related Security or the Collections with respect thereto, or (v) the collectability of the Receivables
generally or of any material portion of the Receivables. 
 “Material Indebtedness” means (a) with respect to
the Performance Guarantor and its Subsidiaries (other than the Originators), Indebtedness in excess of $50 million in aggregate principal amount and (b) with respect to any Originator, Indebtedness in excess of $20 million in aggregate
principal amount. 

  
 Exhibit I-14 

 “Monthly Reporting Date” shall have the meaning set forth in Section 8.5.

 “Moody’s”: means Moody’s Investors Service, Inc. 

“Net Receivables Balance” means, at any time, Adjusted Eligible Receivables at such time reduced by the aggregate
amount by which (a) the Outstanding Balance of all Eligible Receivables of each Obligor and its Affiliates exceeds (b) the Concentration Limit for such Obligor. 

“Non-Seasonal Period” means the period from and including
November 1st of each calendar year, to but excluding March 1st of the following calendar year. 

“Norwegian Company” means Carboline Norge A/S , a Norwegian corporation or any successor thereof. 

“Obligations” shall have the meaning set forth in Section 2.1. 

“Obligor” means a Person obligated to make payments pursuant to a Contract. 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

“Organic Document” means, relative to any Person, its certificate of incorporation, its by-laws, its partnership
agreement, its memorandum and articles of association, its limited liability company agreement and/or operating agreement, share designations or similar organization documents and all shareholder agreements, voting trusts and similar arrangements
applicable to any of its authorized Equity Interests. 
 “Originator” has the meaning specified in the Receivables
Sale Agreement. 
 “Outstanding Balance” of any Receivable at any time means the then outstanding principal balance
thereof. 
 “Participant” has the meaning set forth in Section 12.2. 

“Past Due Ratio” means, at any time, the following quotient (expressed as a percentage): (a) the sum (without
duplication) of Defaulted Receivables and Charged-Off Receivables at such time, divided by (b) the aggregate Outstanding Balance of all Receivables. 

“Percentage” means, at any time, with respect to any Purchaser, the percentage obtained by dividing the Commitment of
such Purchaser at such time by the aggregate Commitment of all Purchasers at such time or, following the termination of all Commitments, the percentage obtained by dividing the aggregate Capital of such Purchaser at such time by the Aggregate
Capital at such time. 

  
 Exhibit I-15 

 “Performance Guarantor” means RPM-Delaware and its successors. 

“Performance Undertaking” means that certain Third Amended and Restated Performance Undertaking, dated as of
May 9, 2014, by Performance Guarantor in favor of Seller, substantially in the form of Exhibit XI, as the same may be amended, restated or otherwise modified from time to time. 

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

“PNC” has the meaning set forth in the preamble to this Agreement 

“PNC Account” means the account specified form payments to PNC on Schedule C or such other account designated as such
by PNC from time to time. 
 “Potential Amortization Event” means an event which, with the passage of any applicable
cure period or the giving of notice, or both, would constitute an Amortization Event. 
 “Potentially Excluded
Subsidiary” shall mean Specialty Products Holding Corp. and Bondex International Inc. 
 “Prime
Rate” means a rate per annum equal to the prime rate of interest announced from time to time by PNC (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 

“Purchase Limit” means (i) during the Seasonal Period, $200,000,000 and (ii) during the Non-Seasonal Period,
$150,000,000. 
 “Purchase Notice” has the meaning set forth in Section 1.2. 

“Purchase Price” means, with respect to any Incremental Purchase of a Purchaser Interest, the amount paid to Seller
for such Purchaser Interest which shall not exceed the least of (i) the amount requested by Seller in the applicable Purchase Notice, (ii) the unused portion of the Purchase Limit on the applicable purchase date and (iii) the excess,
if any, of the Net Receivables Balance (less the Aggregate Reserves) on the applicable purchase date over the aggregate outstanding amount of Aggregate Capital determined as of the date of the most recent Receivables Report, taking into account such
proposed Incremental Purchase. 
 “Purchasers” has the meaning set forth in the preamble to this Agreement. 

“Purchaser Interest” means, at any time, an undivided percentage interest (computed as set forth below) associated
with a designated amount of Capital, selected pursuant to the terms and conditions hereof in (i) each Receivable arising prior to the time of the most recent computation or recomputation of such undivided interest, (ii) all Related
Security with respect to each such Receivable, and (iii) all Collections with respect to, and other proceeds of, each such Receivable. Each such undivided percentage interest shall equal: 

  
 Exhibit I-16 

 C 

ANRB – AR 

where: 
  

	 	C	= the Capital of such Purchaser Interest. 

  

	 	AR	= the Aggregate Reserves. 

  

	 	ANRB 	= the Adjusted Net Receivables Balance. 

 Such undivided percentage interest shall be initially computed on its
date of purchase. Thereafter, until the Amortization Date, each Purchaser Interest shall be automatically recomputed (or deemed to be recomputed) on each day prior to the Amortization Date. The variable percentage represented by any Purchaser
Interest as computed (or deemed recomputed) as of the close of the Business Day immediately preceding the Amortization Date shall remain constant at all times thereafter. 

“Qualifying Purchaser” means a Purchaser with a rating of its short-term securities equal to or higher than
(i) A-1 by S&P and (ii) P-1 by Moody’s. 
 “Rebates” means, with respect to any Receivable on any
date of determination, potential volume rebates, seasonal and other promotional discounts, advertising and other cooperative subsidies, or similar contractual credits booked with respect to such Receivable. 

“Receivable” means any “Receivable” under and as defined in the Receivables Sale Agreement in which Seller
now has or hereafter acquires any right, title or interest. Indebtedness and other rights and obligations arising from any one transaction, including, without limitation, indebtedness and other rights and obligations represented by an individual
invoice, shall constitute a Receivable separate from a Receivable consisting of the indebtedness and other rights and obligations arising from any other transaction; provided that any indebtedness, rights or obligations referred to in the
immediately preceding sentence shall be a Receivable regardless of whether the account debtor or Seller treats such indebtedness, rights or obligations as a separate payment obligation. 

“Receivables Report” means a report in substantially the form of Exhibit X hereto (appropriately completed), furnished
by the Servicer to the Administrative Agent and the Purchasers pursuant to Section 8.5. 
 “Receivables Sale
Agreement” means that certain Second Amended and Restated Receivables Sale Agreement, dated as of May 9, 2014, between Originators and Seller, as the same may be amended, restated or otherwise modified from time to time. 

“Records” means, with respect to any Receivable, all Contracts and other documents, books, records and other
information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such Receivable, any Related Security therefor and the related Obligor. 

  
 Exhibit I-17 

 “Reduction Notice” has the meaning set forth in Section 1.3. 

“Reference Bank” means PNC Bank, National Association. 

“Reinvestment” has the meaning set forth in Section 2.2. 

“Related Security” means, with respect to any Receivable: 

(i) all “Related Security” under and as defined in the Receivables Sale Agreement in which Seller now has or
hereafter acquires any right, title or interest, 
 (ii) all of Seller’s right, title and interest in, to and under the
Receivables Sale Agreement in respect of such Receivable and all of Seller’s right, title and interest in, to and under the Performance Undertaking, and 

(iii) all proceeds of any of the foregoing. 

“Reporting Date” means a Monthly Reporting Date. 

“Required Reserve Factor Floor” means, as of any date of determination, the sum (expressed as a percentage) of
(a) the Concentration Reserve, plus (b) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the Cut-Off Date immediately preceding such date. 

“Responsible Officer” means, with respect to any Person, each of the following officers (if applicable) of such Person
(or anyone performing substantially the same functions as the following officers typically perform): any of such Person’s Senior Officers, or such Person’s assistant treasurer, credit manager or controller . 

“Restricted Junior Payment” means (i) any dividend or other distribution, direct or indirect, on account of any
shares of any class of capital stock of Seller now or hereafter outstanding, except a dividend payable solely in shares of that class of stock or in any junior class of stock of Seller, (ii) any redemption, retirement, sinking fund or similar
payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of capital stock of Seller now or hereafter outstanding, (iii) any payment or prepayment of principal of, premium, if any, or interest, fees or
other charges on or with respect to, and any redemption, purchase, retirement, defeasance, sinking fund or similar payment and any claim for rescission with respect to the Subordinated Loans (as defined in the Receivables Sale Agreement),
(iv) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of capital stock of Seller now or hereafter outstanding, and
(v) any payment of management fees by Seller (except for reasonable management fees to an Originator or its Affiliates in reimbursement of actual management services performed). 

“Review” shall have the meaning set forth in Section 7.1(d). 

  
 Exhibit I-18 

 “RPM Credit Agreement” means that certain Credit Agreement dated as of
June 29, 2012, as amended, restated or replaced from time to time, among RPM-Delaware and certain of its Affiliates, the lenders and other financial institutions from time to time party thereto, and PNC Bank, National Association as
administrative agent. 
 “S&P” means Standard & Poor’s Ratings Services, a Standard &
Poor’s Financial Services LLC business. 
 “Sanctioned Country” means a country subject to a sanctions
program identified on the list maintained by OFAC and available at: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx, or as otherwise published from time to time. 

“Sanctioned Obligor” means an Obligor which (i) if a natural person, is either (A) a resident of a
Sanctioned Country or (B) a Sanctioned Person or (ii) if a corporation or other business organization, is organized under the laws of a Sanctioned Country or any political subdivision thereof. 

“Sanctioned Person” means (i) A person named on the list of “Specially Designated Nationals” or
“Blocked Persons” maintained by OFAC available at: http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time or (ii) (A) an agency of the government of a
Sanctioned Country, (B) an organization controlled by a Sanctioned Country, or (C) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC. 

“Seasonal Period” means the period from and including
March 1st of each calendar year, to but excluding November 1st of such calendar year. 

“Seller” has the meaning set forth in the preamble to this Agreement. 

“Seller Parties” means, collectively, (a) Seller, and (b) at any time that RPM-Delaware is acting as
Servicer or Performance Guarantor, RPM-Delaware. 
 “Senior Officer” shall mean the chief executive officer,
president, corporate controller, chief financial officer or vice president-treasurer of the Performance Guarantor. 

“Servicer” means at any time the Person (which may be the Administrative Agent) then authorized pursuant to Article
VIII to service, administer and collect Receivables. 
 “Servicer Rating Condition” means, the Servicer has debt
ratings of no lower than BBB-/Baa3/BBB- from at least two of (i) S&P, (ii) Moody’s and (iii) Fitch Ratings. 

“Servicing Fee” has the meaning set forth in Section 8.6. 

“Servicing Reserve” means, the product (expressed as a percentage) of (a) 1%, times (b) a fraction, the
numerator of which is the Days Sales Outstanding as of the immediately preceding Cut-Off Date and the denominator of which is 360, times (c) 1.5. 

  
 Exhibit I-19 

 “Settlement Date” means the twentieth (20th) day of each month, or if such date is not a Business Day, the following Business Day. 

“Settlement Period” means, in respect of each Purchaser Interest, the entire Tranche Period of such Purchaser
Interest. 
 “State Government Receivable” means a Receivable as to which the Obligor is a state or local government
or a state or local governmental subdivision or agency in the United States of America. 
 “Stress Factor” means,
for so long as the Servicer Rating Condition is satisfied, 2.00%, otherwise, 2.25%. 
 “Subsidiary” shall mean, with
respect to any Person (the “parent”) at any date, (i) any corporation, limited liability company, partnership or other entity the accounts of which would be consolidated with those of the parent in the parent’s
consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date and (ii) any other corporation, limited liability company, partnership or other entity of which ownership interests
representing at least a majority of the ordinary voting power or, in the case of partnership, at least a majority of the general partnership interests, are, as of such date, directly or indirectly owned, controlled or held by the parent and/or one
or more of its Subsidiaries; provided, however, that no Excluded Subsidiary shall be a “Subsidiary” of RPM-Delaware for purposes of this Agreement from (a) May 31, 2010 until (b) the effective
date of a bankruptcy plan of reorganization with respect to such Excluded Subsidiary or the earliest date after the effective date if as of such date, such entity would otherwise qualify as a “Subsidiary” of RPM-Delaware
pursuant to this definition, and provided, further, that solely for purposes of Section 7.1(i)(O), the Norwegian Company shall not constitute a Subsidiary. 

“Terminating Tranche” has the meaning set forth in Section 4.3(b). 

“Tranche Period” means, with respect to any Purchaser Interest: 

(a) if Yield for such Purchaser Interest is calculated on the basis of the LIBO Rate, a period of one, two, three or six
months, or such other period as may be mutually agreeable to the applicable Purchaser and Seller, commencing on a Business Day selected by Seller or such Purchaser pursuant to this Agreement. Such Tranche Period shall end on the day in the
applicable succeeding calendar month which corresponds numerically to the beginning day of such Tranche Period, provided, however, that if there is no such numerically corresponding day in such succeeding month, such Tranche Period
shall end on the last Business Day of such succeeding month; or 
 (b) if Yield for such Purchaser Interest is calculated on
the basis of LMIR, initially, a period commencing on a Business Day selected by Seller and agreed to by the applicable Purchaser and ending on the last day of the calendar month in which such Business Day falls, and thereafter, each calendar month
while such Purchaser Interest remains funded at LMIR 

  
 Exhibit I-20 

 (c) if Yield for such Purchaser Interest is calculated on the basis of the
Alternate Base Rate, a period commencing on a Business Day selected by Seller, provided that no such period shall exceed one month. 
 If any
Tranche Period would end on a day which is not a Business Day, such Tranche Period shall end on the next succeeding Business Day, provided, however, that in the case of Tranche Periods corresponding to the LIBO Rate or LMIR, if such
next succeeding Business Day falls in a new month, such Tranche Period shall end on the immediately preceding Business Day. In the case of any Tranche Period for any Purchaser Interest which commences before the Amortization Date and would otherwise
end on a date occurring after the Amortization Date, such Tranche Period shall end on the Amortization Date. The duration of each Tranche Period which commences after the Amortization Date shall be of such duration as selected by the applicable
Purchaser. 
 “Transaction Documents” means, collectively, this Agreement, each Purchase Notice, the Receivables
Sale Agreement, each Collection Account Agreement, the Performance Undertaking, the Fee Letter, the Subordinated Notes (as defined in the Receivables Sale Agreement) and all other instruments, documents and agreements required to be executed and
delivered pursuant hereto. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the
specified jurisdiction. 
 “Yield” means for each respective Tranche Period relating to Purchaser Interests, an
amount equal to the product of the applicable Discount Rate for each Purchaser Interest multiplied by the Capital of such Purchaser Interest for each day elapsed during such Tranche Period, annualized on a 360 day basis. 

“Yield Reserve” means for any Calculation Period, the product (expressed as a percentage) of (i) the product of
1.5 times the Alternate Base Rate as of the immediately preceding Cut-Off Date times (ii) a fraction, the numerator of which is the Days Sales Outstanding as of the immediately preceding Cut-Off Date and the denominator of which is 360. 

All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC
in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 

  
 Exhibit I-21 

 EXHIBIT II 

FORM OF PURCHASE NOTICE 

[DATE] 
 Fifth Third Bank,
as a Purchaser 
 38 Fountain Square Plaza, MD 109046 

Cincinnati, OH 45263 
 Attention: Andrew D. Jones 

PNC Bank, National Association, as a Purchaser and as Administrative Agent 

Three PNC Plaza 
 225 Fifth Avenue 

Pittsburgh, PA 15222 
 Attention: Robyn A. Reeher 

 

	 	Re:	PURCHASE NOTICE 

 Ladies and Gentlemen: 

Reference is hereby made to the Amended and Restated Receivables Purchase Agreement dated as of May 9, 2014 among RPM Funding Corporation
(“Seller”), RPM International Inc., as initial Servicer, Fifth Third Bank and PNC Bank, National Association, individually, as a Purchaser and as Administrative Agent (the “Receivables Purchase
Agreement”). Capitalized terms used herein shall have the meanings assigned to such terms in the Receivables Purchase Agreement. 

The Administrative Agent and the Purchasers are hereby notified of the following Incremental Purchase: 

 

			
	 Purchase Price:
	  	$
		  	  

		
	 Fifth Third’s Percentage of Purchase Price:
	  	$
		  	  

		
	 PNC’s Percentage of Purchase Price:
	  	$
		  	  

		
	 Date of Purchase:
	  	
		  	  

  
 Exhibit II-1 

			
		
	 Requested Discount Rate:
	  	[LMIR][LIBO Rate] [Alternate Base Rate]
		
	 Fifth Third:
	  	[LMIR][LIBO Rate] [Alternate Base Rate]
		
	 PNC:
	  	

 Please credit the Purchase Price in immediately available funds to the following account: 

 

					
		 	Account Name:	  	RPM Funding Corporation
		 	Account No.:	  	
			
		 		  	PNC Bank
		 		  	1900 East Ninth Street
		 		  	Cleveland, OH 44114
			
		 	ABA No.:	  	
		 	SWIFT:	  	
		 	Reference:	  	Loan Proceeds
		 	Telephone advice to:	  	Terri Wallace (330) 273-8818

 In connection with the Incremental Purchase to be made on the above listed “Date of Purchase” (the
“Purchase Date”), the Seller hereby certifies that the following statements are true on the date hereof, and will be true on the Purchase Date (before and after giving effect to the proposed Incremental Purchase): 

(i) the representations and warranties of the Seller set forth in Section 5.1 of the Receivables Purchase Agreement are
true and correct on and as of the Purchase Date as though made on and as of such date; 
 (ii) no event has occurred and is
continuing, or would result from the proposed Incremental Purchase, that will constitute an Amortization Event or a Potential Amortization Event; 

(iii) the Facility Termination Date has not occurred, the Aggregate Capital does not exceed the Purchase Limit and the
aggregate Purchaser Interests do not exceed 100%; and 
 (iv) the amount of Aggregate Capital is
$             after giving effect to the Incremental Purchase to be made on the Purchase Date. 
  

			
	Very truly yours,
	
	RPM FUNDING CORPORATION
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 Exhibit II-2 

 EXHIBIT III 

PLACES OF BUSINESS OF THE SELLER; LOCATIONS OF RECORDS; 

ORGANIZATIONAL AND FEDERAL EMPLOYER IDENTIFICATION NUMBERS 
  

					
	 Name of Seller
 Address of
Chief Executive
 Office and Location of

Records
	  	 State of Incorporation

Organization Number
	  	 Federal Employee

Identification Number

	 RPM Funding Corporation
 2628 Pearl Road, Suite
100
 Medina, Ohio 44256
	  	Delaware	  	

  
 Exhibit III-1 

 EXHIBIT IV 

NAMES OF COLLECTION BANKS; COLLECTION ACCOUNTS 
  

							
	 Bank Name
	  	 Originator Name
	  	 Post Office Box

Address
	  	 Corresponding

Account

Numbers

	PNC Bank, National Association	  	DAP Products Inc.	  	 P.O. Box 931021,

Cleveland, OH
 44193
	  	
				
	PNC Bank, National Association	  	Rust-Oleum Corporation	  	 P.O. Box 931946,

Cleveland, OH
 44193
	  	
				
	PNC Bank, National Association	  	 Tremco Incorporated

Weatherproofing Technologies, Inc.

Republic Powdered Metals, Inc.

Tremco Barrier Solutions, Inc.
	  	 P.O. Box 931111,

Cleveland, OH
 44193
	  	
				
	PNC Bank, National Association	  	The Euclid Chemical Company	  	 P. O. Box 932674,

Cleveland, OH
 44193
	  	

  

					
	 Bank Name
	  	 Account Holder
	  	 Account Numbers

	PNC Bank, National Association	  	DAP Products Inc.	  	
			
	PNC Bank, National Association	  	RPM Funding Corporation	  	

  
 Exhibit IV-1 

 EXHIBIT V 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	Fifth Third Bank, as a Purchaser 

 PNC Bank, National Association, as a Purchaser and
Administrative Agent 
 This Compliance Certificate is furnished pursuant to that certain Amended and Restated Receivables Purchase
Agreement dated as of May 9, 2014 among RPM Funding Corporation (“Seller”), RPM International Inc., as Servicer (“Servicer”) Fifth Third Bank, as a Purchaser and PNC Bank, National Association,
individually, as a Purchaser and as Administrative Agent (the “Agreement”). 
 THE UNDERSIGNED HEREBY CERTIFIES
THAT: 
 1. I am the duly elected              of [Seller/Servicer]. 

2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the
transactions and condition of [Seller/Servicer and its Subsidiaries] during the accounting period covered by the attached financial statements. 

3. To the best of my knowledge, no event has occurred which constitutes an Amortization Event or Potential Amortization Event, as each such
term is defined under the Agreement, during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth in paragraph 4 below. 

4. Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during
which it has existed and the action which [Seller/Servicer] has taken, is taking, or proposes to take with respect to each such condition or event:
                     
 The foregoing
certifications, together with the financial statements delivered with this Certificate, are made and delivered this          day of             ,
200    . [Schedule I attached hereto sets forth certain financial data and computations evidencing the compliance with certain covenants of the Agreement, all of which data and computations are true, correct and complete.] 

[Name] 

On behalf of [Seller/Servicer], in capacity as Officer thereof. 

  
 Exhibit V-1 

 SCHEDULE I TO COMPLIANCE CERTIFICATE 

Set forth below are computations evidencing RPM-Delaware’s compliance with Section 9.1(o) of the Agreement: 

For the quarter ended             , 201     

(in thousands): 
  

									
	 TOPIC
	  	 RESTRICTION
	  	 CALCULATION
	  	AMOUNTS	 
	 Interest Coverage Ratio
	  	Earnings before joint ventures, interest, taxes, depreciation, all amortization and nonrecurring (gains) losses from asset disposals of RPM-Delaware and its Subsidiaries, on a rolling 4-quarter consolidated basis, must
be at least 3.5 times greater than Interest Expense	  	 (A) EBITDA
  
	  	 	$                    	  
	  	  	 (i) Net Income
  
	  	 	$                    	  
		  	  	 (ii) Non-cash charges related to the writedown or impairment of goodwill and other intangibles

 
	  	 	$                    	  
		  	  	 (iii) non-cash charges related to or resulting from the bankruptcy filing of any excluded subsidiary

 
	  	 	$                    	  
		  	  	 (iv) non-recurring expenses related to the acquisition of all or substantially all of the assets or capital stock of another Person, not to
exceed $15,000,000
  
	  	 	$                    	  
		  		  	 (v) non-cash charges in addition to those in clauses (ii) and (iii) above, up to an aggregate amount of not more than $25,000,000

 
	  	 	$                    	  
		  		  	 (vi) cash payments in respect of asbestos liability, for those payments which have not already been expensed in the ordinary course of
business
  
	  	 	$                    	  
		  		  	 (vii) non-cash gains
  
	  	 	$                    	  
		  		  	 (B) Interest Expense
  
	  	 	$                    	  
		  		  	(C) Interest Coverage Ratio	  	 	=                      	  

  
 Exhibit V-2 

 EXHIBIT VI 

FORM OF COLLECTION ACCOUNT AGREEMENT 

  
 Exhibit VI 

 EXHIBIT VII 

FORM OF ASSIGNMENT AGREEMENT 

THIS ASSIGNMENT AGREEMENT (this “Assignment Agreement”) is entered into as of the
         day of             ,         , by and between
             (“Assignor”) and              (“Assignee”). 

PRELIMINARY STATEMENTS 

A. This Assignment Agreement is being executed and delivered in accordance with Section 12.1 of that certain Amended and Restated
Receivables Purchase Agreement dated as of May 9, 2014 by and among RPM Funding Corporation (“Seller”), RPM International Inc., as initial Servicer, Fifth Third Bank, as a Purchaser and PNC Bank, National Association,
individually, as a Purchaser and as Administrative Agent (as amended, modified or restated from time to time, the “Purchase Agreement”). Capitalized terms used and not otherwise defined herein are used with the meanings set
forth or incorporated by reference in the Purchase Agreement. 
 B. Assignor is a Purchaser party to the Purchase Agreement, and Assignee
wishes to become a Purchaser thereunder; and 
 C. Assignor is selling and assigning to Assignee an undivided
            % (the “Transferred Percentage”) interest in all of Assignor’s rights and obligations under the Purchase Agreement and the other Transaction
Documents, including, without limitation, Assignor’s Commitment and (if applicable) the Capital of Assignor’s Purchaser Interests as set forth herein. 

AGREEMENT 
 The parties
hereto hereby agree as follows: 
 1. The sale, transfer and assignment effected by this Assignment Agreement shall become effective (the
“Effective Date”) two (2) Business Days (or such other date selected by the Administrative Agent in its sole discretion) following the date on which a notice substantially in the form of Schedule II to this Assignment
Agreement (“Effective Notice”) is delivered by the applicable Purchaser to the Assignee. From and after the Effective Date, Assignee shall be a Purchaser party to the Purchase Agreement for all purposes thereof as if Assignee
were an original party thereto and Assignee agrees to be bound by all of the terms and provisions contained therein. 
 2. If Assignor has no
outstanding Capital under the Purchase Agreement on the Effective Date, Assignor shall be deemed to have hereby transferred and assigned to Assignee, without recourse, representation or warranty (except as provided in paragraph 6 below), and the
Assignee shall be deemed to have hereby irrevocably taken, received and assumed from Assignor, the Transferred Percentage of Assignor’s Commitment and all rights and obligations associated therewith under the terms of the Purchase Agreement,
including, without limitation, the Transferred Percentage of Assignor’s future funding obligations under Section 4.1 of the Purchase Agreement. 

  
 Exhibit VII-1 

 3. If Assignor has any outstanding Capital under the Purchase Agreement, at or before 12:00 noon,
local time of Assignor, on the Effective Date Assignee shall pay to Assignor, in immediately available funds, an amount equal to the sum of (i) the Transferred Percentage of the outstanding Capital of Assignor’s Purchaser Interests (such
amount, being hereinafter referred to as the “Assignee’s Capital”); (ii) all accrued but unpaid (whether or not then due) Yield attributable to Assignee’s Capital; and (iii) accruing but unpaid fees and
other costs and expenses payable in respect of Assignee’s Capital for the period commencing upon each date such unpaid amounts commence accruing, to and including the Effective Date; whereupon, Assignor shall be deemed to have sold, transferred
and assigned to Assignee, without recourse, representation or warranty (except as provided in paragraph 6 below), and Assignee shall be deemed to have hereby irrevocably taken, received and assumed from Assignor, the Transferred Percentage of
Assignor’s Commitment and the Capital of Assignor’s Purchaser Interests (if applicable) and all related rights and obligations under the Purchase Agreement and the Transaction Documents, including, without limitation, the Transferred
Percentage of Assignor’s future funding obligations under Section 4.1 of the Purchase Agreement. 
 4. Concurrently with the
execution and delivery hereof, Assignor will provide to Assignee copies of all documents requested by Assignee which were delivered to Assignor pursuant to the Purchase Agreement. 

5. Each of the parties to this Assignment Agreement agrees that at any time and from time to time upon the written request of any other party,
it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Assignment Agreement. 

6. By executing and delivering this Assignment Agreement, Assignor and Assignee confirm to and agree with each other, and the other Purchasers
as follows: (a) other than the representation and warranty that it has not created any Adverse Claim upon any interest being transferred hereunder, Assignor makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made by any other Person in or in connection with the Purchase Agreement, or the other Transaction Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of
Assignee, the Purchase Agreement or any other instrument or document furnished pursuant thereto or the perfection, priority, condition, value or sufficiency of any collateral; (b) Assignor makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Seller, any Obligor, any Affiliate of the Seller or the performance or observance by the Seller, any Obligor, any Affiliate of the Seller of any of their respective obligations under the
Transaction Documents or any other instrument or document furnished pursuant thereto or in connection therewith; (c) Assignee confirms that it has received a copy of the Purchase Agreement and copies of such other Transaction Documents, and
other documents and information as it has requested and deemed appropriate to make its own credit analysis and decision to enter into this Assignment Agreement; (d) Assignee will, independently and without reliance upon the Administrative
Agent, any Purchaser or the Seller and based on such 

  
 Exhibit VII-2 

 
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 Purchase Agreement and the other Transaction
Documents; (e) Assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Transaction Documents as are delegated to the Administrative Agent by the terms thereof,
together with such powers as are reasonably incidental thereto; and (f) Assignee agrees that it will perform in accordance with their terms all of the obligations which, by the terms of the Purchase Agreement and the other Transaction
Documents, are required to be performed by it as a Purchaser. 
 7. Each party hereto represents and warrants to and agrees with the
Administrative Agent and the other Purchasers that it is aware of and will comply with the provisions of the Purchase Agreement, including, without limitation, Sections 4.1 and 14.6 of the Purchase Agreement. 

8. Schedule I hereto sets forth the revised Commitment of Assignor and the Commitment of Assignee, as well as administrative information with
respect to Assignee. 
 9. THIS ASSIGNMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 IN WITNESS WHEREOF, the parties hereto have caused this Assignment Agreement to be executed by their respective duly authorized
officers of the date hereof. 
  

			
	[ASSIGNOR]
		
	By:	 	 
	 Title:
	 	
	
	[ASSIGNEE]
		
	By:	 	 
	 Title:
	 	

  
 Exhibit VII-3 

 SCHEDULE I TO ASSIGNMENT AGREEMENT 

LIST OF LENDING OFFICES, ADDRESSES 

FOR NOTICES AND COMMITMENT AMOUNTS 

Date:             ,          

Transferred Percentage:                     % 

 

							
	 	  	A-1	  	A-2	  	B-1
	 Assignor
	  	 Commitment (prior

to giving effect to the

Assignment

Agreement)
	  	 Commitment (after

giving effect to the

Assignment

Agreement)
	  	 Outstanding Capital

(if any)

				
	 	  	 	  	A-2	  	B-1
	 Assignee
	  	 	  	 Commitment (after

giving effect to the

Assignment

Agreement)
	  	 Outstanding Capital

(if any)

  

			
	Address for Notices	  	
	  
	  	
	  
	  	
	Attention:	  	
	Phone:	  	
	Fax:	  	

  
 Exhibit VII-4 

 SCHEDULE II TO ASSIGNMENT AGREEMENT 

EFFECTIVE NOTICE 
  

					
	TO:	 	  
	 	, Assignor
		 	  
	 	
		 	  
	 	
		 	  
	 	
			
	TO:	 	  
	 	, Assignee
		 	  
	 	
		 	  
	 	
		 	  
	 	

 The undersigned, as the applicable Purchaser under the Amended and Restated Receivables Purchase Agreement
dated as of May 9, 2014 by and among RPM Funding Corporation (“Seller”), RPM International Inc., as initial Servicer, Fifth Third Bank, as a Purchaser, and PNC Bank, National Association, individually, as a Purchaser and
as Administrative Agent, hereby acknowledges receipt of executed counterparts of a completed Assignment Agreement dated as of             ,         
between             , as Assignor, and             , as Assignee. Terms defined in such Assignment Agreement are used herein as
therein defined. 
 1. Pursuant to such Assignment Agreement, you are advised that the Effective Date will be
            ,         . 
 [2. Pursuant
to such Assignment Agreement, the Assignee is required to pay $             to Assignor at or before 12:00 noon (local time of Assignor) on the Effective Date in immediately available
funds.] 
  

			
	Very truly yours,
	
	
                          
                          ,

as a Purchaser

		
	By:	 	 
	Title:	 	 

  
 Exhibit VII-5 

 EXHIBIT VIII 

CREDIT AND COLLECTION POLICY 

SEE EXHIBIT V TO RECEIVABLES SALE AGREEMENT

  
 Exhibit VIII 

 EXHIBIT IX 

FORM OF CONTRACT(S) 

  
 Exhibit IX 

 EXHIBIT X 

FORM OF RECEIVABLES REPORT 

  
 Exhibit X 

 EXHIBIT XI 

FORM OF PERFORMANCE UNDERTAKING 
  

  
 Exhibit XI-9 

 SCHEDULE A 

COMMITMENTS OF THE PURCHASERS 
 With
respect to each day during each Seasonal Period: 
  

					
	PURCHASER	  	SEASONAL COMMITMENT	 
	 Fifth Third
	  	$	90,000,000	  
	 PNC
	  	$	110,000,000	  

 With respect to each day during each Non-Seasonal Period: 

 

					
	PURCHASER	  	Non-Seasonal Commitment	 
	 Fifth Third
	  	$	67,500,000	  
	 PNC
	  	$	82,500,000	  

  
 Schedule A

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