Document:

EX-10.5

 EXHIBIT 10.5 
 EXECUTION VERSION 
 TAX MATTERS AGREEMENT 

BY AND AMONG INTERNATIONAL PAPER COMPANY, 
 XPEDX HOLDING COMPANY 
 AND 

UWW HOLDINGS, INC. 
 DATED AS OF JANUARY 28, 2014 

 Table of Contents 

 

									
	 	 	 	 	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	4	  
				
		 	Section 1.01	 	 General
	  	 	4	  
		 	Section 1.02	 	 Construction
	  	 	11	  
		 	Section 1.03	 	 References to Time
	  	 	12	  
		
	 ARTICLE II Preparation, Filing and Payment of Taxes Shown Due on Tax Returns
	  	 	12	  
				
		 	Section 2.01	 	 Tax Returns
	  	 	12	  
		 	Section 2.02	 	 Tax Return Procedures
	  	 	12	  
		 	Section 2.03	 	 Straddle Period Tax Allocation
	  	 	14	  
		 	Section 2.04	 	 Timing of Payments
	  	 	14	  
		 	Section 2.05	 	 Expenses
	  	 	14	  
		 	Section 2.06	 	 Apportionment of Spinco Taxes
	  	 	14	  
		 	Section 2.07	 	 No Extraordinary Actions on the Distribution Date
	  	 	14	  
		 	Section 2.08	 	 Allocation of Tax Attributes
	  	 	14	  
		 	Section 2.09	 	 Section 336(e) Election
	  	 	15	  
		 	Section 2.10	 	 IP TRA
	  	 	15	  
		 	Section 2.11	 	 Transfer Taxes
	  	 	15	  
		 	Section 2.12	 	 Operating Company Merger
	  	 	15	  
		
	 ARTICLE III Indemnification
	  	 	16	  
				
		 	Section 3.01	 	 Indemnification by IP
	  	 	16	  
		 	Section 3.02	 	 Indemnification by Spinco
	  	 	16	  
		 	Section 3.03	 	 Delayed Transfers of Spinco Assets and Liabilities
	  	 	16	  
		 	Section 3.04	 	 Characterization of and Adjustments to Payments
	  	 	16	  
		 	Section 3.05	 	 Timing of Indemnification Payments
	  	 	17	  
		 	Section 3.06	 	 Exclusive Remedy
	  	 	17	  
		
	 ARTICLE IV Refunds, Carrybacks, Timing Difference and Tax Attributes
	  	 	17	  
				
		 	Section 4.01	 	 Refunds
	  	 	17	  
		 	Section 4.02	 	 Carrybacks
	  	 	18	  
		 	Section 4.03	 	 Treatment of Deductions Associated with Equity-Related Compensation
	  	 	18	  
		 	Section 4.04	 	 Timing Differences
	  	 	18	  
		
	 ARTICLE V Tax Proceedings
	  	 	19	  
				
		 	Section 5.01	 	 Notification of Tax Proceedings
	  	 	19	  
		 	Section 5.02	 	 Tax Proceeding Procedures
	  	 	19	  
		
	 ARTICLE VI Tax-Free Status of the Distribution
	  	 	20	  
				
		 	Section 6.01	 	 Representations, Warranties and Covenants
	  	 	20	  

  
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		 	Section 6.02	 	 Restrictions Relating to the Distribution
	  	 	22	  
		 	Section 6.03	 	 Procedures Regarding Opinions and Rulings
	  	 	24	  
		 	Section 6.04	 	 Mexican GRA
	  	 	24	  
		
	 ARTICLE VII Cooperation
	  	 	25	  
				
		 	Section 7.01	 	 General Cooperation
	  	 	25	  
		 	Section 7.02	 	 Retention of Records
	  	 	25	  
		
	 ARTICLE VIII Miscellaneous
	  	 	26	  
				
		 	Section 8.01	 	 Governing Law
	  	 	26	  
		 	Section 8.02	 	 Dispute Resolution
	  	 	26	  
		 	Section 8.03	 	 Tax Sharing Agreements
	  	 	26	  
		 	Section 8.04	 	 Interest on Late Payments
	  	 	27	  
		 	Section 8.05	 	 Survival of Covenants
	  	 	27	  
		 	Section 8.06	 	 Severability
	  	 	27	  
		 	Section 8.07	 	 Entire Agreement
	  	 	27	  
		 	Section 8.08	 	 Assignment
	  	 	27	  
		 	Section 8.09	 	 No Third Party Beneficiaries
	  	 	27	  
		 	Section 8.10	 	 Specific Performance
	  	 	28	  
		 	Section 8.11	 	 Amendments; Waivers
	  	 	28	  
		 	Section 8.12	 	 Interpretation
	  	 	28	  
		 	Section 8.13	 	 Counterparts
	  	 	28	  
		 	Section 8.14	 	 Coordination with the Employee Matters Agreement
	  	 	28	  
		 	Section 8.15	 	 Confidentiality
	  	 	28	  
		 	Section 8.16	 	 Waiver of Jury Trial
	  	 	28	  
		 	Section 8.17	 	 Jurisdiction; Service of Process
	  	 	29	  
		 	Section 8.18	 	 Notices
	  	 	29	  
		 	Section 8.19	 	 Headings
	  	 	31	  
		 	Section 8.20	 	 Effectiveness
	  	 	31	  

  
 ii 

 TAX MATTERS AGREEMENT 

THIS TAX MATTERS AGREEMENT (this “Agreement”), dated as of January 28, 2014, is entered into by and among
International Paper Company, a New York corporation (“IP”), xpedx Holding Company, a Delaware corporation and a wholly owned Subsidiary of IP (“Spinco”), and UWW Holdings, Inc., a Delaware corporation
(“UWWH” and, together with IP and Spinco, the “Parties”). Any capitalized term used herein without definition shall have the meaning given to it in the Contribution and Distribution Agreement, dated as of the date
hereof, by and among IP, Spinco and UWWH (as such agreement may be amended from time to time, the “Contribution and Distribution Agreement”). 
 RECITALS 
 WHEREAS, Spinco is a wholly-owned, direct Subsidiary of IP; 

WHEREAS, IP, Spinco, UWWH, and the other Persons party thereto have entered into the Merger Agreement, pursuant to which
(i) at the Effective Time, UWWH will merge with and into Spinco, with Spinco continuing as the surviving corporation, and (ii) immediately thereafter xpedx LLC, a Delaware limited liability company formed as a direct,
wholly owned subsidiary of IP and thereafter contributed to Spinco (as described below), will merge with and into Unisource Sub, with Unisource Sub continuing as the surviving corporation and a wholly owned subsidiary of Spinco; 

WHEREAS, prior to the Distribution upon the terms and subject to the conditions set forth in the Contribution and Distribution Agreement,
IP will, pursuant to a series of restructuring transactions set forth therein, (i) cause to be directly or indirectly transferred to and assumed by xpedx Foreign Sub all of the non-U.S. Spinco Assets and all of the non-U.S. Spinco
Liabilities, except for those non-U.S. Spinco Assets (if any) directly or indirectly held, and non-U.S. Spinco Liabilities (if any) directly or indirectly owed, by xpedx International, Inc., (ii) contribute 100% of the equity interests
of xpedx Foreign Sub and xpedx International, Inc. and the Spinco Assets not directly or indirectly held by xpedx Foreign Sub (after giving effect to the foregoing clause (i)) or xpedx International, Inc. to xpedx Sub LLC, (iii) cause
the Spinco Liabilities (other than those of xpedx Foreign Sub or any of its Subsidiaries (after giving effect to the foregoing clause (i)) or xpedx International, Inc. or any of its Subsidiaries) to be assumed by xpedx Sub LLC,
(iv) cause each member of the Spinco Group not to hold any Assets that are not Spinco Assets or be liable for any Liabilities that are not Spinco Liabilities and (v) contribute all of the membership interests in xpedx Sub LLC
to xpedx LLC, in each case in accordance with Schedule A to the Contribution and Distribution Agreement; 
 WHEREAS,
following the LLC Contribution, upon the terms and subject to the conditions set forth in the Contribution and Distribution Agreement, IP will contribute to Spinco all of the membership interests in xpedx LLC; 

WHEREAS, following the contribution to Spinco of all of the membership interests in xpedx LLC, upon the terms and subject to the
conditions set forth in the Contribution and Distribution Agreement, xpedx LLC will engage in certain debt financing transactions pursuant to, and on terms consistent with, the Spinco Commitment Letter and distribute all or a portion of

 
the proceeds thereof to Spinco and, in exchange for the contribution of all the membership interests in xpedx LLC to Spinco, Spinco will issue Spinco Common Stock to IP and pay to IP the Special
Payment; 
 WHEREAS, following the Contributions, upon the terms and subject to the conditions set forth in the Contribution and
Distribution Agreement, IP will distribute all of the Spinco Common Stock to the holders as of the Record Date of the IP Common Stock; 
 WHEREAS, immediately following the Distribution, the Parent Company Merger will be consummated and, immediately thereafter, the Operating Company Merger will be consummated, in each case on the terms and
conditions set forth in the Merger Agreement; 
 WHEREAS, the Parties to this Agreement intend that (i) the Spinco
Contribution, together with the Distribution, qualify as a tax-free reorganization under Section 368(a)(1)(D) of the Code; (ii) the Distribution qualify as a distribution of Spinco stock to IP stockholders eligible for
nonrecognition under Sections 355(a) and 361 of the Code; (iii) the Special Payment and Earnout Payment qualify for nonrecognition under Section 361(b)(1)(A) of the Code, (iv) the Parent Company Merger qualify as a
reorganization pursuant to Section 368(a)(1)(A) of the Code; (v) the Operating Company Merger qualify as a capital contribution under Section 351(a) of the Code, and (vi) no gain or loss be recognized as a result of
such transactions for federal income tax purposes by any of IP, Spinco, UWWH, their respective Subsidiaries, the UWWH stockholders (except to the extent of cash received in lieu of fractional shares and as a result of the Tax Receivable Agreement)
or the IP stockholders (except to the extent of cash received in lieu of fractional shares); and WHEREAS, the Parties wish to (i) provide for the payment of Tax liabilities and entitlement to refunds thereof, allocate responsibility for,
and cooperation in, the filing and defense of Tax Returns, and provide for certain other matters relating to Taxes and (ii) set forth certain covenants and indemnities relating to the preservation of the tax-free status of certain steps
of the transactions contemplated hereby and by the other Transaction Documents. 
 NOW, THEREFORE, in consideration of these
premises, and of the representations, warranties, covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 ARTICLE I 
 Definitions 
 Section 1.01 General. As used in this Agreement,
the following terms shall have the following meanings. 
 “Accounting Firm” has the meaning set forth in
Section 8.02. 
 “Affiliate” has the meaning set forth in the Contribution and Distribution Agreement;
provided that, for the avoidance of doubt, the term “Affiliate” shall not include (i) any of the entities constituting Sankaty Advisors, Brookside Capital, or Absolute Return Capital or (ii) any person solely by virtue of such
person being (A) a limited partner of Bain Capital Fund VII, L.P. or a limited partner of its affiliated investment funds, (B) a portfolio company in which Bain 

  
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Capital Fund VII, L.P. or its affiliated investment funds in the aggregate do not directly or indirectly have a majority ownership interest or (C) a director, officer or other equity holder
of a portfolio company in which Bain Capital Fund VII, L.P. or its affiliated investment funds have an ownership interest, other than a representative of Bain Capital Partners, LLC. 

“Aggregate Merger Consideration” has the meaning set forth in the Merger Agreement. 

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

“Ancillary Agreements” means the Employee Matters Agreement, Transition Services Agreement, Supply Agreements, Tax
Receivable Agreement, Consulting Agreement, and Registration Rights Agreement. 
 “Carve Out Taxes” means any
non-U.S. Taxes of any Transferred Entity that results from any transaction effected pursuant to the Contribution and Distribution Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Contribution and Distribution Agreement” has the meaning set forth in the preamble. 

“Controlled Corporation” means Spinco and Controlled 1. 

“Controlled 1” means xpedx Holdings S.A.R.L. 
 “Controlled 1 Contribution” means the transfer of the stock of the Mexican Transferred Entities and the Dutch Transferred Entity to Controlled 1 and its Subsidiaries.

 “Covered Transaction” means any transaction contemplated by this Agreement, the Contribution and
Distribution Agreement, the Merger Agreement or any Ancillary Agreement. 
 “Disclosure Schedules” shall mean
the disclosure schedules to this Agreement delivered by IP and Spinco to UWWH concurrently herewith. 
 “Distributing
1” means International Paper Investments (Luxembourg) S.A.R.L. 
 “Distributing 2 means International Paper
Holdings (Luxembourg) S.A.R.L. 
 “Distributing 3” means IP International Holdings, Inc. 

“Due Date” means (a) with respect to a Tax Return, the date (taking into account all valid extensions) on
which such Tax Return is required to be filed under applicable Law and (b) with respect to a payment of Taxes, the date on which such payment is required to be made to avoid the incurrence of interest, penalties and/or additions to Tax.

 “Dutch Transferred Entity” means International Paper (Netherlands) B.V. 

“Final Determination” means the final resolution of liability for any Tax for any taxable period, by or as a result of
(a) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed, (b) a final settlement with the IRS, a 

  
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closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability
for any taxable period, (c) any allowance of a Refund in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund or credit may be recovered by the jurisdiction imposing the Tax, or
(d) any other final resolution, including by reason of the expiration of the applicable statute of limitations. 

“First Internal Distribution” means the distribution of all of the stock of Controlled 1 from Distributing 1 to
Distributing 2. 
 “Foreign Transferred Entities” means Controlled 1, the Dutch Transferred Entity and the
Mexican Transferred Entities. 
 “Income Tax Return” means any Tax Return on which Income Taxes are reflected
or reported. 
 “Income Taxes” means any Taxes in whole or in part based upon, measured by, or calculated with
respect to net income or profits, net worth or net receipts (including, but not limited to, any capital gains, franchise Tax (including the Texas margin Tax), doing business Tax, minimum Tax or any Tax on items of Tax preference, but not including
sales, use, real or personal property, or transfer or similar Taxes). 
 “Indemnified Party” means, with
respect to a matter, a Person that is entitled to seek indemnification under this Agreement with respect to such matter. 

“Indemnifying Party” means, with respect to a matter, a Person that is obligated to provide indemnification under this
Agreement with respect to such matter. 
 “Internal Distributions” means the First Internal Distribution, the
Second Internal Distribution and the Third Internal Distribution. 
 “IP” has the meaning set forth in the
preamble to this Agreement. 
 “IP Entity” means IP and any entity that is a Subsidiary of IP immediately after
the Distribution. 
 “IP Income Tax Return” means any Income Tax Return required to be filed by any IP Entity
that does not exclusively relate to the Spinco Business, including for the avoidance of doubt, the U.S. federal consolidated income Tax Return for the group of which IP is the current parent. 

“IP Non-Income Tax Return” means any Non-Income Tax Return required to be filed by any IP Entity that does not
exclusively relate to the Spinco Business. 
 “IP Taxes” means any: (i) Taxes attributable to an IP
Business, (ii) any Income Taxes arising from or attributable to a Tax-Free Transaction Failure, (iii) any U.S. federal consolidated and U.S. state consolidated, combined or unitary Income Taxes for a group of which any IP Entity is
the current parent, (iv) Taxes that arise under Treasury Regulation Section 1.1502-6 or 

  
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any similar provision of state, local or foreign Law by virtue of any Transferred Entity having been a member of a consolidated, combined, affiliated, unitary or other similar tax group prior to
the Distribution, excluding groups consisting solely of Spinco Entities, (v) Income Taxes of any Transferred Entity (other than any Mexican Transferred Entity or the Dutch Transferred Entity) for any Pre-Distribution Period, and
(vi) Carve Out Taxes, provided that, clauses (i)-(vi) notwithstanding, IP Taxes shall not include any Spinco Taxes. 
 “IRS” means the U.S. Internal Revenue Service or any successor thereto, including, but not limited to its agents, representatives, and attorneys acting in their official capacity.

 “IRS Ruling” means the U.S. federal income Tax ruling, and any amendments or supplements thereto, issued to
IP by the IRS in connection with the Covered Transactions. 
 “IRS Ruling Request” means any letter (or other
document) filed by IP with the IRS in connection with the IRS Ruling, and any amendment or supplement thereto. 

“Mexican GRAs” has the meaning set forth in Section 6.04. 

“Mexican Transferred Entities” means xpedx S.A. de C.V., Papelera Kif de Mexico S.A. de C.V., Oficina Central De
Servicios S.A. de C.V. and their direct or indirect Subsidiaries. 
 “Non-Income Tax Return” means any Tax
Return relating to Non-Income Taxes. 
 “Non-Income Taxes” means any Taxes other than Income Taxes. 

“Notified Action” has the meaning set forth in Section 6.03(a). 

“Opinion” means an opinion received by IP or UWWH with respect to certain Tax aspects of the Covered Transactions.

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

“Person” or “person” means a natural person, corporation, company, joint venture, individual business
trust, trust association, partnership, limited partnership, limited liability company, association, unincorporated organization or other entity, including a Governmental Authority. 

“Post-Distribution Period” means any taxable period (or portion thereof) beginning after the Distribution Date,
including for the avoidance of doubt, the portion of any Straddle Period after the Distribution Date. 

“Pre-Distribution Period” means any taxable period (or portion thereof) ending on or before the Distribution Date,
including for the avoidance of doubt, the portion of any Straddle Period ending at the end of the day on the Distribution Date. 

“Principal Shareholder Letters” means the letters addressed to IP and Spinco by Bain Capital Fund VII, L.P. and
Georgia-Pacific LLC in the form of the letters contained in Section 1.01 of the Disclosure Schedules. 

  
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 “Refund” means any refund (or credit in lieu thereof) of Taxes (including
any overpayment of Taxes that can be refunded or, alternatively, applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes. 
 “Restriction Period” has the meaning set forth in Section 6.02(b). 
 “Second Internal Distribution” means the distribution of all of the stock of Controlled 1 from Distributing 2 to Distributing 3. 

“Section 336(e) Election” has the meaning set forth in Section 2.09. 

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

“Spinco Entity” means Spinco or any entity that is a Subsidiary of Spinco following the Distribution. 

“Spinco GRA” has the meaning set forth in Section 6.04. 

“Spinco Incentive Stock” has the meaning set forth in Section 4.03. 

“Spinco Tainting Act” has the meaning set forth in Section 6.02(a). 

“Spinco Taxes” means any (i) Non-Income Taxes arising from or attributable to the Spinco Business (other
than Carve Out Taxes), (ii) Spinco Transaction Taxes, (iii) Income Taxes imposed on any Mexican Transferred Entity or the Dutch Transferred Entity (other than Carve Out Taxes and any Taxes attributable to an IP Business) and
(iv) Taxes resulting from a violation of Section 6.04. 
 “Spinco Transaction Taxes” means any
Income Taxes incurred by any Party to this Agreement or its Subsidiaries resulting from or attributable to a Tax-Free Transaction Failure if such Tax-Free Transaction Failure: 

(i) would not have arisen but for one or more transactions or events (other than the Parent Company Merger and the
Operating Company Merger) occurring after the Distribution and involving (directly or indirectly) the stock or assets of any Spinco Entity ( including any Spinco Tainting Act and any action taken pursuant toSection 6.02(c)) (unless such transaction
or event is taken in reasonable reliance upon a breached representation or warranty made by IP in Section 6.01(c)), 
 (ii) would not have arisen but for any UWWH Shareholder Acquisition, 
 (iii) is attributable to any breach of any representation, warranty or covenant made by UWWH in this Agreement, 
 (iv) is attributable to any breach after the Distribution of any covenant made by Spinco in this Agreement (unless such breach is attributable to any action taken in reasonable reliance upon a breached
representation or warranty made by IP in Section 6.01(c)), 

  
 8 

 (v) is attributable to any breach of any representation, warranty or
covenant made in any Principal Shareholder Letter, 
 (vi) is attributable to the application of
Section 355(e) to the Distribution and would not have arisen but for any acquisition of Spinco stock within the meaning of Section 355(e), which acquisition of stock is not pursuant to (x) the issuance of the Aggregate Merger
Consideration in the Parent Company Merger, (y) the distribution of Spinco Stock in the Distribution or (z) an agreement or arrangement entered into by IP or its Subsidiaries (including Spinco) prior to the Distribution (other than any
such agreement or arrangement as to which UWWH or any of its Affiliates is a party or has consented in writing or that is disclosed in Section 5.17(a)(vii) or 8.1(h) of the “IP/Spinco Disclosure Schedules” (as such term is defined in
the Merger Agreement)); 
 (vii) with respect to Income Taxes of Spinco or UWWH, is attributable to the failure
of the Parent Company Merger to qualify as a reorganization under Section 368 (unless such failure is attributable to a breach of any representation or warranty made by IP in Section 6.01(c)), or 

(viii) is attributable to the failure of the Operating Company Merger to qualify as a tax-free capital contribution under
Section 351(a) (other than the application of Section 357(c) thereto or unless such failure is attributable to a breach of any representation or warranty made by IP in Section 6.01(c)). 

For the avoidance of doubt, an Income Tax will be treated as a Spinco Transaction Tax under clause (i) above if such Tax
would not have arisen but for both (a) the issuance of the Aggregate Merger Consideration pursuant to the Merger Agreement and (b) any transaction or event occurring after the Distribution involving (directly or indirectly)
the stock or assets of any Spinco Entity, including any Spinco Tainting Act and any action taken pursuant to Section 6.02(c). 
 “Straddle Period” means any taxable period that begins on or before and ends after the Distribution Date. 
 “Tax Attributes” means net operating losses, capital losses, investment tax credit carryovers, earnings and profits, foreign tax credit carryovers, overall foreign losses, previously
taxed income, separate limitation losses and any other losses, deductions, credits or other comparable items that could reduce a Tax liability for a past or future taxable period. 

“Tax Cost” means any increase in Tax payments actually required to be made to a Taxing Authority (or any reduction in
any Refund otherwise receivable from any Taxing Authority), including any increase in Tax payments (or reduction in any Refund) that actually results from a reduction in Tax Attributes (computed on a “with or without” basis consistent with
the principles of Section 3.04(c)). 

  
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 “Tax-Free Status” means the qualification of (i) the
Controlled 1 Contribution, together with the First Internal Distribution, as a reorganization within the meaning of Section 368(a)(1)(D) of the Code, pursuant to which none of Distributing 1, Distributing 2 or Controlled 1 recognizes any
gain or loss for U.S. federal income tax purposes, (ii) the Second Internal Distribution as a transaction described in Section 355 of the Code, pursuant to which neither Distributing 2 nor Distributing 3 recognizes any gain or loss
for U.S. federal income tax purposes, (iii) the Third Internal Distribution as a transaction described in Section 355 of the Code, pursuant to which neither Distributing 3 nor IP recognizes any gain or loss for U.S. federal income
tax purposes, (iv) the Spinco Contribution, together with the Distribution, as a reorganization within the meaning of Section 368(a)(1)(D) of the Code, pursuant to which none of Spinco, IP or IP’s shareholders recognizes any
gain or loss for U.S. federal income tax purposes (except, in the case of IP’s shareholders, to the extent that such shareholders receive cash in lieu of fraction shares of Spinco’s common stock), (v) the Parent Company Merger
as a reorganization pursuant to Section 368(a)(1)(A) of the Code, (vi) the Operating Company Merger as a capital contribution under Section 351(a) of the Code, (vii) the Internal Distributions and the Distribution
as transactions not subject to tax pursuant to Section 355(e) of the Code, (viii) the application of Section 361(b)(1)(A) of the Code to the Special Payment and Earnout Payment and (ix) the application of
Section 357(a) of the Code to the assumption of liabilities in the Contribution and the Operating Company Merger. 

“Tax-Free Transaction Failure” means the failure of any applicable Covered Transaction to qualify for Tax-Free Status.

 “Tax Item” means any item of income, gain, loss, deduction, credit, recapture of credit or any other item
which increases, decreases or otherwise impacts Taxes paid or payable. 
 “Tax Materials” means
(i) the IRS Ruling, (ii) an Opinion, (iii) the IRS Ruling Request, (iv) any representation letter from IP, UWWH or Spinco supporting an Opinion and (v) any other materials delivered or
deliverable by IP, UWWH or Spinco in connection with the rendering of an Opinion or the issuance by the IRS of the IRS Ruling. 

“Tax Matter” has the meaning set forth in Section 7.01. 

“Tax Proceeding” means any audit, assessment of Taxes, pre-filing agreement, other examination by any Taxing Authority,
proceeding, appeal of a proceeding or litigation relating to Taxes, whether administrative or judicial, including proceedings relating to competent authority determinations. 
 “Tax Return” means any return, report, certificate, form or similar statement or document (including any related or supporting information or schedule attached thereto and any information
return, or declaration of estimated Tax) supplied to, or filed with or required to be supplied to, or filed with, a Taxing Authority in connection with the payment, determination, assessment or collection of any Tax or the administration of any Laws
relating to any Tax and any amended Tax return or claim for Refund. 

  
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 “Taxing Authority” means any governmental authority or any subdivision,
agency, commission or entity thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS). 

“Third Internal Distribution” means the distribution of all of the stock of Controlled 1 from Distributing 3 to IP.

 “Transfer Taxes” means any U.S. federal, state or local stamp, sales, use, gross receipts, value added,
goods and services, harmonized sales, land transfer or other transfer Taxes imposes in connection with, or that are otherwise related to the transactions effected pursuant to the Contribution and Distribution Agreement, provided,
however, that Transfer Taxes shall not include (i) any income or franchise Taxes payable in connection with such transactions or (ii) Taxes in lieu of any such income or franchise Taxes. 

“Transferred Entity” means Spinco or any Subsidiary of Spinco immediately before the Distribution. 

“Treasury Regulations” means the proposed, final and temporary income Tax regulations promulgated under the Code, as
such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Unqualified Tax Opinion” means a “will” opinion, without substantive qualifications, of a nationally
recognized law or accounting firm, which firm is reasonably acceptable to IP, to the effect that a transaction will not affect the Tax-Free Status of any applicable Covered Transaction. IP acknowledges that Kirkland & Ellis LLP and
PricewaterhouseCoopers LLP are each reasonably acceptable to IP. 
 “UWWH Shareholder Acquisition” means any
acquisition of shares of IP common stock on or after November 13, 2012 and prior to the Distribution (which shares continue to be held at the time of the Distribution) by (i) Bain Capital Fund VII, L.P. or any Affiliate thereof
(including any fund sponsored by Bain Capital Fund VII, L.P. or any Affiliate thereof), (ii) Georgia-Pacific LLC, any of its direct or indirect controlling shareholders, or any of their respective Affiliates, (iii) any Person
described in clauses (i) or (ii) in the definition of Affiliate contained in this Agreement, (iv) any Person as part of a plan with, or at the direction of, UWWH, UWW Holdings, LLC or any Person described in
clause (i), (ii) or (iii) above or (v) any Person that is (or will be) part of a coordinating group (within the meaning of Section 1.355-7(h)(4) of the Treasury Regulations) with any Person described
in clause (i), (ii), (iii) or (iv) above. 
 Section 1.02 Construction. When a
reference is made in this Agreement to an Article or Section, such reference shall be to an Article or Section of this Agreement unless otherwise indicated. The table of contents to this Agreement, and the Article and Section headings contained in
this Agreement, are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this

  
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Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The term “or” is not exclusive. All terms defined in this Agreement shall have the defined meanings when used in
any certificate or other document made or delivered pursuant hereto unless otherwise defined herein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as
to the feminine and neuter genders of such terms. Unless otherwise specified, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute
as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes, and including all attachments thereto and
instruments incorporated therein. References to a person are also to its permitted successors and assigns. 
 Section 1.03
References to Time. All references in this Agreement to times of the day shall be to New York City time. 
 ARTICLE II

 Preparation, Filing and Payment of Taxes Shown Due on Tax Returns 

Section 2.01 Tax Returns. 
 (a) Tax Returns Required to be Filed by IP. IP shall prepare and file (or cause to be prepared and filed) each Tax Return required to be filed by an IP Entity and shall pay, or cause such IP Entity
to pay, all Taxes shown to be due and payable on each such Tax Return; provided that Spinco shall reimburse IP for any such Taxes that are described in clause (i) of the definition of Spinco Taxes. 

(b) Certain Transferred Entity Tax Returns that Include IP Taxes. IP shall prepare (or cause to be prepared) each Tax Return
required to be filed by a Transferred Entity (other than Tax Returns of the Foreign Transferred Entities) after the Distribution if such Tax Return includes IP Taxes. Spinco shall cause each such Tax Return to be filed on or prior to its Due Date
and shall pay, or cause to be paid, all Taxes shown to be due and payable on such Tax Return; provided that IP shall reimburse Spinco for any such Taxes that are IP Taxes. 

(c) Other Spinco Entity Tax Returns. Except as otherwise provided in this Section 2.01, Spinco shall prepare and file (or
cause to be prepared and filed) each Tax Return required to be filed by a Spinco Entity after the Distribution Date (including each such Tax Return of the Foreign Transferred Entities) and shall pay, or cause be paid, all Taxes shown to be due and
payable on such Tax Return; provided that IP shall reimburse Spinco for any such Taxes that are IP Taxes. 

Section 2.02 Tax Return Procedures. 
 (a) IP Income Tax Returns. Except as otherwise provided in Sections 2.09, 2.12 and 6.02(d), IP may take any position on or make any elections or other determinations with respect to any IP Income
Tax Return in its sole and absolute discretion and Spinco shall have no rights with respect to any IP Income Tax Return. 

  
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 (b) IP Non-Income Tax Returns. The portion of any IP Non-Income Tax Return that
reflects the Spinco Business shall (to the extent permitted by law) be prepared in a manner consistent with past practice. IP shall provide to Spinco the information relating to the Spinco Business reflected on any IP Non-Income Tax Return with
respect to which Spinco is required to make a payment pursuant to Section 2.01(a)) at least thirty (30) days prior to the Due Date for such Tax Return or, in the case of any such Tax Return filed on a monthly basis or property Tax Return,
five (5) days. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the Parties are unable to resolve shall be resolved by the Accounting Firm pursuant to Section 8.02. 

(c) Certain Transferred Entity Tax Returns Prepared by IP. In the case of any Tax Return described in Section 2.01(b),
(i) the portion (if any) of such Tax Return that relates to Spinco Taxes or would reasonably be expected to materially adversely affect the Tax position of Spinco or any Spinco Entity for any Post-Distribution Period shall (to the extent
permitted by law) be prepared in a manner consistent with past practice and (ii) IP shall provide a draft of such Tax Return to Spinco for its review and comment at least thirty (30) days prior to the Due Date for such Tax Return
or, in the case of any such Tax Return filed on a monthly basis or property Tax Return, five (5) days. In the event that past practice is not applicable to a particular item or matter, IP shall determine the reporting of such item or matter in
good faith in consultation with Spinco. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the Parties are unable to resolve shall be resolved by the Accounting Firm pursuant to Section 8.02. In the
event that any dispute is not resolved (whether pursuant to good faith negotiations among the Parties or by the Accounting Firm) prior to the Due Date for the filing of any Tax Return, such Tax Return shall be timely filed as prepared by IP and such
Tax Return shall be amended as necessary to reflect the resolution of such dispute in a manner consistent with such resolution. For the avoidance of doubt, IP shall be responsible for any interest, penalties or additions to Tax resulting from the
late filing of any Tax Return described in Section 2.01(b), except to the extent that such late filing is caused by the failure of any Spinco Entity to provide relevant information necessary for the preparation and filing of such Tax Return.

 (d) Certain Transferred Entity Tax Returns Prepared by Spinco. In the case of any Tax Return described in
Section 2.01(c) that includes IP Taxes or would reasonably be expected to materially adversely affect the Tax position of any IP Entity, (i) such Tax Return shall (to the extent permitted by law) be prepared in a manner consistent
with past practice and (ii) Spinco shall provide a draft of such Tax Return to IP for its review and comment at least thirty (30) days prior to the Due Date for such Tax Return, or in the case of any such Tax Return filed on a
monthly basis or property Tax Return, five (5) days. The Parties shall negotiate in good faith to resolve all disputed issues. In the event that past practice is not applicable to a particular item or matter, Spinco shall determine the
reporting of such item or matter in good faith in consultation with IP. Any disputes that the Parties are unable to resolve shall be resolved by the Accounting Firm pursuant to Section 8.02. In the event that any dispute is not resolved
(whether pursuant to good faith negotiations among the Parties or by the Accounting Firm) prior to the Due Date for the filing of any Tax Return, such Tax Return shall be timely filed as prepared by Spinco and such Tax Return shall be amended as
necessary to reflect the resolution of such dispute in a manner consistent with such resolution. For the avoidance of doubt, Spinco shall be responsible for any interest, penalties or additions to Tax resulting from the late filing of any Tax Return
described in Section 2.01(c) except to the extent that such late filing is caused by the failure of any IP Entity to provide relevant information necessary for the preparation and filing of such Tax Return. 

  
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 (e) Unless otherwise required by Law, IP and Spinco, as applicable, shall file the
appropriate information and statements, as required by Treasury Regulations Sections 1.355-5(a) and 1.368-3, with the IRS, and shall retain the appropriate information relating to the Distribution and the Parent Company Merger as described in
Treasury Regulations Sections 1.355-5(d) and 1.368-3(d). 
 (f) Any amendment of any Tax Return described in Section 2.01
of any Transferred Entity shall be subject to the same procedures required for the preparation of such type of Tax Return of such Transferred Entity pursuant to this Section 2.02. 

Section 2.03 Straddle Period Tax Allocation. To the extent permitted by law, IP and Spinco shall elect to close the taxable
year of each Transferred Entity as of the close of the Distribution Date. In the case of any Straddle Period, the Income Taxes attributable to the portion of the Straddle Period ending on, or beginning after, the Distribution Date shall be made by
means of a closing of the books and records of such Transferred Entity as of the close of the Distribution Date. 

Section 2.04 Timing of Payments. Any reimbursement of Taxes under Section 2.01 shall be made upon the later of
(a) two (2) business days before the Due Date of such Taxes and (b) ten (10) business days after the party required to make such reimbursement has received notice from the party entitled to such reimbursement. For the avoidance
of doubt, a party may provide notice of reimbursement of Taxes prior to the time such Taxes were paid, and such notice may represent a reasonable estimate (provided that the amount of reimbursement shall be based on the actual Tax liability and not
on such reasonable estimate). 
 Section 2.05 Expenses. Except as provided in Section 8.02 in respect of the
Accounting Firm, each Party shall bear its own expenses incurred in connection with this Article II. 
 Section 2.06
Apportionment of Spinco Taxes. For all purposes of this Agreement, IP and Spinco shall jointly determine in good faith which Tax Items are properly attributable to assets or activities of the Spinco Business (and in the case of a Tax Item
that is properly attributable to both the Spinco Business and the IP Business, the allocation of such Tax Item between the Spinco Business and the IP Business) in a manner consistent with the provisions hereof and any disputes shall be resolved by
the Accounting Firm in accordance with Section 8.02. 
 Section 2.07 No Extraordinary Actions on the Distribution
Date. Except as expressly contemplated by this Agreement, the Contribution and Distribution Agreement, the Merger Agreement or any Ancillary Agreement, Spinco shall not, and shall not permit any Spinco Entity to, take any action outside of the
ordinary course of business on the Distribution Date after the Distribution. 
 Section 2.08 Allocation of Tax
Attributes. IP shall determine in good faith, consistent with the books and records of IP, the allocation of Tax Attributes among IP Entities and 

  
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Transferred Entities in accordance with the Code and Treasury Regulations, including Treasury Regulations Section 1.1502-76 (and any applicable state, local and foreign Laws). IP shall
consult in good faith with UWWH (or Spinco, following the Parent Company Merger) regarding the allocation of Tax Attributes and shall consider in good faith any written comments received from UWWH (or Spinco, following the Parent Company Merger)
regarding such allocation of Tax Attributes. IP and Spinco hereby agree to compute all Taxes consistently with the determination of the allocation of Tax Attributes pursuant to this Section 2.08 unless otherwise required by a Final
Determination. 
 Section 2.09 Section 336(e) Election. IP shall make a timely protective election under and in
accordance with Section 336(e) of the Code and the Treasury Regulations issued thereunder with respect to the Distribution for Spinco and each Spinco entity that is a domestic corporation for U.S. federal income tax purposes (a “Section
336(e) Election”). IP shall be solely responsible for the contents of a Section 336(e) Election and any agreements or filings required in connection with a Section 336(e) Election. Spinco shall take any action reasonably requested by
IP in connection with the filing of a Section 336(e) Election. It is intended that a Section 336(e) Election have no effect unless the Distribution is a “qualified stock disposition” either because (i) the Distribution is
not a transaction described in Treasury Regulations Section 1.336-1(b)(5)(i)(B) or (ii) Treasury Regulations Section 1.336-1(b)(5)(ii) applies to the Distribution. For the avoidance of doubt, if the Section 336(e) Election
becomes effective, the calculation of IP Taxes and Spinco Taxes, as the case may be, shall take into account any income, gain, loss or deduction arising from the Section 336(e) Election. 

Section 2.10 IP TRA. If and to the extent that there is a Tax-Free Transaction Failure and the resulting Taxes (including any
Taxes attributable to the Section 336(e) Election) are considered IP Taxes (rather than Spinco Taxes), (i) IP shall be entitled to periodic payments from Spinco equal to 85% of the tax savings arising from the step-up in tax basis
resulting from the Section 336(e) Election and (ii) the Parties shall negotiate in good faith the terms of a tax receivable agreement to govern the calculation of such payments, with it being agreed that the terms of such agreement shall
be substantially similar to the terms of the Tax Receivable Agreement; provided that any such tax saving in clause (i) shall be determined using a “with and without” methodology (treating any deductions or amortization attributable to
the step-up in tax basis resulting from the Section 336(e) Election as the last items claimed for any taxable year, including after the utilization of any available net operating loss carryforwards). 

Section 2.11 Transfer Taxes. Any Transfer Taxes shall be paid by IP. 

Section 2.12 Operating Company Merger. The parties agree that, in accordance with Treasury Regulations
Section 1.1502-76(b)(1)(ii)(B) (as applied to both Spinco leaving the group of which IP is the common parent and Unisource Sub joining the group of which Spinco is the common parent), the Operating Company Merger is properly allocable to the
portion of the Closing Date that is subsequent to the Distribution and subsequent to the Parent Company Merger, and that the tax consequences of the Operating Company Merger are reportable on the U.S. federal consolidated income Tax Return of the
group of which Spinco is the common parent and Unisource Sub is a member that begins with the day immediately following the Closing Date. 

  
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 ARTICLE III 
 Indemnification 
 Section 3.01 Indemnification by IP. IP shall
pay (or cause to be paid), and shall indemnify and hold the Spinco Indemnitees harmless from and against, without duplication, all IP Taxes. 
 Section 3.02 Indemnification by Spinco. Spinco shall pay (or cause to be paid), and shall indemnify and hold the IP Indemnitees harmless from and against, without duplication, all Spinco
Taxes. 
 Section 3.03 Delayed Transfers of Spinco Assets and Liabilities. 

(a) Subject to the applicable transferor’s compliance with Section 2.2(b) and 2.2(e) of the Contribution and Distribution
Agreement, any Asset or Liability transferred or assumed pursuant to Section 2.2 of the Contribution and Distribution Agreement shall be treated, for all Tax purposes to the extent permitted by Law, as (i) owned or owed by the Person to
which such Asset was intended to be transferred or by the Person which was intended to assume such Liability, as the case may be, from and after the Distribution, (ii) having not been owned or owed by the Person retaining such Asset or
Liability, as the case may be, at any time from and after the Distribution, and (iii) having been held by the Person retaining such Asset or Liability, as the case may be, only as agent or nominee on behalf of the other Person from and after
the Distribution until the date such Asset or Liability, as the case may be, is transferred to or assumed by such other Person. The Parties shall not, and shall cause their Affiliates not to, take any position inconsistent with the foregoing unless
otherwise required by applicable Law. 
 (b) In the event that any Asset or Liability is transferred or assumed following the
Distribution Date pursuant to Section 2.2 of the Contribution and Distribution Agreement, the Party (or its Affiliates) to whom such Assets are transferred to or who assumes such Liability shall indemnify and hold the other Party (and its
Affiliates) transferring such Assets or from whom such Liabilities are assumed, harmless from and against, without duplication, any Taxes of such other Party attributable to such Asset or Liability, for the period (or portion thereof) beginning on
the Distribution Date and ending on the date of the actual transfer. 
 Section 3.04 Characterization of and Adjustments
to Payments. 
 (a) In the absence of a Final Determination to the contrary, for all Tax purposes, IP and Spinco shall treat
or cause to be treated any payment required by this Agreement (other than any payment treated for Tax purposes as interest) as either a contribution by IP to Spinco or a distribution by Spinco to IP, as the case may be, occurring immediately prior
to the Distribution Date. 
 (b) Any indemnity payment pursuant to this Agreement shall be increased to include
(i) all reasonable accounting, legal and other professional fees and court costs incurred by the indemnified Party in connection with such indemnity payment and (ii) any Tax Cost resulting from the receipt of (or entitlement
to) such indemnity payment. 

  
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 (c) Any indemnity payment under this Agreement shall be decreased to take into account an
amount equal to the Tax benefit actually realized by the Indemnified Party (or its Affiliates) arising from the incurrence or payment of the relevant indemnified item, which Tax benefit would not have arisen or been allowable but for such
indemnified liability. For purposes hereof, any Tax benefit actually realized by the Indemnified Party (or its Affiliates) shall be determined using a “with and without” methodology (treating any deductions or amortization attributable to
such indemnified liability as the last items claimed for any taxable year, including after the utilization of any available net operating loss carryforwards). Any indemnity payment will initially be made without regard to this Section 3.04(c)
and an adjusting payment will be made to reflect any applicable Tax benefit within 30 days after the Indemnified Party (or its Affiliates) actually realizes such Tax benefit by way of a Refund or a decrease in Taxes reported on a filed Tax Return.

 Section 3.05 Timing of Indemnification Payments. Indemnification payments in respect of any liabilities for which
an Indemnified Party is entitled to indemnification pursuant to this Article III shall be paid by the Indemnifying Party to the Indemnified Party within ten (10) days after written notification thereof by the Indemnified Party, including
reasonably satisfactory documentation setting forth the basis for, and calculation of, the amount of such indemnification payment. 
 Section 3.06 Exclusive Remedy. Anything to the contrary in this Agreement notwithstanding, IP and UWWH hereby agree that the sole and exclusive monetary remedy of a party for any breach or
inaccuracy of any representation, warranty, covenant or agreement contained in Article VI of this Agreement or any Principal Shareholder Letter shall be the indemnification rights set forth in this Article III. 

ARTICLE IV 

Refunds, Carrybacks, Timing Difference and Tax Attributes 
 Section 4.01 Refunds. 
 (a) Except as provided in Section 4.02,
IP shall be entitled to all Refunds of Taxes for which IP is responsible pursuant to Article III (except to the extent such Refunds were taken into account in calculating Spinco Closing Date Working Capital), and Spinco shall be entitled to all
Refunds of Taxes for which Spinco is responsible pursuant to Article III. A Party receiving a Refund to which the other Party is entitled pursuant to this Agreement shall pay the amount to which such other Party is entitled (less any tax or other
reasonable out-of-pocket costs incurred by the first Party in receiving such Refund) within ten (10) days after the receipt of the Refund. 
 (b) To the extent that the amount of any Refund under this Section 4.01 is later reduced by a Taxing Authority or in a Tax Proceeding, such reduction shall be allocated to the Party to which such
Refund was allocated pursuant to this Section 4.01 and an appropriate adjusting payment shall be made. 

  
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 Section 4.02 Carrybacks. To the extent permitted by applicable Law, each
Transferred Entity shall relinquish, waive or otherwise forgo the carryback of any loss, credit or other Tax Attribute from any Post-Distribution Period to any Pre-Distribution Period or Straddle Period. If IP (or any IP Entity) receives (or
realizes) a Refund as a result of any carryback permitted by the previous sentence, it shall remit to Spinco, within 30 days, the amount of such Refund (less any Tax or other reasonable out-of-pocket costs incurred by IP to obtain such Refund);
provided, however, if a Taxing Authority subsequently reduces or disallows such Refund, Spinco shall, within 30 days of the reduction or disallowance, return the amount previously remitted to Spinco, plus interest at the rate determined under
applicable Law. 
 Section 4.03 Treatment of Deductions Associated with Equity-Related Compensation. To the extent
permitted by applicable Law, any Income Tax deduction arising in respect of the exercise of an IP stock option by any Spinco Business Employee, the vesting of any IP stock issued to any Spinco Business Employee or any similar item of equity
compensation (together, the “IP Incentive Stock”) shall be claimed by an IP Entity. IP shall be responsible for any withholding Taxes and employment Taxes attributable to the IP Incentive Stock, to the extent that such liability is a legal
obligation of any IP Entity or any Spinco Entity. Without the consent of IP, no such deduction will be claimed by any Spinco Entity for any Post-Distribution Period (whether or not an IP Entity is entitled to such deduction). For the avoidance of
doubt, (i) any Income Tax deduction arising in respect of the exercise of a Spinco stock option, vesting of Spinco stock or any similar item of equity-based compensation (together, the “Spinco Incentive Stock”) shall be claimed by a
Spinco Entity, (ii) Spinco shall be solely responsible for any withholding Taxes and employment Taxes attributable to the Spinco Incentive Stock and (iii) no deduction for Spinco Incentive Stock will be claimed by any IP Entity for any
Post-Distribution Period. 
 Section 4.04 Timing Differences. If pursuant to a Final Determination any Tax Attribute
is made allowable to a Spinco Entity as a result of an adjustment to any Taxes for which IP is responsible hereunder and such Tax Attribute would not have arisen or been allowable but for such adjustment, or if pursuant to a Final Determination any
Tax Attribute is made allowable to an IP Entity as a result of an adjustment to any Taxes for which Spinco is responsible hereunder and such Tax Attribute would not have arisen or been allowable but for such adjustment, Spinco or IP, as the case may
be, shall make a payment to either IP or Spinco, as appropriate, within thirty (30) days after such Party (or its Affiliates) actually realizes a Tax benefit by way of a Refund or a decrease in Taxes reported on a filed Tax Return that is
attributable to such Tax Attribute, determined using a “with and without” methodology (treating any deductions or amortization attributable such Tax Attributes as the last items claimed for any taxable year, including after the utilization
of any available net operating loss carryforwards). In the event of any overlap between Section 3.04 and this Section 4.04, this Section 4.04 shall apply and Section 3.04 shall not apply. This Section 4.04 shall not apply to
any Tax Attribute of any Spinco Entity that would not have arisen but for a Tax-Free Transaction Failure, which shall be governed by Section 2.10. 

  
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 ARTICLE V 
 Tax Proceedings 
 Section 5.01 Notification of Tax Proceedings.
Within ten (10) days after an Indemnified Party becomes aware of the commencement of a Tax Proceeding that may give rise to Taxes for which an Indemnifying Party is responsible pursuant to Article III, such Indemnified Party shall notify the
Indemnifying Party in writing of such Tax Proceeding, and thereafter shall promptly forward or make available to the Indemnifying Party copies of notices and communications relating to such Tax Proceeding. The failure of the Indemnified Party to
notify the Indemnifying Party in writing of the commencement of any such Tax Proceeding within such ten (10) day period or promptly forward any further notices or communications shall not relieve the Indemnifying Party of any obligation which
it may have to the Indemnified Party under this Agreement except to the extent (and only to the extent) that the Indemnifying Party is actually materially prejudiced by such failure. 

Section 5.02 Tax Proceeding Procedures. 
 (a) IP Income Tax Returns. IP shall be entitled to contest, compromise and settle in its sole discretion any adjustment that is proposed, asserted or assessed pursuant to any Tax Proceeding with
respect to any IP Income Tax Return. 
 (b) IP Non-Income Tax Returns. IP shall be entitled to contest, compromise and
settle any adjustment that is proposed, asserted or assessed pursuant to any Tax Proceeding with respect to any IP Non-Income Tax Return, provided that to the extent that such Tax Proceeding relates to Spinco Taxes or would reasonably be
expected to materially adversely affect the Tax position of Spinco or any Spinco Entity for any Post-Distribution Period, IP shall (A) keep Spinco informed in a timely manner of the actions proposed to be taken by IP with respect to such
Tax Proceeding, (B) permit Spinco to participate in the aspects of such Tax Proceeding that relate to Spinco Taxes and (C) not settle any aspect of such Tax Proceeding that relates to Spinco Taxes without the prior written
consent of Spinco, which shall not be unreasonably withheld, delayed or conditioned and provided further that Spinco’s rights and IP’s obligations set forth above shall not apply if and to the extent that IP elects in writing
to forgo its right to indemnification in respect of the Spinco Taxes that are the subject of such Tax Proceeding. 
 (c)
Certain Transferred Entity Tax Returns. Except as otherwise provided in Section 5.02(a) or (b), IP shall be entitled to contest, compromise and settle any adjustment that is proposed, asserted or assessed pursuant to any Tax Proceeding
with respect to any Tax Return of a Transferred Entity (other than a Mexican Transferred Entity or Dutch Transferred Entity) that includes any Pre-Distribution Date Period, provided that to the extent that such Tax Proceeding relates to
Spinco Taxes or would reasonably be expected to materially adversely affect the Tax position of Spinco or any Spinco Entity for any Post-Distribution Period, IP shall (A) keep Spinco informed in a timely manner of the actions proposed to
be taken by IP with respect to such Tax Proceeding, (B) permit Spinco to participate in the aspects of such Tax Proceeding that relate to Spinco Taxes and (C) not settle any aspect of such Tax Proceeding that relates to
Spinco Taxes without the prior written consent of Spinco, which shall not be 

  
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unreasonably withheld, delayed or conditioned and provided further that the rights of Spinco and obligations of IP set forth above shall not apply if and to the extent that IP
elects in writing to forgo its right to indemnification in respect of the Spinco Taxes that are the subject of such Tax Proceeding. 
 (d) Other Spinco Tax Returns. Except as otherwise provided in Section 5.02(a), (b) or (c), Spinco shall be entitled to contest, compromise and settle any adjustment that is proposed,
asserted or assessed pursuant to any Tax Proceeding with respect to any Tax Return of a Spinco Entity, provided that to the extent that such Tax Proceeding relates to IP Taxes or would reasonably be expected to materially adversely affect the
Tax position of IP or any IP Entity, Spinco shall (A) keep IP informed in a timely manner of the actions proposed to be taken by Spinco with respect to such Tax Proceeding, (B) permit IP to participate in the aspects of such
Tax Proceeding that relate to IP Taxes and (C) not settle any aspect of such Tax Proceeding that relates to IP Taxes without the prior written consent of IP, which shall not be unreasonably withheld, delayed or conditioned and
provided further that the rights of IP and obligations of Spinco set forth above shall not apply if and to the extent that Spinco elects in writing to forgo its right to indemnification in respect of the IP Taxes that are the subject
of such Tax Proceeding. 
 (e) Spinco Taxes. Notwithstanding Section 5.02(a), if Spinco Taxes are asserted in any
Tax Proceeding involving an IP Income Tax Return, IP shall (A) keep Spinco informed in a timely manner of the actions proposed to be taken by IP with respect to such assertion in such Tax Proceeding, (B) permit Spinco to
participate in the aspects of such Tax Proceeding that relate to such Spinco Taxes and (C) not settle any aspect of such Tax Proceeding that relates to such Spinco Transaction Taxes without the prior written consent of Spinco, which
shall not be unreasonably withheld, delayed or conditioned and provided further that the rights of Spinco and obligations of IP set forth above shall not apply if and to the extent that IP elects in writing to forgo its right to
indemnification in respect of the Spinco Taxes that are the subject of such Tax Proceeding. 
 ARTICLE VI 

Tax-Free Status of the Distribution 
 Section 6.01 Representations, Warranties and Covenants. 
 (a) UWWH
Representations, Warranties and Covenants. UWWH hereby represents, warrants and covenants as of the date hereof and as of the Effective Time that: 
 (i) it has examined the redacted version of the IRS Ruling Request contained in Section 6.01(a) of the Disclosure Schedules, and all facts presented and representations made in such redacted version
to the extent relating to UWWH, its Subsidiaries and its shareholders, are true, correct and complete and (to the knowledge of UWWH) all other facts presented and representations made therein are true, correct and complete; 

(ii) UWW Holdings, LLC (A) does not own any outstanding shares of IP common stock, (B) will not
acquire any outstanding shares of IP common stock 

  
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through the expiration of the Restriction Period, (C) will not acquire any outstanding shares of Spinco common stock (disregarding any shares received by virtue of the Parent Company
Merger) through the expiration of the Restriction Period; 
 (iii) (A) there are no outstanding options,
warrants, rights, calls, subscriptions, claims of any character, agreements, obligations, convertible or exchangeable securities, or other commitments, contingent or otherwise, entered into by UWWH or any of its Subsidiaries or Affiliates, pursuant
to which either UWWH or any of its Subsidiaries or, after the Parent Company Merger, Spinco or any of its Subsidiaries, is or may become obligated to issue shares of its capital stock or other equity interests or any securities convertible into or
exchangeable for, or evidencing the right to subscribe for, any of its shares of capital stock or other equity interests and (B) there will be no employee or director of Spinco or any of its Subsidiaries that receives equity pursuant to
a compensation plan or arrangement of Spinco or its Subsidiaries that is (or will be) part of a coordinating group (within the meaning of Section 1.355-7(h)(4) of the Treasury Regulations) that includes UWWH, Bain Capital Fund VII, L.P.,
Georgia-Pacific LLC or their respective Affiliates with respect to the acquisition of stock pursuant to the Parent Company Merger; and 
 (iv) no Person directly or (to the knowledge of UWWH after due inquiry) indirectly owns 5% or more of UWWH (as measured by vote or value) other than (A) Bain Capital Fund VII, L.P., Georgia-Pacific,
LLC or an Affiliate thereof or (B) a Person who owns such 5% solely by virtue of an interest in UWWH indirectly through Bain Capital Fund VII, L.P., Georgia-Pacific, LLC or an Affiliate thereof. 

(b) Tax Materials. Upon receipt of any draft Tax Materials after the date hereof, UWWH shall (i) promptly examine such
draft Tax Materials, and (ii) promptly propose any changes needed to make all facts presented and representations made relating to UWWH, its Subsidiaries and its shareholders in such draft Tax Materials true, correct and complete and (to
the knowledge of UWWH) all other facts presented and representations made in such draft Tax Materials true, correct and complete. UWWH shall notify IP within five (5) days of the receipt of such draft Tax Materials (or such shorter time as may
be necessary to comply with deadlines imposed by any Taxing Authority) if UWWH believes that any facts presented or representations made in such draft Tax Materials are not true, correct or complete, it being understood that if UWWH fails to notify
IP within such period and IP notifies UWWH of such failure pursuant to Section 8.18, then UWWH shall be deemed to have represented and warranted that all such facts presented and representations made relating to UWWH, its Subsidiaries and its
shareholders in such draft Tax Materials are true, correct and complete and (to the knowledge of UWWH) all other facts presented and representations made in such draft Tax Materials are true, correct and complete, unless UWWH notifies IP within two
(2) days of the receipt of notice of such failure. 
 (c) IP. IP hereby represents, warrants and covenants, as of
the date hereof and as of the Effective Time, that (i) it has delivered complete and accurate copies of the Tax Materials prepared by IP to UWWH, as redacted, (ii) all facts presented and representations made in such Tax
Materials to the extent relating to (A) IP and any of its Subsidiaries (other than the Transferred Entities) or (B) the Transferred Entities at any time at or prior to the Distribution are true, correct and complete and (to
the knowledge of IP) all other facts presented and 

  
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representations made in such redacted version are true, correct and complete, and (iii) neither IP nor Spinco has had “substantial negotiations” (within the meaning of
Section 1.355-7(h)(1)(iv) of the Treasury Regulations) during the two-year period ending on the date of the Distribution with any Person (other than UWWH or any of its Affiliates) regarding any acquisition of Spinco stock or of a significant
portion of the assets transferred to Spinco pursuant to the Contribution and Distribution Agreement. 
 (d) No Contrary
Plan. Each of UWWH, IP and Spinco represents and warrants, as of the date hereof and as of the Effective Time, that neither it, nor any of its Affiliates, (i) has any plan or intent to take any action which is inconsistent with any
statements or representations made in the Tax Materials (or that may jeopardize any Tax-Free Status of any applicable transaction) or (ii) knows of any plan or intent to take any action which is inconsistent with any statements or
representations made in the Tax Materials or which may jeopardize any Tax-Free Status of any applicable transaction; provided that, with respect to UWWH, this Section 6.01(d) does not apply to any redacted statements or representations.

 (e) No Contrary Knowledge. Each of UWWH, IP and Spinco represents and warrants, as of the date hereof and as of the
Effective Time, that it knows of no fact (after due inquiry) that would prevent the Tax treatment of the Controlled 1 Contribution, the First Internal Distribution, the Second Internal Distribution, the Third Internal Distribution, the Spinco
Contribution, the Distribution or any other Covered Transaction from being consistent with the Tax-Free Status of the Transactions. 
 Section 6.02 Restrictions Relating to the Distribution. 
 (a)
General. Following the Distribution, (i) IP will not (and will cause each IP Entity not to) take any action (or refrain from taking any action) which (x) is inconsistent with the facts presented and the representations made prior to
the Distribution Date in the Tax Materials or (y) could reasonably be expected to cause any Tax-Free Transaction Failure; and (ii) Spinco will not (and will cause each Spinco Entity not to) take any action (or refrain from taking
any action) which (x) is inconsistent with the facts presented and the representations made prior to the Distribution Date in the Tax Materials (but only to the extent such Tax Materials have been provided to UWWH) or
(y) could reasonably be expected to cause any Tax-Free Transaction Failure (any such action or refraining from an action with respect to clause (ii) above, including one specified in (b) below, a “Spinco Tainting
Act”). 
 (b) Restrictions. Following the Distribution and prior to the first day following the second
anniversary of the Distribution (the “Restriction Period”), 
 (i) Spinco shall cause each
Controlled Corporation to (A) continue the active conduct of each trade or business (for purposes of Section 355(b) of the Code and the Treasury Regulations thereunder) that it was engaged in immediately prior to the distribution of
such Controlled Corporation in a Covered Transaction (taking into account Section 355(b)(3) of the Code), (B) continue to hold sufficient assets to satisfy the continuity of business enterprise requirements under
Section 1.355-3 and 1.368-1(d) of the Treasury Regulations, (C) not dissolve or liquidate or take any action that is a liquidation for federal income tax purposes, and (D) not merge or consolidate with any other Person
(other than pursuant to the Parent Company Merger or the Operating Company Merger); 

  
 22 

 (ii) Spinco shall not (A) approve or allow an extraordinary
contribution to it by its shareholders in exchange for stock, (B) redeem or otherwise repurchase (directly or indirectly through an Affiliate) any Spinco stock, or (C) amend the certificate of incorporation (or other organizational
documents) of Spinco, or take any other action, whether through a stockholder vote or otherwise, if such amendment or other action would affect the relative voting rights of any Spinco capital stock (including through the conversion of any capital
stock into another class of capital stock); and 
 (iii) Spinco shall not (and shall cause each Spinco Entity not
to) take any action (including entering into any transaction or series of transactions or any agreement, understanding, arrangement or negotiations), which (A) when combined with any other direct or indirect changes in ownership of
Spinco capital stock pertinent for purposes of Section 355(e) of the Code (including as a result of the Parent Company Merger) could reasonably be expected to have the effect of causing or permitting one or more persons to acquire directly or
indirectly Spinco stock representing a “50 percent or greater interest” within the meaning of Section 355(e)(4) of the Code or (B) could otherwise reasonably be expected to trigger any Spinco Transaction Tax. 

(c) Certain Exceptions. Notwithstanding the restrictions imposed by Section 6.02(b), during the Restriction Period, Spinco
may proceed with any of the actions or transactions described therein, if (i) IP shall have received a supplemental ruling in accordance with Section 6.03(a) in form and substance reasonably satisfactory to IP to the effect that
such action or transaction will not affect the Tax-Free Status of any applicable transaction, (ii) (in the event that IP chooses not to pursue such supplemental ruling or if such action or transaction is covered by an area in which the
Internal Revenue Service will not issue letter rulings,) Spinco shall have provided to IP an Unqualified Tax Opinion in form and substance reasonably satisfactory to IP at least thirty (30) days prior to effecting such action or transaction and
IP shall use its reasonable best efforts to determine whether such Unqualified Tax Opinion is reasonably satisfactory to IP within ten (10) days of receipt of such Unqualified Tax Opinion by IP, or (iii) IP shall have waived in
writing the requirement to obtain such ruling or opinion. In determining whether a ruling or opinion is satisfactory, IP may consider, among other factors, the appropriateness of any underlying assumptions or representations used as a basis for the
ruling or opinion and the views on the substantive merits. For the avoidance of doubt, notwithstanding the restrictions set forth in this Section 6.02, Spinco shall be permitted to (x) enter into the Parent Company Merger, (y) cause
its Subsidiaries to enter into the Operating Company Merger and (z) Spinco may make issuances that satisfy Safe Harbor VII or Safe Harbor IX of Treasury Regulation Section 1.355-7(d) and may redeem any such stock issuance pursuant to this
clause (z), so long as any such issuance or redemption is not inconsistent with any formal or informal written guidance provided by the IRS in connection with any IRS Ruling Request. 

(d) Tax Reporting. Each of IP and Spinco covenants and agrees that it will not take, and will cause its respective Affiliates to
refrain from taking, any position on any Tax Return that is inconsistent with the Tax-Free Status of any applicable Covered Transaction. 

  
 23 

 Section 6.03 Procedures Regarding Opinions and Rulings. 

(a) If Spinco notifies IP that it desires to take one of the actions described in Section 6.02(b) (a “Notified
Action”), IP and Spinco shall cooperate in obtaining a supplemental ruling from the IRS or an Unqualified Tax Opinion for the purpose of permitting Spinco to take the Notified Action unless IP shall have waived in writing the requirement to
obtain such supplemental ruling or Unqualified Tax Opinion. If a supplemental ruling from the IRS is to be sought, IP shall apply for such ruling and IP shall control the process of obtaining such ruling. In no event shall IP be required to file any
ruling request under this Section 6.03(a) unless Spinco represents that (i) it has read such ruling request, and (ii) all information and representations, if any, relating to Spinco, its current or former shareholders or
any Spinco Entity contained in such ruling request documents are (subject to any qualifications therein) true, correct and complete in all material respects. Spinco shall reimburse IP for all reasonable out-of-pocket costs and expenses incurred by
any IP Entity in connection with any Notified Action within ten (10) days after receiving an invoice from IP therefor. 

(b) IP shall have the right to obtain a supplemental ruling or an Unqualified Tax Opinion at any time in its sole and absolute
discretion. If IP notifies Spinco that it has determined to obtain such ruling or opinion, Spinco shall (and shall cause each Spinco Entity to) cooperate with IP and take any and all actions reasonably requested by IP in connection with obtaining
such ruling or opinion (including by making any representation that is true or any reasonable covenant or providing any materials reasonably requested by the IRS or the law firm issuing such opinion). In connection with obtaining such ruling, IP
shall apply for such ruling and shall have sole and exclusive control over the process of obtaining such ruling. IP shall reimburse Spinco for all reasonable out-of-pocket costs and expenses incurred by any Spinco Entity in connection with any
supplemental ruling or Unqualified Tax Opinion requested by IP within ten (10) days after receiving an invoice from Spinco therefor. 
 (c) Except as provided in Section 6.03(a) or (b), following the Effective Time, no Spinco Entity shall seek any guidance from the IRS or any other Taxing Authority (whether written, verbal or
otherwise) at any time concerning any Covered Transaction (including the impact of any transaction on any Covered Transaction). 

Section 6.04 Mexican GRA. It is understood and agreed that (a) a gain recognition agreement is currently in place
relating to the contribution of shares of International Paper de Mexico S.A. de C.V. to International Paper Holdings (Luxembourg) S.a.r.L. on November 2, 2012, (b) one or more replacement gain recognition agreements in the form of the gain
recognition agreement contained in Section 6.04(b) of the Disclosure Schedules (such replacement agreements, together with the existing agreement, the “Mexican GRAs”) will be entered into to the extent necessary to prevent one or more
of the Covered Transactions from constituting a triggering event under such existing gain recognition agreement, (c) Spinco shall enter into a “gain recognition agreement” in the form of the gain recognition agreement contained in
Section 6.04(c) of the Disclosure Schedules (the “Spinco GRA”) (as revised with the consent of each of the Parties, such consent not to be unreasonably withheld, conditioned or delayed) and file an IRS Form 8838 with respect to the
property that is subject to the Spinco GRA to extend the period of limitations on assessments of tax with respect to the gain realized but not recognized on the initial transfer of International Paper de Mexico, S.A. de C.V., 

  
 24 

 
(d) Spinco shall take any other action reasonably requested by IP in connection with the entry into of any of the Mexican GRAs, and (e) notwithstanding anything else contained herein,
Spinco shall be responsible for any Taxes arising from a triggering event after the Distribution caused by any action (or failure to act) by Spinco or any of its Subsidiaries under any Mexican GRA. 

ARTICLE VII 

Cooperation 
 Section 7.01 General Cooperation. The Parties shall each cooperate fully (and each shall cause its respective Subsidiaries to cooperate fully) with all reasonable requests in writing or via
e-mail from another Party hereto, or from an agent, representative or advisor to such Party, in connection with the preparation and filing of Tax Returns, claims for Refunds, Tax Proceedings, and calculations of amounts required to be paid pursuant
to this Agreement, in each case, related or attributable to or arising in connection with Taxes of any of the Parties or their respective Subsidiaries covered by this Agreement and the establishment of any reserve required in connection with any
financial reporting (a “Tax Matter”). Such cooperation shall include the provision of any information reasonably necessary or helpful in connection with a Tax Matter and shall include, without limitation, at each Party’s own cost:

 (i) the provision, in hard copy and electronic forms, of any Tax Returns of the Parties and their respective
Subsidiaries, books, records (including information regarding ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including accompanying schedules, related work papers, and documents relating to
rulings or other determinations by Taxing Authorities; 
 (ii) the execution of any document (including any power
of attorney) reasonably requested by another Party in connection with any Tax Proceedings of any of the Parties or their respective Subsidiaries, or the filing of a Tax Return or a Refund claim of the Parties or any of their respective Subsidiaries;
and 
 (iii) the use of the Party’s reasonable best efforts to obtain any documentation in connection with a
Tax Matter. 
 Each Party shall make its employees, advisors, and facilities available, without charge, on a reasonable and
mutually convenient basis in connection with the foregoing matters in a manner that does not interfere with the ordinary business operations of such Party. 
 Notwithstanding any other provision of this Agreement, IP shall not be required to provide Spinco with a copy of (or access to) any IP Income Tax Return or any IP Non-Income Tax Return (except for pro
forma separate company Tax Returns of Spinco or xpedx International, Inc.) or any information with respect to any IP Business. 

Section 7.02 Retention of Records. IP and Spinco shall retain or cause to be retained all Tax Returns, schedules and work
papers, and all material records or other documents relating thereto in their possession, including all such electronic records, and shall maintain all hardware 

  
 25 

 
necessary to retrieve such electronic records, in all cases until sixty (60) days after the expiration of the applicable statute of limitations (including any waivers or extensions thereof)
of the taxable periods to which such Tax Returns and other documents relate or until the expiration of any additional period that any Party reasonably requests, in writing, with respect to specific material records and documents. A Party intending
to destroy any material records or documents shall provide the other Party with reasonable advance notice and the opportunity to copy or take possession of such records and documents. The Parties hereto will notify each other in writing of any
waivers or extensions of the applicable statute of limitations that may affect the period for which the foregoing records or other documents must be retained. 
 ARTICLE VIII 
 Miscellaneous 

Section 8.01 Governing Law. This Agreement and all issues and questions concerning the construction, validity, enforcement
and interpretation of this Agreement (and all Schedules and Exhibits hereto) shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions
(whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal Laws of the State of Delaware shall control
the interpretation and construction of this Agreement (and all Schedules and Exhibits hereto), even though under that jurisdiction’s choice of law or conflict of law analysis, the substantive Law of some other jurisdiction would ordinarily
apply. 
 Section 8.02 Dispute Resolution. In the event of any dispute between the Parties as to any matter covered
by Section 2.02 or Section 2.06, the parties shall appoint a nationally recognized independent public accounting firm (the “Accounting Firm”) to resolve such dispute. In this regard, the Accounting Firm shall make determinations
with respect to the disputed items based solely on representations made by IP and Spinco and their respective representatives, and not by independent review, and shall function only as an expert and not as an arbitrator and shall be required to make
a determination in favor of one Party only. The Parties shall require the Accounting Firm to resolve all disputes no later than thirty (30) days after the submission of such dispute to the Accounting Firm and agree that all decisions by the
Accounting Firm with respect thereto shall be final and conclusive and binding on the Parties. The Accounting Firm shall resolve all disputes in a manner consistent with this Agreement. The Parties shall require the Accounting Firm to render all
determinations in writing and to set forth, in reasonable detail, the basis for such determination. The fees and expenses of the Accounting Firm shall be borne equally by the Parties. 

Section 8.03 Tax Sharing Agreements. All Tax sharing, indemnification and similar agreements, written or unwritten, as
between an IP Entity, on the one hand, and a Transferred Entity, on the other (other than this Agreement, the Contribution and Distribution Agreement, the Merger Agreement, any Ancillary Agreement, and any other agreement for which Taxes is not the
principal subject matter), shall be or shall have been terminated no later than the Distribution Date and, after the Distribution Date, no IP Entity or Transferred Entity shall have any further rights or obligations under any such Tax sharing,
indemnification or similar agreement. 

  
 26 

 Section 8.04 Interest on Late Payments. With respect to any payment between the
Parties pursuant to this Agreement not made by the due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the rate in effect for underpayments under Section 6621 of the
Code from such due date to and including the payment date. 
 Section 8.05 Survival of Covenants. Except as
otherwise contemplated by this Agreement, the covenants and agreements contained herein to be performed following the Distribution shall survive the Effective Time in accordance with their respective terms. 

Section 8.06 Severability. If any provision of this Agreement or the application of any such provision to any Person or
circumstance shall be declared judicially to be invalid, unenforceable or void, such decision shall not have the effect of invalidating or voiding the remainder of this Agreement, it being the intent and agreement of the Parties that this Agreement
shall be deemed amended by modifying such provision to the extent necessary to render it valid, legal and enforceable to the maximum extent permitted while preserving its intent or, if such modification is not possible, by substituting therefor
another provision that is valid, legal and enforceable and that achieves the original intent of the Parties. 

Section 8.07 Entire Agreement. This Agreement, the Exhibits hereto, the Confidentiality Agreement, the Transaction Agreements
and other documents referred to herein shall constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter
(including that certain Non-binding Letter of Intent by and between IP and UWWH, dated as of April 19, 2013). Except as otherwise expressly provided herein, in the case of any conflict between the terms of this Agreement and the terms of any
other Transaction Agreement, the terms of this Agreement shall control. 
 Section 8.08 Assignment. Neither this
Agreement nor any of the rights, benefits or obligations hereunder may be assigned by any of the Parties (whether by operation of law or otherwise) without the prior written consent of the other Parties, and any purported assignment without such
consent shall be null and void, except that Spinco or UWWH may assign any or all of its rights, interests under this Agreement without the consent of the other Parties hereto (a) to any Person providing the Special Payment Financing pursuant to
the terms thereof for purposes of creating a security interest herein or otherwise assign as collateral in respect of such Special Payment Financing or (b) to any purchaser of all or substantially all of the assets of such Person; provided,
however, that, in each case, no such assignment shall release such Party from any liability or obligation under this Agreement. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the
Parties and their respective successors and permitted assigns. 
 Section 8.09 No Third Party Beneficiaries.
Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person (other than the Parties and their respective successors and permitted assigns) any legal or equitable right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement, and, except as provided in Article III relating to certain indemnitees, no Person shall be deemed a third party beneficiary under or by reason of this Agreement. 

  
 27 

 Section 8.10 Specific Performance. In the event of any actual or threatened
default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party who is, or is to be, thereby aggrieved will have the right to specific performance and injunctive or other equitable relief in respect of its rights
under this Agreement, in addition to any and all other rights and remedies at law or in equity. The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, are inadequate compensation for any Loss and
that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived by each of the Parties to this Agreement. 

Section 8.11 Amendments; Waivers. This Agreement may not be amended except by an instrument in writing signed by each of the
Parties. No failure or delay by any Party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right
hereunder. Any agreement on the part of any Party to any such waiver shall be valid only if set forth in an instrument in writing signed on behalf of such Party. 
 Section 8.12 Interpretation. The Parties have participated jointly in the negotiation and drafting of this Agreement, and in the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provisions of this Agreement. 

Section 8.13 Counterparts. This Agreement may be executed in one or more counterparts each of which when executed shall be
deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or portable document format (PDF) shall be as effective as
delivery of a manually executed counterpart of any such Agreement. 
 Section 8.14 Coordination with the Employee
Matters Agreement. To the extent any covenants or agreements between the Parties with respect to employee withholding Taxes are set forth in the Employee Matters Agreement, such Taxes shall be governed exclusively by the Employee Matters
Agreement and not by this Agreement. 
 Section 8.15 Confidentiality. All Information concerning the other
Party’s Group obtained by it or furnished to it by such other Party’s Group pursuant to this Agreement shall be subject to the provisions of the Confidentiality Agreement (as defined in the Contribution and Distribution Agreement).

 Section 8.16 Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO
THIS AGREEMENT (WITH EACH PARTY HAVING HAD OPPORTUNITY TO CONSULT COUNSEL), EACH OF THE PARTIES EXPRESSLY AND IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING UNDER THIS AGREEMENT OR ANY ACTION OR PROCEEDING ARISING OUT OF
THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY OTHER TRANSACTION AGREEMENT, REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION OR PROCEEDING, AND ANY ACTION OR PROCEEDING UNDER THIS AGREEMENT OR ANY ACTION OR 

  
 28 

 
PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY OTHER TRANSACTION AGREEMENT SHALL BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

 Section 8.17 Jurisdiction; Service of Process. Any Action with respect to this Agreement and the rights and
obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other Party or Parties or their successors or assigns, in each case, shall
be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state
or federal court within the State of Delaware). Each of the Parties hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any Action with respect to this Agreement (i) any claim that
is not personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve in accordance with this Section 8.17, (ii) any claim that it or its property is exempt or immune from jurisdiction of
any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent
permitted by applicable Law, any claim that (A) the Action in such court is brought in an inconvenient forum, (B) the venue of such Action is improper or (C) this Agreement, or the subject matter hereof, may not be enforced in or by
such courts. Each of the Parties further agrees that no Party to this Agreement shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this
Section 8.17 and each Party waives any objection to the imposition of such relief or any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument. The Parties hereby agree that mailing of process
or other papers in connection with any such action or proceeding in the manner provided in Section 8.18, or in such other manner as may be permitted by Law, shall be valid and sufficient service thereof and hereby waive any objections to
service accomplished in the manner herein provided. NOTWITHSTANDING THIS SECTION 8.17, ANY DISPUTE REGARDING SECTION 2.02 OR SECTION 2.06 SHALL BE RESOLVED IN ACCORDANCE WITH SECTION 8.02; PROVIDED THAT THE TERMS OF SECTION 8.02 MAY BE ENFORCED
BY EITHER PARTY IN ACCORDANCE WITH THE TERMS OF THIS SECTION 8.17. 
 Section 8.18 Notices. All notices, requests,
claims, demands and other communications to be given or delivered under or by the provisions of this Agreement shall be in writing and shall be deemed given only (a) when delivered personally to the recipient, (b) one Business Day after
being sent to the recipient by reputable overnight courier service (charges prepaid), provided that confirmation of delivery is received, (c) upon machine-generated acknowledgment of receipt after transmittal by facsimile or (d) five days
after being mailed to the recipient by certified or registered mail (return receipt requested and postage prepaid). Such notices, demands and other communications shall be sent to the Parties at the following addresses (or at such address for a
Party as will be specified by like notice): 
  

			
	If to IP or, prior to the Effective Time, Spinco:
	
	International Paper Company
	 6400 Poplar Avenue

Memphis, Tennessee 38197

	Facsimile:	  	(901) 214-0919
	Attention:	  	Kevin G. McWilliams, Vice President Tax

  
 29 

			
	with a copy (which shall not constitute notice) to:
	
	Debevoise & Plimpton LLP
	 919 Third Avenue

New York, New York 10022

	Facsimile:	  	(212) 909-6836
	Attention:	  	David H. Schnabel
	
	If to Spinco, after the Effective Time:
	
	 xpedx Holding Company
 6285 Tri-Ridge Boulevard
 Loveland, Ohio 45140

	Attention:	  	Mary Laschinger
	Facsimile:	  	(513) 965-2849
	
	with a copy (which shall not constitute notice) to:
	
	 Bain Capital Partners, LLC
 200 Clarendon Street
 Boston, MA 02116

	Facsimile:	  	(617) 516-2010
	Attention:	  	Matt Levin
		  	Seth Meisel
		
	and	  	
	
	Kirkland & Ellis LLP
	300 N. LaSalle Street
	Chicago, IL 60654 Facsimile: (312) 862-2200
	Attention:	  	Matthew E. Steinmetz, P.C.
		  	Jeffrey W. Richards, P.C.
		  	Neal J. Reenan
	
	If to UWWH, prior to the Effective Time:
	
	UWW Holdings, Inc.
	6600 Governors Lake Parkway
	Norcross, GA 30071
	Facsimile:	  	(770) 659-4618
	Attention:	  	Chief Executive Officer
		  	General Counsel

  
 30 

			
	with a copy (which shall not constitute notice) to:
	
	Bain Capital Partners, LLC
	200 Clarendon Street
	Boston, MA 02116
	Facsimile:	  	(617) 516-2010
	Attention:	  	Matt Levin
		  	Seth Meisel and
	
	Kirkland & Ellis LLP
	300 N. LaSalle Street
	Chicago, IL 60654
	Facsimile:	  	(312) 862-2200
	Attention:	  	Matthew E. Steinmetz, P.C.
		  	Jeffrey W. Richards, P.C.
		  	Neal J. Reenan

 Any Party to this Agreement may notify any other Party of any changes to the address or any of the other
details specified in this paragraph; provided that such notification shall only be effective on the date specified in such notice or five Business Days after the notice is given, whichever is later. Rejection or other refusal to accept or the
inability to deliver because of changed address of which no notice was given shall be deemed to be receipt of the notice as of the date of such rejection, refusal or inability to deliver. Any notice to IP will be deemed notice to all members of the
IP Group, and any notice to Spinco will be deemed notice to all members of the Spinco Group. 
 Section 8.19
Headings. The headings and captions of the Articles and Sections used in this Agreement and the table of contents to this Agreement are for reference and convenience purposes of the Parties only, and will be given no substantive or
interpretive effect whatsoever. 
 Section 8.20 Effectiveness. Except for purposes of giving effect to the
provisions of the Contribution and Distribution Agreement, no provision of this Agreement (other than Section 6.01) shall be effective until immediately after the Distribution. 

[The remainder of this page is intentionally left blank.] 

  
 31 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day
and year first above written. 
  

			
	INTERNATIONAL PAPER COMPANY
		
	By :	 	 /s/ C. Cato Ealy

		
	Name:	 	C. Cato Ealy
	Title:	 	Senior Vice President
		
	By:	 	xpedx Holding Company
		
	By:	 	 /s/ C. Cato Ealy

		
	Name:	 	C. Cato Ealy
	Title:	 	Vice President
		
	By:	 	UWW HOLDINGS, LLC
		
	By:	 	 /s/ Allan R. Dragone

		
	Name:	 	Allan R. Dragone
	Title:	 	Chief Executive OfficerEX-10.6

 Exhibit 10.6 

EXECUTION VERSION 
  

					
	 BANK OF AMERICA, N.A.

MERRILL LYNCH, PIERCE,

FENNER & SMITH
 INCORPORATED

One Bryant Park
 New York, New York
10036
	 	 WELLS FARGO BANK, N.A.

2450 Colorado Boulevard
 Suite 3000
West
 Santa Monica, California 90404
	 	 SUNTRUST BANK

303 Peachtree Street
 Atlanta,
Georgia 30308
  
 SUNTRUST ROBINSON

HUMPHREY, INC.
 3333 Peachtree
Road
 Atlanta, Georgia 30326

 January 28, 2014 

xpedx Holding Company 
 c/o International Paper Company 

6400 Poplar Avenue 
 Memphis, Tennessee 38197 

Facsimile: (901) 214-0647 
 Attention: C. Cato Ealy, Vice
President 
 Project Unicorn — Commitment Letter 

Ladies and Gentlemen: 
 You have advised Bank of
America, N.A. (“Bank of America”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), Wells Fargo Bank, N.A. (“Wells Fargo”), SunTrust Bank (“SunTrust
Bank”) and SunTrust Robinson Humphrey, Inc. (“STRH” and, together with Bank of America, MLPF&S, Wells Fargo and SunTrust Bank, the “Initial Commitment Parties” and, collectively with any Additional
Commitment Party, the “Commitment Parties”, “we” or “us”) that xpedx Holding Company, a Delaware corporation (“you”), proposes to effect the transactions described in the
Description of the Transactions attached hereto as Exhibit A (the “Transaction Description”). Capitalized terms used but not defined herein shall have the meanings given to them in the Transaction Description or the Summary of
Principal Terms and Conditions attached hereto as Exhibit B (the “Term Sheet”; this commitment letter, the Transaction Description, the Term Sheet and the Summary of Additional Conditions attached hereto as Exhibit C (the
“Summary of Additional Conditions”), collectively, the “Commitment Letter”). 
 Commitments. 

In connection with the Transactions, (i) each of Bank of America and Wells Fargo (each, a “35% Commitment Party”) is
pleased to advise you of its several, and not joint, commitment to provide 35% and 35%, respectively, of the ABL Facility and (ii) SunTrust (a “30% Commitment Party”) is pleased to advise you of its several, and not joint,
commitment to provide 30% of the ABL Facility. The commitment of each Commitment Party is collectively referred to herein as the “Commitments” and, individually, as a “Commitment”. 

Titles and Roles. 
 It is
agreed that (i) each of MLPF&S, Wells Fargo and STRH will act as a lead arranger for the ABL Facility (together with any other lead arranger, if any, appointed pursuant to the next succeeding paragraph, each in such capacity, a
“Lead Arranger” and, collectively, the “Lead Arrangers”), (ii) each of MLPF&S, Wells Fargo and STRH will act as a joint bookrunner for the ABL Facility (together

 
with any other joint bookrunner, if any, appointed pursuant to next succeeding paragraph, each in such capacity, a “Joint Bookrunner” and, collectively, the “Joint
Bookrunners”) and (iii) Bank of America will act as administrative agent and collateral agent for the ABL Facility (in such capacity, the “Administrative Agent”). 

You shall be entitled, on or prior to the date which is 15 business days following the date hereof, to allocate up to 40% of the aggregate
Commitments to one or more additional banks, financial institutions and other institutional lenders, provided that (i) the Commitments of the Initial Commitment Parties in respect of the ABL Facility will be permanently reduced by the
amount of the commitments of such appointed banks, financial institutions and other institutional lenders in respect of the ABL Facility, with such reduction allocated to reduce the Commitments of the Initial Commitment Parties on a pro rata
basis according to the respective amounts of their Commitments, upon the execution by such entity (and any relevant affiliate) of customary joinder documentation and, thereafter, each such entity (and any relevant affiliate) shall become a party
hereto and constitute an “Additional Commitment Party”, (ii) each Initial Commitment Party shall retain at least 20% of the aggregate Commitments with respect to the ABL Facility and (iii) no Additional Commitment Party
shall assign its Commitment unless there has been a Successful Syndication (as defined in the Fee Letter) by the Initial Commitment Parties, and each such assignment shall be consummated in compliance with the Section titled “Syndication”
below. Any such party (and/or any affiliate thereof designated thereby and consented to by you) (a) shall (at your option) act as joint book running manager and/or joint lead arranger for the ABL Facility and (b) may (at your option) have
such other roles and titles reasonably acceptable to you and the Initial Commitment Parties; provided, however, that Bank of America shall have “left” placement in any and all marketing materials or other documentation used
in connection with the ABL Facility and shall hold the leading role and responsibilities conventionally associated with such “left” placement, including maintaining sole “physical books” in respect of the ABL Facility, Wells
Fargo shall have the next most “left” placement, and STRH will have placement immediately “right” of Wells Fargo. In the event that you make any such allocation, the parties hereto shall enter into a letter agreement reflecting
such allocation, roles and titles and providing for a corresponding reduction in the relevant Commitments hereunder of the Initial Commitment Parties and references herein and in the Fee Letter to the Commitment Parties shall thereupon be deemed to
include each such Additional Commitment Party. 
 It is further agreed that no Lender (as defined below) or other person or entity will
receive compensation or any titles with respect to the ABL Facility outside the terms contained herein and in the Fee Letter in order to obtain its commitment to participate in the ABL Facility, in each case unless you and we so agree. 

Syndication. 
 The Lead
Arrangers reserve the right, prior to or after execution of the ABL Documentation (as defined below), in consultation with you, to syndicate all or a portion of each Commitment Party’s Commitments to one or more banks, financial institutions
and other institutional lenders that will become parties to the ABL Documentation (each Commitment Party and such banks, financial institutions and other institutional lenders becoming parties to the ABL Documentation with respect to all or a
portion of the ABL Facility, the “Lenders”). Notwithstanding the foregoing, the Lead Arrangers will not syndicate to (i) those banks, financial institutions and other institutional lenders and investors that have been
separately identified in writing by you to us prior to the date of this Commitment Letter and reasonably acceptable to the Initial Commitment Parties, (ii) those persons who are competitors of the Borrower, Unisource (as defined in Exhibit A
hereto), or any of their respective subsidiaries that are separately identified in writing by you to us prior to the date of this Commitment Letter, and (iii) in the case of each of clauses (i) and (ii), any of their affiliates that are
identified in writing by you to us prior to the date of this Commitment Letter (clauses (i), (ii) and (iii) above, collectively, “Disqualified Lenders”). The aggregate Commitments (x) until Successful Syndication (as
defined in the Fee Letter), of the Initial 

  
 -2- 

 
Commitment Parties, and (y) thereafter, of the Commitment Parties (including, without limitation, the Additional Commitment Parties), in each case shall be reduced dollar-for-dollar as and
when commitments are received from any Lenders (other than the Commitment Parties) on a pro rata basis according to the respective amounts of the Commitments of the relevant Commitment Parties at such time; provided that,
notwithstanding any other provision of this Commitment Letter, no Commitment Party will, except with the written consent of Borrower or, in the case of the Initial Commitment Parties, in connection with the appointment of any Additional Commitment
Party, be relieved or novated from its obligations hereunder in connection with any syndication or assignment until after the Closing Date and the extensions of credit to be made on such date as contemplated hereby have been made and, unless
Borrower agrees in writing, each Commitment Party shall retain exclusive control over all rights and obligations with respect to its Commitment, including all rights with respect to consents, modifications and amendments, until the Closing Date has
occurred and the extensions of credit to be made on such date as contemplated hereby have been made. Each Commitment Party acknowledges and agrees that its Commitment is not conditioned upon a successful syndication and that no assignment or
assumption by any assignee (other than, in the case of an Initial Commitment Party, an Additional Commitment Party) of any obligations of such Commitment Party in respect of any portion of its Commitment shall relieve such Commitment Party of its
obligations hereunder with respect to such portion of the Commitments until the Closing Date has occurred and the extensions of credit to be made on such date as contemplated hereby have been made. 

The Lead Arrangers will manage all aspects of the syndication, including, without limitation, timing, potential syndicate members to be
approached (excluding Disqualified Lenders), titles, allocations and division of fees, all of which shall be determined by the Lead Arrangers (except as otherwise provided herein and in the Fee Letter) in consultation with you. Until the Syndication
Date (as defined below), you agree to, and to use commercially reasonable efforts to cause Unisource to, actively assist the Lead Arrangers in a syndication that is reasonably satisfactory to us and you, which the Lead Arrangers may commence as
promptly as possible after your acceptance of this Commitment Letter, including by using commercially reasonable efforts to ensure that the syndication efforts benefit materially from your and Unisource’s existing lending relationships, to
cooperate in and facilitate the completion prior to the Closing Date of an updated field examination and appraisal of the collateral to be included in the Borrowing Base to the extent relevant existing field examinations and appraisals are more than
6 months old and to provide the Lead Arrangers, promptly upon request, with all information reasonably deemed necessary by the Lead Arrangers to complete successfully the syndication, including, but not limited to, (a) information packages for
delivery to potential syndicate members and participants (the “Confidential Information Memoranda”) and (b) all financial and other information as we may reasonably request with respect to you, Unisource (to the extent
available to you), your subsidiaries and the transactions contemplated hereby, including, but not limited to, financial projections, models, forecasts and budgets. You also agree to make available your representatives, and to use commercially
reasonable efforts to cause the senior officers and representatives of Unisource, in each case from time to time prior to the earlier of the Successful Syndication (as defined in the Fee Letter) of the ABL Facility and 30 days after the Closing Date
(such earlier date, the “Syndication Date”), to be available and to attend and make presentations regarding the business and prospects of the Combined Business (as defined in Exhibit A hereto) at one or more meetings of prospective
lenders and investors at such time and place as the Lead Arrangers may reasonably request. You agree to use all commercially reasonable efforts to cause the initial definitive Confidential Information Memoranda referred to above to be delivered to
potential syndicate members as promptly as possible after your acceptance of this Commitment Letter. 
 Notwithstanding anything herein to
the contrary, the only financial statements that shall be required to be provided to the Commitment Parties or the Lead Arrangers in connection with the syndication of the ABL Facility shall be those required to be delivered pursuant to the Summary
of Additional Conditions. 

  
 -3- 

 Before distribution of any Confidential Information Memoranda to prospective lenders, you agree
that you will provide us with a letter in customary form for syndicated loan financings authorizing the dissemination of the Confidential Information Memoranda. 

Information. 
 You hereby
represent and covenant that (a) all written information (other than projections, forecasts, budgets, estimates and other forward-looking statements (collectively, the “Projections”) and information of a general economic or
industry-specific nature) that has been or will be made available to us or any of the Lenders by or on behalf of you in connection with the transactions contemplated hereby (the “Information”), when taken as a whole (and, in the
case of information relating to Unisource, to the best of your knowledge), is correct in all material respects and does not and will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements contained therein not materially misleading in the light of the circumstances under which such statements are made and (b) the Projections that have been or will be made available to us or any of the Lenders by or on behalf
of you in connection with the transactions contemplated hereby have been (or, in the case of Projections prepared after the date hereof, will be) prepared in good faith based upon assumptions believed by you to be reasonable at the time of
preparation thereof and when furnished to the Lenders (it being understood that projections by their nature are inherently uncertain and no assurances are being given that the results reflected in the Projections will be achieved). You agree that if
at any time prior to the Closing Date (or, if later, the Syndication Date) any of the representations in the preceding sentence would be incorrect in any material respect if the Information and Projections were being furnished or made available, and
such representations were being made, at such time, then you will promptly supplement, or cause to be supplemented, the Information and Projections so that such representations will be correct in all material respects at such time. You understand
that in arranging and syndicating the ABL Facility we may use and rely on the Information and Projections without independent verification thereof. 

Compensation. 
 As
consideration for the Commitments of the Commitment Parties hereunder and the agreement of the Lead Arrangers to structure, arrange and syndicate the ABL Facility and to provide advisory services in connection therewith, you agree to pay, or cause
to be paid, the fees set forth in the Term Sheet and in the fee letter dated as of even date herewith among the parties hereto (the “Fee Letter”). 

Conditions. 
 The
Commitments of each Commitment Party and the Lead Arrangers’ agreement to perform the services described herein are subject only to the fulfillment of the following conditions (the “Conditions”): (i) there not having
occurred any Spinco Material Adverse Effect (as defined in Annex I to Exhibit C) since June 30, 2013, (ii) there not having occurred any UWWH Material Adverse Effect (as defined in Annex I to Exhibit C) since June 30, 2013, and
(iii) fulfillment of the conditions set forth under “Conditions to Initial Borrowing” in the Term Sheet and, upon satisfaction of such conditions (the date of satisfaction of such conditions, the “Closing Date”), the
funding of the ABL Facility shall occur; it being understood that there are no other conditions (implied or otherwise) to the commitments hereunder, including compliance with the terms of this Commitment Letter, the Fee Letter and the ABL
Documentation. Without limiting the conditions precedent to funding provided herein, you and we will cooperate with each other in coordinating the timing and procedures for the funding of the ABL Facility in a manner consistent with the Merger
Agreement. 

  
 -4- 

 Notwithstanding anything in this Commitment Letter, the Fee Letter, the ABL Documentation or any
other agreement or other undertaking concerning the financing of the Merger to the contrary (this paragraph and the provisions herein shall be referred to as the “Limited Conditionality Provisions”), 

(a) the terms of the ABL Documentation shall be in a form such that they do not impair availability of the ABL Facility on the
Closing Date if the Conditions are satisfied (it being understood that to the extent any collateral is not provided and/or perfected on the Closing Date after your use of commercially reasonable efforts to do so without undue burden or expense (it
being understood that at a minimum (1) the granting of security interests in, and the perfection of liens on, ABL Collateral with respect to which a lien can be perfected solely by the filing of UCC-1 and Canadian Personal Property Security Act
(“PPSA”) financing statements, as well as the filing of such UCC-1 and PPSA financing statements will be provided and (2) certificated equity securities of the Borrower and its domestic and Canadian subsidiaries, if any, will
be delivered (to the extent required by the Term Sheet)), the delivery of such collateral (and/or the perfection of a security interest in such collateral) shall not constitute a condition precedent to the availability of the ABL Facility on the
Closing Date but shall be required to be delivered after the Closing Date pursuant to arrangements to be mutually agreed by the parties hereto acting reasonably); and 

(b) the only representations the making of which shall be a condition to availability of the ABL Facility on the Closing Date
shall be the Specified Representations. For purposes hereof, “Specified Representations” means (i) such of the representations made by each of UWWH and Unisource with respect to itself and their respective subsidiaries in the
Merger Agreement that are material to the interests of the Lenders, but only to the extent that you have the right (without liability) to terminate your obligations under the Merger Agreement, or to decline to consummate the Merger, as a result of a
breach of such representations in the Merger Agreement, (ii) such of the representations made by each of Spinco and xpedx with respect to itself and its respective subsidiaries in the Merger Agreement that are material to the interests of the
Lenders, but only to the extent that UWWH has the right to terminate its obligations under the Merger Agreement, or to decline to consummate the Merger, as a result of a breach of such representations in the Merger Agreement and (iii) the
representations and warranties set forth in the ABL Documentation relating to organizational existence, corporate power and authority, due authorization, execution and delivery and enforceability, in each case of the ABL Documentation, the
incurrence of the loans, the provision of guarantees and the granting of security as contemplated herein not violating or conflicting with organizational documents of the Borrower or the Guarantors, solvency as of the Closing Date (after giving
effect to the Transactions) of the Combined Business and its subsidiaries on a consolidated basis (with solvency to be defined in a manner consistent with the solvency certificate to be delivered in the form attached as Annex II to Exhibit C),
Federal Reserve margin regulations, the Investment Company Act of 1940, as amended, the Patriot Act, the use of loan proceeds not violating margin regulations or FCPA, OFAC and, subject to the provisions of this paragraph, creation, validity and
perfection of the security interests in the ABL Collateral. 
 Notwithstanding the provisions under the sections entitled “Governing
Law, Etc.” and “Governing Law and Forum” in this Commitment Letter and the Term Sheet, respectively, it is understood and agreed that (x) whether any Specified Representation described in clause (b)(i) or (b)(ii) above has been
breached, and whether as a result you have the right to terminate your obligations thereunder, or to decline to consummate the Merger and (y) whether there shall have been a Spinco Material Adverse Effect or a UWWH Material Adverse Effect shall
be determined under the laws of the State of Delaware. 

  
 -5- 

 Clear Market. 

From the date of this Commitment Letter until the Syndication Date, you will ensure that no debt securities or syndicated loan financing for
you or any of your subsidiaries, and you will use your commercially reasonable efforts to ensure that no such debt securities or syndicated loan financing for Unisource or its subsidiaries (in each case other than replacement, extensions and
renewals of existing indebtedness and any other indebtedness of you, Unisource and your and its respective subsidiaries permitted to be incurred pursuant to the Merger Agreement), in each case is announced, syndicated or placed without the prior
written consent of each Commitment Party if such financing, syndication or placement would reasonably be expected to have a materially detrimental effect upon the primary syndication of the ABL Facility. 

Indemnity and Expenses. 

You agree to indemnify and hold harmless each of the Commitment Parties, the Lead Arrangers, the Joint Bookrunners and their respective
affiliates and each director, officer, employee, advisor and agent thereof (each, an “indemnified person”) from and against any and all actions, suits, proceedings (including any investigations or inquiries), claims, losses,
damages, liabilities or expenses of any kind or nature whatsoever that may be incurred by or asserted against or involve any such indemnified person as a result of or arising out of or in any way related to or resulting from this Commitment Letter,
the Fee Letter and the transactions contemplated hereby, the providing or syndication of the ABL Facility, the enforcement of this Commitment Letter or the Fee Letter (including any reasonable attorney fees and expenses) or the actual or proposed
use of proceeds thereof or the Transactions or any claim, litigation, investigation or proceeding related to the foregoing and to pay and reimburse each indemnified person, promptly upon request, for any reasonable legal or other out-of-pocket
expenses incurred in connection with investigating, defending or preparing to defend any such action, suit, proceeding (including any inquiry or investigation) or claim; provided, however, that you shall not have to indemnify any
indemnified person or any Related Person (as defined below) of such indemnified person against any claim, loss, damage, liability or expense (x) to the extent the same resulted from the gross negligence, bad faith or willful misconduct of the
respective indemnified person or any Related Person (as defined below) of such indemnified person (as determined by a court of competent jurisdiction in a final and non-appealable judgment) or (y) arising out of any breach in any material
respect by such indemnified person or any Related Person of such indemnified person of this Commitment Letter or any ABL Documentation or (z) arising out of any action, suit, proceeding or claim that does not involve an act or omission by you
or any of your affiliates and that is brought by an indemnified person against any other indemnified person (other than any claim against any Commitment Party in its capacity or in fulfilling its role as Administrative Agent or arranger or any
similar role under the ABL Facility). In the case of an investigation, action or proceeding to which the indemnity in this paragraph applies, such indemnity and reimbursement obligations shall be effective whether or not such investigation, action
or proceeding is brought by you, your equity holders or creditors or an indemnified person, whether or not an indemnified person is otherwise a party thereto and whether or not any aspect of the Commitment Letter, the Fee Letter, the ABL Facility or
any of the Transactions is consummated. No indemnified person seeking indemnification or reimbursement under this Commitment Letter will, without your prior written consent (not to be unreasonably withheld or delayed), settle, compromise, consent to
the entry of any judgment in or otherwise seek to terminate any action, suit, proceeding (including any inquiry or investigation) or claim referred to above. You shall not, without the prior written consent of any indemnified person, effect any
settlement of any pending or threatened proceeding in respect of which such indemnified person is or could reasonably be expected to have been a party and indemnity could reasonably be expected to have been sought hereunder by such indemnified
person, unless such settlement includes an unconditional release of such indemnified person from all liability or claims that are the subject matter of such proceeding. For purposes hereof, a “Related Person” of an indemnified
person means any of its affiliates or any of its or its affiliates’ directors, officers, employees, advisors and agents. In addition, you hereby agree that all reasonable and documented out-of-pocket costs and expenses (including the reasonable
fees and expenses of Skadden, Arps, Slate, Meagher & Flom LLP and one local counsel per jurisdiction) of the Commitment Parties and their respective affiliates arising in connection with this Commitment Letter and in connection with the
transactions described herein shall be reimbursed by you solely in the event that the Closing Date 

  
 -6- 

 
occurs. Any reimbursement hereunder shall be without duplication of any reimbursement by you to the Commitment Parties and their respective affiliates under any other agreement. Notwithstanding
any other provision of this Commitment Letter, (i) no indemnified person shall be liable for any damages arising from the use by others of information or other materials obtained through electronic telecommunications or other information
transmission systems, except to the extent the same resulted from the gross negligence, bad faith or willful misconduct of such indemnified person or any Related Person of such indemnified person (as determined by a court of competent jurisdiction
in a final and non-appealable judgment) and (ii) none of you, International Paper, the Borrower, UWWH or any indemnified person shall be liable for any indirect, special, punitive or consequential damages in connection with your or their
activities related to the ABL Facility, this Commitment Letter or the Fee Letter; provided that nothing contained in this clause (ii) shall limit your indemnity or reimbursement obligations to the extent such indirect, special, punitive
or consequential damages are included in any third party claim in connection with which such indemnified person is entitled to indemnification hereunder. 

Confidentiality. 
 You
agree that, unless the Lead Arrangers have otherwise consented (such consent not to be unreasonably withheld, conditioned or delayed), neither this Commitment Letter, the Fee Letter nor the terms hereof or thereof will be disclosed by you to any
person or entity except that this Commitment Letter and the Fee Letter (but, in the case of the Fee Letter, only as contemplated in clauses (i), (ii) (to the extent the economic terms have been redacted in a manner reasonably satisfactory to
the Lead Arrangers), (iv) and (v) of this sentence) may be disclosed (i) to International Paper and to your and its officers, directors, employees, accountants, agents, attorneys and other advisors, and then only on a “need to
know” confidential basis, (ii) to UWWH, Bain Capital Partners LLC, Georgia-Pacific LLC and their respective officers, directors, employees, agents, accountants, attorneys and other advisors on a “need to know” confidential basis,
(iii) to any actual or prospective Lender or any actual or prospective lender or investor in connection with any of the Transactions, any of their respective affiliates, and any of the respective partners, officers, directors, employees,
agents, accountants, attorneys and other advisors of any of the foregoing, (iv) to the extent necessary in connection with the exercise of any remedy or enforcement of any right hereunder, (v) as may be compelled to be disclosed in, or
necessary to the defense of, any litigation or a judicial or administrative proceeding or as otherwise required by law, (vi) in any public or regulatory filing or in any proxy statement, prospectus, offering memorandum or offering circular in
connection with any of the Transactions, and (vii) to Moody’s Investor Service, Standard & Poor’s Ratings Group or any other ratings agency; it being understood that the fees contained in the Fee Letter may also be disclosed
as part of a generic disclosure of aggregate sources and uses related to the fee amount, to the extent customary or required in marketing materials, ratings agency presentations, any proxy or other public filing or any other prospectus or offering
memoranda. 
 Other Services. 

You acknowledge and agree that we and/or our affiliates may be requested to provide additional services with respect to International Paper,
the Borrower, UWWH and/or their respective affiliates or other matters contemplated hereby. Any such services will be set out in and governed by a separate agreement(s) (containing terms relating, without limitation, to services, fees and
indemnification) in form and substance satisfactory to the parties thereto. Nothing in this Commitment Letter is intended to obligate or commit us or any of our affiliates to provide any services other than as set out herein. 

You acknowledge that the Commitment Parties and their affiliates may be providing debt financing, equity capital or other services (including
financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein and otherwise. No Commitment Party will use confidential information obtained from you by virtue of
the transactions contemplated by this letter or their other relationships with you in connection with the 

  
 -7- 

 
performance by such Commitment Party of services for other companies, and no Commitment Party will furnish any such information to other companies. You also acknowledge that no Commitment Party
has any obligation to use in connection with the transactions contemplated by this letter, or to furnish to you, confidential information obtained from other companies. 

No Fiduciary Relationship. 

You hereby acknowledge that we are acting solely as agent, lender, bookmanager or lead arranger, as applicable, in connection with the ABL
Facility. You further acknowledge that we are acting pursuant to a contractual relationship created by this Commitment Letter that was entered into on an arm’s length basis and in no event do the parties intend that any of us act or be
responsible as a fiduciary to you or any of your subsidiaries, your stockholders or creditors or any other person in connection with any activity that we may undertake or have undertaken in furtherance of the ABL Facility, either before or after the
date hereof. We hereby expressly disclaim any fiduciary or similar obligations to any such person, either in connection with the ABL Facility or this Commitment Letter or any matters leading up to either, and you hereby confirm your understanding
and agreement to that effect. Each of you and we agree that you and we are each responsible for making our own independent judgments with respect to the ABL Facility, and that any opinions or views expressed by us to you regarding such transactions
do not constitute advice or recommendations to you or any of your subsidiaries and that you have consulted your own legal and financial advisors to the extent you deemed appropriate. You, on behalf of yourself and your subsidiaries, hereby waive and
release, to the fullest extent permitted by law, any claims that you or any of your subsidiaries may have against us with respect to any breach or alleged breach of any fiduciary or similar duty in connection with the transactions contemplated by
this Commitment Letter or any matters leading up to the execution of this Commitment Letter or the ABL Documentation. This paragraph does not affect any obligations that a Commitment Party may have under any written M&A advisory agreement
between a Commitment Party and you relating to the Merger. 
 Governing Law, Etc. 

This Commitment Letter and the Commitment of the Lenders shall not be assignable by you without the prior written consent of us and the
Lenders, and any purported assignment without such consent shall be void. We reserve the right to employ the services of our affiliates in providing services contemplated by this Commitment Letter and to allocate, in whole or in part, to our
affiliates certain fees payable to us in such manner as we and our affiliates may agree in our sole discretion. You also agree that each Commitment Party may at any time and from time to time assign all or any portion of its Commitment hereunder to
one or more of its affiliates; provided that no Commitment Party shall be relieved of any portion of its Commitments hereunder (other than, in the case of an Initial Commitment Party, in connection with the assignment of Commitment to an
Additional Commitment Party) prior to the funding under the ABL Facility. We agree to treat all non-public information provided to us by you as confidential information in accordance with the terms of a confidentiality agreement separately entered
into between you and us. 
 This Commitment Letter and the Fee Letter constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. No party has been authorized by any of the Commitment Parties to make any oral or written statements that
are inconsistent with this Commitment Letter and the Fee Letter. This Commitment Letter may not be amended or any provision hereof waived or modified except with the written consent of each party hereto. This Commitment Letter may be executed in any
number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile or other electronic
transmission shall be effective as delivery of a manually executed counterpart of this Commitment Letter. Headings are for convenience of reference only 

  
 -8- 

 
and shall not affect the construction of, or be taken into consideration when interpreting, this Commitment Letter. This Commitment Letter is intended to be for the benefit of the parties hereto
and is not intended to confer any benefits upon, or create any rights in favor of, and may not be relied on by, any persons other than the parties hereto, the Lenders and, with respect to the indemnification provided under the heading
“Indemnity and Expenses,” each indemnified person. 
 Each of the parties hereto agrees that (i) this Commitment Letter is a
binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether
considered in a proceeding in equity or law)) with respect to the subject matter contained herein, including an agreement to negotiate in good faith the ABL Documentation by the parties hereto in a manner consistent with this Commitment Letter, it
being acknowledged and agreed that the funding of the ABL Facility is subject to the Conditions and (ii) the Fee Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law)) of the parties thereto with respect to the subject matter set
forth therein. 
 THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. With respect to all matters relating to this Commitment Letter or any other letter agreement or other
undertaking concerning the financing of the Transactions and the financing contemplated under those agreements or undertakings, each of the parties hereto hereby irrevocably and unconditionally, on behalf of itself and to the extent it may lawfully
do so, its parent entities, present and future subsidiaries, affiliates, transferees, assigns, acquirers, officers, directors, employees, partners, members, shareholders, and successors in interest, (i) submits to the exclusive jurisdiction of
the U.S. District Court for the Southern District of New York State or, if that court does not have subject jurisdiction, in any State court located in the City and County of New York, (ii) agrees that all claims related to this Commitment
Letter or any other letter agreement or other undertaking concerning the financing of the Transactions and/or the financing contemplated thereunder shall be heard and determined in such courts, and agrees not to assert or support any such claims
other than in such courts, (iii) waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum, (iv) agrees that a final judgment of such courts shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law, and (v) waives any immunity (sovereign or otherwise) from jurisdiction of any court or from any legal process or setoff to which it or its properties or assets may be entitled.
Nothing herein will affect the right of any party to serve legal process in any other manner permitted by law. 
 TO THE MAXIMUM EXTENT
PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM, CONTROVERSY OR DISPUTE (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS LETTER OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF ANY COMMITMENT PARTY OR ANY OF THEIR RESPECTIVE AFFILIATES IN THE NEGOTIATION, PERFORMANCE, OR ENFORCEMENT OF THIS COMMITMENT LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF ANY
COMMITMENT PARTY OR ANY OF THEIR RESPECTIVE AFFILIATES IN THE NEGOTIATION, PERFORMANCE, OR ENFORCEMENT OF THIS COMMITMENT LETTER. 

  
 -9- 

 Patriot Act. 

We hereby notify you that pursuant to the requirements of the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Patriot Act”), we and the other Lenders may be required to obtain, verify and record information that identifies
the Borrower, which information includes the name, address and tax identification number and other information regarding them that will allow us or such Lender to identify them in accordance with the Patriot Act. This notice is given in accordance
with the requirements of the Patriot Act and is effective as to us and the Lenders. 
 Please indicate your acceptance of the terms of this
Commitment Letter and the Fee Letter by returning to us executed counterparts of this Commitment Letter and the Fee Letter not later than 9:00 a.m., New York City time, on January 28, 2014, whereupon the undertakings of the parties shall become
effective to the extent and in the manner provided hereby. This offer shall terminate if not so accepted by you on or prior to that time. Upon the earliest to occur of (A) the execution and delivery of the ABL Documentation by all of the
parties thereto and the occurrence of the funding of the ABL Facility, (B) the Expiration Date, if the ABL Documentation shall not have been executed and delivered by all such parties, and the funding of the ABL Facility shall not have
occurred, prior to that date or (C) the closing of the Merger Agreement without the use of the ABL Facility or (D) the termination of the Merger Agreement, this Commitment Letter and the Commitments of the Lenders and the agreement of the
Lead Arrangers to provide the services described herein shall automatically terminate unless the Commitment Parties and the Lead Arrangers shall, in their discretion, agree to an extension. “Expiration Date” means January 5,
2015. 
 You shall have the right to terminate this Commitment Letter and the Commitments of the Commitment Parties hereunder at any time
upon written notice to them from you, subject to your surviving obligations as set forth in this paragraph. The provisions of this Commitment Letter and the Fee Letter relating to the payment of fees and expenses and indemnification and the
provisions of the Sections titled “Syndication”, “Clear Market”, “Confidentiality”, “No Fiduciary Relationship” and “Governing Law, Etc.” will survive the expiration or termination of this Commitment
Letter (including any extensions thereof) but (x) the provisions of the Sections titled “Syndication” and “Clear Market” will survive the expiration or termination of this Commitment Letter (including any extensions thereof)
only if this Commitment Letter terminates pursuant to clause (A) of the penultimate sentence of the preceding paragraph, in which case such provisions shall survive until the Syndication Date and (y) your obligations under this Commitment
Letter, other than those relating to the confidentiality of the Fee Letter and syndication of the ABL Facility, shall automatically terminate and be superseded by the ABL Documentation upon the initial funding thereunder and the payment of all
amounts owing at such time hereunder and under the Fee Letter, and you shall be automatically released from all liability in connection therewith at such time. 

[Signature Page Follows] 

  
 -10- 

 We are pleased to have been given the opportunity to assist you in connection with the financing
for the Transactions. 
  

			
	Very truly yours,
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ John C. McMeramian

		 	Name: John C. McMeramian
		 	Title: Director
	
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
		
	By:	 	 /s/ John C. McMeramian

		 	Name: John C. McMeramian
		 	Title: Director

  
 [Signature Page to
Commitment Letter] 

 
			
	WELLS FARGO BANK, N.A.
		
	By:	 	 /s/ Rob Griffin

		 	Name: Rob Griffin
		 	Title: Managing Director

  
 [Signature Page to
Commitment Letter] 

 
			
	SUNTRUST ROBINSON HUMPHREY, INC.
		
	By:	 	 /s/ Marc P. Schlachter

		 	Name: Marc P. Schlachter
		 	Title: Director
	
	SUNTRUST BANK
		
	By:	 	 /s/ Seth Meier

		 	Name: Seth Meier
		 	Title: Director

  
 [Signature Page to
Commitment Letter] 

			
	Accepted and agreed to as of the date first written above:
	
	XPEDX HOLDING COMPANY
		
	By:	 	 /s/ C. Cato Ealy

		 	Name: C. Cato Ealy
		 	Title: Vice President

  
 [Signature Page to
Commitment Letter] 

 EXHIBIT A 

DESCRIPTION OF THE TRANSACTIONS 

Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the Commitment Letter to which this Exhibit A is
attached, including the other exhibits thereto. 
 Pursuant to the Agreement and Plan of Merger, dated as of January 28, 2014 (the
“Merger Agreement”), among International Paper Company (“International Paper”), xpedx Holding Company (“Spinco”), xpedx Intermediate, LLC (“xpedx Intermediate”), xpedx, LLC
(“xpedx”), UWW Holdings, LLC (“UWWH Holdco”), UWW Holdings, Inc. (“UWWH”) and Unisource Worldwide, Inc. (“Unisource”) and the Contribution and Distribution Agreement dated as of
January 28, 2014 (the “Contribution Agreement”), among International Paper, Spinco, UWWH and UWWH Holdco, the following transactions (the “Transactions”) will happen: 

Step 1 – International Paper will contribute (directly or indirectly) various assets and liabilities forming its xpedx business to xpedx.

 Step 2 – International Paper will contribute (directly or indirectly) all of the membership interest in xpedx to xpedx Intermediate.

 Step 3 – International Paper will contribute (directly or indirectly) all of the membership interest in xpedx Intermediate to Spinco.

 Step 4 – xpedx will incur indebtedness under the ABL Facility (the “First Draw”) and will distribute all or a
portion of the proceeds to xpedx Intermediate, which will in turn distribute such proceeds to Spinco to fund the Special Payment (as defined in the Contribution Agreement) to International Paper. 

Step 5 – Spinco will make the Special Payment to International Paper. 

Step 6 – International Paper will distribute all of its shares of Spinco common stock to International Paper stockholders. 

Step 7 – UWWH will merge (the “Merger”) with and into Spinco, with Spinco being the surviving corporation. 

Step 8 – xpedx Intermediate will merge (the “Subsidiary Merger”) with and into Unisource, with Unisource being the
surviving corporation (such surviving entity, the “Combined Business”). 
 Step 9 – Unisource will accede to and incur
indebtedness under the ABL Facility (the “Second Draw”), the proceeds of which will be used to refinance the Repaid Indebtedness (as defined below). 

All third party indebtedness for borrowed money of Unisource and its subsidiaries (other than indebtedness incurred or issued pursuant to the
Transactions) that is outstanding on the Closing Date will be repaid, redeemed, defeased or otherwise discharged (or irrevocable notice for the redemption thereof will be given) (collectively, the “Repaid Indebtedness”), except for
capitalized lease obligations and except for any existing third party indebtedness for borrowed money of Unisource and its subsidiaries (“Existing Indebtedness”) listed in Annex I to this Exhibit A or that the Borrower has requested
to be permitted to remain outstanding with the approval of the Lead Arrangers (not to be unreasonably withheld). 

  
 A-1 

 ANNEX I to EXHIBIT A 

Surviving Indebtedness 
 None. 

  
 A-2 

 EXHIBIT B 

SUMMARY OF PRINCIPAL TERMS AND CONDITIONS1 

 

			
	Borrower:	  	 (a) Initially, xpedx; and
  

(b) following the Subsidiary Merger, (x) xpedx, (y) Unisource (the “Company” and together with xpedx, the “U.S. Borrowers”),
which following the Subsidiary Merger will be a wholly owned subsidiary of Spinco (Spinco being also referred to as “Holdings”) and (z) solely with respect to the Canadian ABL Facility, Unisource Canada Inc. (the “Canadian
Borrower” and collectively with the U.S. Borrowers, the “Borrower Entities”).

		
	Transactions:	  	As set forth in Exhibit A to the Commitment Letter.
		
	Administrative Agent and Collateral Agent:	  	Bank of America will act as sole administrative agent and sole collateral agent (in such capacities, the “Administrative Agent”) for a syndicate of banks, financial institutions and other institutional lenders and
investors reasonably acceptable to the Lead Arrangers and the Borrower, excluding any Disqualified Lender (together with the Commitment Parties, the “Lenders”), and will perform the duties customarily associated with such
roles.
		
	Lead Arrangers and Joint Bookrunners:	  	MLPF&S, Wells Fargo and STRH will act as lead arrangers (together with any additional lead arranger appointed pursuant to the section of the Commitment Letter entitled “Titles and Roles,” each in such capacity, a
“Lead Arranger” and, together, the “Lead Arrangers”), and MLPF&S, Wells Fargo and STRH will act as joint bookrunners (together with any additional bookrunner appointed pursuant to the section of the Commitment
Letter entitled “Titles and Roles,” each in such capacity, a “Joint Bookrunner” and, together, the “Joint Bookrunners”), in each case for the ABL Facility, and each will perform the duties customarily
associated with such roles.
		
	Co-Syndication Agents:	  	Wells Fargo and SunTrust Bank will act as co-syndication agents for the ABL Facility.
		
	Co-Documentation Agents:	  	Such Additional Commitment Parties as may be selected by the Borrower.
		
	ABL Facility:	  	 An asset-based revolving credit facility in an aggregate principal amount of up to $1,400 million (the “ABL Facility”),
consisting of:
  
 (i) a $1,2502
million revolving facility made available to the U.S. Borrowers on the Closing Date (the “Tranche A U.S. Facility”, and the loans thereunder, the “Tranche A U.S. Loans”; the commitments thereunder, the
“Tranche A U.S. Commitments”);

  

	1 	All capitalized terms used but not defined herein shall have the meanings provided in the Commitment Letter to which this summary is attached. 

	2 	Amount to be reduced by Tranche A-1 U.S. Facility amount. 

  
 B-1 

			
		  	  
 (ii) a first-in, last-out facility made available to the U.S. Borrowers
on the Closing Date (the “Tranche A-1 U.S. Facility”, and the loans thereunder, the “Tranche A-1 U.S. Loans”; the commitments thereunder, the “Tranche A-1 U.S. Commitments”);

 
 (iii) a $1503 million revolving
facility made available to the Canadian Borrower on the Closing Date (the “Tranche A Canadian Facility”, and the loans thereunder, the “Tranche A Canadian Loans”; the commitments thereunder, the “Tranche A
Canadian Commitments”); and
  
 (iv) a first-in, last-out facility made available
to the Canadian Borrower on the Closing Date (the “Tranche A-1 Canadian Facility”, and the loans thereunder, the “Tranche A-1 Canadian Loans”; the commitments thereunder, the “Tranche A-1 Canadian
Commitments”).
  
 The following terms shall have the following meanings:

 
 “U.S. ABL Facility” shall mean the Tranche A U.S. Facility and the
Tranche A-1 U.S. Facility.
  
 “U.S. Loans” shall mean the Tranche A U.S.
Loans and the Tranche A-1 U.S. Loans.
  
 “U.S. Commitments” shall mean
the Tranche A U.S. Commitments and the Tranche A-1 U.S. Commitments.
  
 “Canadian
ABL Facility” shall mean the Tranche A Canadian Facility and the Tranche A-1 Canadian Facility.
  

“Canadian Loans” shall mean the Tranche A Canadian Loans and the Tranche A-1 Canadian Loans.

 
 “Canadian Commitments” shall mean the Tranche A Canadian Commitments and
the Tranche A-1 Canadian Commitments.
  
 “Tranche A Facility” shall mean
the Tranche A U.S. Facility and the Tranche A Canadian Facility.
  
 “Tranche A-1
Facility” shall mean the Tranche A-1 U.S. Facility and the Tranche A-1 Canadian Facility.
  

“Tranche A Loans” shall mean the Tranche A U.S Loans and the Tranche A Canadian Loans.

 
 “Tranche A-1 Loans” shall mean the Tranche A-1 U.S Loans and the Tranche
A-1 Canadian Loans.
  
 “ABL Loans” (the commitments thereunder, the
“ABL Commitments”) shall mean the Tranche A Loans and the Tranche A-1 Loans.

 

	3 	 Amount to be reduced by Tranche A-1 Canadian Facility amount. 

  
 B-2 

			
		  	 An amount to be agreed of each of the U.S. ABL Facility and Canadian ABL Facility will be available in the form of ABL Letters of Credit (as
defined below). At the Company’s election, all or a portion of the Canadian Commitments may be reallocated from time to time to the U.S. ABL Facility and all or a portion of the U.S. Commitments may be reallocated from time to time to the
Canadian ABL Facility up to a cap to be agreed on the maximum size of the Canadian ABL Facility.
  

The obligations in respect of the U.S. ABL Facility will be the joint and several obligations of each of the U.S. Borrowers. Notwithstanding anything herein to
the contrary, the Canadian Borrower shall not be jointly or jointly and severally liable with the U.S. Borrowers for any liabilities or obligations of the U.S. Borrowers under the ABL Facility.

		
		  	The ABL Facility shall be available to be drawn in US dollars, in the case of the U.S. Loans, and in Canadian dollars, in the case of the Canadian Loans, and other currencies as may be mutually agreed.
		
	Swingline Loans:	  	In connection with the ABL Facility, Bank of America (in such capacity, the “Swingline Lender”) will make available to the U.S. Borrowers a $75 million swingline facility under which the U.S. Borrowers may make
short-term borrowings upon same-day notice (in minimum amounts to be mutually agreed upon and integral multiples to be agreed upon) of up to an amount to be agreed. Except for purposes of calculating the commitment fee described below, any such
swingline borrowings will reduce availability under the U.S. ABL Facility on a dollar-for-dollar basis.
		
		  	Upon notice from the Swingline Lender, the Lenders will be unconditionally obligated to purchase participations in any swingline loan pro rata based upon their ABL Commitments. The Swingline Lender shall provide a weekly statement
of the amount of swingline loans outstanding and settle the outstanding swingline loans with the Lenders on a weekly basis.
		
		  	If any Lender becomes a defaulting lender (to be defined in a manner consistent with the ABL Documentation Considerations), then the swingline exposure of such defaulting lender will automatically be reallocated among the
non-defaulting lenders pro rata in accordance with their ABL Commitments up to an amount such that the revolving credit exposure of such non-defaulting lender does not exceed its ABL Commitments. In the event such reallocation does not fully cover
the exposure of such defaulting lender, the Swingline Lender may require the U.S. Borrowers to repay such “uncovered” exposure in respect of the swingline loans and will have no obligation to make new swingline loans to the extent such
swingline loans would exceed the ABL Commitments in respect of the U.S. ABL Facility of the non-defaulting lenders.
		
	Incremental Facilities:	  	The ABL Documentation will permit the Borrower Entities to increase commitments under the ABL Facility and the Borrower Entities and any of their restricted subsidiaries to obtain new commitments (any such increase or new
commitments, an “Incremental ABL Revolving Facility”) and/or add one or more term loan facilities (each, an “Incremental ABL Term Facility”; each of the Incremental ABL Revolving Facility and the Incremental ABL
Term Facility, an “Incremental Facility”); provided that (i) no Specified Default (as defined below) exists, or would exist, after giving effect thereto or, in the case of a Limited Condition Acquisition (as defined below),
as of the date the definitive acquisition agreements for such Limited

  
 B-3 

			
		  	Condition Acquisition are entered into, (ii) the Company shall deliver at the closing of an Incremental Facility a customary certificate bringing down the representations and warranties, except that if such Incremental Facility is
incurred in connection with a permitted acquisition or investment, there shall be no requirement for the Borrower Entities to bring down the representations and warranties unless otherwise required by the lenders providing such Incremental Facility,
(iii) the final maturity of any Incremental ABL Term Facility shall be no earlier than the latest final maturity of the ABL Facility and any other then-existing Incremental Facility, (iv) pricing for any Incremental ABL Revolving Facility, in the
form of a last-out facility or non-U.S./non-Canadian jurisdiction facility shall be on terms as agreed with the new lenders, with no “MFN”, (v) pricing for any Incremental ABL Revolving Facility not in the form of a last-out facility or
non-U.S./non-Canadian jurisdiction facility shall be on terms as agreed with the lenders providing such Incremental ABL Revolving Facility, provided that the ABL Facility shall benefit from “MFN” pricing protection with a 25 bps
cushion, (vi) the borrowing base and related foreign collateral and subsidiary guarantees with respect to any non-U.S./non-Canadian jurisdiction shall be on terms agreed with the lenders providing such facility and reasonably satisfactory to the
Administrative Agent, (vii) the jurisdiction and currency of any non-U.S./non-Canadian Incremental Facility shall be on terms agreed with the lenders providing such facility and reasonably satisfactory to the Administrative Agent, (viii) after
giving effect to any Incremental Facility, the aggregate amount of commitments and the aggregate principal outstanding amounts under all Incremental Facilities shall not exceed $400 million and the aggregate amount of commitments under the ABL
Facility and principal outstanding amounts under any Incremental ABL Term Facilities shall not exceed $1,800 million, (ix) annual amortization of an Incremental ABL Term Facility shall be subject to a cap to be agreed (but not less than 1% per
annum), (x) except in the case of new commitments to non-U.S./non-Canadian subsidiaries, no Incremental Facility shall be guaranteed by subsidiaries that are not Guarantors (as defined below) or be secured on a senior basis, and (xi) any
Incremental ABL Revolving Facility shall be on terms and pursuant to documentation applicable to the ABL Facility, except (a) as set forth above and (b) any commitment, arrangement, upfront or similar fees that may be agreed to among the Borrower
Entities and the lenders providing such additional commitments and except in the case of an Incremental ABL Revolving Facility in the form of a last-out facility or new commitments to non-U.S./non-Canadian subsidiaries, which shall have terms as may
be agreed to among the Borrower Entities and the lenders providing such facility (which terms and documentation, in the case of a last-out facility, shall be reasonably satisfactory to the Administrative Agent). Any Incremental ABL Term Facility
shall reduce borrowing availability under the ABL Facility. An Incremental ABL Revolving Facility may provide commitments for additional Tranche A Loans or Tranche A-1 Loans or may be in the form of a separate “first-in, last-out” tranche
(subject to customary requirements consistent with the ABL Precedent Documentation).
		
		  	As used herein, “Limited Condition Acquisition” means any acquisition permitted pursuant to the ABL Documentation whose consummation is not conditioned on the availability of, or on obtaining, third party
financing.
		
		  	The Borrower Entities may, but shall not be required to, seek commitments in respect of the Incremental ABL Facilities from existing Lenders (each of which shall be entitled to agree or decline to participate, in its sole
discretion) and additional banks, financial institutions and other institutional lenders who will become Lenders

  
 B-4 

			
		
		  	in connection therewith (“Additional Lenders”); provided that the Administrative Agent, the Swingline Lender and the Issuing Bank shall have consent rights (not to be unreasonably withheld) with respect to
such Additional Lender, if such consent would be required under the heading “Assignments and Participations” for an assignment of loans or commitments, as applicable, to such Additional Lender.
		
	Purpose:	  	(A) The letters of credit and proceeds of ABL Loans (except as set forth below) may be used by the Borrower Entities and their subsidiaries for working capital and other general corporate purposes, including the financing of
permitted acquisitions and other permitted investments and dividends and other permitted distributions on account of the capital stock of the Company, to finance the Transactions as set forth in Exhibit A to the Commitment Letter, to refinance
indebtedness of UWWH and its subsidiaries existing on the Closing Date and to pay fees and expenses in connection with any of the foregoing.
		
		  	(B) The proceeds of any Incremental Facility may be used by the Borrower Entities and their subsidiaries for working capital and other general corporate purposes, including the financing of permitted acquisitions, other permitted
investments and dividends and other permitted distributions on account of the capital stock of the Company.
		
	Availability:	  	Overall borrowing availability under the ABL Facility, which will be determined separately for the U.S. ABL Facility and the Canadian ABL Facility, will be equal to the lesser of (a) the aggregate amount of applicable ABL
Commitments and (b) the applicable Borrowing Base (such lesser amount at any time, the “Maximum Borrowing Amount”). “Excess Availability” means at any time (x) the aggregate Maximum Borrowing Amount minus
(y) the sum of the aggregate outstanding amount of ABL Loans (including protective advances), swingline borrowings (in the case of the U.S. ABL Facility), unreimbursed drawings under ABL Letters of Credit and the undrawn amount of outstanding
ABL Letters of Credit under each ABL Facility. Any unutilized U.S. Borrowing Base under the U.S. ABL Facility may be utilized by the Canadian Borrower under the Canadian ABL Facility.
		
		  	All borrowings shall be borrowed first as Tranche A-1 Loans and thereafter as Tranche A Loans.
		
		  	Subject to the Borrowing Base, the ABL Facility will be available on and after the date that all Conditions have been satisfied (the “Closing Date”) and at any time prior to the final maturity of the ABL Facility.
Additionally, subject to availability under the Borrowing Base, letters of credit issued under facilities no longer available to the Borrower Entities or their subsidiaries as of the Closing Date may be “rolled over” on the Closing Date
and/or new letters of credit may be issued on the Closing Date in order to, among other things, backstop or replace letters of credit outstanding on the Closing Date under such facilities. Otherwise, letters of credit and ABL Loans will be available
at any time that is five business days prior to the final maturity of the ABL Facility, in minimum principal amounts to be agreed upon. Amounts repaid under the ABL Facility may be reborrowed.
		
	Interest Rates and Fees:	  	As set forth on Annex I hereto.

  
 B-5 

			
	Default Rate:	  	With respect to overdue principal, at the applicable interest rate plus 2.00% per annum, and with respect to any other overdue amount (including overdue interest), at the interest rate applicable to ABR loans (as defined in Annex I)
plus 2.00% per annum, which, in each case, shall be payable on demand.
		
	Letters of Credit:	  	An aggregate to be mutually agreed will be available to the Borrower Entities for the purpose of issuing letters of credit under the U.S. ABL Facility and the Canadian ABL Facility (the “ABL Letters of Credit”). ABL
Letters of Credit will be issued by Bank of America (or an affiliate) under the U.S. ABL Facility and under the Canadian ABL Facility and/or, in each case, one or more other Lenders who agree to issue such letters of credit reasonably acceptable to
the Borrower and the Administrative Agent (each an “Issuing Bank”). Each ABL Letter of Credit shall expire not later than the earlier of (a) 12 months after its date of issuance and (b) the fifth business day prior to the final
maturity of the ABL Facility; provided that any ABL Letter of Credit may provide for renewal thereof for additional periods of up to 12 months (which in no event shall extend beyond the date referred to in clause (b) above, except to the
extent agreed to by the Issuing Bank and cash collateralized or backstopped pursuant to arrangements reasonably acceptable to the Issuing Bank). The face amount of any outstanding ABL Letter of Credit (and, without duplication, any unpaid drawing in
respect thereof) will reduce availability under the ABL Facility on a dollar-for-dollar basis.
		
		  	Drawings under any ABL Letter of Credit shall be reimbursed by the relevant Borrower Entity (whether with its own funds or with the proceeds of loans under the ABL Facility) within one business day after notice of such drawing is
received by it from the relevant Issuing Bank (with interest payable thereon as customarily provided). The Lenders will be irrevocably and unconditionally obligated to acquire participations in each letter of credit, pro rata in accordance with
their ABL Commitments, and to fund such participations in the event the Borrower Entities do not reimburse an Issuing Bank for drawings within the time period specified above.
		
		  	If any Lender becomes a defaulting lender, then the ABL Letter of Credit exposure of such defaulting lender will automatically be reallocated among the non-defaulting lenders pro rata in accordance with their ABL Commitments up to
an amount such that the revolving credit exposure of such non-defaulting lender does not exceed its commitments. In the event that such reallocation does not fully cover the ABL Letter of Credit exposure of such defaulting lender, the applicable
Issuing Bank may require the Borrower Entities to cash collateralize such “uncovered” exposure in respect of each outstanding ABL Letter of Credit and will have no obligation to issue new ABL Letters of Credit, or to extend, renew or amend
existing ABL Letters of Credit to the extent ABL Letter of Credit exposure would exceed the ABL Commitments of the non-defaulting lenders, unless such “uncovered” exposure is cash collateralized to the Issuing Bank’s reasonable
satisfaction.
		
	Final Maturity:	  	 The ABL Facility will mature, and lending commitments thereunder will terminate, on the date that is five years after the Closing Date.

 
 The ABL Documentation shall contain customary “amend and extend” provisions
pursuant to which individual Lenders may agree to extend the maturity date of their outstanding ABL Commitments or commitments under any Incremental ABL Facility (which may include, among other things, an increase in the interest rate payable with
respect to the loans under such facilities or the undrawn commitment

  
 B-6 

			
		  	fee payable with respect to such commitments, with such extensions not subject to any “default stoppers”, financial tests or “most favored nation” pricing provisions) upon the request of the Borrower Entities and
without the consent of any other Lender (it is understood that (i) no existing Lender will have any obligation to commit to any such extension and (ii) each Lender under the class being extended shall have the opportunity to participate in such
extension on the same terms and conditions as each other Lender under such class).
		
	Borrowing Base:	  	The Borrowing Base will be calculated separately for the U.S. Borrowers and the Canadian Borrower. In each case, it will be comprised of the Tranche A Borrowing Base plus the Tranche A-1 Borrowing Base (together the
“Borrowing Base”).
		
		  	The “Tranche A Borrowing Base” at any time shall equal the sum of:
		
		  	 (a)    the lesser of 85% of the appraised net orderly liquidation value of eligible inventory and 85% of the cost
of eligible inventory (in each case including eligible in-transit and letter of credit inventory) of the relevant Borrower Entities and the relevant Guarantors, plus

		
		  	 (b)    85% of eligible accounts receivable of the relevant Borrower Entities and the relevant Guarantors,
plus

		
		  	 (c)    90% of eligible credit card receivables of the relevant Borrower Entities and the relevant Guarantors,
minus

		
		  	 (d)    customary reserves (as described below).

		
		  	The “Tranche A-1 Borrowing Base” at any time shall equal the sum of:
		
		  	 (a)    the lesser of 5% of the appraised net orderly liquidation value of eligible inventory and 5% of the cost of
eligible inventory (in each case including eligible in-transit and letter of credit inventory) of the relevant Borrower Entities and the relevant Guarantors, plus

		
		  	 (b)    5% of eligible accounts receivable of the relevant Borrower Entities and the relevant Guarantors,
plus

		
		  	 (c)    5% of eligible credit card receivables of the relevant Borrower Entities and the relevant
Guarantors.

		
		  	Eligibility criteria for eligible inventory, eligible accounts receivable, eligible credit card receivables, eligible in-transit inventory and eligible letter of credit inventory shall be set forth in the ABL Documentation in a
manner consistent with the ABL Documentation Considerations.
		
		  	The Borrowing Base will be computed by the Borrower Entities monthly (or more frequently as the Borrower Entities may elect; provided that if such election is exercised, it must be continued until the date that is 60 days
after the date of such election), and a certificate (the “Borrowing Base Certificate”) presenting the Borrower Entities’ computation of the Borrowing Base will be delivered to the Administrative Agent promptly, but in no event
later than the 25th calendar day

  
 B-7 

			
		  	following the end of each calendar month; provided, however, that during the continuance of a Cash Dominion Period, the Borrower Entities will be required to compute the Borrowing Base and deliver a Borrowing Base
Certificate on a weekly basis until the date on which such Cash Dominion Period is cured or waived; provided, further, that in the event of a sale or other disposition of a material amount of ABL Priority Collateral (or a sale or other
disposition of the stock of a Borrower Entity or a Guarantor that owns a material amount of ABL Priority Collateral), promptly following the consummation of such sale or other disposition, the Borrower Entities will be required to deliver an updated
Borrowing Base Certificate which computes the Borrowing Base after giving effect to such sale or other disposition.
		
		  	The Administrative Agent will have the right to establish and modify reserves against the Borrowing Base assets in its Permitted Discretion (as defined in the ABL Precedent Documentation), with five business days’ prior written
notice to the Borrower Entities.
		
	Guarantees:	  	All obligations of the Borrower Entities under the ABL Facility (the “Borrower ABL Obligations”) and under any interest rate protection or other swap or hedging arrangements (other than any obligation of any
Guarantor to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act (a “Swap”) if, and to the extent that, all or a portion
of the guarantee by such Guarantor of, or the grant by such Loan Party of a security interest to secure, such Swap (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation, or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof)) and obligations under cash management arrangements, in each case identified by the Borrower Entities and entered into with a Lender, Lead Arranger, Joint
Bookrunner, the Administrative Agent or any affiliate of a Lender, Lead Arranger, Joint Bookrunner or the Administrative Agent at the time such transaction is entered into as well as certain non-lender parties (“Hedging/Cash Management
Arrangements”) will be unconditionally and irrevocably guaranteed jointly and severally on a senior basis (the “ABL Guarantees”) by each existing and subsequently acquired or organized direct or indirect wholly owned
restricted subsidiary of the Borrower Entities (the “Subsidiary Guarantors”) and by Holdings (together with the Subsidiary Guarantors, the “Guarantors”; the Guarantors together with the Borrower Entities, the
“Loan Parties”); provided that the Subsidiary Guarantors shall not include (a) unrestricted subsidiaries, (b) immaterial or other excluded subsidiaries (to be defined in a mutually acceptable manner), (c) any subsidiary (x)
that is prohibited from guaranteeing the ABL Facility by applicable law, rule or regulation or by any contractual obligation existing on the Closing Date or on the date any such subsidiary is acquired (so long as, in respect of any such contractual
prohibition, such prohibition is not incurred in contemplation of such acquisition), or (y) that would require governmental (including regulatory) consent, approval, license or authorization to provide a Guarantee, or (z) for which the provision of
a Guarantee would result in a material adverse tax consequence (including as a result of the operation of Section 956 of the Internal Revenue Code of 1986, as amended (the “IRS Code”), or any similar law or regulation in any
applicable jurisdiction) to the Borrower or one of its subsidiaries (as reasonably determined by the Borrower in consultation with the Administrative Agent), (d) any direct or indirect non-U.S. subsidiary (other than, solely in the case of the
Canadian ABL Facility, any direct or indirect wholly owned restricted subsidiary of the

  
 B-8 

			
		  	Borrower Entities that is organized under the laws of Canada or any province or other political subdivision thereof and, where such entity organized in Canada is an entity other than a corporation, which is a resident of Canada for
the purposes of the Income Tax Act (Canada) (each, a “Canadian Subsidiary”)) of the Company (it being understood that a direct or indirect U.S. subsidiary of the Company, substantially all of whose assets consist of capital
stock and/or indebtedness of one or more foreign subsidiaries, intellectual property relating to such foreign subsidiaries and any other assets incidental thereto (a “FSHCO”), will be deemed a non-U.S. subsidiary for purposes of
this provision) or any direct or indirect U.S. subsidiary of a direct or indirect non-U.S. subsidiary of a Borrower Entity and (e) any not-for-profit subsidiaries, captive insurance companies or other special purpose subsidiaries.
		
		  	 Notwithstanding the foregoing, subsidiaries may be excluded from the guarantee requirements in circumstances where the Administrative Agent
and the Borrower reasonably agree that the cost of providing such a guarantee is excessive in relation to the value afforded thereby.
  

Notwithstanding anything herein to the contrary, no Canadian Borrower or Canadian Subsidiary shall be required to guarantee the obligations of any Borrower
Entity or Guarantor under the U.S. ABL Facility.

		
	Security:	  	Subject to the limitations set forth below in this section and subject to the Limited Conditionality Provisions, the Borrower ABL Obligations, the ABL Guarantees and the Hedging/Cash Management Arrangements (collectively, the
“ABL Secured Obligations”) will be secured by:
		
		  	(i) a perfected first priority (subject to certain permitted liens) security interest in substantially all personal property of the Borrower Entities and the Guarantors consisting of all accounts receivable, credit card receivables,
other receivables, inventory, cash, deposit accounts, securities and commodity accounts, documents, supporting obligations, books and records related to the foregoing (but excluding, for the avoidance of doubt, intellectual property; provided
that, subject to any applicable intercreditor agreements, the Administrative Agent shall have a license allowing the use of such intellectual property and customary access rights as may be necessary or desirable for the liquidation of the ABL
Collateral in addition to the benefit of other customary intercreditor provisions relating to access and use of non-ABL Collateral) and general intangibles evidencing, governing, securing or otherwise relating to the foregoing (the “ABL
General Intangibles”) other property that is customarily treated as priority collateral for similar asset-based lending facilities and, in each case, proceeds (including insurance proceeds) in respect thereof (other than Excluded Collateral
(to be defined in a mutually agreeable manner given effect to the ABL Documentation Considerations), the “ABL Priority Collateral”).
		
		  	(ii) a security interest in substantially all the present and after-acquired tangible and intangible assets of the Borrower Entities and each Subsidiary Guarantor, and in the capital stock of the Borrower Entities, including the
capital stock of Unisource owned by Holdings (collectively, but excluding the ABL Priority Collateral, Excluded Collateral and Excluded Assets (to be defined in a mutually agreeable manner), the “Non-ABL Priority Collateral” and
together with the ABL Priority Collateral, the “ABL Collateral”), which may be second in priority (subject to an intercreditor agreement in form and substance generally consistent with the ABL Documentation Precedent, taken as a
whole) to the extent the Borrower Entities have

  
 B-9 

			
		  	incurred obligations secured by a first priority lien on the Non-ABL Priority Collateral and which shall include (except as to Excluded Assets) but not be limited to (a) a perfected pledge of all the capital stock of the
Borrower Entities and each direct, wholly owned material restricted subsidiary held by the Borrower Entities or any Subsidiary Guarantor (which pledge, in the case of the U.S. ABL Facility and any non-U.S. subsidiary, shall be limited to 65% of each
series of capital stock of such foreign subsidiary, it being understood that a FSHCO will be deemed a non-U.S. subsidiary for purposes of this provision) and (b) perfected security interests in, and mortgages on, equipment, general intangibles
(other than ABL General Intangibles), investment property, intellectual property, material fee-owned real property, intercompany notes and proceeds of the foregoing (it being understood that, in the case of any material fee-owned real property
located in a flood zone, evidence of appropriate flood insurance shall be presented to the Collateral Agent prior to or concurrently with any mortgage being granted thereon).
		
		  	The pledges of and security interests in and mortgages on the ABL Priority Collateral and the Non-ABL Priority Collateral granted by each of the Borrower Entities and Guarantors shall secure its own respective ABL Secured
Obligations. For the avoidance of doubt, (I) no actions in any non-U.S./non-Canadian jurisdiction or required by the laws of any non-U.S./non-Canadian jurisdiction shall be required in order to create any security interests in assets located or
titled outside of the U.S. or Canada or to perfect any security interests therein (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any non-U.S./non-Canadian jurisdiction) and (II) to the
extent not automatically perfected by filings under the Uniform Commercial Code or PPSA in the proper jurisdictions, no Loan Party shall be required to take any actions in order to perfect any security interests granted with respect to any assets
specifically requiring perfection through control (but excluding the assets described in (x) clause (ii)(a) above and deposit accounts and (y) securities accounts as described under the heading “Cash Dominion”).
		
		  	All the above-described pledges, security interests and mortgages shall be created on terms substantially similar to those set forth in the ABL Precedent Documentation, after giving effect to the ABL Documentation Considerations (as
defined below); and none of the ABL Collateral shall be subject to other pledges, security interests or mortgages, other than certain customary permitted encumbrances and other exceptions and baskets to be set forth in the ABL Documentation,
substantially similar to the exceptions and baskets set forth in the ABL Precedent Documentation, after giving effect to the ABL Documentation Considerations. Without limiting the foregoing, the ABL Documentation will allow additional debt that is
permitted under the ABL Documentation to be incurred and secured on a junior priority basis with respect to the ABL Priority Collateral and on (at the Borrower’s option) a first, pari passu or junior priority basis with respect to the Non-ABL
Priority Collateral.
		
		  	 Notwithstanding the foregoing, all assets included in the Borrowing Base shall be included in the ABL Collateral and the ABL Priority
Collateral.
  
 Notwithstanding anything herein to the contrary, the ABL Secured
Obligations of the U.S. Borrowers and the Subsidiary Guarantors (other than Canadian Subsidiaries) shall not be required to be secured by any ABL Collateral of the Canadian Borrower or the Canadian Subsidiaries.

  
 B-10 

			
	Cash Management/Cash Dominion:	  	The Borrower Entities and the Guarantors shall use commercially reasonable efforts to obtain account control agreements on the primary domestic (and, solely in the case of the Canadian ABL Facility, Canadian) concentration
accounts of the Borrower Entities and the Guarantors as soon as possible and in any event within 120 days after the Closing Date (or such later date as the Administrative Agent shall reasonably agree). If such arrangements are not obtained within
120 days after the Closing Date (or such later date as the Administrative Agent shall reasonably agree), the Borrower Entities and the Guarantors shall be required to use commercially reasonable efforts to move their bank accounts to the
Administrative Agent or another bank that will provide control agreements. During a Cash Dominion Period (as defined below), all amounts in controlled concentration accounts (or in any other material deposit account that is not swept on a regular
basis into a controlled concentration account) will be swept into a collection account maintained with the Administrative Agent and used to repay borrowings under the ABL Facility, subject to customary exceptions and thresholds consistent with the
ABL Documentation Considerations (which shall include maintenance of funds by the Borrower Entities and Guarantors, subject to customary limitations and in an amount to be agreed, for purposes of funding ongoing operations and working capital
requirements, including, subject to such limitations, when extensions of credit are not permitted under the ABL Facility).
		
		  	 “Cash Dominion Period” means the period (a) from the date that Specified Availability is less than the 10% Trigger on any
five consecutive business days, continuing until Specified Availability exceeds the 10% Trigger for 20 consecutive calendar days or (b) from the date on which a Specified Default has occurred, for so long as such Specified Default is continuing.

 
 “10% Trigger” means at any time of determination the greater of (x) 10%
of the Maximum Borrowing Amount and (y) $90 million.
  
 “Specified
Default” shall mean any payment or bankruptcy event of default, a misrepresentation of the Borrowing Base in any material respect, a failure to deliver any required Borrowing Base Certificate (following the applicable grace period) and any
event of default arising from breach of the cash management provisions (following the applicable grace period).

		
		  	“Specified Availability” shall mean at any time the sum of Excess Availability plus Specified Unrestricted Cash (to be defined in a mutually agreeable manner giving effect to the ABL Documentation Considerations
and subject to appropriate reporting requirements) (but excluding the cash proceeds of any Specified Equity Contribution) plus Specified Suppressed Availability.
		
		  	“Specified Suppressed Availability” shall mean an amount, if positive, by which the Borrowing Base exceeds the aggregate amount of the ABL Commitments; provided that if Excess Availability is less than the
lesser of (i) 5% of the lesser of (x) the aggregate amount of the ABL Commitments and (y) the Borrowing Base and (ii) $50 million, Specified Suppressed Availability shall be zero.
		
	Mandatory Prepayments:	  	If at any time, the aggregate amount of outstanding ABL Loans, unreimbursed ABL Letter of Credit drawings and undrawn ABL Letters of Credit under any given ABL Facility exceeds the Maximum Borrowing Amount for that ABL Facility,
then the relevant Borrower Entity will be required to repay outstanding ABL Loans and cash collateralize outstanding ABL Letters of Credit in an aggregate amount equal to such excess, with no reduction of the ABL Commitments. So long as there are
any Tranche A Loans outstanding, prepayments shall be applied first to a prepayment of Tranche A Loans.

  
 B-11 

			
	Voluntary Prepayments and Reductions in Commitments:	  	Voluntary reductions of the unutilized portion of the ABL Facility commitments and voluntary prepayments of borrowings under the ABL Facility will be permitted at any time on one business day’s notice (which notice may be
revocable), in minimum principal amounts to be agreed upon, without premium or penalty, subject to reimbursement of the Lenders’ redeployment costs in the case of a prepayment of Adjusted LIBOR borrowings other than on the last day of the
relevant interest period. Voluntary payments shall be applied first to accrued interest on the amount of Tranche A Loans prepaid, second, to the outstanding Tranche A Loans as directed by the Borrower, third, to accrued interest on the amount of
Tranche A-1 Loans prepaid and fourth, to the outstanding Tranche A-1 Loans as directed by the Borrower.
		
	Conditions to Initial Borrowing:	  	Subject to the Limited Conditionality Provisions, the availability of the initial borrowing and other extensions of credit under the ABL Facility on the Closing Date (including the First Draw and the Second Draw) will be subject
solely to (a) the applicable conditions set forth in the Section of the Commitment Letter titled “Conditions” and in the Summary of Additional Conditions, (b) the condition that the Specified Representations shall be true and correct
in all material respects on and as of the Closing Date (although any Specified Representation which expressly relates to a given date or period shall be required only to be true and correct in all material respects as of the respective date or for
the respective period, as the case may be) and (c) delivery of a Borrowing Base Certificate prepared as of the last day of the last month ended at least 25 calendar days prior to the initial extension of credit.
		
	Conditions to All Borrowings:	  	After the Closing Date, the making of each extension of credit under the ABL Facility (except in connection with certain incurrences, including under any Incremental ABL Facility) shall be conditioned upon (a) delivery of a
customary borrowing/issuance notice, (b) the accuracy of representations and warranties in all material respects on such date (although any representation or warranty which expressly relates to a given date or period shall be required only to be
true and correct in all material respects as of the respective date or for the respective period, as the case may be), (c) the absence of defaults or events of default at the time of, and after giving effect to the making of, such extension of
credit and (d) availability under the Borrowing Base.
		
	ABL Documentation:	  	The definitive financing documentation for the ABL Facility (the “ABL Documentation”) shall initially be drafted by counsel for the Borrower Entities and contain the terms set forth in this Exhibit B and, to the
extent any other terms are not expressly set forth in this Exhibit B, will (i) be negotiated in good faith within a reasonable time period to be determined based on the expected Closing Date in coordination with the Merger Agreement, and taking into
account the timing of the syndication of the ABL Facility and (ii) contain only those conditions, representations, events of default and covenants set forth in this Exhibit B and such other terms as the Borrower Entities and the Lead Arrangers shall
reasonably agree; it being understood and agreed that the ABL Documentation shall be based on, and substantially consistent with, after giving effect to the specific terms set forth in
this

  
 B-12 

			
		  	Exhibit B, (x) that certain ABL Credit Agreement, dated as of April 12, 2012, among HD Supply, Inc. and the other Loan Parties (as therein defined) party thereto, General Electric Capital Corporation, as administrative agent
and U.S. ABL collateral agent, and the other lenders from time to time party thereto, together with the guarantee, security and intercreditor documentation delivered in connection therewith (the “ABL Precedent”) and (y) for those
provisions not addressed in the ABL Precedent, recent large, broadly syndicated asset-based lending facilities for affiliates of major private equity sponsors (collectively, the “ABL Precedent Documentation”) and subject to (a)
materiality qualifications and other exceptions that give effect to and/or permit the Transactions, (b) certain baskets, thresholds and exceptions that are to be agreed in light of the Consolidated EBITDA and leverage level of the Borrower Entities
and their subsidiaries, (c) such other modifications to reflect the operational and strategic requirements of the Borrower Entities and their subsidiaries (after giving effect to the Transactions) in light of their size, industry (and risks and
trends associated therewith), geographic locations, businesses, business practices, operations, financial accounting and the Projections, (d) modifications to reflect changes in law or accounting standards since the date of the ABL Precedent
Documentation and (e) modifications to reflect reasonable administrative, agency and operational requirements of the Administrative Agent (collectively, the “ABL Documentation Considerations”).
		
	Representations and Warranties:	  	Usual for facilities and transactions of this type, in each case (including as to exceptions, qualifications and limitations for materiality) consistent with asset-based syndicated loan financings and no less favorable than the
ABL Precedent Documentation (to be applicable to Holdings, the Borrower Entities and their restricted subsidiaries only): financial statements; solvency on the Closing Date; no Material Adverse Effect (as defined below) (after the Closing Date);
corporate existence and good standing; compliance with laws (including the Patriot Act, FCPA and OFAC); corporate power and authority; enforceability of ABL Credit Facility Documentation; governmental and third-party consents; no conflict with law,
contractual obligations or organizational documents; no material litigation or proceedings; no defaults (after the Closing Date); ownership of property; intellectual property; taxes; governmental regulation (including Federal Reserve and margin
regulations); ERISA and Canadian pension laws; creation and perfection of security interests; Investment Company Act; ownership of subsidiaries; use of proceeds; environmental matters; eligible accounts and eligible inventory; and accuracy of
disclosure to the Closing Date.
		
		  	“Material Adverse Effect” shall mean any event, circumstance or condition that has had or would reasonably be expected to have a material and adverse effect on (a) the business or financial condition of the
Borrower Entities and their restricted subsidiaries, taken as a whole, (b) the ability of the Borrower Entities and the Guarantors, taken as a whole, to perform their payment obligations under the ABL Documentation or (c) the rights and remedies of
the Administrative Agent and the Lenders under the ABL Documentation, taken as a whole.
		
	Affirmative Covenants:	  	Usual for facilities and transactions of this type in each case (including as to exceptions, qualifications and limitations for materiality) consistent with asset-based syndicated loan financings but, in any event, no more
restrictive than the ABL Documentation Precedent, to apply to the Company and its material restricted subsidiaries and limited to the following: delivery of annual audited and quarterly unaudited consolidated financial statements prepared in
accordance with GAAP

  
 B-13 

			
		  	within 90 days of the end of any fiscal year and 45 days of the end of the first three fiscal quarters of any fiscal year (with extended time periods of 120 days for delivery of the first annual and 60 days for delivery of the
first three quarterly financial statement after the Closing Date), and, in connection with the annual financial statements, an annual audit opinion from nationally recognized auditors that is not subject to any qualification as to “going
concern” or scope of the audit (other than any exception or qualification, that is expressly solely with respect to, or expressly resulting solely from, (i) an upcoming maturity date under the ABL Facility or (ii) any potential inability to
satisfy a financial maintenance covenant on a future date or in a future period), quarterly delivery of a management discussion and analysis, customary annual budget reports (with delivery time periods to be consistent with the delivery requirements
for the audited annual financial statements), officers’ compliance certificates, borrowing base certificates and appropriate supporting data for such borrowing base certificates, copies of financial statements or other reports sent to public
security holders or filed with the SEC; copies of any registrations or amendments filed with the SEC; and other information reasonably requested by the Administrative Agent, payment of taxes, maintenance of existence, maintenance of property;
insurance, visitation and inspection rights (including field exams and appraisal rights (subject to limitations to be agreed (but in any event no less favorable than such limitations in similar asset-based syndicated loan financings) on the number
of appraisals and field examinations that may be conducted in any calendar year), notices of defaults, material litigation, material ERISA, material Canadian pension law, material environmental events and material loss, damage or destruction to the
ABL Collateral; compliance with environmental laws; and provision of guarantees by after-acquired subsidiaries and security interests in after-acquired property.
		
	Negative Covenants:	  	Usual for facilities and transactions of this type in each case (including as to exceptions, qualifications and limitations for materiality) consistent with asset-based syndicated loan financings but, in any event, no more
restrictive than that certain Credit Agreement, dated as of March 15, 2011 and as amended, supplemented or otherwise modified prior to the date hereof, among Unisource, Graphic Communications Holdings, Inc., Unisource Canada, UWWH, the subsidiaries
of UWWH from time to time party thereto, Bank of America, N.A., as administrative agent, and the other lenders from time to time party thereto (the “Existing Unisource Credit Agreement”) and the ABL Precedent Documentation, to apply
to the Company and its material restricted subsidiaries and limited to the following:
		
		  	 a)      limitations on mergers, consolidations and sales of all or
substantially all assets (with exceptions to include mergers, consolidations and sales upon satisfaction of the Payment Condition);
  

 b)    limitations on dividends, prepayment of subordinated debt and other restricted
payments, which shall permit, among other things, dividends, prepayment of subordinated debt and other restricted payments up to the Available Amount Basket if there is no continuing default or event of default and the Consolidated Coverage Ratio is
at least equal to 2.00 to 1.00 (in addition, other baskets shall permit (i) customary payments or distributions to pay the tax liabilities of any direct or indirect parent, to the extent such payments cover taxes that are attributable to the
activities of the Borrower Entities or their subsidiaries or such parent’s ownership of the Borrower Entities or their subsidiaries, (ii) payment of legal, accounting

  
 B-14 

			
		  	 and other ordinary course corporate overhead or other operational expenses of any such parent not to exceed an amount to be agreed in any fiscal year and
for the payment of franchise or similar taxes, (iii) subject to no continuing event of default, dividends, distributions or redemptions using the Available Equity Basket, (iv) dividends, distributions or redemptions in connection with the
Transactions, (v) subject to no continuing Specified Default, an annual dividend to shareholders in an amount per annum equal to up to 6% of the market capitalization of Spinco (provided that any payment made in reliance on this clause (v)
shall be included as a fixed charge in subsequent calculations of the Fixed Charge Coverage Ratio), (vi) dividends, restricted acquisitions and other restricted payments upon satisfaction of the Payment Condition, (vii) the Special Payment and any
earn-out payable to International Paper as contemplated under the Contribution Agreement, (viii) payments in respect of the Tax Matters Agreement and the Tax Receivable Agreement (each as defined in the Merger Agreement) and distributions to
Holdings to allow Holdings to make such payments, (ix) refinancing or exchanges of subordinated debt for permitted debt, (x) conversion of subordinated debt to common or “qualified preferred” equity and (xi) other customary exceptions
applicable to the prepayment of subordinated debt;

		
		  	 c)      limitations of changes in the nature of business;

 
 d)      limitations
on the incurrence of debt and guaranties, which shall permit, among other things, (i) indebtedness constituting indemnities and adjustments under the Contribution Agreement or the Merger Agreement, (ii) indebtedness under non-speculative
hedging arrangements or under agreements providing cash management services or similar financial accommodations, (iii) permitted receivables securitizations and factoring arrangements, (iv) any indebtedness of the Company and its
subsidiaries incurred prior to the Closing Date which remains outstanding and is permitted to remain outstanding, (v) indebtedness arising from agreements providing for adjustments of purchase price or “earn outs” entered into in
connection with permitted acquisitions, (vi) certain guarantee obligations, (vii) indebtedness (including purchase money indebtedness) incurred in connection with the acquisition, leasing, construction or improvement of fixed assets,
(viii) indebtedness incurred or assumed in connection with, or as a result of, a permitted acquisition, (ix) indebtedness constituting a permitted investment in a subsidiary of the Company, (x) secured indebtedness of the Company or
any of its restricted subsidiaries subject to pro forma compliance with a Consolidated Net Secured Leverage Ratio (to be defined in a manner consistent with the ABL Precedent Documentation) to be mutually agreed, (xi) a general debt basket in
an amount to be agreed, (xii) a foreign subsidiary debt basket in an amount to be agreed, (xiii) indebtedness incurred to finance insurance premiums of the Company and its restricted subsidiaries, (xiv) indebtedness incurred upon
satisfaction of the Payment Condition, (xv) other customary exceptions, and (xvi) permitted refinancings of any of the foregoing;

  
 B-15 

			
		  	   e)   limitations on liens, which shall permit, among other things, (i) liens in effect as of the Closing
Date, (ii) liens on fixed assets securing capital leases and purchase money indebtedness, (iii) liens, other than pari passu or senior liens, on accounts or inventory of the Loan Parties, except with the consent of the Administrative Agent (such
consent not to be unreasonably withheld) (with junior liens on accounts or inventory of Loan Parties to be subject to intercreditor arrangements generally consistent with the ABL Documentation Precedent, taken as a whole) incurred in connection
with, or as a result of, a permitted acquisition, (iv) a general lien basket in an amount to be agreed, (v) a foreign subsidiary lien basket equal to the size of the foreign subsidiary debt basket, (vi) liens on insurance policies, (vii) liens
securing indebtedness permitted under clause (x) of paragraph (d) above, which liens shall be subject to an intercreditor agreement in form and substance generally consistent with the ABL Documentation Precedent, taken as a whole, and (vii) other
customary liens;

		
		  	  f)     limitations on transactions with affiliates above a threshold
to be agreed;
  

 g)    limitations on investments and acquisitions, which shall permit, among other things,
(i) subject to no continuing event of default, unlimited investments in Holdings, the Borrower Entities and their restricted subsidiaries (subject to a cap on investments in non-Guarantors of not less than the greater of a dollar amount to be
agreed and a percentage of Consolidated EBITDA to be agreed for the most recently ended four quarter period), (ii) investments in connection with the Transactions, (iii) subject to no continuing event of default, investments using the
Available Equity Basket, (iv) intercompany investments by credit parties in non-credit parties so long as such investments are part of a series of transactions that results in the proceeds of the intercompany investments ultimately being
invested in (or distributed to) a credit party, (v) intercompany investments, reorganizations and related activities (except to the extent that, as a result thereof, the Borrower Entities cease to exist or their ability to repay the extensions
of credit under the ABL Facility is materially impaired) related to tax planning and reorganization (1) that have been identified to the Lead Arrangers by the Company prior to the date hereof, or that have been identified to the Lead Arrangers
between the date hereof and the Closing Date and are consented to by the Lead Arrangers (such consent not to be unreasonably withheld), or (2) so long as after giving effect thereto, the security interest of the Lenders in the ABL Collateral,
taken as a whole, is not impaired in any material respect (it being understood that the contribution of the equity interests of one or more “first-tier” foreign subsidiaries to a newly created “first-tier” foreign subsidiary
shall be permitted), (vi) intercompany loans, advances or indebtedness having a term not exceeding 364 days (inclusive of any rollover or extension of terms) and made in the ordinary course of business, subject to a cap to be agreed,
(vii) certain scheduled acquisitions that have been identified to the Lead Arrangers by the Company prior to the Closing Date, (viii) investments existing on the Closing Date, (ix) investments and acquisitions upon satisfaction of the
Payment Condition, and (x) other customary exceptions; and
  

 h)    limitations on negative pledge clauses.

 
 In addition, Holdings will be subject to a covenant relating to its passive holding
company status.

  
 B-16 

			
		  	The negative covenants will be subject, in the case of each of the foregoing covenants, to exceptions, qualifications and “baskets” to be set forth in the ABL Documentation that are substantially consistent with the
exceptions, qualifications and “baskets” set forth in the ABL Precedent Documentation and no less favorable than those set forth in the Existing Unisource Credit Agreement, but adjusted to reflect the ABL Documentation Considerations;
provided that, subject to the ABL Documentation Considerations, all monetary baskets will include basket builders based on a percentage of consolidated total assets or other financial metric, to be agreed, of the Borrower and its restricted
subsidiaries equivalent to the initial monetary amount of each such basket.
		
		  	The “Available Amount Basket” shall mean a cumulative amount equal to (a) 50% of cumulative consolidated net income, plus (b) the cash proceeds of new public or private equity issuances of any parent of the
Company or the Company (other than disqualified stock and the proceeds of any Specified Equity Contribution), plus (c) capital contributions to the Company made in cash or cash equivalents (other than disqualified stock and the proceeds of
any Specified Equity Contribution), plus (d) the net cash proceeds received by the Company from debt and disqualified stock issuances that have been issued after the Closing Date and which have been exchanged or converted into qualified
equity (the Available Amount Basket attributable to clause (b), (c) and (d), the “Available Equity Basket”).
		
		  	In the case of the incurrence of a Limited Condition Acquisition, at the Borrower’s option, the relevant ratios and baskets shall be determined as of the date the definitive acquisition agreements for such Limited Condition
Acquisition are entered into and shall be calculated as if the acquisition and other pro forma events in connection therewith were consummated on such date.
		
	 Payment Condition:
	  	The ABL Facility will permit unlimited (i) mergers, consolidations and sales of all or substantially all assets, (ii) dividends, prepayments of subordinated debt and other restricted payments, (iii) unsecured indebtedness
and (iv) acquisitions and investments, so long as the Payment Condition is satisfied at the time of such transaction.
		
		  	 “Payment Condition” means, at any date of determination with respect to a specified payment, (i) after giving pro forma
effect to such specified payment, the Fixed Charge Coverage Ratio is at least 1.00 to 1.00 on a trailing four quarter basis and tested based on the most recently completed fiscal quarter for which financial statements were (or were required to have
been) delivered, (ii) after giving pro forma effect to such specified payment, no 10% Liquidity Event has occurred and is continuing; provided, however, that the condition set forth in clause (i) shall not be applicable if, after
giving pro forma effect to such specified payment, no 15% Liquidity Event has occurred and is continuing and (iii) no Specified Default has occurred and is continuing or would exist immediately after giving effect to the making of such specified
payment.
  
 “10% Liquidity Event” means Specified Availability under the
ABL Facility is less than the 10% Trigger for two consecutive Business Days until Specified Availability exceeds or is equal to the 10% Trigger for 30 consecutive days.

  
 B-17 

			
		  	“15% Liquidity Event” means Specified Availability under the ABL Facility is less than the greater of (i) 15% of the Maximum Borrowing Amount and (ii) $135 million for two consecutive Business Days until Specified
Availability exceeds or is equal to the greater of (i) 15% of the Maximum Borrowing Amount and (ii) $135 million for 30 consecutive days.
		
	 Financial Maintenance Covenant:
	  	If Specified Availability under the ABL Facility is less than the 10% Trigger and continuing until Specified Availability is greater than or equal to the 10% Trigger for 20 consecutive calendar days (such period, a
“Compliance Period”), the Borrower shall comply on a quarterly basis with a minimum Fixed Charge Coverage Ratio of at least 1.00 to 1.00 on a trailing four quarter basis and tested (i) immediately upon the occurrence of the 10%
Trigger based on the most recently completed fiscal quarter for which financial statements were (or were required to have been) delivered and (ii) on the last day of each fiscal quarter of the Borrower ending during a Compliance Period.
		
		  	For purposes of determining compliance with the foregoing Fixed Charge Coverage Ratio covenant, cash equity contributions (which shall be common equity or otherwise in a form reasonably acceptable to the Administrative Agent)
made to the Borrower within 10 business days after the occurrence of the 10% Trigger or otherwise on or prior to the day that is 10 business days after the day on which financial statements are required to be delivered for such fiscal quarter will,
at the request of the Borrower, be included in the calculation of Consolidated EBITDA solely for purposes of determining compliance with the Fixed Charge Coverage Ratio at the end of such fiscal quarter and applicable subsequent periods that include
such fiscal quarter (any such equity contribution so included in the calculation of Consolidated EBITDA, a “Specified Equity Contribution”); provided that (a) in each four fiscal quarter period, there shall be at least two
fiscal quarters in respect of which no Specified Equity Contribution is made, (b) the amount of any Specified Equity Contribution shall be no greater than the amount required to cause the Borrower to be in compliance with the Fixed Charge Coverage
Ratio for the relevant fiscal quarter, (c) all Specified Equity Contributions shall be disregarded for purposes of calculating Consolidated EBITDA, determining pricing, financial ratio-based conditions and any financial ratio-based or Consolidated
EBITDA-based baskets with respect to the covenants contained in the ABL Documentation (other than the foregoing Fixed Charge Coverage Ratio covenant), (d) during the term of the ABL Facility, no more than five Specified Equity Contributions may be
made, (e) the Lenders shall not have any obligation to fund advances under the ABL Facility until the Specified Equity Contribution necessary to cause the Borrower to be in compliance with the Fixed Charge Coverage Ratio for the relevant fiscal
quarter has been made, and (f) there shall be no pro forma reduction in indebtedness with the proceeds of any Specified Equity Contribution for determining compliance with the Fixed Charge Coverage Ratio for the fiscal quarter for which such
Specified Equity Contribution is deemed applied; provided that, to the extent such proceeds are applied to prepay indebtedness, actual reductions in interest expense incurred shall be reflected in determining compliance with the Fixed Charge
Coverage Ratio in subsequent fiscal quarters. The ABL Documentation will contain a customary standstill provision with respect to the exercise of remedies during the period in which a Specified Equity Contribution could be
made.

  
 B-18 

			
	Financial Definitions:	  	Consolidated EBITDA, Consolidated Coverage Ratio, Consolidated Interest Expense, Consolidated Net Income, Fixed Charge Coverage Ratio and other financial definitions shall be consistent with the equivalent definitions of such terms
in the ABL Precedent Documentation, after giving effect to ABL Documentation Considerations, in each case as modified as reasonably agreed to (i) more accurately reflect the business and financial accounting of the Borrower and (ii) address
technical clarifications, and in any event shall be no less favorable to the Borrower Entities, with regard to add-backs or otherwise, than the equivalent definitions in the Existing Unisource Credit Agreement.
		
	 Unrestricted Subsidiaries:
	  	The ABL Documentation will contain provisions pursuant to which, subject to limitations on loans, advances, guarantees and other investments in unrestricted subsidiaries, the Borrower will be permitted to designate any existing or
subsequently acquired or organized subsidiary as an “unrestricted subsidiary” and subsequently redesignate any such unrestricted subsidiary as a restricted subsidiary, subject solely to the following terms and conditions: (a) the
satisfaction of the Payment Condition and (b) no event of default under the ABL Documentation has occurred or is continuing or would exist after giving effect thereto. Unrestricted subsidiaries will not be subject to the representations and
warranties, affirmative or negative covenants or event of default provisions of the ABL Documentation and the results of operations and indebtedness of unrestricted subsidiaries will not be taken into account for purposes of determining compliance
with the financial covenants contained in the ABL Documentation.
		
	 Events of Default:
	  	Limited to the following: nonpayment of principal when due; nonpayment of interest or other amounts after a customary five business day grace period; violation of covenants (including, without limitation, the financial covenant)
(subject, in the case of affirmative covenants (other than notices of default, maintenance of each Borrower Entity’s existence, failure to deliver the Borrowing Base Certificate (subject to a five Business Day cure period) and failure to comply
with the cash management covenant (during a Cash Dominion Period, and subject to a 15-day grace period outside of a Cash Dominion Period) and the use of proceeds covenant, in which cases no cure period shall apply), to a 30-day grace period);
incorrectness of representations and warranties in any material respect (subject to a 30-day grace period in the case of misrepresentations that are capable of being cured); cross default and cross acceleration to indebtedness of an amount in excess
of an amount to be agreed; bankruptcy or other similar events of Spinco, or the Borrower Entities or their material restricted subsidiaries (with a 60-day grace period for involuntary events); monetary judgments of an amount in excess of an amount
to be agreed; ERISA or Canadian pension law events; actual or asserted (in writing) invalidity of significant Guarantees or security interest in ABL Collateral or the failure of any such security interest in the ABL Collateral to be perfected and
enforceable in accordance with its terms or of the same effect as to perfection and priority purported to be created thereby; and change of control (it being understood that Bain Capital Partners LLC, Georgia-Pacific LLC and their respective
affiliates shall be “permitted holders”).

  
 B-19 

			
	Voting:	  	Amendments and waivers of the ABL Documentation will require the approval of Lenders holding more than 50% of the aggregate amount of the loans, letter of credit exposure and unused commitments under the ABL Facility (the
“Required Lenders”), except that (i) the consent of each Lender directly and adversely affected thereby shall be required with respect to (A) increases in the commitment of (other than with respect to any Incremental ABL Facility to
which such Lender has agreed) such Lender (it being understood that a waiver of any condition precedent or the waiver of any default, event of default or mandatory prepayment shall not constitute an extension or increase of any commitment), (B)
reductions or forgiveness of principal (it being understood that a waiver of any condition precedent or the waiver of any default, event of default or mandatory prepayment or commitment reduction shall not constitute a reduction or forgiveness in
principal), interest (other than a waiver of default interest) or fees, (C) extensions of final maturity (it being understood that a waiver of any condition precedent or the waiver of any default, event of default or mandatory prepayment or
commitment reduction shall not constitute an extension of any maturity date) or the date for the payment of interest or fees and (D) changes in the currency in which any ABL Loan or reimbursement obligation in respect of any ABL Letter of Credit is
payable, (ii) the consent of 100% of the Lenders will be required with respect to (A) modifications to any of the voting percentages and (B) releases of all or substantially all of the value of the ABL Guarantees or releases of all or substantially
all of the ABL Collateral, (iii) the consent of a 66 2⁄3% of the ABL Commitments (or, if the ABL Commitments have been terminated, outstanding ABL Loans) (the
“Supermajority”) shall be required with respect to (A) any changes to the Borrowing Base definition or the component definitions thereof which result in increased borrowing availability, including increases in advance rates under
the definition of Borrowing Base (provided that the foregoing shall not impair the ability of the Administrative Agent to add, remove, reduce or increase reserves against the Borrowing Base assets in its Permitted Discretion), (B) any change
to waterfall provisions after enforcement or to the priority of the ABL Collateral to any priority subordinated to the initial priority of such ABL Collateral and (C) amendments, modifications or waivers of any provision of the conditions precedent
to making ABL Loans, issuing ABL Letters of Credit or making other extensions of credit after the Closing Date, (iv) the consent of the Swingline Lender and/or the Issuing Banks will be required for any amendment that modifies swing-line specific
provisions or letter of credit specific provisions, as applicable and (v) customary protections for the Administrative Agent, the Swingline Lender and the Issuing Banks will be provided. Defaulting lenders shall not be included in the calculation of
Required Lenders or Supermajority.
		
		  	The ABL Documentation shall contain customary provisions for replacing defaulting lenders and terminating their commitments, replacing Lenders claiming increased costs, tax gross ups and similar required indemnity payments and
replacing non-consenting Lenders in connection with amendments and waivers requiring the consent of all Lenders or of all Lenders directly affected thereby so long as Lenders holding more than 50% of the aggregate amount of the loans and commitments
under the ABL Facility shall have consented thereto.
		
	 Cost and Yield Protection:
	  	The ABL Documentation will include tax gross-up, cost and yield protection provisions substantially consistent with those set forth in the ABL Precedent Documentation (including with respect to the Dodd-Frank Act and the Basel
Committee on Banking Regulations and Supervisory Practices).

  
 B-20 

			
	Assignments and Participations:	  	After the Closing Date, the Lenders will be permitted to assign (other than to Disqualified Lenders or the Borrower or any of its affiliates) ABL Loans and ABL Commitments or any Incremental ABL Facility with the consent of the
Borrower, the Swingline Lender, the Issuing Banks and the Administrative Agent (in each case not to be unreasonably withheld or delayed); provided that no consent of the Borrower shall be required after the occurrence and during the
continuance of a payment or bankruptcy event of default or for assignments to existing Lenders. Each assignment (other than to another Lender, an affiliate of a Lender or an approved fund) will be in an amount of $25,000,000 (or an integral multiple
of $1,000,000 in excess thereof) (or lesser amounts, if agreed between the Borrower and the Administrative Agent) or, if less, all of such Lender’s remaining loans and commitments of the applicable class. The Administrative Agent shall receive
a processing and recordation fee of $3,500 for each assignment (it being understood that such recordation fee shall not apply to any assignments by any of the Commitment Parties or any of their affiliates).
		
		  	The Lenders will be permitted to sell participations (other than to Disqualified Lenders to the extent that a list of Disqualified Lenders has been provided to the Lenders) in loans and commitments without restriction in accordance
with applicable law.
		
		  	Voting rights of participants shall be limited to matters set forth under “Voting” above with respect to which the unanimous vote of all Lenders (or all directly and adversely affected Lenders, if the participant is
directly and adversely affected) would be required.
		
	 Expenses and Indemnification:
	  	The Borrower Entities shall pay, if the Closing Date occurs, all reasonable and documented or invoiced out-of-pocket costs and expenses of the Administrative Agent and the Commitment Parties (without duplication) associated with the
due diligence investigation (including one inventory appraisal and one field exam), the syndication of the ABL Facility and the preparation, execution and delivery, administration, amendment, modification, waiver and/or enforcement of the ABL
Documentation (including the reasonable fees, disbursements and other charges of counsel identified herein, a single local counsel in each relevant jurisdiction or otherwise retained with the Borrower’s consent (such consent not to be
unreasonably withheld, conditioned or delayed)).
		
		  	The ABL Documentation will contain indemnification provisions consistent with the ABL Precedent Documentation.
		
	 Governing Law and Forum:
	  	New York.
		
	Counsel to the Administrative Agent, Lead Arrangers and Joint Bookrunners:	  	Skadden, Arps, Slate, Meagher & Flom LLP.

  
 B-21 

 ANNEX I TO EXHIBIT B 
  

			
	Interest Rates:	  	The interest rates under the ABL Facility will be, at the option of the Borrower, initially, Adjusted LIBOR plus 1.50% or ABR plus 0.50%; provided, that any borrowings of Tranche A-1 Loans shall, at the option of the
Borrower, initially bear interest at Adjusted LIBOR plus 2.75% or ABR plus 1.75%.
		
		  	From and after the delivery by the Borrower to the Administrative Agent of the Borrowing Base Certificate for the first full fiscal quarter completed after the Closing Date, interest rate margins under the ABL Facility shall be
determined by reference to the following grid based on the average Excess Availability during the immediately preceding fiscal quarter.

  

									
	 Excess Availability as a
 percentage of
the
 Maximum Borrowing

Amount
	  	Applicable Margin for 
Adjusted LIBOR and
BA Equivalent Loans	 	 	Applicable Margin
for ABR Loans and
Canadian Prime Rate
Loans	 
	 > 66.6%
	  	 	1.25	% 	 	 	0.25	% 
	 £ 66.6 but >33.3%
	  	 	1.50	% 	 	 	0.50	% 
	 £ 33.3%
	  	 	1.75	% 	 	 	0.75	% 

  

			
		  	 ; provided, that any borrowings of Tranche A-1 Loans shall bear interest at Adjusted LIBOR or ABR, as applicable, plus the
Applicable Margin set forth above plus 125 basis points.
  
 All swingline loans will be
ABR loans.

		
		  	The Borrower may elect interest periods of 1, 2, 3 or 6 months (or, if agreed to all relevant Lenders, 9 or 12 months or a period of shorter than 1 month) for Adjusted LIBOR borrowings.
		
		  	Calculation of interest shall be on the basis of the actual days elapsed in a year of 360 days (or 365 or 366 days, as the case may be, in the case of ABR loans).
		
		  	Interest shall be payable in arrears (a) for loans accruing interest at a rate based on Adjusted LIBOR, at the end of each interest period and, for interest periods of greater than 3 months, every three months, and on the
applicable maturity date and (b) for loans accruing interest based on the ABR, quarterly in arrears and on the applicable maturity date.
		
	Letter of Credit Fee:	  	A per annum fee equal to the spread over Adjusted LIBOR under the ABL Facility will accrue on the aggregate face amount of outstanding letters of credit under the ABL Facility, payable in arrears at the end of each quarter and
upon the termination of the respective letter of credit, in each case for the actual number of days elapsed

  
 B-22 

			
		  	over a 360-day year. Such fees shall be paid to the Administrative Agent for distribution to the Lenders pro rata in accordance with the amount of each such Lender’s ABL Commitment, with exceptions for defaulting lenders. In
addition, the Borrower shall pay to each Issuing Bank, for its own account, (a) a fronting fee equal to 0.125% of the aggregate face amount of outstanding letters of credit, payable in arrears at the end of each quarter, at maturity and upon the
termination of the respective letter of credit, calculated based upon the actual number of days elapsed over a 360-day year, and (b) customary issuance and administration fees.
		
	 Commitment Fees:
	  	The Borrower shall pay a commitment fee for the account of ABL Lenders (other than defaulting lenders) of 0.25% per annum (or, if the average daily unused portion of the ABL Facility exceeds 50%, 0.375%, in each case on the
average daily unused portion of the ABL Facility payable quarterly in arrears, calculated based upon the actual number of days elapsed over a 360-day year. Such fees shall be paid to the Administrative Agent for distribution to the ABL Lenders pro
rata in accordance with the amount of each such Lender’s ABL Commitment, with exceptions for defaulting lenders.

  
 B-23 

 EXHIBIT C 

SUMMARY OF ADDITIONAL CONDITIONS4 

1. The Merger shall be consummated substantially concurrently with the funding of the ABL Facility substantially in accordance with the Merger
Agreement without any waiver or amendment thereof, or consent thereunder, that is materially adverse to the Lenders unless consented to by Commitment Parties holding more than 50% of the aggregate Commitments (such consent not to be unreasonably
withheld), it being understood and agreed that neither any change to the xpedx Valuation Percentage (as defined in the Merger Agreement) nor any increase or reduction in the Special Payment shall be deemed to be materially adverse to the Lenders.
Notwithstanding the foregoing, the consummation of the Merger shall not be a condition to the making of the First Draw. Instead it shall be a condition to the making of the First Draw that the Contributions (as defined in the Merger Agreement) shall
be consummated substantially in accordance with the Contribution Agreement, without any waiver or amendment thereof, or consent thereunder, that is materially adverse to the Lenders unless consented to by Commitment Parties holding more than 50% of
the aggregate Commitments (such consent not to be unreasonably withheld), it being understood and agreed that any increase or reduction in the Special Payment shall be not deemed to be materially adverse to the Lenders. 

2. Immediately following the Transactions, neither Holdings nor any of its subsidiaries will have any outstanding third party debt for borrowed
money other than the ABL Facility, capitalized lease obligations and Existing Indebtedness listed in Annex I to Exhibit A to the Commitment Letter or that the Lead Arrangers otherwise have agreed (such agreement not to be unreasonably
withheld) to permit to remain outstanding. 
 3. The Commitment Parties shall have received (a) if the Closing Date occurs after
May 1, 2014, audited consolidated financial statements of the Borrower and UWWH for the 2013 fiscal year, (b) unaudited consolidated financial statements of the Borrower and UWWH for each quarterly period of 2014 ended at least 60 days
prior to the Closing Date and for the same period of 2013 and (c) pro forma financial statements of Holdings, after giving effect to the Transactions for, if the Closing Date occurs after May 1, 2014, the 2013 fiscal year and, if
applicable, for the four-quarter period ending with the latest fiscal quarter referred to in clause (b) above. 
 4. Subject in all
respects to the Limited Conditionality Provisions, in the case of the First Draw, xpedx, and, in the case of the Second Draw, the Company and the Canadian Borrower shall have executed and delivered the ABL Documentation, and the Lenders shall have
received customary legal opinions, certificates and closing documentation, substantially similar to those delivered in connection with the ABL Precedent Documentation. 

5. Subject in all respects to the Limited Conditionality Provisions, (a) the Guarantees shall have been executed and delivered by the
Guarantors and be in full force and effect or, in the case of Guarantees to be executed by UWWH and its subsidiaries, such Guarantees shall be executed and become in full force and effect substantially simultaneously with the Second Draw and
(b) all documents and instruments required to create and perfect the ABL Administrative Agent’s security interest in the Collateral shall have been executed and delivered by the Borrower Entities and the Guarantors (or, in the case of UWWH
and its subsidiaries, such documents and instruments shall be executed substantially 
  

 

	4 	 All capitalized terms used but not defined herein shall have the meanings provided in the Commitment Letter to which this Exhibit C is attached.

  
 C-1 

 
simultaneously with the Second Draw) and, if applicable, be in proper form for filing, and none of the Collateral shall be subject to any other pledges, security interest or mortgages, except for
the liens permitted under the ABL Documentation or to be released on or prior to the Closing Date. 
 6. The Lead Arrangers shall have
received a certificate of the chief financial officer or treasurer (or other comparable officer) of Holdings substantially in the form of Annex II to this Exhibit C certifying the solvency, after giving effect to the Transactions, of the
Borrower Entities and their subsidiaries on a consolidated basis. 
 7. Subject in all respects to the Limited Conditionality Provisions, the
Borrower Entities shall have provided, at least two Business Days prior to the Closing Date, the documentation and other information to the Lenders that is required by regulatory authorities under applicable “know your customer” and
anti-money-laundering rules and regulations, including, without limitation, the Patriot Act to the extent requested in writing at least 10 days prior to the Closing Date. 

8. All reasonable and documented out-of-pocket costs and expenses (including, without limitation, legal fees and expenses of Skadden, Arps,
Slate, Meagher & Flom LLP and the fees and expenses of appraisers, consultants and other advisors) and compensation payable to the Lenders, the Commitment Letter Parties or the Administrative Agent as set forth in the Fee Letter shall have
been paid to the extent due and to the extent invoiced at least 3 Business Days prior to the Closing Date. Any reimbursement pursuant hereto shall be without duplication of any reimbursement to the Lenders, the Commitment Parties or the
Administrative Agent and their respective affiliates under any other agreements. 
 9. The Lead Arrangers shall have been afforded a period
of at least 15 consecutive Business Days after delivery of the Confidential Information Memoranda to syndicate the ABL Facility; provided that such 15 consecutive Business Day period shall exclude August 23, 2014 through
September 2, 2014. 
 10. After giving effect to the Transactions, on the Closing Date, Excess Availability shall not be less than $300
million. 

  
 C-2 

 ANNEX I TO EXHIBIT C 

Capitalized terms used in the following definitions (other than “Merger Agreement”, “Joint Bookrunners”, “Spinco
Material Adverse Effect” and “UWWH Material Adverse Effect”) shall have the meaning given to them in the Merger Agreement, and any references to a “section” shall mean the specified section of the Merger Agreement. 

“Spinco Material Adverse Effect” shall mean any effect, change or circumstance, individually or in the aggregate, that is, or would
reasonably be expected to be, materially adverse to (x) the Spinco Business, the Spinco Entities, IP or any of IP’s Subsidiaries with respect to the Spinco Business, or the financial condition or results of operations of the Spinco
Business, taken as a whole, or (y) the ability of IP or the Spinco Entities to consummate the Transactions and to perform their obligations under the Merger Agreement and the Transaction Agreements; provided, however, that none of the following
shall be deemed to constitute, and none of the following shall be taken into account in determining whether there has occurred, a Spinco Material Adverse Effect: any adverse effect, change or circumstance, individually or in the aggregate, arising
from or relating to (i) general business or economic conditions, including any such conditions as they relate to the Spinco Business and matters generally affecting the industries in which the Spinco Business operates, (ii) national or
international political or social conditions, including the engagement by the U.S. in hostilities, whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack upon the U.S., or any
of its territories, possessions, or diplomatic or consular offices or upon any military installation, equipment or personnel of the U.S., (iii) financial, banking or securities markets, (iv) changes in GAAP, (v) changes in any Laws,
(vi) the negotiation or execution of the Merger Agreement or any of the Transaction Agreements, any actions that are required to be taken by the Merger Agreement or the Transaction Agreements, or the pendency or announcement of the Transactions
(except that this clause (vi) shall be disregarded for purposes of clause (y) above and as the term “Spinco Material Adverse Effect” is used in Section 5.3 and, to the extent related to Section 5.3,
Section 9.3(a)); provided, that, in the case of clauses (i), (ii), (iii), (iv) and (v), such effects, changes or circumstances shall be taken into account in determining whether a Spinco Material Adverse Effect exists or would reasonably
be expected to exist, but only if the Spinco Business, the Spinco Entities or IP or any of IP’s Subsidiaries with respect to the Spinco Business are disproportionately affected thereby compared to other operators in the Spinco Business. 

“UWWH Material Adverse Effect” shall mean any effect, change or circumstance, individually or in the aggregate, that is, or would
reasonably be expected to be, materially adverse to (x) UWWH, its Subsidiaries or the financial condition or results of operations of UWWH, taken as a whole, or (y) the ability of UWWH to consummate the Transactions and to perform its
obligations under the Merger Agreement and the Transaction Agreements; provided, however, that none of the following shall be deemed to constitute, and none of the following shall be taken into account in determining whether there has occurred, a
UWWH Material Adverse Effect: any adverse effect, change or circumstance, individually or in the aggregate, arising from or relating to (i) general business or economic conditions, including any such conditions as they relate to UWWH, and
matters generally affecting the industries in which UWWH operates, (ii) national or international political or social conditions, including the engagement by the U.S. in hostilities, whether or not pursuant to the declaration of a national
emergency or war, or the occurrence of any military or terrorist attack upon the U.S., or any of its territories, possessions, or diplomatic or consular offices or upon any military installation, equipment or personnel of the U.S.,
(iii) financial, banking or securities markets, (iv) changes in GAAP, (v) changes in any Laws, (vi) the negotiation or execution of the Merger Agreement or any of the Transaction Agreements, any actions that are required to be
taken by the Merger Agreement or the Transaction Agreements or the pendency or announcement of the Transactions (except that this clause (vi) shall be disregarded for purposes of clause (y) above and as the term “UWWH Material Adverse
Effect” is used in Section 6.3 and, to the extent related to Section 6.3, Section 9.2(a); provided, that, in the case of clauses (i), (ii), (iii), (iv) and (v), such effects, changes or circumstances shall be taken into
account in determining whether a UWWH Material Adverse Effect exists or would reasonably be expected to exist, but only if UWWH and its Subsidiaries are disproportionately affected thereby compared to other operators in UWWH’s business. 

  
 C-3 

 ANNEX II TO EXHIBIT C 

Form of Solvency Certificate 

Date:         , 201[    ] 

To the Administrative Agent and each of the Lenders party to the Credit Agreement referred to below: 

I, the undersigned, the Chief Financial Officer of             , a
                          (the “Borrower”), in that capacity only and not in my individual capacity (and without
personal liability), do hereby certify as of the date hereof, and based upon (i) facts and circumstances as they exist as of the date hereof (and disclaiming any responsibility for changes in such fact and circumstances after the date hereof)
and (ii) such materials and information as I have deemed relevant to the determination of the matters set forth in this certificate, that: 

1. This certificate is furnished to the Administrative Agent and the Lenders pursuant to Section      of the Credit
Agreement, dated as of                          , 201[    ], among
             (the “Credit Agreement”). Unless otherwise defined herein, capitalized terms used in this certificate shall have the meanings set forth in the Credit
Agreement. 
 2. For purposes of this certificate, the terms below shall have the following definitions: 

(a) “Fair Value” 
 The
amount at which the assets (both tangible and intangible), in their entirety, of the Borrower and its Subsidiaries taken as a whole would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time,
each having reasonable knowledge of the relevant facts, with neither being under any compulsion to act. 
 (b) “Present Fair Salable
Value” 
 The amount that could be obtained by an independent willing seller from an independent willing buyer if the assets of the
Borrower and its Subsidiaries taken as a whole are sold with reasonable promptness in an arm’s-length transaction under present conditions for the sale of comparable business enterprises insofar as such conditions can be reasonably evaluated.

 (c) “Stated Liabilities” 

The recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of the Borrower and its
Subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions, determined in accordance with GAAP consistently applied. 

(d) “Identified Contingent Liabilities” 

The maximum estimated amount of liabilities reasonably likely to result from pending litigation, asserted claims and assessments, guaranties,
uninsured risks and other contingent liabilities of the Borrower and its Subsidiaries taken as a whole after giving effect to the Transactions (including all fees and expenses related thereto but exclusive of such contingent liabilities to the
extent reflected in Stated Liabilities), as identified and explained in terms of their nature and estimated magnitude by responsible officers of the Borrower. 

  
 C-4 

 (e) “Will be able to pay their Liabilities as they mature” 

For the period from the date hereof through the Maturity Date, the Borrower and its Subsidiaries taken as a whole will have sufficient assets
and cash flow to pay their respective Stated Liabilities and Identified Contingent Liabilities as those liabilities mature or (in the case of contingent liabilities) otherwise become payable. 

(f) “Do not have Unreasonably Small Capital” 

For the period from the date hereof through the Maturity Date, the Borrower and its Subsidiaries taken as a whole after consummation of the
Transactions is a going concern and has sufficient capital to ensure that it will continue to be a going concern for such period. 
 3. For
purposes of this certificate, I, or officers of the Borrower under my direction and supervision, have performed the following procedures as of and for the periods set forth below. 

(a) I have reviewed the financial statements (including the pro forma financial statements) referred to in Section      of
the Credit Agreement. 
 (b) I have knowledge of and have reviewed to my satisfaction the Credit Agreement. 

(c) As chief financial officer of the Borrower, I am familiar with the financial condition of the Borrower and its Subsidiaries. 

4. Based on and subject to the foregoing, I hereby certify on behalf of the Borrower that after giving effect to the consummation of the
Transactions, it is my opinion that (i) the Fair Value and Present Fair Salable Value of the assets of the Borrower and its Subsidiaries taken as a whole exceed their Stated Liabilities and Identified Contingent Liabilities; (ii) the
Borrower and its Subsidiaries taken as a whole do not have Unreasonably Small Capital; and (iii) the Borrower and its Subsidiaries taken as a whole will be able to pay their Liabilities as they mature. 

* * * 

  
 C-5 

 IN WITNESS WHEREOF, the Borrower has caused this certificate to be executed on its behalf by its
Chief Financial Officer as of the date first written above. 
  

			
	[Borrower]
		
	By:	 	 
	Name:	 	
	Title:	 	Chief Financial Officer

  
 C-6

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