Document:

EX-10.7

 Exhibit 10.7 

Execution version 
  

 
  

GUARANTY 
 dated as of 

May 15, 2015 
 among 

SoulCycle Intermediate Holdings LLC, 

as Holdings, 
 SoulCycle Holdings,
LLC, 
 as the Borrower, 
 THE
OTHER GUARANTORS PARTY HERETO FROM TIME TO TIME, 
 BANK OF AMERICA, N.A., 

as Administrative Agent 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	Definitions	  
			
	 Section 1.01
	 	Credit Agreement Definitions	  	 	1	  
	 Section 1.02
	 	Other Defined Terms	  	 	1	  
	
	ARTICLE II	  
	
	Guarantee	  
			
	 Section 2.01
	 	Guarantee	  	 	2	  
	 Section 2.02
	 	Guarantee of Payment	  	 	2	  
	 Section 2.03
	 	No Limitations	  	 	3	  
	 Section 2.04
	 	Reinstatement	  	 	4	  
	 Section 2.05
	 	Agreement To Pay; Subrogation	  	 	4	  
	 Section 2.06
	 	Information	  	 	4	  
	
	ARTICLE III	  
	
	Indemnity, Subrogation and Subordination	  
	
	ARTICLE IV	  
	
	Miscellaneous	  
			
	 Section 4.01
	 	Notices	  	 	5	  
	 Section 4.02
	 	Waivers; Amendment	  	 	5	  
	 Section 4.03
	 	Administrative Agent’s Fees and Expenses; Indemnification	  	 	6	  
	 Section 4.04
	 	Successors and Assigns	  	 	6	  
	 Section 4.05
	 	Survival of Agreement	  	 	6	  
	 Section 4.06
	 	Counterparts; Effectiveness; Several Agreement	  	 	7	  
	 Section 4.07
	 	Severability	  	 	7	  
	 Section 4.08
	 	 GOVERNING LAW, ETC.
	  	 	7	  
	 Section 4.09
	 	WAIVER OF RIGHT TO TRIAL BY JURY	  	 	8	  
	 Section 4.10
	 	Headings	  	 	8	  
	 Section 4.11
	 	Obligations Absolute	  	 	8	  
	 Section 4.12
	 	Termination or Release	  	 	8	  
	 Section 4.13
	 	Additional Restricted Subsidiaries	  	 	9	  
	 Section 4.14
	 	Recourse; Limited Obligations	  	 	9	  
	 Section 4.15
	 	[Reserved]	  	 	9	  
	 Section 4.16
	 	Right of Set-off	  	 	9	  
	 Section 4.17
	 	Keepwell	  	 	10	  

  
 -i- 

 SCHEDULES 

Schedule l — Guarantors 

EXHIBITS 
 Exhibit I
— Form of Guaranty Supplement 
  

  
 -ii- 

 This GUARANTY, dated as of May 15, 2015, is among SoulCycle Intermediate Holdings LLC, a
Delaware limited liability company (“Holdings”), SoulCycle Holdings, LLC, a Delaware limited liability company (the “Borrower”), other Guarantors set forth on Schedule I hereto, Bank of America, N.A., as
Administrative Agent and Collateral Agent for the Secured Parties. 
 Reference is made to the Credit Agreement, dated as of May 15,
2015 (as amended, amended and restated, supplemented, extended, renewed, replaced, restructured or otherwise modified and/or refinanced from time to time, the “Credit Agreement”), by and among the Borrower, Holdings, Bank of
America, N.A., as administrative agent and as collateral agent under the Loan Documents, and each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”). 

The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The
obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement by each Guarantor (as defined below). The Guarantors are Affiliates of one another and will derive substantial
direct and indirect benefits from the extensions of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. Accordingly, the parties hereto
agree as follows: 
 ARTICLE I 

Definitions 

Section 1.01 Credit Agreement Definitions. 

(a) Capitalized terms used in this Agreement, including the preamble and introductory paragraphs hereto, and not otherwise defined herein have
the meanings assigned to such terms in the Credit Agreement. 
 (b) The rules of construction specified in Sections 1.02 through 1.11
(inclusive) of the Credit Agreement also apply to this Agreement. 
 Section 1.02 Other Defined Terms. As used in this
Agreement, the following terms have the meanings specified below: 
 “Accommodation Payment” has the meaning assigned to
such term in Article III. 
 “Agreement” means this Guaranty. 

“Allocable Amount” has the meaning assigned to such term in Article III. 

“Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement. 

“Guaranteed Obligations” mean the “Obligations” as defined in the Credit Agreement. 

“Guarantors” means, collectively, (a) Holdings and each Restricted Subsidiary of the Borrower (that is not an Excluded
Subsidiary or an Immaterial Subsidiary), as listed on Schedule I hereto, (b) with respect to (i) Obligations owing by any Loan Party or any Subsidiary of a Loan Party (other than the Borrower) under any Secured Hedge Agreement or
any Cash Management Services and (ii) the payments and performance by each Specified Loan Party of its obligations under its Guarantee with respect to all Swap 

 
Obligations, the Borrower, and (c) any other Person that becomes a party to this Agreement after the Closing Date pursuant to Section 4.13; provided that if any such
Guarantor is released from its obligations hereunder as provided in Section 4.12(b), such Person shall cease to be a Guarantor hereunder and for all purposes effective upon such release. 

“Guaranty Supplement” means an instrument substantially in the form of Exhibit I hereto. 

“Qualified ECP Guarantor” means, at any time, each Loan Party with total assets exceeding $10,000,000 at the time the
relevant guaranty or grant of the relevant security interest becomes effective with respect to such obligation or that qualifies at such time as an “eligible contract participant” under the Commodity Exchange Act or any regulation
promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time under §1a(18)(A)(v)(II) of the Commodity Exchange Act. 

“UFCA” has the meaning assigned to such term in Article III. 

“UFTA” has the meaning assigned to such term in Article III. 

ARTICLE II 
 Guarantee 

Section 2.01 Guarantee. 

(a) Each Guarantor irrevocably, absolutely and unconditionally guarantees, jointly with the other Guarantors and severally, as a primary
obligor and not merely as a surety, the due and punctual payment and performance of the Guaranteed Obligations, in each case, whether such Guaranteed Obligations are now existing or hereafter incurred under, arising out of or in connection with any
Loan Document, Letter of Credit, Secured Hedge Agreements or Cash Management Services, and whether at maturity, by acceleration or otherwise. Each of the Guarantors further agrees that the Guaranteed Obligations may be extended, increased or
renewed, amended or modified, in whole or in part, without notice to, or further assent from, such Guarantor and that such Guarantor will remain bound upon its guarantee hereunder notwithstanding any such extension, increase, renewal, amendment or
modification of any Guaranteed Obligation. Each of the Guarantors waives promptness, presentment to, demand of payment from, and protest to, any Guarantor or any other Loan Party of any of the Guaranteed Obligations, and also waives notice of
acceptance of its guarantee and notice of protest for nonpayment. 
 (b) The provisions of this Agreement are for the benefit of the
Administrative Agent and Secured Parties and their respective successors, transferees, endorsees and permitted assigns, and nothing herein contained shall impair, as between any Loan Party and the Administrative Agent or Secured Parties, the
obligations of any Loan Party under the Loan Documents. In the event all or any part of the Guaranteed Obligations are transferred, indorsed or assigned by the Administrative Agent or any Secured Party to any Person or Persons as permitted by the
Credit Agreement, any reference to any “Administrative Agent” or “Secured Party” herein shall be deemed to refer equally to such Person or Persons. 

Section 2.02 Guarantee of Payment. Each of the Guarantors further agrees that its guarantee hereunder constitutes a guarantee of
payment when due (whether or not any proceeding under any Debtor Relief Law shall have stayed the accrual of collection of any of the Guaranteed Obligations or operated as a discharge thereof) and not of collection, and waives any right to require
that any resort be had by the Administrative Agent or any other Secured Party to any Collateral or other security held for the payment of any of the Guaranteed Obligations, or to any balance of any deposit account or credit on the books of

  
 -2- 

 
the Administrative Agent or any other Secured Party in favor of any other Guarantor or any other Person. The obligations of each Guarantor hereunder are independent of the obligations of any
other Guarantor or the Borrower, and a separate action or actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor or the Borrower and whether or not any other Guarantor or the
Borrower be joined in any such action or actions. Any payment required to be made by a Guarantor hereunder may be required by the Administrative Agent or any other Secured Party on any number of occasions. 

Section 2.03 No Limitations. 

(a) Except for termination or release of a Guarantor’s obligations hereunder as expressly provided in Section 4.12, to the
fullest extent permitted by applicable Law, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or
compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations, any impossibility in the performance
of any of the Guaranteed Obligations, or otherwise. Without limiting the generality of the foregoing, to the fullest extent permitted by applicable Law and except for termination or release of a Guarantor’s obligations hereunder in accordance
with the terms of Section 4.12 (but without prejudice to Section 2.04 hereof), the obligations of each Guarantor hereunder shall not be discharged, impaired or otherwise affected by (i) the failure of the Administrative
Agent, any other Secured Party or any other Person to assert any claim or demand or to enforce any right or remedy under the provisions of any Loan Document or otherwise; (ii) any rescission, waiver, amendment or modification of, or any release
from any of the terms or provisions of, any Loan Document or any other agreement, including with respect to any other Guarantor under this Agreement; (iii) the release of, or any impairment of any security held by the Administrative Agent or
any other Secured Party for the Guaranteed Obligations; (iv) any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations; (v) the failure to perfect any security interest in, or the release of, any
of the Collateral held by or on behalf of the Administrative Agent or any other Secured Party; (vi) any change in the corporate existence, structure or ownership of any Loan Party, the lack of legal existence of the Borrower or any other
Guarantor or legal obligation to discharge any of the Guaranteed Obligations by the Borrower or any other Guarantor for any reason whatsoever, including, without limitation, in any insolvency, bankruptcy or reorganization of any Loan Party;
(vii) the existence of any claim, set-off or other rights that any Guarantor may have at any time against the Borrower, the Administrative Agent, any other Secured Party or any other Person, whether in connection with the Credit Agreement, the
other Loan Documents or any unrelated transaction; (viii) this Agreement having been determined (on whatever grounds) to be invalid, non-binding or unenforceable against any other Guarantor ab initio or at any time after the
Closing Date or (ix) any other circumstance (including statute of limitations), any act or omission that may or might in any manner or to any extent vary the risk of any Guarantor or otherwise operate as a defense to, or discharge of, the
Borrower, any Guarantor or any other guarantor or surety as a matter of law or equity (in each case, other than the payment in full in cash of all the Guaranteed Obligations (excluding contingent obligations as to which no claim has been made)).
Each Guarantor expressly authorizes the applicable Secured Parties, to the extent permitted by the Security Agreement, to take and hold security for the payment and performance of the Guaranteed Obligations, to exchange, waive or release any or all
such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof in their sole discretion or to release or substitute any one or more other guarantors or obligors upon or in respect
of the Guaranteed Obligations all without affecting the obligations of any Guarantor hereunder. Anything contained in this Agreement to the contrary notwithstanding, the obligations of each Guarantor under this Agreement shall in no event exceed the
amount that can be guaranteed by such Guarantor without (a) rendering such Guarantor “insolvent” within the meaning of Section 101 (31) of the Bankruptcy Code of the United States, Section 2

  
 -3- 

 
of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of the Uniform Fraudulent Conveyance Act (“UFCA”), (b) leaving such Guarantor with unreasonably small
capital or assets, within the meaning of Section 548 of the Bankruptcy Code of the United States, Section 4 of the UFTA, or Section 5 of the UFCA, or (c) leaving such Guarantor unable to pay its debts as they become due within
the meaning of Section 548 of the Bankruptcy Code of the United States or Section 4 of the UFTA, or Section 5 of the UFCA. 

(b) To the fullest extent permitted by applicable Law and except for termination or release of a Guarantor’s obligations hereunder in
accordance with the terms of Section 4.12 (but without prejudice to Section 2.04), each Guarantor waives any defense based on or arising out of any defense of the Borrower or any other Guarantor or the unenforceability of the
Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower or any other Guarantor, other than the payment in full in cash of all the Guaranteed Obligations (excluding contingent
obligations as to which no claim has been made). The Administrative Agent and the other Secured Parties may in accordance with the terms of the Collateral Documents, at their election, foreclose on any security held by one or more of them by one or
more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with the Borrower or any other Guarantor or exercise any
other right or remedy available to them against any Guarantor, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Guaranteed Obligations have been paid in full in cash (excluding contingent
obligations as to which no claim has been made). To the fullest extent permitted by applicable Law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable Law, to impair or to
extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against the Borrower or any other Guarantor, as the case may be, or any security. To the fullest extent permitted by applicable Law, each Guarantor
waives any and all suretyship defenses. 
 Section 2.04 Reinstatement. Notwithstanding anything to contrary contained in this
Agreement, each of the Guarantors agrees that (a) its guarantee hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or must
otherwise be restored by the Administrative Agent or any other Secured Party upon the bankruptcy or reorganization (or any analogous proceeding in any jurisdiction) of the Borrower or any other Guarantor or otherwise and (b) the provisions of
this Section 2.04 shall survive the termination of this Agreement. 
 Section 2.05 Agreement To Pay; Subrogation. In
furtherance of the foregoing and not in limitation of any other right that the Administrative Agent or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrower or any other Guarantor to
pay any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative
Agent for distribution to the applicable Secured Parties in cash the amount of such unpaid Guaranteed Obligation. Upon payment by any Guarantor of any sums to the Administrative Agent as provided above, all rights of such Guarantor against the
Borrower or any other Guarantor arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article III. 

Section 2.06 Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s
and each other Guarantor’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs
hereunder, and agrees that neither the Administrative Agent nor any of the other Secured Parties will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks. 

  
 -4- 

 ARTICLE III 

Indemnity, Subrogation and Subordination 

Upon payment by any Guarantor of any Guaranteed Obligations, all rights of such Guarantor against the Borrower or any other Guarantor arising
as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior payment in full in cash of all the Guaranteed Obligations
(excluding contingent obligations as to which no claim has been made) and the termination of all Commitments to the Borrower under the Credit Agreement. If any amount shall be paid to the Borrower or any other Guarantor in violation of the foregoing
restrictions on account of (i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of the Borrower or any other Guarantor, such amount shall be held in trust for the benefit of the
Secured Parties and shall forthwith be paid to the Administrative Agent to be credited against the payment of the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement and the other Loan
Documents. Subject to the foregoing, to the extent that any Guarantor shall, under this Agreement or the Credit Agreement as a joint and several obligor, repay any of the Guaranteed Obligations constituting Loans or other advances made to another
Loan Party under the Credit Agreement (an “Accommodation Payment”), then the Guarantor making such Accommodation Payment shall be entitled to contribution and indemnification from, and be reimbursed by, each of the other Guarantors
in an amount equal to a fraction of such Accommodation Payment, the numerator of which fraction is such other Guarantor’s Allocable Amount and the denominator of which is the sum of the Allocable Amounts of all of the Guarantors;
provided that such rights of contribution and indemnification shall be subordinated to the prior payment in full, in cash, of all of the Guaranteed Obligations (excluding contingent obligations as to which no claim has been made). As of any
date of determination, the “Allocable Amount” of each Guarantor shall be equal to the maximum amount of liability for Accommodation Payments which could be asserted against such Guarantor hereunder and under the Credit Agreement
without (a) rendering such Guarantor “insolvent” within the meaning of Section 101 (31) of the Bankruptcy Code of the United States, Section 2 of the UFTA or Section 2 of the UFCA, (b) leaving such Guarantor
with unreasonably small capital or assets, within the meaning of Section 548 of the Bankruptcy Code of the United States, Section 4 of the UFTA, or Section 5 of the UFCA, or (c) leaving such Guarantor unable to pay its debts as
they become due within the meaning of Section 548 of the Bankruptcy Code of the United States or Section 4 of the UFTA, or Section 5 of the UFCA. 

ARTICLE IV 
 Miscellaneous

 Section 4.01 Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be
in writing and given as provided in Section 10.02 of the Credit Agreement. All communications and notice hereunder to a Guarantor other than Holdings shall be given in care of the Borrower. 

Section 4.02 Waivers; Amendment. 

(a) No failure by any Secured Party to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege
hereunder or under any other Loan Document shall operate as a 

  
 -5- 

 
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law. No waiver of any
provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 4.02, and then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given. 
 (b) Neither this Agreement nor any provision hereof may
be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply, subject to
any consent required in accordance with Section 10.01 of the Credit Agreement. 
 Section 4.03 Administrative Agent’s Fees
and Expenses; Indemnification. 
 (a) Each Guarantor, jointly with the other Guarantors and severally, agrees to reimburse the
Administrative Agent for its fees and expenses incurred hereunder to the extent provided in Section 10.04 of the Credit Agreement; provided that each reference therein to the “Borrower” shall be deemed to be a reference to
“each Guarantor.” 
 (b) Each Guarantor jointly and severally agrees to indemnify the Administrative Agent, the Collateral Agent
and the other Indemnitees to the extent set forth in Section 10.05 of the Credit agreement; provided that each reference therein to the “Borrower” shall be deemed to be a reference to “each Guarantor.” 

(c) Any such amounts payable as provided hereunder shall be additional Guaranteed Obligations guaranteed hereby and secured by the Collateral
Documents. The provisions of this Section 4.03 shall remain operative and in full force and effect regardless of the termination of this Agreement, any other Loan Document, any Letter of Credit, any Secured Hedge Agreement or any Secured
Cash Management Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Guaranteed Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, any
resignation of the Administrative Agent or the Collateral Agent or any document governing any of the Obligations arising under any Secured Hedge Agreements or any Secured Cash Management Agreement, or any investigation made by or on behalf of the
Administrative Agent or any other Secured Party. All amounts due under this Section 4.03 shall be payable within thirty (30) Business Days after written demand therefor. 

Section 4.04 Successors and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Guarantor or any Secured Party that are contained in this Agreement shall bind and inure to the benefit of their
respective permitted successors and assigns. No Guarantor may, except as provided under Section 7.04 and 7.05 of the Credit Agreement, assign any of its rights or obligations hereunder without the written consent of the Administrative Agent.

 Section 4.05 Survival of Agreement. All covenants, agreements, indemnities, representations and warranties made by the
Guarantors in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Secured Parties and shall survive
the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any Secured Party 

  
 -6- 

 
or on its behalf and notwithstanding that any Secured Party may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is
extended under the Credit Agreement or any other Loan Document, and shall continue in full force and effect until this Agreement is terminated as provided in Section 4.12 hereof, or with respect to any individual Guarantor until such
Guarantor is otherwise released from its obligations under this Agreement in accordance with the terms hereof 
 Section 4.06
Counterparts; Effectiveness; Several Agreement. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Agreement shall become effective when it shall have been executed by the Guarantors and the Administrative Agent and thereafter shall be binding upon and inure to the benefit of each Guarantor, the Administrative
Agent, the other Secured Parties and their respective permitted successors and assigns, subject to Section 4.04 hereof. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging
means (including in.pdf format via electronic mail) shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall be construed as a separate agreement with respect to each Guarantor and may be amended,
restated, modified, supplemented, waived or released with respect to any Guarantor without the approval of any other Guarantor and without affecting the obligations of any other Guarantor hereunder. 

Section 4.07 Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, (a) the
legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 Section 4.08 GOVERNING LAW, ETC. 

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

(b) THE GUARANTORS AND THE ADMINISTRATIVE AGENT EACH IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE
HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH PARTY HERETO AGREES THAT THE ADMINISTRATIVE AGENT AND THE OTHER SECURED PARTIES RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW OR TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER THIS AGREEMENT OR THE ENFORCEMENT OF ANY JUDGMENT. 

(c) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN CLAUSE (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

  
 -7- 

 Section 4.09 WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 4.10 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

Section 4.11 Obligations Absolute. All rights of the Administrative Agent and the other Secured Parties hereunder and all
obligations of each Guarantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Guaranteed
Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any other amendment or waiver of
or any consent to any departure from the Credit Agreement, any other Loan Document, or any other agreement or instrument, (c) any release or amendment or waiver of or consent under or departure from any guarantee guaranteeing all or any of the
Guaranteed Obligations or (d) subject only to termination or release of a Guarantor’s obligations hereunder in accordance with the terms of Section 4.12, but without prejudice to reinstatement rights under
Section 2.04, any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Guarantor in respect of the Guaranteed Obligations or this Agreement. 

Section 4.12 Termination or Release. 

(a) This Agreement and the Guarantees made herein shall terminate with respect to all Guaranteed Obligations when (i) all Commitments
have expired or been terminated and the Lenders have no further commitment to lend under the Credit Agreement and (ii) all principal and interest in respect of each Loan and all other Guaranteed Obligations (other than (A) contingent
indemnification obligations as to which no claim has been asserted, (B) Guaranteed Obligations in respect of (1) Obligations under Secured Hedge Agreements and (2) Cash Management Obligations and (C) obligations in respect of
Letters of Credit which have been Cash Collateralized) shall have been paid in full in cash. 

  
 -8- 

 (b) A Guarantor that becomes an Excluded Subsidiary shall automatically be released in accordance
with Section 9.11 of the Credit Agreement. 
 (c) In connection with any termination or release pursuant to clauses (a) or
(b) above, the Administrative Agent shall promptly execute and deliver to any Guarantor, at such Guarantor’s expense, all documents that such Guarantor shall reasonably request to evidence such termination or release. Any execution and
delivery of documents pursuant to this Section 4.12 shall be without recourse to or warranty by the Administrative Agent. 
 (d)
At any time that the respective Guarantor desires that the Administrative Agent take any of the actions described in immediately preceding clause (c), it shall, upon request of the Administrative Agent, deliver to the Administrative Agent an
officer’s certificate certifying that the release of the respective Guarantor is permitted pursuant to clause (a) or (b) above. The Administrative Agent shall have no liability whatsoever to any Secured Party as a result of any
release of any Guarantor by it as permitted (or which the Administrative Agent in good faith believes to be permitted) by this Section 4.12. 

Section 4.13 Additional Restricted Subsidiaries. To the extent required by Section 6.11 of the Credit Agreement, a Restricted
Subsidiary shall be a Guarantor hereunder with the same force and effect as if originally named as a Guarantor herein, and such Restricted Subsidiary shall execute and deliver to the Administrative Agent a Guaranty Supplement. Upon execution and
delivery by the Administrative Agent and a Restricted Subsidiary of a Guaranty Supplement, such Restricted Subsidiary shall become a Guarantor hereunder with the same force and effect as if originally named as a Guarantor herein. The execution and
delivery of any such instrument shall not require the consent of any other Guarantor hereunder. The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party
to this Agreement. 
 Section 4.14 Recourse; Limited Obligations. This Agreement is made with full recourse to each Guarantor
and pursuant to and upon all the warranties, representations, covenants and agreements on the part of such Guarantor contained herein, in the Credit Agreement and the other Loan Documents and otherwise in writing in connection herewith or therewith.
It is the desire and intent of each Guarantor and each applicable Secured Party that this Agreement shall be enforced against each Guarantor to the fullest extent permissible under applicable Law applied in each jurisdiction in which enforcement is
sought. 
 Section 4.15 [Reserved]. 

Section 4.16 Right of Set-off. If an Event of Default shall have occurred and be continuing, each Lender and each of its
Affiliates and the L/C Issuer and each of its Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, to the fullest extent permitted by applicable law, to set off and
apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate or the L/C Issuer and
its Affiliates, as the case may be, to or for the credit or the account of any Guarantor against any and all of the obligations of such Guarantor now or hereafter existing under this Agreement to such Lender, irrespective of whether or not such
Lender shall have made any demand under this Agreement and although such obligations of such Guarantor may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or Indebtedness or are owed to a branch
or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness; provided that in the 

  
 -9- 

 
event that any Defaulting Lender shall exercise any such right of set-off, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in
accordance with the provisions of Section 8.03 of the Credit Agreement and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Swing
Line Lenders, the L/C Issuer and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations then due and owing to such Defaulting Lender as to which
it exercised such right of set-off. The rights of each Lender and its Affiliates under this Section are in addition to other rights and remedies (including other rights of set-off) that such Lender or its Affiliates may have. Each Lender and the L/C
Issuer agrees to notify the applicable Guarantor and the Administrative Agent promptly after any such set-off and application made by such Lender or the L/C Issuer, as the case may be; provided that the failure to give such notice shall not
affect the validity of such set-off and application. 
 Section 4.17 Keepwell. Each Loan Party that is a Qualified ECP Guarantor
at the time this Agreement or the grant of the security interest under the Loan Documents, in each case, by any Specified Loan Party, becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally
and irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under this Agreement
and the other Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under
this Article 4 voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this Section shall remain in full force
and effect until this Guarantee is terminated or released with respect to such Guarantor in accordance with Section 4.12 hereunder. Each Qualified ECP Guarantor intends this Section to constitute, and this Section shall be deemed to constitute,
a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Loan Party for all purposes of the Commodity Exchange Act. 

[Signature Pages Follow] 

  
 -10- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	BORROWER:
	
	SOULCYCLE HOLDINGS, LLC
		
	By:		 /s/ Larry M. Segall

			Name: Larry M. Segall
			Title: Executive Vice President and Chief Financial Officer
	
	GUARANTORS:
	
	SOULCYCLE INTERMEDIATE HOLDINGS LLC
		
	By:		 /s/ Larry M. Segall

			Name: Larry M. Segall
			Title: Manager
	
	 SOULCYCLE, LLC
 SOULCYCLE TRIBECA,
LLC
 SOULCYCLE BRIDGEHAMPTON, LLC
 SOULCYCLE EAST 83RD STREET, LLC
 SOULCYCLE SCARSDALE LLC

SOULCYCLE 350 AMSTERDAM, LLC
 SOULCYCLE EAST 18TH STREET, LLC
 SOULCYCLE POP UP, LLC

SOULCYCLE ROSLYN, LLC
 SOULCYCLE EAST HAMPTON, LLC

SOULCYCLE EAST 63RD STREET, LLC

SOULCYCLE WEST HOLLYWOOD, LLC
 SOULCYCLE BRENTWOOD, LLC

SOULCYCLE GREENWICH, LLC
 SOULCYCLE SANTA MONICA, LLC

SOULCYCLE 384 LAFAYETTE STREET, LLC
 SOULCYCLE GREENWICH STREET,
LLC
 SOULCYCLE EQUIPMENT, LLC
 SOULCYCLE 45 CROSBY STREET,
LLC
 SOULCYCLE WEST 19TH STREET, LLC

SOULCYCLE RYE BROOK, LLC
 SOULCYCLE KENT AVENUE, LLC

SOULCYCLE 2095 UNION STREET, LLC
 SOULCYCLE LARKSPUR, LLC

SOULCYCLE BEVERLY HILLS, LLC
 SOULCYCLE PALO ALTO,
LLC

 [Signature Page to Guaranty] 

 
			
	 SOULCYCLE SHORT HILLS, LLC

SOULCYCLE WOODBURY, LLC
 SOULCYCLE CHESTNUT HILL, LLC

SOULCYCLE WATER MILL, LLC
 SOULCYCLE MALIBU, LLC

SOULCYCLE M STREET, LLC
 SOULCYCLE BRONXVILLE, LLC

SOULCYCLE WESTPORT, LLC
 SOULCYCLE PASADENA, LLC

SOULCYCLE 6200 HOLLYWOOD, LLC
 SOULCYCLE MAIDEN LANE, LLC

SOULCYCLE NEWPORT BEACH, LLC
 SOULCYCLE 27TH STREET, LLC
 SOULCYCLE BETHESDA, LLC

SOULCYCLE 2465 BROADWAY, LLC
 SOULCYCLE MERRICK PARK, LLC

SOULCYCLE 75 FIRST STREET, LLC
 SOULCYCLE N. WELLS STREET, LLC

SOULCYCLE EL SEGUNDO, LLC
 SOULCYCLE W. WACKER LLC

SOULCYCLE CASTRO STREET, LLC
 SOULCYCLE BRYANT PARK, LLC

SOULCYCLE 601 MASS AV DC, LLC
 SOULCYCLE EAST 54TH STREET, LLC
 SOULCYCLE WEST COAST OFFICE, LLC

SOULCYCLE 210 JORALEMON STREET, LLC
 SOULCYCLE MONTAUK, LLC

SOULCYCLE FLATBUSH BK, LLC
 SOULCYCLE 1042 WISCONSIN, LLC

SOULCYCLE 1935 14TH DC, LLC

SOULCYCLE CULVER CITY, LLC
 SOULCYCLE 2377 COLLINS, LLC

SOULCYCLE SOUTHPORT, LLC
 SOULCYCLE 500 BOYLSTON BACK BAY,
LLC

		
	By:		 /s/ Larry M. Segall

			Name: Larry M. Segall
			Title: Executive Vice President and Chief Financial Officer

  
 [Signature Page to
Guaranty] 

 
			
	ADMINISTRATIVE AGENT:
	
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:		 /s/ Tiffany Shin

			Name: Tiffany Shin
			Title: Assistant Vice President

  
 [Signature Page to
Guaranty] 

 SCHEDULE I TO GUARANTY 

GUARANTORS 
 SoulCycle, LLC 

SoulCycle Intermediate Holdings LLC 
 SoulCycle Management, LLC

 SoulCycle Tribeca, LLC 
 SoulCycle Bridgehampton, LLC 

Soul Cycle East 83rd Street, LLC 
 SoulCycle Scarsdale LLC 

SoulCycle 350 Amsterdam, LLC 
 SoulCycle East 18th Street, LLC

 SoulCycle Pop Up, LLC 
 SoulCycle Roslyn, LLC 

SoulCycle East Hampton, LLC 
 SoulCycle East 63rd Street, LLC 

SoulCycle West Hollywood, LLC 
 SoulCycle Brentwood, LLC 

SoulCycle Greenwich, LLC 
 SoulCycle Santa Monica, LLC 

SoulCycle 384 Lafayette Street, LLC 
 SoulCycle 609 Greenwich
Street, LLC 
 SoulCycle Equipment, LLC 
 SoulCycle 45 Crosby
Street, LLC 
 SoulCycle West 19th Street, LLC 
 SoulCycle Rye
Brook, LLC 
 SoulCycle Kent Avenue, LLC 
 SoulCycle 2095 Union
Street, LLC 
 SoulCycle Larkspur, LLC 
 SoulCycle Beverly
Hills, LLC 
 SoulCycle Palo Alto, LLC 
 SoulCycle Short Hills,
LLC 
 SoulCycle Woodbury, LLC 
 SoulCycle Chestnut Hill, LLC

 SoulCycle Water Mill, LLC 
 SoulCycle Malibu, LLC 

SoulCycle M Street, LLC 
 SoulCycle Bronxville, LLC 

SoulCycle Westport, LLC 
 SoulCycle Pasadena, LLC 

  
 SCHEDULE I 

 SoulCycle 6200 Hollywood, LLC 

SoulCycle Maiden Lane, LLC 
 SoulCycle Newport Beach, LLC 

SoulCycle 27th Street, LLC 
 SoulCycle Bethesda, LLC 

SoulCycle 2465 Broadway, LLC 
 SoulCycle Merrick Park, LLC 

SoulCycle 75 First Street, LLC 
 SoulCycle N. Wells Street, LLC

 SoulCycle El Segundo, LLC 
 SoulCycle W. Wacker LLC 

SoulCycle Castro Street, LLC 
 SoulCycle Bryant Park, LLC 

SoulCycle 601 Mass Av DC, LLC 
 SoulCycle East 54th Street, LLC

 Soulcycle West Coast Office, LLC 
 SoulCycle 210 Joralemon
Street, LLC 
 SoulCycle Montauk, LLC 
 SoulCycle 210 Joralemon
Street, LLC 
 SoulCycle Flatbush BK, LLC 
 SoulCycle 1042
Wisconsin, LLC 
 SoulCycle 1935 14th DC, LLC 
 SoulCycle Culver
City, LLC 
 SoulCycle 2377 Collins, LLC 
 SoulCycle Southport,
LLC 
 SoulCycle 500 Boylston Back Bay, LLC 

  
 SCHEDULE I-2 

 EXHIBIT I TO GUARANTY 

FORM OF GUARANTY SUPPLEMENT 

GUARANTY SUPPLEMENT NO.      dated as of             ,
20     (this “Supplement”), to the Guaranty dated as of May 15, 2015, by and among SoulCycle Intermediate Holdings LLC, a Delaware limited liability company (“Holdings”), SoulCycle Holdings, LLC, a
Delaware limited liability company (that, on the Closing Date or shortly thereafter, will be converted to a Delaware corporation) (the “Borrower”), the other Guarantors party thereto from time to time, Bank of America, N.A., as
Administrative Agent and Collateral Agent for the Secured Parties (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Guaranty”). 

A. Reference is made to the Credit Agreement, dated as of May 15, 2015 (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Credit Agreement”), by, among others, SoulCycle Holdings, LLC, Holdings, the Lenders party thereto, BANK OF AMERICA, N.A., as Administrative Agent and Collateral Agent under the Loan
Documents for the Lenders. 
 B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such
terms in the Credit Agreement and the Guaranty, as applicable. 
 C. The Guarantors have entered into the Guaranty in order to induce the
Lenders to make Loans to the Borrower and the L/C Issuer to make Letters of Credit available in favor of the Borrower or any Restricted Subsidiary of the Borrower. Section 4.13 of the Guaranty provides that additional Restricted Subsidiaries
may become Guarantors under the Guaranty by execution and delivery of an instrument in the form of this Supplement. The undersigned Restricted Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the
requirements of the Credit Agreement to become a Guarantor under the Guaranty as consideration for Loans previously made and Letters of Credit previously issued. 

Accordingly, the Administrative Agent and the New Subsidiary agree as follows: 

Section 1. In accordance with Section 4.13 of the Guaranty, the New Subsidiary by its signature below becomes a Guarantor
under the Guaranty with the same force and effect as if originally named therein as a Guarantor and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Guaranty applicable to it as a Guarantor thereunder and
(b) represents and warrants that the representations and warranties made by the Borrower with respect to the Guarantors under the Credit Agreement are true and correct in all material respects (except to the extent any such representations and
warranty is qualified as to “Material Adverse Effect,” in which case such representation and warranty, to the extent qualified by a “Material Adverse Effect,” shall be true and correct in all respects) with respect to the New
Subsidiary on and as of the date hereof, provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects (except to the extent any such
representations and warranty is qualified as to “Material Adverse Effect,” in which case such representation and warranty, to the extent qualified by a “Material Adverse Effect,” shall be true and correct in all respects) as of
such earlier date. Each reference to a “Guarantor” in the Guaranty shall be deemed to include the New Subsidiary as if originally named therein as a Guarantor. The Guaranty is hereby incorporated herein by reference. 

Section 2. The New Subsidiary represents and warrants to the Administrative Agent and the other Secured Parties that this
Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by
general principles of equity and principles of good faith and fair dealing. 

  
 EXHIBIT I 

 Section 3. This Supplement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received a
counterpart of this Supplement that bears the signature of the New Subsidiary and the Administrative Agent. Delivery of an executed counterpart of a signature page of this Supplement by telecopy or other electronic imaging means (including in .pdf
format via electronic mail) shall be effective as delivery of a manually executed counterpart of this Supplement. 
 Section 4.
Except as expressly supplemented hereby, the Guaranty shall remain in full force and effect. 
 Section 5. 

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

(b) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE
STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS SUPPLEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE
COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH PARTY HERETO AGREES THAT THE ADMINISTRATIVE AGENT AND THE OTHER SECURED PARTIES RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY LOAN
PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER THIS SUPPLEMENT OR THE ENFORCEMENT OF ANY JUDGMENT. 

(c) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENT IN ANY COURT REFERRED TO IN CLAUSE (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR 

  
 EXHIBIT I-2 

 
RELATING TO THIS SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS SUPPLEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 6. If
any provision of this Supplement is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Supplement shall not be affected or impaired thereby and (b) the parties
shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 7. All communications and notices hereunder shall be in writing and given as provided in Section 4.01 of the
Guaranty. 
 Section 8. The New Subsidiary agrees to reimburse the Administrative Agent for its reasonable out-of-pocket
expenses in connection with this Supplement, as provided in Section 4.03(a) of the Guaranty. 
 [Signature Pages Follow] 

  
 EXHIBIT I-3 

 IN WITNESS WHEREOF, the New Subsidiary and the Administrative Agent have duly executed this
Supplement to the Guaranty as of the day and year first above written. 
  

			
	[NAME OF NEW SUBSIDIARY]
		
	By:		  

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

		
	By:		  

			Name:
			Title:

 [Signature Page to Guaranty Supplement]EX-10.8

 Exhibit 10.8 

Execution version 
  

 
  

SECURITY AGREEMENT 
 By 

SOULCYCLE HOLDINGS, LLC, 
 as
Borrower 
 and 
 THE PLEDGORS
PARTY HERETO 
 and 
 BANK OF
AMERICA, N.A., 
 as Collateral Agent 
  

 
 Dated as of
May 15, 2015 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 Page
	 
		
	 PREAMBLE
	  	 	1	  
		
	 RECITALS
	  	 	1	  
		
	 AGREEMENT
	  	 	2	  
	
	ARTICLE I	  
	
	DEFINITIONS AND INTERPRETATION	  
			
	 SECTION 1.1.
	 	 DEFINITIONS
	  	 	2	  
	 SECTION 1.2.
	 	 INTERPRETATION
	  	 	7	  
	 SECTION 1.3.
	 	 RESOLUTION OF DRAFTING AMBIGUITIES
	  	 	7	  
	 SECTION 1.4.
	 	 PERFECTION CERTIFICATE
	  	 	7	  
	
	 ARTICLE II
	   

	
	GRANT OF SECURITY AND SECURED OBLIGATIONS	  
			
	 SECTION 2.1.
	 	 GRANT OF SECURITY INTEREST
	  	 	7	  
	 SECTION 2.2.
	 	 FILINGS
	  	 	8	  
	
	ARTICLE III	  
	
	 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;

USE OF PLEDGED COLLATERAL
	   
   

			
	 SECTION 3.1.
	 	 DELIVERY OF CERTIFICATED SECURITIES COLLATERAL
	  	 	9	  
	 SECTION 3.2.
	 	 PERFECTION OF UNCERTIFICATED SECURITIES COLLATERAL
	  	 	9	  
	 SECTION 3.3.
	 	 FINANCING STATEMENTS AND OTHER FILINGS; MAINTENANCE OF PERFECTED SECURITY INTEREST
	  	 	9	  
	 SECTION 3.4.
	 	 OTHER ACTIONS
	  	 	10	  
	 SECTION 3.5.
	 	 JOINDER OF ADDITIONAL GUARANTORS
	  	 	11	  
	 SECTION 3.6.
	 	 SUPPLEMENTS; FURTHER ASSURANCES
	  	 	11	  
	
	 ARTICLE IV
	   

	
	REPRESENTATIONS, WARRANTIES AND COVENANTS	  
			
	 SECTION 4.1.
	 	 TITLE
	  	 	12	  
	 SECTION 4.2.
	 	 [RESERVED]
	  	 	12	  
	 SECTION 4.3.
	 	 DEFENSE OF CLAIMS; TRANSFERABILITY OF PLEDGED COLLATERAL
	  	 	12	  
	 SECTION 4.4.
	 	 OTHER FINANCING STATEMENTS
	  	 	12	  

  
 -i- 

							
	 SECTION 4.5.
		 LOCATION OF INVENTORY AND EQUIPMENT
		 	13	  
	 SECTION 4.6.
		 DUE AUTHORIZATION AND ISSUANCE
		 	13	  
	 SECTION 4.7.
		 CONSENTS, ETC.
		 	13	  
	 SECTION 4.8.
		 PLEDGED COLLATERAL
		 	13	  
	 SECTION 4.9.
		 INSURANCE
		 	13	  
	 SECTION 4.10.
		 PERFECTION CERTIFICATE
		 	13	  
	 SECTION 4.11.
		 CHANGE IN ORGANIZATION
		 	13	  
	 SECTION 4.12.
		 PERFECTION CERTIFICATE SUPPLEMENTS
		 	14	  
	
	ARTICLE V	  
	
	CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL	  
			
	 SECTION 5.1.
		 PLEDGE OF ADDITIONAL SECURITIES COLLATERAL
		 	14	  
	 SECTION 5.2.
		 VOTING RIGHTS; DISTRIBUTIONS; ETC.
		 	14	  
	 SECTION 5.3.
		 [RESERVED]
		 	15	  
	 SECTION 5.4.
		 CERTAIN AGREEMENTS OF PLEDGORS AS ISSUERS AND HOLDERS OF EQUITY INTERESTS
		 	16	  
	
	ARTICLE VI	  
	
	 CERTAIN PROVISIONS CONCERNING INTELLECTUAL

PROPERTY COLLATERAL
	   
   

			
	 SECTION 6.1.
		 GRANT OF INTELLECTUAL PROPERTY LICENSE
		 	16	  
	 SECTION 6.2.
		 PROTECTION OF COLLATERAL AGENT’S SECURITY
		 	16	  
	 SECTION 6.3.
		 AFTER-ACQUIRED PROPERTY
		 	17	  
	 SECTION 6.4.
		 LITIGATION
		 	17	  
	
	ARTICLE VII	  
	
	CERTAIN PROVISIONS CONCERNING RECEIVABLES	  
			
	 SECTION 7.1.
		 MAINTENANCE OF RECORDS
		 	18	  
	 SECTION 7.2.
		 LEGEND
		 	18	  
	
	ARTICLE VIII	  
	
	TRANSFERS	 
			
	 SECTION 8.1.
		 TRANSFERS OF PLEDGED COLLATERAL
		 	18	  
	
	ARTICLE IX	  
	
	REMEDIES	  
			
	 SECTION 9.1.
		 REMEDIES
		 	18	  
	 SECTION 9.2.
		 NOTICE OF SALE
		 	20	  

  
 -ii- 

							
	 SECTION 9.3.
		 WAIVER OF NOTICE AND CLAIMS
		 	20	  
	 SECTION 9.4.
		 CERTAIN SALES OF PLEDGED COLLATERAL
		 	21	  
	 SECTION 9.5.
		 NO WAIVER; CUMULATIVE REMEDIES
		 	21	  
	 SECTION 9.6.
		 CERTAIN ADDITIONAL ACTIONS REGARDING INTELLECTUAL PROPERTY
		 	22	  
	
	ARTICLE X	  
	
	APPLICATION OF PROCEEDS	  
			
	 SECTION 10.1.
		 APPLICATION OF PROCEEDS
		 	22	  
	
	ARTICLE XI	  
	
	MISCELLANEOUS	  
			
	 SECTION 11.1.
		 CONCERNING COLLATERAL AGENT
		 	22	  
	 SECTION 11.2.
		 COLLATERAL AGENT MAY PERFORM; COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT
		 	23	  
	 SECTION 11.3.
		 CONTINUING SECURITY INTEREST; ASSIGNMENT
		 	24	  
	 SECTION 11.4.
		 TERMINATION; RELEASE
		 	24	  
	 SECTION 11.5.
		 MODIFICATION IN WRITING
		 	25	  
	 SECTION 11.6.
		 NOTICES
		 	25	  
	 SECTION 11.7.
		 GOVERNING LAW, CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL
		 	25	  
	 SECTION 11.8.
		 SEVERABILITY OF PROVISIONS
		 	25	  
	 SECTION 11.9.
		 EXECUTION IN COUNTERPARTS
		 	25	  
	 SECTION 11.10.
		 BUSINESS DAYS
		 	25	  
	 SECTION 11.11.
		 NO CREDIT FOR PAYMENT OF TAXES OR IMPOSITION
		 	26	  
	 SECTION 11.12.
		 NO CLAIMS AGAINST COLLATERAL AGENT
		 	26	  
	 SECTION 11.13.
		 NO RELEASE
		 	26	  
	 SECTION 11.14.
		 OBLIGATIONS ABSOLUTE
		 	26	  
			
	 SIGNATURES
				 	S-1	  

  

			
	 EXHIBIT 1
		 Form of Issuer’s Acknowledgment

	 EXHIBIT 2
		 Form of Perfection Certificate

	 EXHIBIT 3
		 Form of Joinder Agreement

	 EXHIBIT 4
		 Form of Copyright Security Agreement

	 EXHIBIT 5
		 Form of Patent Security Agreement

	 EXHIBIT 6
		 Form of Trademark Security Agreement

  
 -iii- 

 SECURITY AGREEMENT 

This SECURITY AGREEMENT dated as of May 15, 2015 (as amended, amended and restated, supplemented or otherwise modified from time to time
in accordance with the provisions hereof, this “Agreement”) made by SOULCYCLE HOLDINGS, LLC, a Delaware limited liability company (the “Borrower”), and the Guarantors from to time to time party hereto (the
“Guarantors”), as pledgors, assignors and debtors (the Borrower, together with the Guarantors, in such capacities and together with any successors in such capacities, the “Pledgors,” and each, a
“Pledgor”), in favor of BANK OF AMERICA, N.A., in its capacity as collateral agent pursuant to the Credit Agreement (as hereinafter defined), as pledgee, assignee and secured party (in such capacities and together with any
successors in such capacities, the “Collateral Agent”). 
 R E C I T A L
S : 
 A. The Borrower, the Guarantors, the Administrative Agent (as defined in the Credit Agreement), the Collateral Agent and the
lending institutions from time to time party thereto have, in connection with the execution and delivery of this Agreement, entered into that certain Credit Agreement, dated as of May 15, 2015 (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”; which term shall also include and refer to any increase in the amount of indebtedness under the Credit Agreement and any refinancing or replacement of the Credit
Agreement (whether under a bank facility, securities offering or otherwise) or one or more successor or replacement facilities whether or not with a different group of agents or lenders (whether under a bank facility, securities offering or
otherwise) and whether or not with different obligors upon the Administrative Agent’s acknowledgment of the termination of the predecessor Credit Agreement). 

B. Each Guarantor has, pursuant to the Credit Agreement, unconditionally guaranteed the Secured Obligations. 

C. The Borrower and each Guarantor are members of an affiliated group of companies engaged in related businesses and will receive substantial
benefits from the making of the extensions of credit under the Credit Agreement and the execution, delivery and performance of the obligations under the Credit Agreement and the other Loan Documents and each is, therefore, willing to enter into this
Agreement. 
 D. This Agreement is given by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties (as defined
in the Credit Agreement) to secure the payment and performance of all of the Secured Obligations. 
 E. It is a condition to (i) the
obligations of the Lenders to make the Loans under the Credit Agreement, (ii) the obligations of the L/C Issuer to issue Letters of Credit and (iii) and the performance of the obligations of the Secured Parties under the Secured Hedge
Agreements and Secured Cash Management Agreements that constitute Secured Obligations that each Pledgor execute and deliver the applicable Loan Documents, including this Agreement. 

 A G R E E M E N T : 

NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each Pledgor and the Collateral Agent hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

SECTION 1.1. Definitions. 

(a) Unless otherwise defined herein or in the Credit Agreement, capitalized terms used herein that are defined in the UCC shall have the
meanings assigned to them in the UCC; provided that in any event, the following terms shall have the meanings assigned to them in the UCC: 

“Accounts”; “Bank”; “Chattel Paper”; “Commercial Tort Claim”;
“Commodity Account”; “Commodity Contract”; “Commodity Intermediary”; “Documents”; “Electronic Chattel Paper”; “Entitlement Order”;
“Equipment”; “Financial Asset”; “Fixtures”; “Goods”, “Inventory”; “Letter-of-Credit Rights”; “Letters of Credit”;
“Money”; “Payment Intangibles”; “Proceeds”; “ Records”; “Securities Account”; “Securities Intermediary”; “Security Entitlement”;
“Supporting Obligations”; and “Tangible Chattel Paper.” 
 (b) Terms used but not otherwise defined herein
that are defined in the Credit Agreement shall have the meanings given to them in the Credit Agreement. Sections 1.03 and 1.05 of the Credit Agreement shall apply herein mutatis mutandis. 

(c) The following terms shall have the following meanings: 

“Agreement” shall have the meaning assigned to such term in the Preamble hereof. 

“Borrower” shall have the meaning assigned to such term in the Preamble hereof. 

“Collateral Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Pledged
Collateral and shall include any security agreement or other agreement granting a lien or security interest in such real or personal property. 

“Contracts” shall mean, collectively, with respect to each Pledgor, all sale, service, performance, equipment or property
lease contracts, agreements and grants and all other contracts, agreements or grants (in each case, whether written or oral, or third party or intercompany), between such Pledgor and any third party, and all assignments, amendments, restatements,
supplements, extensions, renewals, replacements or modifications thereof. 
 “Copyrights” shall mean, collectively, with
respect to each Pledgor, all copyrights (whether statutory or common law, whether established or registered in the United States or any other country or any political subdivision thereof, whether registered or unregistered and whether published or
unpublished) and all copyright registrations and applications made by such Pledgor, in each case, whether 

  
 -2- 

 
now owned or hereafter created or acquired by or assigned to such Pledgor, including those listed on Schedule 11(b) to the Perfection Certificate, together with any and all (i) rights and
privileges arising under applicable law with respect to such Pledgor’s use of such copyrights, (ii) reissues, renewals, continuations and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and
payments now or hereafter due and/or payable with respect thereto, including damages and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past,
present or future infringements thereof. 
 “Copyright Security Agreement” shall mean an agreement substantially in the
form of Exhibit 4 hereto. 
 “Deposit Accounts” shall mean, collectively, with respect to each Pledgor,
(i) all “deposit accounts” as such term is defined in the UCC and in any event shall include the LC Account and all accounts and sub-accounts relating to any of the foregoing accounts and (ii) all cash, funds, checks, notes and
instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition. 

“Distributions” shall mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights,
instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged
Securities, from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities or Intercompany Notes. 

“Excluded Assets” shall have the meaning assigned such term in the Credit Agreement. 

“Collateral Agent” shall have the meaning assigned to such term in the Preamble hereof. 

“Credit Agreement” shall have the meaning assigned to such term in Recital A hereof. 

“General Intangibles” shall mean, collectively, with respect to each Pledgor, all “general intangibles,” as such
term is defined in the UCC, of such Pledgor and, in any event, shall include (i) all of such Pledgor’s rights, title and interest in, to and under all Contracts and insurance policies (including all rights and remedies relating to
monetary damages, including indemnification rights and remedies, and claims for damages or other relief pursuant to or in respect of any Contract), (ii) all know-how and warranties relating to any of the Pledged Collateral or the Mortgaged
Property, (iii) any and all other rights, claims, choses-in-action and causes of action of such Pledgor against any other person and the benefits of any and all collateral or other security given by any other person in connection therewith,
(iv) all guarantees, endorsements and indemnifications on, or of, any of the Pledged Collateral or any of the Mortgaged Property, (v) all lists, books, records, correspondence, ledgers, printouts, files (whether in printed form or stored
electronically), tapes and other papers or materials containing information relating to any of the Pledged Collateral or any of the Mortgaged Property, including all customer or tenant lists, identification of suppliers, data, plans, blueprints,
specifications, designs, drawings, appraisals, recorded knowledge, surveys, studies, engineering reports, test reports, manuals, standards, processing standards, performance standards, catalogs, research data, computer and automatic machinery
software and programs and the like, field repair data, accounting information pertaining to such Pledgor’s operations or any of the Pledged Collateral or any of the Mortgaged Property and all media in which or on which any of the information or
knowledge or data or records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data, (vi) all licenses, consents, permits, variances,

  
 -3- 

 
certifications, authorizations and approvals, however characterized, of any Governmental Authority, now or hereafter acquired or held by such Pledgor pertaining to operations now or hereafter
conducted by such Pledgor or any of the Pledged Collateral, including building permits, certificates of occupancy, environmental certificates, industrial permits or licenses and certificates of operation and (vii) all rights to reserves,
deferred payments, deposits, refunds, indemnification of claims to the extent the foregoing relate to any Pledged Collateral and claims for tax or other refunds against any Governmental Authority relating to any Pledged Collateral. 

“Goodwill” shall mean, collectively, with respect to each Pledgor, the goodwill connected with such Pledgor’s business
including all goodwill connected with (i) the use of and symbolized by any Trademark or Intellectual Property License with respect to any Trademark in which such Pledgor has any interest, (ii) all know-how, trade secrets, customer and
supplier lists, proprietary information, inventions, methods, procedures, formulae, descriptions, compositions, technical data, drawings, specifications, name plates, catalogs, confidential information and the right to limit the use or disclosure
thereof by any person, pricing and cost information, business and marketing plans and proposals, consulting agreements, engineering contracts and such other assets which relate to such goodwill and (iii) all product lines of such Pledgor’s
business. 
 “Guarantors” shall have the meaning assigned to such term in the Preamble hereof. 

“Instruments” shall mean, collectively, with respect to each Pledgor, all “instruments,” as such term is defined in
Article 9, rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances. 

“Intellectual Property” means all intellectual and similar property of every kind and nature now owned, licensed or hereafter
acquired by any Pledgor, including: Patents, Copyrights, Intellectual Property Licenses, Trademarks, domain names and trade secrets. 

“Intellectual Property Collateral” shall mean, collectively, the Patents, Trademarks, Copyrights, Intellectual Property
Licenses and Goodwill. 
 “Intellectual Property Licenses” shall mean, collectively, with respect to each Pledgor, all
license agreements with any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Pledgor is a licensor or licensee under any such license agreement, together with any and all
(i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder and with respect thereto including damages and payments for past,
present or future infringements or violations thereof, (iii) rights, if any, granted to such Pledgor pursuant to such license agreements to sue for past, present and future infringements or violations of any Patents, Trademarks or Copyrights
licensed to such Pledgor and (iv) other rights, if any, granted to such Pledgor pursuant to such license agreements to use, exploit or practice any or all of the Patents, Trademarks or Copyrights. 

“Intercompany Notes” shall mean, with respect to each Pledgor, all intercompany notes described in Schedule 10 to
the Perfection Certificate and intercompany notes hereafter acquired by such Pledgor and all certificates, instruments or agreements evidencing such intercompany notes, and all assignments, amendments, restatements, supplements, extensions,
renewals, replacements or modifications thereof to the extent permitted pursuant to the terms hereof. 

  
 -4- 

 “Investment Property” shall mean a security, whether certificated or
uncertificated, Security Entitlement, Securities Account, Commodity Contract or Commodity Account, excluding, however, the Securities Collateral. 

“Joinder Agreement” shall mean an agreement substantially in the form of Exhibit 3 hereto. 

“LC Account” shall mean any account established and maintained in accordance with the provisions of
Section 2.03(g) of the Credit Agreement and all property from time to time on deposit in such LC Account. 
 “Material
Intellectual Property Collateral” shall mean any Intellectual Property Collateral that is material to the business of any Pledgor. 

“Mortgaged Property” shall have the meaning assigned to such term in the Mortgages. 

“Patents” shall mean, collectively, with respect to each Pledgor, all patents and all patent applications and registrations
owned by or assigned to, such Pledgor (whether established or registered or recorded in the United States or any other country or any political subdivision thereof), including those listed on Schedule 11(a) to the Perfection Certificate, together
with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations,
renewals, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and payments for
past, present or future infringements thereof, (v) rights corresponding thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof. 

“Patent Security Agreement” shall mean an agreement substantially in the form of Exhibit 5 hereto. 

“Perfection Certificate” means a certificate substantially in the form of Exhibit 2, completed and supplemented with
the schedules and attachments contemplated thereby, and duly executed by a Responsible Officer of the Borrower. 
 “Permitted
Liens” means Liens permitted by Section 7.01 of the Credit Agreement. 
 “Pledged Collateral” shall
have the meaning assigned to such term in Section 2.1 hereof. 
 “Pledged Securities” shall mean, collectively,
with respect to each Pledgor, in each case other than Excluded Assets, (i) all issued and outstanding Equity Interests of each issuer set forth on Schedules 9(a) and 9(b) to the Perfection Certificate as being owned by such
Pledgor and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor
relating to such Equity Interests in each such issuer or under any Organization Document of each such issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries
on the books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity Interests of any issuer, which Equity Interests are hereafter acquired by such Pledgor (including by issuance) and all options, warrants, rights,
agreements and additional Equity Interests of whatever class of any such issuer acquired by such Pledgor (including by issuance), together 

  
 -5- 

 
with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests or under any Organization Document of any such issuer, and the certificates, instruments and
agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by such Pledgor in any manner, and
(iii) all Equity Interests issued in respect of the Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of such Equity Interests. 

“Pledgor” shall have the meaning assigned to such term in the Preamble hereof. 

“Receivables” shall mean, collectively, with respect to each Pledgor, all (i) Accounts, (ii) Chattel Paper,
(iii) Payment Intangibles, (iv) General Intangibles, (v) Instruments and (vi) other rights to payment, in each case of such Pledgor, whether or not earned by performance, for goods or other property sold, leased, licensed,
assigned or otherwise disposed of, or services rendered or to be rendered, regardless of how classified under the UCC together with all of Pledgors’ rights, if any, in any goods or other property giving rise to such right to payment and all
Collateral Support and Supporting Obligations related thereto and all Records relating thereto. 
 “Secured Obligations”
means the “Obligations” as defined in the Credit Agreement. Notwithstanding the foregoing, (i) the obligations of Holdings, the Borrower or any Subsidiary under any Secured Hedge Agreement or any Cash Management Obligation shall be
secured and guaranteed pursuant to this Agreement only to the extent that, and for so long as, the other Secured Obligations are so secured, and (ii) any release of Collateral or Guarantors effected in the manner permitted by this Agreement,
the Credit Agreement or any other Loan Document shall not require the consent of any counterparty to, or holders of obligations under, any Secured Hedge Agreement or Cash Management Obligations; provided that, in the case of clause (i), with respect
to any Guarantor, if and to the extent, under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the official application or official interpretation of any thereof), all or a portion of the
guarantee of such Guarantor of, or the grant by such Guarantor of a security interest for, the obligation (the “Excluded Obligation”) 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 is or becomes illegal, the Secured Obligations referred to in clause (i) guaranteed by, or secured by a grant of a security interest by, such Guarantor shall not include such Excluded
Obligation. 
 “Secured Parties” shall have the meaning assigned to such term in the Credit Agreement. 

“Securities Collateral” shall mean, collectively, the Pledged Securities, the Intercompany Notes and the Distributions. 

“Trademarks” shall mean, collectively, with respect to each Pledgor, all trademarks (including service marks), slogans,
logos, certification marks, trade dress, uniform resource locators (URLs), domain names, corporate names and trade names, whether registered or unregistered, owned by or assigned to such Pledgor and all registrations and applications for the
foregoing (whether statutory or common law and whether established or registered in the United States or any other country or any political subdivision thereof), including those listed on Schedule 11(b) to the Perfection Certificate, together with
any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of any trademarks, (ii) reissues, continuations, extensions and renewals thereof and amendments thereto, (iii) income, fees,
royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the
world and (v) rights to sue for past, present and future infringements thereof. 

  
 -6- 

 “Trademark Security Agreement” shall mean an agreement substantially in the form
of Exhibit 6 hereto. 
 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the
State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s and the Secured Parties’ security interest in any item
or portion of the Pledged Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such
other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 

SECTION 1.2. Interpretation. The rules of interpretation specified in the Credit Agreement (including Section 1.03 thereof)
shall be applicable to this Agreement. 
 SECTION 1.3. Resolution of Drafting Ambiguities. Each Pledgor acknowledges and agrees that
it was represented by counsel in connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that any rule of construction to the effect that ambiguities are to
be resolved against the drafting party (i.e., the Collateral Agent) shall not be employed in the interpretation hereof. 
 SECTION
1.4. Perfection Certificate. The Collateral Agent and each Secured Party agree that the Perfection Certificate and all descriptions of Pledged Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part
of this Agreement. 
 ARTICLE II 

GRANT OF SECURITY AND SECURED OBLIGATIONS 

SECTION 2.1. Grant of Security Interest. As collateral security for the payment and performance in full of all the Secured Obligations,
each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties, a lien on and security interest in all of the right, title and interest of such Pledgor in, to and under the following property, wherever located,
and whether now existing or hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”): 
  

	 	(i)	all Accounts; 

  

	 	(ii)	all Equipment, Goods, Inventory and Fixtures; 

  

	 	(iii)	all Documents, Instruments and Chattel Paper; 

  

	 	(iv)	all Letters of Credit and Letter-of-Credit Rights; 

  

	 	(v)	all Securities Collateral; 

  

	 	(vi)	all Investment Property; 

  
 -7- 

	 	(vii)	all Intellectual Property Collateral; 

  

	 	(viii)	the Commercial Tort Claims described on Schedule 12 to the Perfection Certificate; 

  

	 	(ix)	all General Intangibles; 

  

	 	(x)	all Money and all Deposit Accounts; 

  

	 	(xi)	all Supporting Obligations; 

  

	 	(xii)	all books and records relating to the Pledged Collateral; and 

  

	 	(xiii)	to the extent not covered by clauses (i) through (xii) of this sentence, all other personal property of such Pledgor, whether tangible or intangible, and all Proceeds and products of each of the foregoing and
all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to such Pledgor from time to time with respect to any of
the foregoing. 

 Notwithstanding anything to the contrary contained in clauses (i) through (xiii) above, the
security interest created by this Agreement shall not extend to, and the term “Pledged Collateral” shall not include, any Excluded Assets. 

SECTION 2.2. Filings. (a) Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to
file in any relevant jurisdiction in the United States any financing statements (including fixture filings) and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for
the filing of any financing statement or amendment relating to the Pledged Collateral, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor,
(ii) any financing or continuation statements or other documents without the signature of such Pledgor where permitted by law and that describe the Pledged Collateral in any manner as the Collateral Agent may determine, in its reasonable
discretion, as is necessary to ensure the perfection of the security interest in the collateral granted to the Collateral Agent in connection herewith, including the filing of a financing statement describing the Pledged Collateral as “all
assets now owned or hereafter acquired by the Pledgor or in which Pledgor otherwise has rights” and (iii) in the case of a financing statement filed as a fixture filing or covering Pledged Collateral constituting minerals or the like to be
extracted or timber to be cut, a sufficient description of the real property to which such Pledged Collateral relates. Each Pledgor agrees to provide all information described in the immediately preceding sentence to the Collateral Agent promptly
upon request by the Collateral Agent. 
 (b) Each Pledgor hereby ratifies its authorization for the Collateral Agent to file in any relevant
jurisdiction in the United States any financing statements relating to the Pledged Collateral if filed prior to the date hereof. 
 (c) Each
Pledgor hereby further authorizes the Collateral Agent to file filings with the United States Patent and Trademark Office or United States Copyright Office (or any successor office), including this Agreement, the Copyright Security Agreement, the
Patent Security Agreement and the Trademark Security Agreement, or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest granted by such Pledgor hereunder, without the signature of such
Pledgor, and naming such Pledgor, as debtor, and the Collateral Agent, as secured party. 

  
 -8- 

 ARTICLE III 

PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; 

USE OF PLEDGED COLLATERAL 

SECTION 3.1. Delivery of Certificated Securities Collateral. Each Pledgor represents and warrants that all certificates, agreements or
instruments representing or evidencing the Securities Collateral in existence on the date hereof, subject to Section 3.4(a) hereof, have been delivered to the Collateral Agent in suitable form for transfer by delivery or accompanied by
duly executed instruments of transfer or assignment in blank and that the Collateral Agent has a perfected first priority security interest therein (subject only to nonconsensual Permitted Liens). Each Pledgor hereby agrees that all certificates,
agreements or instruments representing or evidencing Securities Collateral acquired by such Pledgor after the date hereof shall, subject to Section 3.4(a) hereof, promptly (but in any event within thirty days after receipt thereof by
such Pledgor or such longer period as may be agreed to in writing by the Collateral Agent in its sole discretion) be delivered to and held by or on behalf of the Collateral Agent pursuant hereto. All certificated Securities Collateral shall be in
suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance reasonably satisfactory to the Collateral Agent. The Collateral Agent shall have the right, at
any time upon the occurrence and during the continuance of any Event of Default, to endorse, assign or otherwise transfer to or to register in the name of the Collateral Agent or any of its nominees or endorse for negotiation any or all of the
Securities Collateral, without any indication that such Securities Collateral is subject to the security interest hereunder. In addition, upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall have the
right at any time to exchange certificates representing or evidencing Securities Collateral for certificates of smaller or larger denominations. 

SECTION 3.2. Perfection of Uncertificated Securities Collateral. Each Pledgor represents and warrants that the Collateral Agent has a
perfected first priority security interest (subject only to nonconsensual Permitted Liens) in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date hereof. Each Pledgor hereby agrees that if any of the
Pledged Securities are at any time not evidenced by certificates of ownership, then each applicable Pledgor shall, to the extent permitted by applicable law, (i) cause the issuer to execute and deliver to the Collateral Agent an acknowledgment
of the pledge of such Pledged Securities substantially in the form of Exhibit 1 hereto or such other form that is reasonably satisfactory to the Collateral Agent, (ii) if necessary to perfect a security interest in such Pledged
Securities, cause such pledge to be recorded on the equityholder register or the books of the issuer and (iii) after the occurrence and during the continuance of any Event of Default, upon request by the Collateral Agent, (A) cause the
Organization Documents of each such issuer that is a Subsidiary of the Borrower to be amended to provide that such Pledged Securities shall be treated as “securities” for purposes of the UCC and (B) cause such Pledged Securities to
become certificated and delivered to the Collateral Agent in accordance with the provisions of Section 3.1. 
 SECTION 3.3.
Financing Statements and Other Filings; Maintenance of Perfected Security Interest. The UCC financing statements (including fixture filings) prepared by the Collateral Agent based upon the information provided to the Collateral Agent in the
Perfection Certificate for filing (and which UCC financing statements the Pledgors have been given an opportunity to review prior to filing) 

  
 -9- 

 
in each governmental, municipal or other office specified in Schedule 6 of this Agreement (or specified by notice from the applicable Pledgor to the Collateral Agent after the Closing Date in the
case of filings, recordings or registrations required by Section 6.11 of the Credit Agreement), and the filings required to be made pursuant to the last sentence of this Section 3.3 in the United States Patent and Trademark
Office or United States Copyright Office in order to perfect the security interest in Pledged Collateral consisting of Patents, Trademarks and Copyrights, are all the filings, recordings and registrations necessary to establish a legal, valid and
perfected security interest in favor of the Collateral Agent in respect of all Pledged Collateral in which a security interest may be perfected by such filings, recordings or registrations. Each Pledgor represents and warrants that, as of the
Closing Date, an appropriate Copyright Security Agreement, Trademark Security Agreement and Patent Security Agreement, as applicable, containing a description of all Intellectual Property Collateral consisting of Patents (and Patents for which
applications are pending), registered Trademarks (and Trademarks for which registration applications are pending) or registered Copyrights (and Copyrights for which registration applications are pending), as applicable, have been delivered to the
Collateral Agent for recording by the United States Patent and Trademark Office or United States Copyright Office. Each Pledgor agrees that at the sole cost and expense of the Pledgors, such Pledgor will maintain the security interest created by
this Agreement in the Pledged Collateral as a perfected first priority security interest subject only to Permitted Liens. 
 SECTION 3.4.
Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Collateral Agent’s security interest in the Pledged Collateral, each Pledgor represents and
warrants (as to itself) as follows and agrees, in each case at such Pledgor’s own expense, to take the following actions with respect to the following Pledged Collateral: 

(a) Instruments and Tangible Chattel Paper. As of the date hereof, no amounts payable under or in connection with any of
the Pledged Collateral in excess of $2,500,000 are evidenced by any Instrument or Tangible Chattel Paper other than such Instruments and Tangible Chattel Paper listed in Schedule 10 to the Perfection Certificate. Each Instrument and each
item of Tangible Chattel Paper listed in Schedule 10 to the Perfection Certificate has been properly endorsed, assigned and delivered to the Collateral Agent, accompanied by instruments of transfer or assignment duly executed in blank. If any
amount then payable under or in connection with any of the Pledged Collateral shall be evidenced by any Instrument or Tangible Chattel Paper, and such amount exceeds $2,500,000, the Pledgor acquiring such Instrument or Tangible Chattel Paper shall
promptly (but in any event within thirty days (or such longer period as may be agreed to in writing by the Collateral Agent in its sole discretion) after receipt thereof) endorse, assign and deliver the same to the Collateral Agent, accompanied by
such instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time reasonably request. 

(b) [Reserved]. 

(c) [Reserved]. 

(d) Electronic Chattel Paper and Transferable Records. As of the date hereof, no amount under or in connection with any
of the Pledged Collateral in excess of $2,500,000 is evidenced by any Electronic Chattel Paper or any “transferable record” (as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce
Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction) other than such Electronic Chattel Paper and transferable records listed in Schedule 10 to the Perfection

  
 -10- 

 
Certificate. If any amount payable under or in connection with any of the Pledged Collateral shall be evidenced by any Electronic Chattel Paper or any transferable record, the Pledgor acquiring
such Electronic Chattel Paper or transferable record shall promptly notify the Collateral Agent thereof and shall take such action as, in the reasonable determination of the Collateral Agent, is necessary to grant the Collateral Agent control of
such Electronic Chattel Paper under Section 9-105 of the UCC or control under Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the case may be,
Section 16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. The requirement in the preceding sentence shall not apply to any Electronic Chattel Paper or any transferable record to
the extent that such amount does not exceed $2,500,000 with respect to such Electronic Chattel Paper or any transferable record. The Collateral Agent agrees with such Pledgor that the Collateral Agent will arrange, pursuant to procedures reasonably
satisfactory to the Collateral Agent and so long as such procedures will not result in the Collateral Agent’s loss of control, for the Pledgor to make alterations to the Electronic Chattel Paper or transferable record permitted under Section 9-105 of the UCC or, as the case may be, Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act for a
party in control to allow without loss of control, unless an Event of Default has occurred and is continuing or would occur after taking into account any action by such Pledgor with respect to such Electronic Chattel Paper or transferable record.

 (e) Commercial Tort Claims. As of the date hereof, each Pledgor hereby represents and warrants that it holds no
Commercial Tort Claims that, in the reasonable determination of such Pledgor, are expected to result in a judgment in excess of $2,500,000, other than those listed in Schedule 12 to the Perfection Certificate. If any Pledgor shall at any time
hold or acquire a Commercial Tort Claim that, in the reasonable determination of such Pledgor, is expected to result in a judgment in excess of $2,500,000, such Pledgor shall promptly and in any event within thirty (30) days notify the
Collateral Agent in writing signed by such Pledgor of the brief details thereof and grant to the Collateral Agent in such writing a security interest therein and in the Proceeds thereof, all upon the terms of this Agreement, with such writing to be
in form and substance reasonably satisfactory to the Collateral Agent. 
 SECTION 3.5. Joinder of Additional Guarantors. The Pledgors
shall cause each Subsidiary of the Borrower which, from time to time, after the date hereof shall be required to pledge any assets to the Collateral Agent for the benefit of the Secured Parties pursuant to Section 6.11 of the Credit
Agreement, to execute and deliver to the Collateral Agent (i) a Joinder Agreement substantially in the form attached as Exhibit 3 hereto and (ii) a Perfection Certificate with respect to such Subsidiary, in each case, within
thirty (30) days (or such later date as may be agreed by the Collateral Agent in writing in its sole discretion) of the date of its acquisition or formation, and upon such execution and delivery, such Subsidiary shall constitute a
“Pledgor” for all purposes hereunder with the same force and effect as if originally named as a Pledgor herein. The execution and delivery of such Joinder Agreement shall not require the consent of any Pledgor hereunder. The rights and
obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Pledgor as a party to this Agreement. 

SECTION 3.6. Supplements; Further Assurances. Each Pledgor shall, (a) at any time upon the reasonable request of the Collateral
Agent, promptly execute and deliver any and all further instruments and documents and take all such other action as the Collateral Agent may deem necessary in obtaining the full benefits of, or (as applicable) in perfecting and preserving the Liens
of the Collateral Documents and (b) promptly upon reasonable request by the Collateral Agent (i) correct any material defect 

  
 -11- 

 
or error that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Pledged Collateral and
(ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Collateral Agent may reasonably request from time to
time in order to carry out more effectively the purposes of the Collateral Documents. 
 ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Each Pledgor represents, warrants and covenants as follows: 

SECTION 4.1. Title. Such Pledgor owns or has rights (or has a license to, in the case of Intellectual Property) and, as to Pledged
Collateral acquired by it from time to time after the date hereof, will own or have rights, in each item of Pledged Collateral pledged by it hereunder, free and clear of any and all Liens, except (a) for (i) the security interest granted
to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement or any other Loan Document and (ii) Permitted Liens and (b) where the failure to have such title or other property interests described above would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 SECTION 4.2. [Reserved]. 

SECTION 4.3. Defense of Claims; Transferability of Pledged Collateral. Subject to Section 5.08 of the Credit Agreement,
each Pledgor shall, at its own cost and expense, defend title to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Collateral Agent and the priority thereof against all Liens (other than
Permitted Liens) of all persons, at its own cost and expense, except where the failure to defend such title would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Except as permitted by the Credit
Agreement, this Agreement or any other Loan Document, there is no agreement, order, judgment or decree to which any Pledgor is a party, and no Pledgor shall enter into any agreement or take any other action, that would restrict the transferability
of any of the Pledged Collateral or otherwise impair or conflict with such Pledgor’s obligations or the rights of the Collateral Agent hereunder. 

SECTION 4.4. Other Financing Statements. It has not filed, nor authorized any third party to file (nor will there be), any valid and
effective financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction in the United States) covering or purporting to cover any interest of any kind in the Pledged Collateral, except such
as have been filed in favor of the Collateral Agent pursuant to this Agreement or in favor of any holder of a Permitted Lien with respect to such Permitted Lien or financing statements or public notices relating to the termination statements listed
on Schedule 8 to the Perfection Certificate. So long as any of the Secured Obligations (other than (A) contingent obligations not then due and payable and (B) obligations and liabilities under Secured Cash Management Agreements and
Secured Hedge Agreements) remain unpaid, no Pledgor shall execute, authorize or permit to be filed in any public office any financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction)
relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in respect of and covering the security interests granted by such Pledgor to the holder of any Permitted Liens. 

  
 -12- 

 SECTION 4.5. Location of Inventory and Equipment. In no event shall any Pledgor move any
Equipment or Inventory to any location outside of the continental United States except to the extent not prohibited by the terms of the Credit Agreement. 

SECTION 4.6. Due Authorization and Issuance. All of the Pledged Securities existing on the date hereof have been, and to the extent any
Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly authorized, validly issued and fully paid and non-assessable (other than Pledged Securities consisting of limited liability company interests or
partnership interests or other Equity Interests of entities other than corporations which, pursuant to the relevant organizational or formation documents, cannot be fully paid and non-assessable). 

SECTION 4.7. Consents, etc. In the event that the Collateral Agent desires to exercise during the continuance of any Event of Default
any remedies, voting or consensual rights or attorney-in-fact powers set forth in this Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor, then, upon the reasonable
request of the Collateral Agent, such Pledgor agrees to use commercially reasonable efforts to assist and aid the Collateral Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and
powers. 
 SECTION 4.8. Pledged Collateral. As of the Closing Date, all information set forth herein, including the schedules hereto
and the Perfection Certificate and the schedules thereto, in each case, relating to the Pledged Collateral, is accurate and complete in all material respects. 

SECTION 4.9. Insurance. So long as any of the Secured Obligations (other than (A) contingent obligations not then due and payable
and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements) remain unpaid, in the event that the proceeds of any insurance claim are paid to any Pledgor after the Collateral Agent has exercised its
right to foreclose after an Event of Default, such Net Cash Proceeds shall be held in trust for the benefit of the Collateral Agent and promptly after receipt thereof shall be paid to the Collateral Agent for application in accordance with
Section 8.03 of the Credit Agreement. 
 SECTION 4.10. Perfection Certificate. The Perfection Certificate delivered to
the Administrative Agent on or prior to the Closing Date has been duly executed and delivered to the Collateral Agent and the information set forth therein, including the exact legal name of each Pledgor and its jurisdiction of organization, taken
as a whole, is correct and complete in all material respects as of the Closing Date. 
 SECTION 4.11. Change in Organization. The
Borrower agrees to promptly (and in any event within thirty (30) calendar days following such event, or such later date as the Collateral Agent may agree in its reasonable discretion) notify the Collateral Agent of any change (i) in the
legal name of any Pledgor, (ii) in the identity or type of organization of any Pledgor, (iii) in the jurisdiction of organization of any Pledgor, (iv) in the location of any Pledgor under the UCC or (v) in the organizational
identification number of any Pledgor. In addition, if any Pledgor does not have an organizational identification number on the Closing Date (or the date such Pledgor becomes a party to this Agreement) and later obtains one, the Borrower shall
promptly thereafter notify the Collateral Agent of such organizational identification number and shall take all actions reasonably satisfactory to the Collateral Agent to the extent necessary to maintain the security interests (and the priority
thereof) of the Collateral Agent in the Collateral intended to be granted hereby fully perfected and in full force and effect (it being acknowledged that no such actions shall be required to be taken in any jurisdiction in which such organization

  
 -13- 

 
identification number is not required, under the applicable UCC, to be set forth on a financing statement). The Loan Parties agree not to effect or permit any change referred to in the preceding
sentence unless all filings, publications and registrations, have been made (or will be made in a timely fashion) under the UCC or other applicable Law that are required in order for the Collateral Agent to continue at all times following such
change to have a valid, legal and perfected first priority security interest (subject to Permitted Liens) to the extent required under the Loan Documents in all the Pledged Collateral for its own benefit and the benefit of the other Secured Parties.

 SECTION 4.12. Perfection Certificate Supplements. At the time of delivery of annual financial statements with respect to the
preceding fiscal year pursuant to Section 6.01(a) of the Credit Agreement and delivery of the related Compliance Certificate, the Borrower shall deliver to the Collateral Agent a certificate executed by a Responsible Officer of the
Borrower setting forth the information required pursuant to the Perfection Certificate (other than Schedules 4 and 8 of the Perfection Certificate) or confirming that there has been no change in such information since the date of such certificate or
the date of the most recent certificate delivered pursuant to this Section 4.11. 
 ARTICLE V 

CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL 

SECTION 5.1. Pledge of Additional Securities Collateral. Each Pledgor shall, upon obtaining after the Closing Date any Pledged
Securities that are certificated “securities” for purposes of the UCC or Intercompany Notes of any person, accept the same in trust for the benefit of the Collateral Agent and, subject to Section 3.4(a) hereof, promptly (but in
any event within thirty days after receipt thereof, or such later date as may be agreed in writing by the Collateral Agent in its sole discretion) deliver to the Collateral Agent the certificates and other documents required under
Section 3.1 and Section 3.2 hereof in respect of the additional Pledged Securities or Intercompany Notes which are to be pledged pursuant to this Agreement, and confirming the attachment of the Lien hereby created on and in
respect of such additional Pledged Securities or Intercompany Notes. Each Pledgor hereby agrees that all Pledged Securities or Intercompany Notes delivered to the Collateral Agent shall for all purposes hereunder be considered Pledged Collateral.

 SECTION 5.2. Voting Rights; Distributions; etc. (a) So long as no Event of Default shall have occurred and be continuing and
the Collateral Agent has not notified the Borrower that the rights of such Pledgor under this Section 5.2(a) are being suspended: 

(i) Each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Securities
Collateral or any part thereof for any purpose not inconsistent with the terms or purposes hereof, the Credit Agreement or any other document evidencing the Secured Obligations. 

(ii) Each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien hereof, any and all
Distributions, but only if and to the extent made in accordance with the provisions of the Credit Agreement; provided, however, that any and all such Distributions consisting of rights or interests in the form of certificated
securities shall, unless otherwise provided in the Credit Agreement and subject to Section 3.4(a) hereof, be promptly (and in any event within thirty (30) days) delivered to the Collateral Agent to hold as Pledged Collateral and

  
 -14- 

 
shall, if received by any Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of such Pledgor and be promptly (but in any event
within thirty days after receipt thereof) delivered to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement). 

(b) So long as no Event of Default shall have occurred and be continuing and the Collateral Agent has not notified the Borrower that the
rights of the Pledgors under this Section 5.2(b) are being suspended, the Collateral Agent shall be deemed without further action or formality to have granted to each Pledgor all necessary consents relating to voting rights and shall,
if necessary, upon written request of any Pledgor and at the sole cost and expense of the Pledgors, from time to time execute and deliver (or cause to be executed and delivered) to such Pledgor all such instruments as such Pledgor may
reasonably request in order to permit such Pledgor to exercise the voting and other rights which it is entitled to exercise pursuant to Section 5.2(a)(i) hereof and to receive the Distributions which it is authorized to receive and
retain pursuant to Section 5.2(a)(ii) hereof. 
 (c) Upon the occurrence and during the continuance of any Event of Default and
after the delivery of written notice from the Collateral Agent to the Borrower: 
 (i) All rights of each Pledgor to exercise
the voting and other consensual rights it would otherwise be entitled to exercise pursuant to Section 5.2(a)(i) hereof shall immediately cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall
thereupon have the sole right to exercise such voting and other consensual rights. 
 (ii) All rights of each Pledgor to
receive Distributions which it would otherwise be authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof shall immediately cease and all such rights shall thereupon become vested in the Collateral Agent, which shall
thereupon have the sole right to receive and hold as Pledged Collateral such Distributions. 
 (d) Upon the occurrence and during the
continuance of any Event of Default and after the delivery of written notice from the Collateral Agent to the Borrower, each Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the Collateral Agent appropriate
instruments as the Collateral Agent may reasonably request in order to permit the Collateral Agent to exercise the voting and other rights which it may be entitled to exercise pursuant to Section 5.2(c)(i) hereof and to receive all
Distributions which it may be entitled to receive under Section 5.2(c)(ii) hereof. 
 (e) All Distributions which are received
by any Pledgor contrary to the provisions of Section 5.2(a)(ii) hereof shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Pledgor and shall promptly be paid over to the
Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement). 
 (f) After all Events of Default
have been cured or waived in accordance with the Credit Agreement and the Borrower shall have delivered to the Collateral Agent a certificate to such effect, the Collateral Agent shall promptly return to each Pledgor (without interest) all
Distributions that such Pledgor would otherwise be permitted to retain pursuant to the terms of Section 5.2(a)(ii) in the absence of any such Event of Default and that remain in the Collateral Agent’s account, and such
Pledgor’s right to receive and retain any and all Distributions paid on or distributed in respect of the Pledged Securities shall be automatically reinstated. 

SECTION 5.3. [Reserved]. 

  
 -15- 

 SECTION 5.4. Certain Agreements of Pledgors As Issuers and Holders of Equity Interests.

 (a) In the case of each Pledgor which is an issuer of Securities Collateral, such Pledgor agrees to be bound by the terms of this
Agreement relating to the Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it. 

(b) In the case of each Pledgor which is a partner, shareholder or member, as the case may be, in a partnership, limited liability company or
other entity, such Pledgor hereby consents to the extent required by the applicable Organization Document to the pledge by each other Pledgor, pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability company or
other entity and, upon the occurrence and during the continuance of an Event of Default, to the transfer of such Pledged Securities to the Collateral Agent or its nominee and to the substitution of the Collateral Agent or its nominee as a
substituted partner, shareholder or member in such partnership, limited liability company or other entity with all the rights, powers and duties of a general partner, limited partner, shareholder or member, as the case may be. 

ARTICLE VI 
 CERTAIN PROVISIONS
CONCERNING INTELLECTUAL 
 PROPERTY COLLATERAL 

SECTION 6.1. Grant of Intellectual Property License. For the purpose of enabling the Collateral Agent, during the continuance of an
Event of Default, to exercise rights and remedies under Article IX hereof at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, each Pledgor hereby grants to the
Collateral Agent, to the extent of such Pledgor’s rights to grant the same, an irrevocable, non-exclusive license to use, assign, license or sublicense any of the Intellectual Property Collateral now owned or hereafter acquired by such Pledgor,
wherever the same may be located. Such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout thereof. Nothing in this
Section 6.1 shall require a Pledgor to grant any license that is prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes a breach or default under or results in the termination of any contract, license,
agreement, instrument or other document evidencing, giving rise to or theretofore granted, with respect to such property or otherwise unreasonably prejudices the value thereof to the relevant Pledgor. 

SECTION 6.2. Protection of Collateral Agent’s Security. Each Pledgor shall, at its sole cost and expense, (i) promptly
following its obtaining knowledge thereof, notify the Collateral Agent of any adverse determination in any proceeding or the institution of any proceeding in any United States federal, state or local court or administrative body or in the United
States Patent and Trademark Office or the United States Copyright Office regarding any Material Intellectual Property Collateral, such Pledgor’s right to register such Material Intellectual Property Collateral or its right to keep and maintain
such registration in full force and effect, (ii) except where failure to do so could not reasonably be expected to have a Material Adverse Effect, take all steps to maintain all Material Intellectual Property Collateral as presently used and
operated and (iii) except as could not reasonably be expected to have a Material Adverse Effect, not permit to lapse or become abandoned any Material Intellectual Property Collateral. Notwithstanding anything to the contrary contained herein,
nothing in this Agreement prevents any Pledgor from 

  
 -16- 

 
disposing of, discontinuing the use or maintenance of, failing to pursue, or otherwise allowing to lapse, terminate or be put into the public domain, any of its Intellectual Property Collateral
to the extent permitted by the Credit Agreement if such Pledgor determines in its reasonable business judgment that any of the foregoing is desirable in the conduct of its business. 

SECTION 6.3. After-Acquired Property. If any Pledgor shall at any time after the date hereof (i) obtain any rights to any
additional Intellectual Property Collateral or (ii) become entitled to the benefit of any additional Intellectual Property Collateral or any renewal or extension thereof, including any reissue, division, continuation, or continuation-in-part of
any Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, or if any intent-to use trademark application is no longer subject to clause (c) of the definition of Excluded Assets, the provisions hereof shall
automatically apply thereto and any such item enumerated in the preceding clause (i) or (ii) shall automatically constitute Intellectual Property Collateral as if such would have constituted Intellectual Property Collateral at the time of
execution hereof and be subject to the Lien and security interest created by this Agreement without further action by any party. At the time of delivery of financial statements pursuant to Sections 6.01(a) and (b) of the Credit Agreement and
delivery of the related Compliance Certificate, each Pledgor shall sign and deliver to the Collateral Agent an appropriate Copyright Security Agreement, Trademark Security Agreement or Patent Security Agreement, as applicable, with respect to
applications for registration or registrations of Intellectual Property Collateral owned or exclusively licensed by it as of the last day of the applicable fiscal quarter, to the extent that such Intellectual Property Collateral is not covered by
any previous Joinder Agreement, Copyright Security Agreement, Trademark Security Agreement or Patent Security Agreement so signed and delivered by it. In each case, it will promptly cooperate as reasonably necessary to enable the Collateral Agent to
make any necessary recordations with the United States Patent and Trademark Office or United States Copyright Office, as appropriate. Further, each Pledgor authorizes the Collateral Agent to modify this Agreement by amending Schedules 11(a)
and 11(b) to the Perfection Certificate to include any Intellectual Property Collateral of such Pledgor acquired or arising after the date hereof. 

SECTION 6.4. Litigation. Unless there shall occur and be continuing any Event of Default, each Pledgor shall have the right to commence
and prosecute in its own name, as the party in interest, for its own benefit and at the sole cost and expense of the Pledgors, such applications for protection of the Intellectual Property Collateral and suits, proceedings or other actions to
prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value or other damage as are necessary to protect the Intellectual Property Collateral. Upon the occurrence and during the continuance of any Event of Default, the
Collateral Agent shall have the right but shall in no way be obligated to file applications for protection of the Intellectual Property Collateral and/or bring suit in the name of any Pledgor, the Collateral Agent or the Secured Parties to enforce
the Intellectual Property Collateral and any license thereunder. In the event of such suit, each Pledgor shall, at the reasonable request of the Collateral Agent, do any and all lawful acts and execute any and all documents requested by the
Collateral Agent in aid of such enforcement and the Pledgors shall promptly reimburse and indemnify the Collateral Agent for all costs and expenses incurred by the Collateral Agent in the exercise of its rights under this Section 6.4 in
accordance with and to the extent required under Section 10.05 of the Credit Agreement. 

  
 -17- 

 ARTICLE VII 

CERTAIN PROVISIONS CONCERNING RECEIVABLES 

SECTION 7.1. Maintenance of Records. Each Pledgor shall, at such Pledgor’s sole cost and expense, upon the Collateral Agent’s
demand made at any time after the occurrence and during the continuance of any Event of Default, deliver all tangible evidence of Receivables, including all documents evidencing Receivables and any books and records relating thereto to the
Collateral Agent or to its representatives (copies of which evidence and books and records may be retained by such Pledgor). Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent may transfer a full and
complete copy of any Pledgor’s books, records, credit information, reports, memoranda and all other writings relating to the Receivables to and for the use by any person that has acquired or is contemplating acquisition of an interest in the
Receivables or the Collateral Agent’s security interest therein without the consent of any Pledgor. 
 SECTION 7.2. Legend. Each
Pledgor shall legend, at the request of the Collateral Agent at any time after the occurrence and during the continuance of any Event of Default and in form and manner reasonably satisfactory to the Collateral Agent, the Receivables and the other
books, records and documents of such Pledgor evidencing or pertaining to the Receivables with an appropriate reference to the fact that the Receivables have been assigned to the Collateral Agent for the benefit of the Secured Parties and that the
Collateral Agent has a security interest therein. 
 ARTICLE VIII 

TRANSFERS 
 SECTION 8.1.
Transfers of Pledged Collateral. No Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of the Pledged Collateral pledged by it hereunder except as to the extent not prohibited by the Credit
Agreement. 
 ARTICLE IX 

REMEDIES 
 SECTION 9.1.
Remedies. Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent may from time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or
otherwise available to it, the following remedies: 
 (i) Personally, or by agents or attorneys, immediately take possession
of the Pledged Collateral or any part thereof, from any Pledgor or any other person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon any Pledgor’s premises where any of
the Pledged Collateral is located, remove such Pledged Collateral, remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection with such removal and possession any
and all services, supplies, aids and other facilities of any Pledgor; 

  
 -18- 

 (ii) Demand, sue for, collect or receive any money or property at any time
payable or receivable in respect of the Pledged Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral to make any payment required by the terms of such
agreement, instrument or other obligation directly to the Collateral Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided,
however, that in the event that during the continuance of an Event of Default, any such payments are made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor shall segregate all amounts received
pursuant thereto in trust for the benefit of the Collateral Agent and shall promptly (but in no event later than five (5) Business Days after receipt thereof or such later date as may be agreed to in writing by the Collateral Agent in its sole
discretion) pay such amounts to the Collateral Agent; 
 (iii) Sell, assign, grant a license to use or otherwise liquidate,
or direct any Pledgor to sell, assign, grant a license to use or otherwise liquidate, any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment,
license or liquidation; 
 (iv) Take possession of the Pledged Collateral or any part thereof, by directing any Pledgor in
writing to deliver the same to the Collateral Agent at any place or places so designated by the Collateral Agent, in which event such Pledgor shall at its own expense: (A) promptly cause the same to be moved to the place or places designated by
the Collateral Agent and therewith delivered to the Collateral Agent, (B) store and keep any Pledged Collateral so delivered to the Collateral Agent at such place or places pending further action by the Collateral Agent and (C) while the
Pledged Collateral shall be so stored and kept, provide such security and maintenance services as shall be necessary to protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to deliver the Pledged
Collateral as contemplated in this Section 9.1(iv) is of the essence hereof. Upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by any Pledgor of
such obligation; 
 (v) Withdraw all moneys, instruments, securities and other property in any bank, financial securities,
deposit or other account of any Pledgor constituting Pledged Collateral for application to the Secured Obligations as provided in Article X hereof; 

(vi) Retain and apply the Distributions to the Secured Obligations as provided in Article X hereof; 

(vii) Exercise any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of
and exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral; and 

(viii) Exercise all the rights and remedies of a secured party on default under the UCC, and the Collateral Agent may also in
its sole discretion, without notice except as specified in Section 9.2 hereof, sell, assign or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange,
broker’s board or at any 

  
 -19- 

 
of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms as the Collateral Agent may deem
commercially reasonable. The Collateral Agent or any other Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Pledged Collateral or any part thereof at any such sale and shall be
entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations owed to such person
as a credit on account of the purchase price of the Pledged Collateral or any part thereof payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the property sold, assigned or licensed
absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under
any rule of law or statute now existing or hereafter enacted. The Collateral Agent shall not be obligated to make any sale of the Pledged Collateral or any part thereof regardless of notice of sale having been given. The Collateral Agent may adjourn
any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives, to the fullest
extent permitted by law, any claims against the Collateral Agent arising by reason of the fact that the price at which the Pledged Collateral or any part thereof may have been sold, assigned or licensed at such a private sale was less than the price
which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Pledged Collateral to more than one offeree. 

SECTION 9.2. Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent notice of sale or other disposition of the
Pledged Collateral or any part thereof shall be required by law, ten (10) days’ prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale or other intended disposition is to take
place shall be commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any right to notification of sale or
other intended disposition. 
 SECTION 9.3. Waiver of Notice and Claims. Each Pledgor hereby waives, to the fullest extent permitted
by applicable law, notice or judicial hearing in connection with the Collateral Agent’s taking possession or the Collateral Agent’s disposition of the Pledged Collateral or any part thereof, including any and all prior notice and hearing
for any prejudgment remedy or remedies and any such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable law: (i) all damages occasioned by such taking of
possession, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder and (iii) all rights of redemption, appraisal, valuation,
stay, extension or moratorium now or hereafter in force under any applicable law. The Collateral Agent shall not be liable for any incorrect or improper payment made pursuant to this Article IX in the absence of gross negligence or
willful misconduct as determined by a final judgment by court of competent jurisdiction, on the part of the Collateral Agent. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged Collateral shall operate to
divest all right, title, interest, claim and demand, either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor and against any and all persons claiming or
attempting to claim the Pledged Collateral so sold, optioned or realized upon, or any part thereof, from, through or under such Pledgor. 

  
 -20- 

 SECTION 9.4. Certain Sales of Pledged Collateral. 

(a) Each Pledgor recognizes that, by reason of certain prohibitions contained in law, rules, regulations or orders of any Governmental
Authority, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of such Governmental Authority. Each Pledgor acknowledges that any such
sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such restricted sale shall be deemed to have
been made in a commercially reasonable manner and that, except as may be required by applicable law, the Collateral Agent shall have no obligation to engage in public sales. 

(b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act, and applicable state securities laws, the
Collateral Agent may be compelled, with respect to any sale of all or any part of the Securities Collateral and Investment Property, to limit purchasers to persons who will agree, among other things, to acquire such Securities Collateral or
Investment Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may be at prices and on terms less favorable to the Collateral Agent than
those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such circumstances, agrees that any such private sale shall be
deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Securities Collateral or Investment Property for the period of
time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would agree to do so. 

(c) [Reserved]. 
 (d) If the
Collateral Agent determines to exercise its right to sell any or all of the Securities Collateral or Investment Property, upon written request, the applicable Pledgor shall from time to time furnish to the Collateral Agent all such information as
the Collateral Agent may reasonably request in order to determine the number of securities included in the Securities Collateral or Investment Property which may be sold by the Collateral Agent as exempt transactions under the Securities Act and the
rules of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 
 (e) Each Pledgor further agrees
that a breach of any of the covenants contained in this Section 9.4 will cause irreparable injury to the Collateral Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy at
law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 9.4 shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses
against an action for specific performance of such covenants except for a defense that no Event of Default has occurred and is continuing. 

SECTION 9.5. No Waiver; Cumulative Remedies. 

(a) No failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the
Collateral Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof
or the exercise of any other right, power, privilege or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties. All rights and remedies herein provided are cumulative and
are not exclusive of any rights or remedies provided by law or otherwise available. 

  
 -21- 

 (b) In the event that the Collateral Agent shall have instituted any proceeding to enforce any
right, power, privilege or remedy under this Agreement or any other Loan Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the
Collateral Agent, then and in every such case, the Pledgors, the Collateral Agent and each other Secured Party shall be restored to their respective former positions and rights hereunder with respect to the Pledged Collateral, and all rights,
remedies, privileges and powers of the Collateral Agent and the other Secured Parties shall continue as if no such proceeding had been instituted. 

SECTION 9.6. Certain Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be continuing,
upon the written demand of the Collateral Agent, each Pledgor shall execute and deliver to the Collateral Agent an assignment or assignments of the registered Patents, Trademarks and/or Copyrights and Goodwill and such other documents as are
necessary or appropriate to carry out the intent and purposes hereof. 
 ARTICLE X 

APPLICATION OF PROCEEDS 
 SECTION
10.1. Application of Proceeds. The proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the Pledged Collateral pursuant to the exercise by the Collateral Agent of
its remedies shall be applied, together with any other sums then held by the Collateral Agent pursuant to this Agreement, in accordance with Section 8.03 of the Credit Agreement. 

ARTICLE XI 
 MISCELLANEOUS 

SECTION 11.1. Concerning Collateral Agent. 

(a) The Collateral Agent has been appointed as collateral agent pursuant to the Credit Agreement. The actions of the Collateral Agent
hereunder are subject to the provisions of the Credit Agreement. The Collateral Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action
(including the release or substitution of the Pledged Collateral), in accordance with this Agreement and the Credit Agreement. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be liable for the
negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Collateral Agent may resign and a successor Collateral Agent may be appointed in the manner provided in the Credit Agreement. Upon the acceptance of
any appointment as the Collateral Agent by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent under this
Agreement, and the retiring Collateral Agent shall thereupon be discharged from its duties and obligations under this 

  
 -22- 

 
Agreement. After any retiring Collateral Agent’s resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while
it was the Collateral Agent. 
 (b) The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation
of the Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equivalent to that which the Collateral Agent, in its individual capacity, accords its own property consisting of similar instruments or
interests, it being understood that neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters
relating to any Securities Collateral, whether or not the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any necessary steps to preserve rights against any person with respect to
any Pledged Collateral. 
 (c) The Collateral Agent shall be entitled to rely upon any written notice, statement, certificate, order or
other document or any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters pertaining to this Agreement and its duties hereunder, upon advice of
counsel selected by it. 
 (d) If any item of Pledged Collateral also constitutes collateral granted to the Collateral Agent under any other
deed of trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement, pledge or instrument of any type
in respect of such collateral, the Collateral Agent, in its sole discretion, shall select which provision or provisions of this Agreement shall control. 

(e) The Collateral Agent may rely on advice of counsel as to whether any or all UCC financing statements of the Pledgors need to be amended as
a result of any of the changes described in Section 4.10 hereof. If any Pledgor fails to provide information to the Collateral Agent about such changes as required in Section 4.10, the Collateral Agent shall not be liable or
responsible to any Secured Party for any failure to maintain a perfected security interest in such Pledgor’s property constituting Pledged Collateral, for which the Collateral Agent needed to have information relating to such changes. The
Collateral Agent shall have no duty to inquire about such changes if any Pledgor does not inform the Collateral Agent of such changes in accordance with Section 4.10, the Secured Parties acknowledging and agreeing that it would not be
feasible or practical for the Collateral Agent to search for information on such changes if such information is not provided by any Pledgor. 

SECTION 11.2. Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact. If any Pledgor shall fail to perform any
covenants contained in this Agreement (including such Pledgor’s covenants to (i) pay the premiums in respect of all required insurance policies hereunder, (ii) pay and discharge any taxes, assessments and special assessments, levies,
fees and governmental charges imposed upon or assessed against, and landlords’, carriers’, mechanics’, workmen’s, repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other
claims arising by operation of law against, all or any portion of the Pledged Collateral, (iii) make repairs, (iv) discharge Liens or (v) pay or perform any obligations of such Pledgor under any Pledged Collateral) or if any
representation or warranty on the part of any Pledgor contained herein shall be breached, the Collateral Agent may (but shall not be obligated to) during the continuance of any Event of Default and after the delivery of written notice from the
Collateral Agent to the Borrower, do the same or cause it to be done or remedy any such breach, and may expend funds for such purpose; provided, however, that the Collateral Agent shall in no event be bound to inquire into the validity
of any tax, Lien, imposition or other obligation which such Pledgor fails 

  
 -23- 

 
to pay or perform as and when required hereby and which such Pledgor does not contest in accordance with the provisions of the Credit Agreement. Any and all amounts so expended by the Collateral
Agent shall be paid by the Pledgors in accordance with the provisions of Section 10.04 of the Credit Agreement. Neither the provisions of this Section 11.2 nor any action taken by the Collateral Agent pursuant to the
provisions of this Section 11.2 shall prevent any such failure to observe any covenant contained in this Agreement nor any breach of representation or warranty from constituting an Event of Default. Each Pledgor hereby appoints the
Collateral Agent its attorney-in-fact during the continuance of an Event of Default and after notice to the Borrower by the Collateral Agent of its intent to exercise such rights (except in the case of an Event of Default under Section 8.01(f)
of the Credit Agreement, in which case no such notice shall be required), with full power and authority in the place and stead of such Pledgor and in the name of such Pledgor, to take any action and to execute any instrument consistent with the
terms of the Credit Agreement, this Agreement and the other Collateral Documents which the Collateral Agent may deem necessary or reasonably advisable to accomplish the purposes hereof (but the Collateral Agent shall not be obligated to and shall
have no liability to such Pledgor or any third party for failure to so do or take action). The foregoing grant of authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. 

SECTION 11.3. Continuing Security Interest; Assignment. This Agreement shall create a continuing security interest in the Pledged
Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and the other
Secured Parties and each of their respective successors and permitted assigns. No other persons (including any other creditor of any Pledgor) shall have any interest herein or any right or benefit with respect hereto. Each of the Pledgors agrees
that its obligations hereunder and the security interest created hereunder shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Secured Obligations is rescinded or
must otherwise be restored by the Secured Party upon the bankruptcy or reorganization of any Pledgor or otherwise. 
 SECTION 11.4.
Termination; Release. 
 (a) The Pledged Collateral and the Secured Obligations of any Pledgor shall be released from the Lien of
this Agreement in accordance with the provisions of the Credit Agreement, including Section 9.11 of the Credit Agreement. Furthermore, when all the Secured Obligations have been paid in full (other than (A) contingent obligations
not then due and payable and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements) and the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the Credit Agreement
shall have expired or been sooner terminated and all Letters of Credit have been terminated or Cash Collateralized, this Agreement shall terminate. Upon termination of this Agreement the Pledged Collateral shall be automatically released from the
Lien of this Agreement. Upon the sale or disposition of any Pledged Collateral pursuant to a transaction permitted under the Credit Agreement (other than any sale or disposition to another Pledgor), such Pledged Collateral shall be automatically
released from the Lien of this Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Collateral Agent shall, upon the request and at the sole cost and
expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Collateral Agent except as to the fact that the Collateral Agent has not encumbered the released assets, such of the Pledged
Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged
Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases, or other documentation as such Pledgor shall reasonably request) acknowledging the termination hereof
or the release of such Pledged Collateral, as the case may be. 
 (b) If any Pledgor becomes an Excluded Subsidiary or otherwise ceases to
be a Guarantor in accordance with the provisions of the Credit Agreement, the Collateral Agent will, at the Borrower’s expense and upon receipt of any certifications reasonably requested by the Collateral Agent in connection therewith and in
accordance with the terms of the Credit Agreement, execute and deliver to the applicable Pledgor such documents as such Pledgor may reasonably request to evidence the release of such Pledgor from the assignment and security interest granted
hereunder and from its obligations hereunder. 

  
 -24- 

 SECTION 11.5. Modification in Writing. No amendment, modification, supplement, termination
or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with the terms of the Credit Agreement and unless in writing and signed by the Collateral
Agent. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure by any Pledgor from the terms of any provision hereof in each case shall be effective only in the
specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other document evidencing the Secured Obligations, no notice to or demand on any Pledgor in any case shall
entitle any Pledgor to any other or further notice or demand in similar or other circumstances. 
 SECTION 11.6. Notices. Unless
otherwise provided herein or in the Credit Agreement, any notice or other communication herein required or permitted to be given shall be given in the manner and become effective as set forth in the Credit Agreement, as to any Pledgor, addressed to
it at the address of the Borrower set forth in the Credit Agreement and as to the Collateral Agent, addressed to it at the address set forth in the Credit Agreement, or in each case at such other address as shall be designated by such party in a
written notice to the other party complying as to delivery with the terms of this Section 11.6. 
 SECTION 11.7. Governing
Law, Consent to Jurisdiction and Service of Process; Waiver of Jury Trial. Sections 10.15, 10.16 and 10.22 of the Credit Agreement are incorporated herein, mutatis mutandis, as if a part hereof. 

SECTION 11.8. Severability of Provisions. Any provision hereof which is invalid, illegal or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof or affecting the validity, legality or enforceability of such provision in any other
jurisdiction. 
 SECTION 11.9. Execution in Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the
same agreement. Delivery of any executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 11.10. Business Days. In the event any time period or any date provided in this Agreement ends or falls on a day other than a
Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be made on such Business Day, with the same force and effect as if made on such other
day. 

  
 -25- 

 SECTION 11.11. No Credit for Payment of Taxes or Imposition. Such Pledgor shall not be
entitled to any credit against the principal, premium, if any, or interest payable under the Credit Agreement, and such Pledgor shall not be entitled to any credit against any other sums which may become payable under the terms thereof or hereof, by
reason of the payment of any Tax on the Pledged Collateral or any part thereof. 
 SECTION 11.12. No Claims Against Collateral Agent.
Nothing contained in this Agreement shall constitute any consent or request by the Collateral Agent, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the Pledged
Collateral or any part thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the
making of any claim against the Collateral Agent in respect thereof or any claim that any Lien based on the performance of such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 

SECTION 11.13. No Release. Nothing set forth in this Agreement or any other Loan Document, nor the exercise by the Collateral Agent of
any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on such Pledgor’s part to be performed or observed under or in respect of any of the Pledged Collateral or
from any liability to any person under or in respect of any of the Pledged Collateral or shall impose any obligation on the Collateral Agent or any other Secured Party to perform or observe any such term, covenant, condition or agreement on such
Pledgor’s part to be so performed or observed or shall impose any liability on the Collateral Agent or any other Secured Party for any act or omission on the part of such Pledgor relating thereto or for any breach of any representation or
warranty on the part of such Pledgor contained in this Agreement, the Credit Agreement or the other Loan Documents, or under or in respect of the Pledged Collateral or made in connection herewith or therewith. Anything herein to the contrary
notwithstanding, neither the Collateral Agent nor any other Secured Party shall have any obligation or liability under any contracts, agreements and other documents included in the Pledged Collateral by reason of this Agreement, nor shall the
Collateral Agent or any other Secured Party be obligated to perform any of the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Pledged
Collateral hereunder. The obligations of each Pledgor contained in this Section 11.13 shall survive the termination hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Credit Agreement and the
other Loan Documents. 
 SECTION 11.14. Obligations Absolute. All obligations of each Pledgor hereunder shall be absolute and
unconditional irrespective of: 
 (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition,
liquidation or the like of any other Pledgor; 
 (ii) any lack of validity or enforceability of the Credit Agreement, any
Secured Hedging Agreement, any Secured Cash Management Agreement or any other Loan Document, or any other agreement or instrument relating thereto; 

(iii) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or
any other amendment or waiver of or any consent to any 

  
 -26- 

 
departure from the Credit Agreement, any Secured Hedging Agreement, any Secured Cash Management Agreement or any other Loan Document or any other agreement or instrument relating thereto; 

(iv) any pledge, exchange, release or non-perfection of any other collateral, or any release or amendment or waiver of or
consent to any departure from any guarantee, for all or any of the Secured Obligations; 
 (v) any exercise, non-exercise or
waiver of any right, remedy, power or privilege under or in respect hereof, the Credit Agreement, any Secured Hedging Agreement, any Secured Cash Management Agreement or any other Loan Document except as specifically set forth in a waiver granted
pursuant to the provisions of Section 11.5 hereof; or 
 (vi) any other circumstances which might otherwise
constitute a defense available to, or a discharge of, any Pledgor (other than payment in full of the Secured Obligations (other than (A) contingent obligations not then due and payable and (B) obligations and liabilities under Secured Cash
Management Agreements and Secured Hedge Agreements)). 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

  
 -27- 

 IN WITNESS WHEREOF, each Pledgor and the Collateral Agent have caused this Agreement to be duly
executed and delivered by their duly authorized officers as of the date first above written. 
  

			
	SOULCYCLE HOLDINGS, LLC,
	as Pledgor
		
	By:		 /s/ Larry M. Segall

			Name: Larry M. Segall
			Title: Executive Vice President and Chief Financial Officer
	
	SOULCYCLE INTERMEDIATE HOLDINGS LLC,
	as Pledgor
		
	By:		 /s/ Larry M. Segall

			Name: Larry M. Segall
			Title: Manager

  
 S-1 

 
	
	SOULCYCLE, LLC
	SOULCYCLE TRIBECA, LLC
	SOULCYCLE BRIDGEHAMPTON, LLC
	SOULCYCLE EAST 83RD STREET, LLC
	SOULCYCLE SCARSDALE LLC
	SOULCYCLE 350 AMSTERDAM, LLC
	SOULCYCLE EAST 18TH STREET, LLC
	SOULCYCLE POP UP, LLC
	SOULCYCLE ROSLYN, LLC
	SOULCYCLE EAST HAMPTON, LLC
	SOULCYCLE EAST 63RD STREET, LLC
	SOULCYCLE WEST HOLLYWOOD, LLC
	SOULCYCLE BRENTWOOD, LLC
	SOULCYCLE GREENWICH, LLC
	SOULCYCLE SANTA MONICA, LLC
	SOULCYCLE 384 LAFAYETTE STREET, LLC
	SOULCYCLE GREENWICH STREET, LLC
	SOULCYCLE EQUIPMENT, LLC
	SOULCYCLE 45 CROSBY STREET, LLC
	SOULCYCLE WEST 19TH STREET, LLC
	SOULCYCLE RYE BROOK, LLC
	SOULCYCLE KENT AVENUE, LLC
	SOULCYCLE 2095 UNION STREET, LLC
	SOULCYCLE LARKSPUR, LLC
	SOULCYCLE BEVERLY HILLS, LLC
	SOULCYCLE PALO ALTO, LLC
	SOULCYCLE SHORT HILLS, LLC
	SOULCYCLE WOODBURY, LLC
	SOULCYCLE CHESTNUT HILL, LLC
	SOULCYCLE WATER MILL, LLC
	SOULCYCLE MALIBU, LLC
	SOULCYCLE M STREET, LLC
	SOULCYCLE BRONXVILLE, LLC
	SOULCYCLE WESTPORT, LLC
	SOULCYCLE PASADENA, LLC
	SOULCYCLE 6200 HOLLYWOOD, LLC
	SOULCYCLE MAIDEN LANE, LLC
	SOULCYCLE NEWPORT BEACH, LLC
	SOULCYCLE 27TH STREET, LLC
	SOULCYCLE BETHESDA, LLC
	SOULCYCLE 2465 BROADWAY, LLC
	SOULCYCLE MERRICK PARK, LLC
	SOULCYCLE 75 FIRST STREET, LLC
	SOULCYCLE N. WELLS STREET, LLC
	SOULCYCLE EL SEGUNDO, LLC
	SOULCYCLE W. WACKER LLC

  
 S-2 

 
			
	SOULCYCLE CASTRO STREET, LLC
	SOULCYCLE BRYANT PARK, LLC
	SOULCYCLE 601 MASS AV DC, LLC
	SOULCYCLE EAST 54TH STREET, LLC
	SOULCYCLE WEST COAST OFFICE, LLC
	SOULCYCLE 210 JORALEMON STREET, LLC
	SOULCYCLE MONTAUK, LLC
	SOULCYCLE FLATBUSH BK, LLC
	SOULCYCLE 1042 WISCONSIN, LLC
	SOULCYCLE 1935 14TH DC, LLC
	SOULCYCLE CULVER CITY, LLC
	SOULCYCLE 2377 COLLINS, LLC
	SOULCYCLE SOUTHPORT, LLC
	 SOULCYCLE 500 BOYLSTON BACK BAY, LLC,

as Pledgor

		
	By:		 /s/ Larry M. Segall

			Name: Larry M. Segall
			Title: Executive Vice President and Chief Financial Officer

  
 S-3 

 
			
	BANK OF AMERICA, N.A.,
	as Collateral Agent
		
	By:		 /s/ Tiffany Shin

			Name: Tiffany Shin
			Title: Assistant Vice President

  
 S-4 

 EXHIBIT 1 

[Form of] 
 ISSUER’S
ACKNOWLEDGMENT 
 The undersigned hereby (i) acknowledges receipt of the Security Agreement (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of
May 15, 2015, made by SOULCYCLE HOLDINGS, LLC, a Delaware limited liability company (that, on the Closing Date or shortly thereafter, will be converted to a Delaware corporation) (the “Borrower”), the Guarantors party thereto
and BANK OF AMERICA, N.A., as collateral agent (in such capacity and together with any successors in such capacity, the “Collateral Agent”), (ii) agrees promptly to note on its books the security interests granted to the
Collateral Agent and confirmed under the Security Agreement, (iii) agrees that it will comply with instructions of the Collateral Agent with respect to the applicable Pledged Securities (including all Equity Interests of the undersigned)
without further consent by the applicable Pledgor, (iv) agrees to notify the Collateral Agent upon obtaining knowledge of any interest in favor of any person in the applicable Pledged Securities that is adverse to the interest of the Collateral
Agent therein and (v) waives any right or requirement at any time hereafter to receive a copy of the Security Agreement in connection with the registration of any Pledged Securities thereunder in the name of the Collateral Agent or its nominee
or the exercise of voting rights by the Collateral Agent or its nominee. 
  

			
	[                                    
    ]
		
	By:		  

			Name:
			Title:

  
 EXHIBIT 1 

 EXHIBIT 2 

[Form of] 
 PERFECTION
CERTIFICATE 
 Reference is hereby made to (i) that certain Security Agreement dated as of May 15, 2015 (the “Security
Agreement”), among SoulCycle Holdings, LLC, a Delaware limited liability company (“Borrower”), SoulCycle Intermediate Holdings LLC, a Delaware limited liability company (“Holdings”), the other grantors
party thereto (collectively, the “Grantors”) Bank of America, N.A., as collateral agent (the “Collateral Agent”) and (ii) that certain Credit Agreement dated as of May 15, 2015 (the “Credit
Agreement”) among Borrower, Holdings, the guarantors party thereto, certain other parties thereto and Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and Collateral Agent.
Capitalized terms used but not defined herein have the meanings assigned in the Credit Agreement. 
 As used herein, the term
“Companies” means Holdings, Borrower and each other Guarantor (each a “Company”). 
 The undersigned
hereby certify to the Collateral Agent as follows: 
 1. Names. 

(a) The exact legal name of each Company, as such name appears in its respective certificate of incorporation or any other
organizational document, is set forth in Schedule 1(a). Each Company is (i) the type of entity disclosed next to its name in Schedule 1(a) and (ii) a registered organization except to the extent disclosed in
Schedule 1(a). Also set forth in Schedule 1(a) is the organizational identification number, if any, of each Company that is a registered organization, the Federal Taxpayer Identification Number of each Company and the
jurisdiction of formation of each Company.  
 (b) Set forth in Schedule 1(b) hereto is a list of any other
corporate or organizational names each Company has had in the past five years, together with the date of the relevant change. 
 (c)
Set forth in Schedule 1(c) is a list of all other names used by each Company, or any other business or organization to which each Company became the successor by merger, consolidation, acquisition, change in form, nature or
jurisdiction of organization or otherwise, on any filings with the Internal Revenue Service at any time within the five years preceding the date hereof. Except as set forth on Schedule 1(c), no Company has changed its jurisdiction of organization at
any time during the past four months. 
 2. Current Locations. The chief executive office of each Company is located at the address
set forth in Schedule 2 hereto. 
 3. Extraordinary Transactions. Except for those purchases, acquisitions and other
transactions described in Schedule 3 attached hereto, all of the Collateral purchased, acquired or originated (as applicable) within five years of the date hereof and with a value in excess of $5,000,000 has been originated by each
Company in the ordinary course of business or consists of goods which have been acquired by such Company in the ordinary course of business from a person in the business of selling goods of that kind. 

4. File Search Reports. Attached hereto as Schedule 4 is a true and accurate summary of file search reports from the
Uniform Commercial Code filing offices (i) in each jurisdiction identified in 

  
 EXHIBIT 2 

 
Section 1(a) or Section 2 with respect to each legal name set forth in Section 1 and (ii) in each jurisdiction described in Schedule 1(c) or Schedule
3 relating to any of the transactions described in Schedule (1)(c) or Schedule 3 with respect to each legal name of the person or entity from which each Company purchased or otherwise acquired any of the
Collateral. 
 5. UCC Filings. The financing statements (duly authorized by each Company constituting the debtor therein), including
the indications of the collateral, attached as Schedule 5 relating to the Security Agreement or the applicable Mortgage, are in the appropriate forms for filing in the filing offices in the jurisdictions identified in Schedule
6 hereof. 
 6. Schedule of Filings. Attached hereto as Schedule 6 is a schedule of (i) the
appropriate filing offices for the financing statements attached hereto as Schedule 5, (ii) the appropriate filing offices for the filings described in Schedule 11(c) and (iii) the appropriate filing offices for
the Mortgages and fixture filings relating to the Mortgaged Property set forth in Schedule 7. 
 7. Real Property.
Attached hereto as Schedule 7 is a list of all Material Real Property as of the Closing Date, each of which is to be encumbered by a Mortgage and fixture filing (the “Mortgaged Property”). The Mortgages delivered, if
any, as of the date hereof are in the appropriate form for filing in the filing offices in the jurisdictions identified in Schedule 6. 

8. Termination Statements. Attached hereto as Schedule 8(a) are the duly authorized termination statements in the
appropriate form for filing in each applicable jurisdiction identified in Schedule 8(b) hereto with respect to each Lien described therein. 

9. Stock Ownership and Other Equity Interests. Attached hereto as Schedule 9(a) is a true and correct list of each of all
of the authorized, and the issued and outstanding, stock, partnership interests, limited liability company membership interests or other equity interest of each Company and the Restricted Subsidiaries and the record and beneficial owners of such
stock, partnership interests, membership interests or other equity interests setting forth the percentage of such equity interests pledged under the Security Agreement. Also set forth in Schedule 9(b) is each equity investment of each
Company that represents 50% or less of the equity of the entity in which such investment was made setting forth the percentage of such equity interests pledged under the Security Agreement. 

10. Instruments and Tangible Chattel Paper. Attached hereto as Schedule 10 is a true and correct list of all promissory
notes, instruments (other than checks to be deposited in the ordinary course of business), tangible chattel paper, electronic chattel paper and other evidence of indebtedness held by each Company as of the date hereof with a value in excess of
$2,500,000, including all intercompany notes between or among any two or more Companies or any of their Subsidiaries, stating if such instruments, chattel paper or other evidence of indebtedness is pledged under the Security Agreement. 

11. Intellectual Property. (a) Attached hereto as Schedule 11(a) is a schedule setting forth all of each
Company’s domestic Patents and Trademarks (each as defined in the Security Agreement) applied for or registered with the United States Patent and Trademark Office, and all other domestic Patents and Trademarks (each as defined in the Security
Agreement), including the name of the registered owner or applicant and the registration, application, or publication number, as applicable, of each Patent or Trademark owned by each Company. 

(b) Attached hereto as Schedule 11(b) is a schedule setting forth all of each Company’s United States Copyrights (each
as defined in the Security Agreement), and all other Copyrights, including the name of the registered owner and the registration number of each Copyright owned by each Company. 

  
 EXHIBIT 2-2 

 (c) Attached hereto as Schedule 11(c) is a schedule setting forth all material,
non-ordinary course Patent Licenses, Trademark Licenses and Copyright Licenses, whether or not recorded with the USPTO or USCO, as applicable, including, but not limited to, the relevant signatory parties to each license along with the date of
execution thereof and, if applicable, a recordation number or other such evidence of recordation. 
 (d) Attached hereto as Schedule
11(d) in proper form for filing with the United States Patent and Trademark Office (the “USPTO”) and United States Copyright Office (the “USCO”) are the filings necessary to preserve, protect and perfect the
security interests in the United States Trademarks, Trademark Licenses, Patents, Patent Licenses, Copyrights and Copyright Licenses set forth in Schedule 11(a), Schedule 11(b), and Schedule 11(c), including duly signed copies of
each Patent Security Agreement, each Trademark Security Agreement and each Copyright Security Agreement, as applicable. 
 12. Commercial
Tort Claims. Attached hereto as Schedule 12 is a true and correct list of all Commercial Tort Claims (as defined in the Security Agreement) held by each Company, including a brief description thereof, other than Commercial Tort
Claims that, in the reasonable determination of the Borrower, are not expected to result in a judgment in excess of $2,500,000. 
 13.
[Reserved]. 
 14. [Reserved]. 

15. [Reserved]. 
 16.
Insurance. Attached hereto as Schedule 16 is a copy of the insurance certificate with a true and correct list of all insurance policies of the Companies.1 

[The Remainder of this Page has been intentionally left blank] 

 

	1 	Evidence of flood insurance must be included with respect to each improved Mortgaged Property located in a Special Flood Hazard Area if flood insurance has been made available through the National Flood Insurance
Program. 

  
 EXHIBIT 2-3 

 IN WITNESS WHEREOF, we have hereunto signed this Perfection Certificate as of the date
first written above. 
  

			
	SOULCYCLE HOLDINGS, LLC
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 EXHIBIT 2-4 

 
			
	 SOULCYCLE INTERMEDIATE

HOLDINGS LLC

		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT 2-5 

	
	SOULCYCLE, LLC
	 SOULCYCLE TRIBECA, LLC
 SOULCYCLE
BRIDGEHAMPTON, LLC
 SOULCYCLE EAST 83RD STREET, LLC

	 SOULCYCLE SCARSDALE LLC
 SOULCYCLE 350
AMSTERDAM, LLC
 SOULCYCLE EAST 18TH STREET, LLC

	 SOULCYCLE POP UP, LLC
 SOULCYCLE
ROSLYN, LLC
 SOULCYCLE EAST HAMPTON, LLC

	 SOULCYCLE EAST 63RD STREET, LLC

SOULCYCLE WEST HOLLYWOOD, LLC
 SOULCYCLE BRENTWOOD,
LLC

	 SOULCYCLE GREENWICH, LLC
 SOULCYCLE
SANTA MONICA, LLC
 SOULCYCLE 384 LAFAYETTE STREET, LLC

	 SOULCYCLE GREENWICH STREET, LLC

SOULCYCLE EQUIPMENT, LLC
 SOULCYCLE 45 CROSBY STREET,
LLC

	 SOULCYCLE WEST 19TH STREET, LLC

SOULCYCLE RYE BROOK, LLC
 SOULCYCLE KENT AVENUE,
LLC

	 SOULCYCLE 2095 UNION STREET, LLC

SOULCYCLE LARKSPUR, LLC
 SOULCYCLE BEVERLY HILLS,
LLC

	 SOULCYCLE PALO ALTO, LLC
 SOULCYCLE
SHORT HILLS, LLC
 SOULCYCLE WOODBURY, LLC

	 SOULCYCLE CHESTNUT HILL, LLC

SOULCYCLE WATER MILL, LLC
 SOULCYCLE MALIBU,
LLC

	 SOULCYCLE M STREET, LLC
 SOULCYCLE
BRONXVILLE, LLC
 SOULCYCLE WESTPORT, LLC

	 SOULCYCLE PASADENA, LLC
 SOULCYCLE
6200 HOLLYWOOD, LLC
 SOULCYCLE MAIDEN LANE, LLC

	 SOULCYCLE NEWPORT BEACH, LLC

SOULCYCLE 27TH STREET, LLC

SOULCYCLE BETHESDA, LLC

	 SOULCYCLE 2465 BROADWAY, LLC

SOULCYCLE MERRICK PARK, LLC
 SOULCYCLE 75 FIRST STREET,
LLC

	 SOULCYCLE N. WELLS STREET, LLC

SOULCYCLE EL SEGUNDO, LLC
 SOULCYCLE W. WACKER
LLC

	 SOULCYCLE CASTRO STREET, LLC

SOULCYCLE BRYANT PARK, LLC
 SOULCYCLE 601 MASS AV DC,
LLC

  
 EXHIBIT 2-6 

	
	 SOULCYCLE EAST 54TH STREET, LLC

SOULCYCLE WEST COAST OFFICE, LLC
 SOULCYCLE 210
JORALEMON STREET, LLC

	 SOULCYCLE MONTAUK, LLC
 SOULCYCLE
FLATBUSH BK, LLC
 SOULCYCLE 1042 WISCONSIN, LLC

	 SOULCYCLE 1935 14TH DC, LLC

SOULCYCLE CULVER CITY, LLC
 SOULCYCLE 2377 COLLINS,
LLC

	 SOULCYCLE SOUTHPORT, LLC
 SOULCYCLE
500 BOYLSTON BACK BAY, LLC

  

			
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT 2-7 

 Schedules to Perfection Certificate 

Schedule 1(a) 

Legal Names, Etc. 

  
 EXHIBIT 2-8 

 Schedule 1(b) 

Prior Organizational Names 

  
 EXHIBIT 2-9 

 Schedule 1(c) 

Other Company Names 

  
 EXHIBIT 2-10 

 Schedule 2 

Chief Executive Office 

  
 EXHIBIT 2-11 

 Schedule 3 

Transactions Other Than in the Ordinary Course of Business 

  
 EXHIBIT 2-12 

 Schedule 4 

File Search Reports 

  
 EXHIBIT 2-13 

 Schedule 5 

Financing Statements 

  
 EXHIBIT 2-14 

 Schedule 6 

Filings/Filing Offices 

  
 EXHIBIT 2-15 

 Schedule 7 

Material Real Property 

  
 EXHIBIT 2-16 

 Schedule 8(a) 

Termination Statements 

  
 EXHIBIT 2-17 

 Schedule 8(b) 

Termination Statement Filings 

  
 EXHIBIT 2-18 

 Schedule 9(a) 

Equity Interests 

  
 EXHIBIT 2-19 

 Schedule 9(b) 

Other Equity Investments 

  
 EXHIBIT 2-20 

 Schedule 10 

Material Debt Instruments 

  
 EXHIBIT 2-21 

 Schedule 11(a) 

Patents and Trademarks 

  
 EXHIBIT 2-22 

 Schedule 11(b) 

Copyrights 

  
 EXHIBIT 2-23 

 Schedule 11(c) 

Intellectual Property Licenses 

  
 EXHIBIT 2-24 

 Schedule 11(d) 

Intellectual Property Filings 

  
 EXHIBIT 2-25 

 Schedule 12 

Commercial Tort Claims 

  
 EXHIBIT 2-26 

 Schedule 16 

Insurance 

  
 EXHIBIT 2-27 

 EXHIBIT 3 

[Form of] 
 JOINDER AGREEMENT 

[Name of New Pledgor] 
 [Address of
New Pledgor] 
 [Date] 
 Ladies and Gentlemen: 

Reference is made to the Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Security Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of May 15, 2015, made by SOULCYCLE HOLDINGS, LLC, a Delaware
limited liability company (that, on the Closing Date or shortly thereafter, will be converted to a Delaware corporation) (the “Borrower”), the Guarantors party thereto and BANK OF AMERICA, N.A., as collateral agent (in such capacity
and together with any successors in such capacity, the “Collateral Agent”). 
 This Joinder Agreement supplements the
Security Agreement and is delivered by the undersigned, [                    ] (the “New Pledgor”), pursuant to
Section 3.5 of the Security Agreement. The New Pledgor hereby agrees to be bound as a Pledgor party to the Security Agreement by all of the terms, covenants and conditions set forth in the Security Agreement to the same extent that it
would have been bound if it had been a signatory to the Security Agreement on the date of the Security Agreement. The New Pledgor also hereby agrees to be bound as a party by all of the terms, covenants and conditions applicable to it set forth in
the Credit Agreement to the same extent that it would have been bound if it had been a signatory to the Credit Agreement on the execution date of the Credit Agreement. Without limiting the generality of the foregoing, the New Pledgor hereby grants
and pledges to the Collateral Agent, as collateral security for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on and security interest in,
all of its right, title and interest in, to and under the Pledged Collateral and expressly assumes all obligations and liabilities of a Pledgor thereunder. The New Pledgor hereby makes each of the representations and warranties and agrees to each of
the covenants applicable to the Pledgors contained in the Security Agreement and the Credit Agreement. 

  
 EXHIBIT 3 

 Annexed hereto are supplements to each of the schedules to the Security Agreement and the Credit
Agreement, as applicable, with respect to the New Pledgor. Such supplements shall be deemed to be part of the Security Agreement or the Credit Agreement, as applicable. 

This Joinder Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. 

THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 EXHIBIT 3-2 

 IN WITNESS WHEREOF, the New Pledgor has caused this Joinder Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	[NEW PLEDGOR]
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT 3-3 

			
	AGREED TO AND ACCEPTED:
	
	 BANK OF AMERICA, N.A.,
 as
Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

 [Schedules to be attached] 

  
 EXHIBIT 3-4 

 EXHIBIT 4 

[Form of] 
 Copyright
Security Agreement 
 Copyright Security Agreement, dated as of
[                    ], by [                    ]
and [                    ] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in favor of BANK OF AMERICA,
N.A., in its capacity as collateral agent pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N
E S S E T H: 

WHEREAS, the Pledgors are party to a Security Agreement dated as of May 15, 2015 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Copyright Security Agreement; 

Now, Therefore, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Credit Agreement, the Pledgors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise
defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION
2. Grant of Security Interest in Copyright Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to
and under all the following Pledged Collateral of such Pledgor: 
 (a) Copyrights of such Pledgor listed on Schedule I attached hereto; and

 (b) all Proceeds of any and all of the foregoing (other than Excluded Assets). 

SECTION 3. Security Agreement. The security interest granted pursuant to this Copyright Security Agreement is granted in conjunction
with the security interest granted to the Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security interest in the Copyrights
made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Copyright Security Agreement is
deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 

SECTION 4. Termination. Upon the payment in full of the Secured Obligations (other than (A) contingent obligations not then due
and payable and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements) and termination of the Security Agreement, 

  
 EXHIBIT 4 

 
the Collateral Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security
interest in the Copyrights under this Copyright Security Agreement. 
 SECTION 5. Counterparts. This Copyright Security Agreement may
be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Copyright Security Agreement by signing and delivering one or more counterparts. 

SECTION 6. Governing Law. This Copyright Security Agreement and the transactions contemplated hereby, and all disputes between the
parties under or relating to this Copyright Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the laws (including statutes of
limitation) of the State of New York. 
 [signature page follows] 

  
 EXHIBIT 4-2 

 IN WITNESS WHEREOF, each Pledgor has caused this
Copyright Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Very truly yours,
	
	[PLEDGORS]
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT 4-3 

			
	Accepted and Agreed:
	
	 BANK OF AMERICA, N.A.,
 as
Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT 4-4 

 SCHEDULE I 

to 
 COPYRIGHT SECURITY
AGREEMENT 
 COPYRIGHT REGISTRATIONS AND COPYRIGHT APPLICATIONS 

Copyright Registrations: 
  

					
	 OWNER
	  	 REGISTRATION NUMBER
	  	 TITLE

		  		  	

 Copyright Applications: 
  

			
	 OWNER
	  	 TITLE

		  	

  
 EXHIBIT 4-5 

 EXHIBIT 5 

[Form of] 
 Patent
Security Agreement 
 Patent Security Agreement, dated as of
[                    ], by [                    ]
and [                    ] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in favor of BANK OF AMERICA,
N.A., in its capacity as collateral agent pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N
E S S E T H: 

WHEREAS, the Pledgors are party to a Security Agreement dated as of May 15, 2015 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Patent Security Agreement; 

Now, Therefore, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Credit Agreement, the Pledgors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise
defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION
2. Grant of Security Interest in Patent Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to
and under all the following Pledged Collateral of such Pledgor: 
 (a) Patents of such Pledgor listed on Schedule I attached hereto; and

 (b) all Proceeds of any and all of the foregoing (other than Excluded Assets). 

SECTION 3. Security Agreement. The security interest granted pursuant to this Patent Security Agreement is granted in conjunction with
the security interest granted to the Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security interest in the Patents made and
granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Patent Security Agreement is deemed to
conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 

  
 EXHIBIT 5 

 SECTION 4. Termination. Upon the payment in full of the Secured Obligations (other than
(A) contingent obligations not then due and payable and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements) and termination of the Security Agreement, the Collateral Agent shall execute,
acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Patents under this Patent Security Agreement. 

SECTION 5. Counterparts. This Patent Security Agreement may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Patent Security Agreement by signing and delivering one or more counterparts. 

SECTION 6. Governing Law. This Patent Security Agreement and the transactions contemplated hereby, and all disputes between the parties
under or relating to this Patent Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the laws (including statutes of limitation) of
the State of New York. 
 [signature page follows] 

  
 EXHIBIT 5-2 

 IN WITNESS WHEREOF, each Pledgor has caused this
Patent Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Very truly yours,
	
	[PLEDGORS]
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT 5-3 

			
	Accepted and Agreed:
	
	 BANK OF AMERICA, N.A.,
 as
Collateral Agent

		
	By:	 	  

		 	Name:

  
 EXHIBIT 5-4 

 SCHEDULE I 

to 
 PATENT SECURITY
AGREEMENT 
 PATENT REGISTRATIONS AND PATENT APPLICATIONS 

Patent Registrations: 
  

					
	 OWNER
	  	 REGISTRATION NUMBER
	  	 NAME

		  		  	

 Patent Applications: 
  

					
	 OWNER
	  	 APPLICATION NUMBER
	  	 NAME

		  		  	

  
 EXHIBIT 5-5 

 EXHIBIT 6 

[Form of] 
 Trademark
Security Agreement 
 Trademark Security Agreement, dated as of
[                    ], by [                    ]
and [                    ] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in favor of BANK OF AMERICA,
N.A., in its capacity as collateral agent pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N
E S S E T H: 

WHEREAS, the Pledgors are party to a Security Agreement dated as of May 15, 2015 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Trademark Security Agreement; 

Now, Therefore, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Credit Agreement, the Pledgors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise
defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION
2. Grant of Security Interest in Trademark Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to
and under all the following Pledged Collateral of such Pledgor: 
 (a) Trademarks of such Pledgor listed on Schedule I attached hereto; 

(b) all Goodwill associated with such Trademarks; and 

(c) all Proceeds of any and all of the foregoing (other than Excluded Assets). 

SECTION 3. Security Agreement. The security interest granted pursuant to this Trademark Security Agreement is granted in conjunction
with the security interest granted to the Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security interest in the Trademarks
made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Trademark Security Agreement is
deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 

  
 EXHIBIT 6 

 SECTION 4. Termination. Upon the payment in full of the Secured Obligations (other than
(A) contingent obligations not then due and payable and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements) and termination of the Security Agreement, the Collateral Agent shall execute,
acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Trademarks under this Trademark Security Agreement. 

SECTION 5. Counterparts. This Trademark Security Agreement may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts. 

SECTION 6. Governing Law. This Trademark Security Agreement and the transactions contemplated hereby, and all disputes between the
parties under or relating to this Trademark Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the laws (including statutes of
limitation) of the State of New York. 
 [signature page follows] 

  
 EXHIBIT 6-2 

 IN WITNESS WHEREOF, each Pledgor has caused this
Trademark Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Very truly yours,
	
	[PLEDGORS]
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT 6-3 

			
	Accepted and Agreed:
	
	 BANK OF AMERICA, N.A.,
 as
Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT 6-4 

 SCHEDULE I 

to 
 TRADEMARK SECURITY
AGREEMENT 
 TRADEMARK REGISTRATIONS AND TRADEMARK APPLICATIONS 

Trademark Registrations: 
  

					
	 OWNER
	  	 REGISTRATION NUMBER
	  	 TRADEMARK

		  		  	

 Trademark Applications: 
  

					
	 OWNER
	  	 APPLICATION NUMBER
	  	 TRADEMARK

		  		  	

  
 EXHIBIT 6-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]