Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

GUARANTEE AND COLLATERAL AGREEMENT (CANADA) 

made by 
 APPVION CANADA, LTD.,

 in favour of 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION, 
 as Administrative Agent 

Dated as of October 4, 2017 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
			
	 SECTION 1.
	  	 DEFINED TERMS
	  	 	1	 
			
	 1.1
	  	 Definitions
	  	 	1	 
	 1.2
	  	 Other Definitional Provisions
	  	 	7	 
			
	 SECTION 2.
	  	 GUARANTEE
	  	 	7	 
			
	 2.1
	  	 Guarantee
	  	 	7	 
	 2.2
	  	 Right of Contribution
	  	 	8	 
	 2.3
	  	 No Subrogation
	  	 	8	 
	 2.4
	  	 Amendments, etc
	  	 	8	 
	 2.5
	  	 Guarantee Absolute and Unconditional
	  	 	9	 
	 2.6
	  	 Reinstatement
	  	 	10	 
	 2.7
	  	 Payments
	  	 	10	 
			
	 SECTION 3.
	  	 GRANT OF SECURITY INTEREST
	  	 	10	 
			
	 3.1
	  	 Grant of Security Interest in Collateral
	  	 	10	 
	 3.2
	  	 Exception to Last Day
	  	 	11	 
	 3.3
	  	 Attachment
	  	 	11	 
			
	 SECTION 4.
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	12	 
			
	 4.1
	  	 Representations in Credit Agreement
	  	 	12	 
	 4.2
	  	 Title; No Other Liens
	  	 	12	 
	 4.3
	  	 Perfected First Priority Liens
	  	 	13	 
	 4.4
	  	 Jurisdiction of Organization; Chief Executive Office
	  	 	13	 
	 4.5
	  	 Inventory and Equipment
	  	 	13	 
	 4.6
	  	 [Reserved.]
	  	 	13	 
	 4.7
	  	 Investment Property
	  	 	13	 
	 4.8
	  	 Receivables
	  	 	14	 
	 4.9
	  	 Intellectual Property
	  	 	14	 
			
	 SECTION 5.
	  	 COVENANTS
	  	 	14	 
			
	 5.1
	  	 Covenants in Credit Agreement
	  	 	14	 
	 5.2
	  	 Delivery of Instruments, Certificated Securities and Chattel Paper
	  	 	15	 
	 5.3
	  	 Maintenance of Insurance
	  	 	15	 
	 5.4
	  	 Maintenance of Perfected Security Interest; Further Documentation
	  	 	15	 
	 5.5
	  	 Changes in Locations, Name, etc
	  	 	16	 
	 5.6
	  	 Notices
	  	 	16	 
	 5.7
	  	 Investment Property
	  	 	16	 
	 5.8
	  	 Receivables
	  	 	17	 
	 5.9
	  	 Intellectual Property
	  	 	18	 
	 5.10
	  	 [Reserved]
	  	 	19	 
	 5.11
	  	 Cash Management Systems
	  	 	19	 
			
	 SECTION 6.
	  	 REMEDIAL PROVISIONS
	  	 	20	 
			
	 6.1
	  	 Certain Matters Relating to Receivables
	  	 	20	 
	 6.2
	  	 Communications with Obligors; Grantors Remain Liable
	  	 	21	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 6.3
	  	 Pledged Stock
	  	 	21	 
	 6.4
	  	 Proceeds to be Turned Over to Administrative Agent
	  	 	22	 
	 6.5
	  	 Application of Proceeds
	  	 	23	 
	 6.6
	  	 Other Remedies
	  	 	23	 
	 6.7
	  	 Private Sales
	  	 	25	 
	 6.8
	  	 Deficiency
	  	 	25	 
	 6.9
	  	 Intellectual Property License
	  	 	25	 
			
	 SECTION 7.
	  	 THE ADMINISTRATIVE AGENT
	  	 	26	 
			
	 7.1
	  	 Administrative Agent’s Appointment as Attorney-in-Fact, etc
	  	 	26	 
	 7.2
	  	 Duty of Administrative Agent
	  	 	27	 
	 7.3
	  	 Filing of Financing Statements
	  	 	28	 
	 7.4
	  	 Authority of Administrative Agent
	  	 	28	 
			
	 SECTION 8.
	  	 MISCELLANEOUS
	  	 	28	 
			
	 8.1
	  	 Amendments in Writing
	  	 	28	 
	 8.2
	  	 Notices
	  	 	28	 
	 8.3
	  	 No Waiver by Course of Conduct; Cumulative Remedies
	  	 	28	 
	 8.4
	  	 Enforcement Expenses; Indemnification
	  	 	29	 
	 8.5
	  	 Successors and Assigns
	  	 	29	 
	 8.6
	  	 Set-Off
	  	 	30	 
	 8.7
	  	 Counterparts
	  	 	30	 
	 8.8
	  	 Severability
	  	 	30	 
	 8.9
	  	 Section Headings
	  	 	30	 
	 8.10
	  	 Integration
	  	 	30	 
	 8.11
	  	 GOVERNING LAW
	  	 	31	 
	 8.12
	  	 Submission To Jurisdiction; Waivers
	  	 	31	 
	 8.13
	  	 Acknowledgements
	  	 	31	 
	 8.14
	  	 Additional Grantors
	  	 	32	 
	 8.15
	  	 Releases
	  	 	32	 
	 8.16
	  	 WAIVER OF JURY TRIAL
	  	 	32	 
	 8.17
	  	 Amalgamation
	  	 	33	 
	 8.18
	  	 Judgment Currency
	  	 	33	 
	 8.19
	  	 Interest Act (Canada)
	  	 	34	 

 ANNEX 1 – Form of Assumption Agreement 

Schedule 1 – Notice 
 Schedule 2 – Pledged Collateral

 Schedule 3 – Perfected Liens 
 Schedule 4 –
Jurisdiction of Organization 
 Schedule 5 – Inventory and Equipment 

Schedule 6 – Intellectual Property 
 Schedule 7 –
Accounts 

  
 ii 

 GUARANTEE AND COLLATERAL AGREEMENT (CANADA), dated as of October 4, 2017 (as the same
may be amended, restated, supplemented and/or otherwise modified from time to time, this “Agreement”), made by Appvion Canada, Ltd., a corporation formed under the laws of Canada (“Appvion Canada”; together with any
other entity that may become a party hereto as provided herein, the “Grantors”), in favour of Wilmington Trust, National Association, as administrative agent (in such capacity, the “Administrative Agent”) for the
banks, financial institutions and other entities (the “Lenders”) from time to time parties to the Superpriority Senior Debtor-in-Possession Credit Agreement, dated as of October 2, 2017 (as amended, restated, supplemented
and/or otherwise modified from time to time, the “Credit Agreement”), among Appvion, Inc., a Delaware corporation (the “Borrower”), Paperweight Development Corp., a Wisconsin corporation
(“Holdings”), the Administrative Agent and the Lenders. 
 W I T N E S S E T H: 

WHEREAS, on October 1, 2017 (the “Petition Date”), the Borrower and its Domestic Subsidiaries commenced the
Chapter 11 Cases by filing voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code, with the Bankruptcy Court. The Debtors continue to operate their business and manage their properties as debtors and debtors-in-possession
pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code; 
 WHEREAS, prior to the Petition Date, the Prepetition First Lien
Lenders provided financing to Borrower pursuant to that certain Credit Agreement, dated as of June 28, 2013, by and among the Borrower, Holdings, the Prepetition First Lien Lenders, and the Prepetition First Lien Agents (as amended or otherwise
modified through the Petition Date, the “Prepetition First Lien Credit Agreement”); 
 WHEREAS, pursuant to the
Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein; 

WHEREAS, the Borrower is a member of an affiliated group of companies that includes each Grantor; 

WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in part (i) to refinance certain
existing indebtedness and cash collateralize outstanding letters of credit, (ii) to pay fees, costs and expenses incurred in connection with the transactions contemplated by the Credit Agreement, (iii) other administration costs incurred
in connection with the Chapter 11 Cases, and (iv) to enable the Borrower to make valuable transfers to one or more of the Grantors; 

WHEREAS, the Borrower and the Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect
benefit from the making of the extensions of credit under the Credit Agreement; and 
 WHEREAS, it is a condition precedent to
the obligation of the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the
Administrative Agent and the other Secured Parties; 

 NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent
and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Grantor hereby agrees with the Administrative Agent for the ratable benefit of the
Administrative Agent, the Lenders and the other Secured Parties, as follows: 
 SECTION 1. DEFINED TERMS 

1.1 Definitions. 
 (a)
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein, including in the recitals hereto, shall have the meanings given to them in the Credit Agreement, and the following terms are used herein as defined in the PPSA:
Accounts, Certificated Security, Chattel Paper, Documents of Title, Equipment, Financial Assets, Goods, Intangibles, Instruments, Inventory, Money, Personal Property, Proceeds and Securities Account. 

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

“Borrower Credit Agreement Obligations”: with respect to the Borrower, the collective reference to the unpaid
principal of and interest on the Loans and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans to the
Administrative Agent or any Lender and interest accruing at the then-applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding, related to
the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under,
out of, or in connection with, the Credit Agreement, this Agreement, the other Loan Documents or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations,
fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the
foregoing agreements). 
 “Borrower Obligations”: with respect to the Borrower, the collective reference to
(i) the Borrower Credit Agreement Obligations, (ii) the Secured Hedge Agreement Obligations, (iii) Secured Cash Management Obligations and (iv) all other obligations and liabilities of the Loan Parties to the Administrative Agent
or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement (including, without limitation, all fees and
disbursements of counsel to the Administrative Agent or the Lenders that are required to be paid by the Borrower pursuant to the terms of this Agreement). For the avoidance of doubt, Borrower Obligations shall not include any Excluded Hedge
Obligations. 
 “Collateral”: as defined in Section 3. 

  
 2 

 “Collateral Account”: any collateral account established by the
Administrative Agent as provided in Section 6.1 or 6.4. 
 “Contract”: means the total legal obligation
which results from the parties’ agreement as affected by the PPSA and any other applicable rules of law. 

“Copyrights”: (i) all copyrights arising under the Laws of Canada, any other country or any political
subdivisions thereof, whether registered or unregistered and whether published or unpublished (including, without limitation, those listed in Schedule 6), all registrations and recordings thereof, and all applications in connection therewith,
including, without limitation, all registrations, recordings and applications in the Canadian Intellectual Property Office or any other similar authority throughout the world, (ii) all rights corresponding thereto throughout the world and
(iii) the right to obtain all extensions and renewals thereof. 
 “Copyright Licenses”: any written or oral
agreement naming any Grantor as licensor or licensee (including, without limitation, those listed in Schedule 6), granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit
and sell materials derived from any Copyright. 
 “Credit Agreement Collateral”: all “Collateral” under,
and as defined in, the Credit Agreement. 
 “Deposit Account”: a demand, savings, passbook, or similar account
maintained with a bank or other deposit taking institution. The Deposit Accounts of the Grantors as of the Closing Date are listed on Schedule 7. 

“Governmental Authority”: the government of Canada or any other nation, or of any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government. 
 “Guarantor Obligations”: with respect to any Guarantor, the collective reference to (i) the
Borrower Credit Agreement Obligations, (ii) the Secured Hedge Agreement Obligations, (iii) the Secured Cash Management Obligations and (iv) all other obligations and liabilities of such Guarantor to the Administrative Agent or any
Lender which may arise under or in connection with this Agreement (including, without limitation, Section 2) or any other Loan Document to which such Guarantor is a party, in each case whether on account of guarantee obligations,
reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or the Lenders that are required to be paid by such Guarantor pursuant to
the terms of this Agreement or any other Loan Document). For the avoidance of doubt, the Guarantor Obligations shall not include any Excluded Hedge Obligations. 

“Guarantors”: the collective reference to each Grantor. It is understood and agreed that in no event shall any Special
Purpose Receivables Subsidiary or Immaterial Subsidiary be deemed to be a Guarantor. 
 “Intellectual Property”: the
collective reference to all rights, priorities and privileges 

  
 3 

 
relating to intellectual property or similar proprietary rights, whether arising under the Laws of Canada, multinational or foreign laws or otherwise, including, without limitation, the
Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks, the Trademark Licenses, Trade Secrets and Trade Secret Licenses and all rights thereto throughout the world including, without limitation, all claims, causes of
action, defenses arising out of or related to any of the foregoing and the right to sue at law or in equity for any past, present and future infringement, misappropriation, misuse, dilution or other impairment thereof, including the right to receive
all proceeds and damages from all of the foregoing. 
 “Intercompany Note”: any promissory note evidencing loans
made by any Grantor to Holdings or any of its Subsidiaries. 
 “Investment Property”: the collective reference to
(i) all “investment property” as such term is defined in the PPSA and (ii) whether or not constituting “investment property” as so defined in the preceding clause (i), all Pledged Notes and all Pledged Stock. 

“Issuers”: the collective reference to each issuer of any Investment Property. 

“Obligations”: in the case of any Grantor, such Person’s (i) Borrower Obligations and/or (ii) Guarantor
Obligations. 
 “Patent License”: all agreements, whether written or oral, providing for the grant by or to any
Grantor of any right to manufacture, use or sell any invention covered in whole or in part by a Patent, including, without limitation, any of the foregoing referred to in Schedule 6. 

“Patents”: (i) all letters patent of Canada, any other country or any political subdivision thereof, all reissues
and extensions thereof, including, without limitation, any of the foregoing referred to in Schedule 6, (ii) all applications for letters patent of Canada or any other country and all reissues, extensions, renewals, reexaminations,
divisions, continuations and continuations-in-part thereof, including, without limitation, any of the foregoing referred to in Schedule 6, (iii) all invention disclosures, utility models or similar industrial property rights and
(iv) all rights corresponding thereto, including rights to obtain any reissues or extensions of the foregoing. 
 “Petition
Date”: as defined in the recitals hereto. 
 “Permitted Unperfected Account”: with respect to any
Grantor, any Deposit Account of such Grantor (a) that contains a balance of deposits equal to or less than $50,000; provided that such Deposit Account or Securities Account shall not cease to be a Permitted Unperfected Account if it
contains a balance greater than $50,000 for not longer than 2 consecutive Business Days and provided that the balance of deposits in all such Deposit Accounts and Securities Accounts of the Grantors and all other Guarantors (including U.S. Grantors)
combined shall not exceed $200,000 in the aggregate at any time, (b) that is used solely as (i) a payroll account, (ii) an employee benefit account, (iii) an operating expenses disbursement account that is zero-balanced on a
daily basis, (iv) a sub-concentration account that is zero-balanced on a daily basis, (v) a fiduciary, escrow or trust account or (vi) a tax account, including with respect to sales taxes; or (c) as to which the Required Lenders
otherwise agree that no control agreement need be obtained. The Permitted Unperfected Accounts of the Grantors as of the Closing Date are so indicated on Schedule 7. 

  
 4 

 “Pledged Notes”: all promissory notes listed on Schedule 2, all
Intercompany Notes at any time issued to any Grantor in excess of $1,000,000 (or Intercompany Notes which, in the aggregate, are in excess of $1,000,000) and all other promissory notes issued to or held by any Grantor in excess of $1,000,000 in the
aggregate (other than promissory notes issued in connection with extensions of trade credit by any Grantor in the ordinary course of business). 

“Pledged Stock”: the shares of Capital Stock listed on Schedule 2, together with any other shares, stock
certificates, options, interests or rights of any nature whatsoever in respect of the Capital Stock of any Person that may be issued or granted to, or held by, any Grantor while this Agreement is in effect. 

“PPSA”: the Personal Property Security Act (Ontario); provided, that if the attachment, perfection or priority
of the Administrative Agent’s security interests, for the benefit of the Secured Parties, in any Collateral are governed by the personal property security laws of any jurisdiction other than Ontario, PPSA shall mean those personal property laws
in such other jurisdiction in Canada for the purpose of the provisions hereof relating to such attachment, perfection or priority and for the definitions related to such provisions. 

“Prepetition First Lien Credit Agreement”: as defined in the recitals hereto. 

“Receivable”: any right to payment for goods sold or leased or for services rendered, whether or not such right is
evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account). 

“Requirement of Law”: as to any Person, the certificate or articles of incorporation and by laws or other
organizational or governing documents of such Person, and any Law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property
or to which such Person or any of its property is subject. 
 “Secured Cash Management Obligations”: the collective
reference to all obligations and liabilities of a Loan Party (including, without limitation, interest accruing at the then applicable rate provided in any Secured Cash Management Agreement after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceeding, relating to a Loan Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to any Cash Management Bank, whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, any Secured Cash Management Agreement or any other document made, delivered or given in connection therewith,
in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the relevant Lender or affiliate thereof that
are required to be paid by any Loan Party pursuant to the terms of any Secured Cash Management Agreement). 
 “Secured Hedge
Agreement Obligations”: the collective reference to all obligations and liabilities of a Loan Party (including, without limitation, interest accruing at the then applicable 

  
 5 

 
rate provided in any Secured Hedge Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to such Loan Party,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to any Hedge Bank, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise
under, out of, or in connection with, any Secured Hedge Agreement or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs,
expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the relevant Lender or affiliate thereof that are required to be paid by the Borrower pursuant to the terms of any Secured Hedge Agreement). For the
avoidance of doubt, Secured Hedge Agreement Obligations shall not include any Excluded Hedge Obligation. 
 “Securities
Account”: the Securities Accounts, as defined in the PPSA, of the Grantors as of the Closing Date are listed on Schedule 7. 

“Securities Laws”: applicable federal, provincial, state, territorial or foreign securities laws and regulations. 

“STA”: the Securities Transfer Act, 2006 (Ontario). 

“Supporting Obligation”: a secondary obligation that supports the payment or performance of an account, chattel paper,
a document, a general intangible, an instrument, or investment property. 
 “Trade Secret Licenses”: any and all
written or oral agreements granting any right in or to Trade Secrets (whether a Grantor is a licensee or licensor thereunder). 

“Trade Secrets”: all trade secrets, as recognized under applicable local Law, whether or not reduced to a writing or
other tangible form, now or hereafter in force, owned or used in, or contemplated at any time for use in, the business of any Grantor, including with respect to any and all of the foregoing: (i) all documents and things embodying,
incorporating, or referring in any way thereto, (ii) all rights to sue for past, present and future infringement thereof, (iii) all claims, damages, and proceeds of suit arising therefrom, and (iv) all payments and royalties and
rights to payments and royalties arising out of the sale, lease, license, assignment or other dispositions thereof. 
 “Trademark
License”: any agreement, whether written or oral, providing for the grant by or to any Grantor of any right to use any Trademark, including, without limitation, any of the foregoing referred to in Schedule 6. 

“Trademarks”: (i) all trademarks, trade names, corporate names, company names, business names, fictitious
business names, trade styles, service marks, logos and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in
connection therewith, whether in the Canadian Intellectual Property Office or in any similar office or agency of Canada, any province thereof, any other country or any political subdivision thereof or otherwise, and all common-law rights related
thereto, including, without limitation, any of the foregoing referred to in Schedule 6, and (ii) the right to obtain all renewals thereof. 

  
 6 

 “U.S. Grantors”: the grantors under the Guarantee and Collateral
Agreement dated as of the date hereof (as the same may be amended, restated, supplemented and/or otherwise modified from time to time), by and among Wilmington Trust, National Association, as administrative agent, and the grantors from time to time
party thereto. 
 1.2 Other Definitional Provisions. 

(a) The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified. 

(b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

(c) Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such
Grantor’s Collateral or the relevant part thereof. 
 (d) Unless the context otherwise requires, any Cash Management Bank or Hedge Bank
which is party to a Secured Hedge Agreement or a Secured Cash Management Agreement shall be deemed to be a “Lender” for purposes of this Agreement. 

SECTION 2. GUARANTEE 
 2.1
Guarantee. 
 (a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the
Administrative Agent for the ratable benefit of the Secured Parties and their respective successors, endorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at the stated maturity, by
acceleration or otherwise) of all Obligations. 
 (b) The guarantee contained in this Section 2 shall remain in full force and
effect until all the Obligations and the obligations of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by payment in full in cash (other than contingent or indemnification obligations for which
no claim has been made) and the Commitments shall be terminated, notwithstanding that from time to time during the term of the Credit Agreement the Borrower may be free from any Obligations; provided that any Guarantor shall be released from
its guarantee contained in this Section 2 as provided in Section 8.15. 
 (c) No payment made by the Borrower, any
of the Guarantors, any other guarantor or any other Person or received or collected by the Administrative Agent, any Lender or any other Secured Party from the Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any
action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Borrower Obligations shall 

  
 7 

 
be deemed to release the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Obligations or any
payment received or collected from such Guarantor in respect of the Obligations), remain liable for the Borrower Obligations up to the maximum liability of such Guarantor hereunder until the Borrower Obligations are paid in full in cash (other than
contingent or indemnification obligations for which no claim has been made) and the Commitments are terminated, provided that any Guarantor shall be released from its guarantee contained in this Section 2 as provided in
Section 8.15. Notwithstanding the foregoing, in no event shall the Guarantors be liable for payment of any amount in excess of the then outstanding Borrower Obligations and, without duplication, Guarantor Obligations. 

2.2 Right of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate
share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of
contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Guarantor to the Administrative Agent, the Lenders
and any of the other Secured Parties, and each Guarantor shall remain liable to the Secured Parties for the full amount guaranteed by such Guarantor hereunder. 

2.3 No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor
by the Administrative Agent, any Lender or any other Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent, any Lender or any other Secured Party against the Borrower or any other Guarantor
or any collateral security or guarantee or right of offset held by the Administrative Agent, or any Lender for the payment of the Borrower Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the
Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Administrative Agent, the Lenders and each other Secured Party by the Borrower on account of the Borrower Obligations are paid in
full in cash (other than contingent or indemnification obligations for which no claim has been made), and the Commitments are terminated. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the
Borrower Obligations shall not have been paid in full in cash, such amount shall be held by such Guarantor in trust for the Administrative Agent, the Lenders and each other Secured Party, segregated from other funds of such Guarantor, and shall,
forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly endorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Borrower
Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine. 
 2.4 Amendments, etc. with respect
to the Borrower Obligations. To the maximum extent permitted by applicable Law, each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent
by any Guarantor, any demand for payment of any of the Borrower Obligations made by the Administrative Agent, any Lender or any other Secured Party may be rescinded by such Secured Party and any of the Borrower Obligations continued, and the
Borrower Obligations, or 

  
 8 

 
the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in
part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent, any Lender or any other Secured Party, and the Credit Agreement and the other Loan Documents and any other
documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the respective Secured Parties party thereto may deem advisable from time to time, and any collateral security,
guarantee or right of offset at any time held by the Administrative Agent, any Lender or any other Secured Party for the payment of the Borrower Obligations may be sold, exchanged, waived, surrendered or released. No Secured Party shall have any
obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations or for the guarantee contained in this Section 2 or any property subject thereto. 

2.5 Guarantee Absolute and Unconditional. Each Guarantor waives, to the maximum extent permitted by applicable Law, each any and all
notice of the creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof of reliance by the Administrative Agent, any Lender or any other Secured Party upon the guarantee contained in this Section 2
or acceptance of the guarantee contained in this Section 2; the Borrower Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon
the guarantee contained in this Section 2; and all dealings between the Borrower and any of the Guarantors, on the one hand, and among the Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or
consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any of the Guarantors with
respect to the Borrower Obligations. Each Guarantor understands and agrees, to the maximum extent permitted by applicable Law, that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional
guarantee of payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Loan Document, any of the Borrower Obligations or any other collateral security therefor or guarantee or right of offset with respect
thereto at any time or from time to time held by the Administrative Agent, any Lender or any other Secured Party, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or
be asserted by the Borrower or any other Person against the Administrative Agent, any Lender or any other Secured Party, or (c) any other circumstance whatsoever (other than a defense of payment or performance) (with or without notice to or
knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for the Borrower Obligations, or of such Guarantor under the guarantee contained in this
Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent, any Lender and any other Secured Party may, but
shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any other Guarantor or any other Person or against any collateral security or guarantee for the Borrower
Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent, any Lender or any other Secured Party to make any such demand, to pursue such other rights or remedies or to collect any payments from the
Borrower, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such 

  
 9 

 
right of offset, or any release of the Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any
obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent, any Lender or any other Secured Party against any Guarantor. For the
purposes hereof “demand” shall include, but not be limited to the commencement and continuance of any legal proceedings. 
 2.6
Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Borrower Obligations is rescinded or must
otherwise be restored or returned by any Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator
of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 

2.7 Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without set-off or
counterclaim in Dollars at the appropriate funding office as set forth in the Credit Agreement. 
 SECTION 3. GRANT OF SECURITY INTEREST 

3.1 Grant of Security Interest in Collateral. Each Grantor hereby assigns and transfers to the Administrative Agent, and hereby grants
to the Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in, all present and after-acquired property now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time
in the future may acquire any right, title or interest (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or
otherwise) of such Grantor’s Obligations, including without limitation, the following: 
  

	 	(a)	all Accounts; 

  

	 	(b)	all Chattel Paper; 

  

	 	(c)	all Contracts; 

  

	 	(d)	all Deposit Accounts; 

  

	 	(e)	all Documents of Title; 

  

	 	(f)	all Equipment; 

  

	 	(g)	all Financial Assets; 

  

	 	(h)	all Goods; 

  

	 	(i)	all Intangibles; 

  

	 	(j)	all Instruments; 

  

	 	(k)	all Intellectual Property; 

  

	 	(l)	all Inventory; 

  
 10 

	 	(m)	all Investment Property; 

  

	 	(n)	all Money; 

  

	 	(o)	all books and records pertaining to the Collateral; and 

 (p) to the extent not otherwise
included, all Proceeds, Supporting Obligations and products of any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing; provided, however, that notwithstanding
any of the other provisions set forth in this Section 3, this Agreement shall not constitute a grant of a security interest in and of the following (the “Excluded Property”): (i) any consumer goods, (ii) any
property to the extent that such grant of a security interest is prohibited by any Requirement of Law, requires a consent not obtained of any Governmental Authority pursuant to any such Requirement of Law or is prohibited by, or constitutes a breach
or default under, or results in the creation of a right of termination of (other than with respect to any such right held by the Borrower or a Guarantor) or requires any consent not obtained under, any contract, license, agreement, instrument,
lease, purchase money security interest or other document evidencing or giving rise to such property or, in the case of any Investment Property, Pledged Stock or Pledged Note, any applicable shareholder or similar agreement, except to the extent
that such Requirement of Law or the applicable terms in such contract, license, agreement, instrument or other document or shareholder or similar agreement providing for such prohibition, breach, default or termination or requiring such consent is
ineffective under applicable Law; (iii) any property to the extent that such property constitutes “Collateral” under and as defined in the Fox River Security Agreement; (iv) any leasehold interests in real property and fee
interests in real property with a fair market value of less than $1,500,000; (v) motor vehicles and any other assets subject to certificates of title; (vi) any governmental licenses or state or provincial or local franchises, charter and
authorization, to the extent security interests in such licenses, franchises, charters or authorizations are prohibited or restricted thereby; (vii) any Permitted Unperfected Account; (viii) any other assets to the extent that the
Administrative Agent shall reasonably agree that the cost of obtaining a security interest therein or perfection of a security interest thereof (including any material adverse tax consequences resulting therefrom) outweighs the benefit of the
security interest to be afforded thereby; provided, however, that (x) Excluded Property shall not include proceeds, products, substitutions or replacements of Excluded Property and (y) any Excluded Property that at any time
fails to satisfy the above criteria (whether as a result of the applicable Grantor obtaining any necessary consent, any change in any rule of Law, statute or regulation, or otherwise) shall no longer constitute Excluded Property for purposes hereof
and shall automatically constitute a portion of the Collateral subject to the grant of security contained herein. 
 3.2 Exception to
Last Day. The security interest granted hereby shall not extend or apply to, and Collateral shall not include, the last day of the term of any lease or agreement therefor, but upon enforcement of the security interest, each Grantor shall stand
possessed of such last day in trust or assign the same to any person acquiring such term. 
 3.3 Attachment. Each Grantor
acknowledges that (i) value has been given, (ii) it has rights in the Collateral, (iii) it has not agreed to postpone the time for attachment of the Lien granted hereunder, and (iv) it has received a copy of this Agreement. 

NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, ALL TERMS 

  
 11 

 
OF THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, THE REPRESENTATIONS AND WARRANTIES MADE HEREIN, THE LIENS AND SECURITY INTERESTS GRANTED TO THE ADMINISTRATIVE AGENT PURSUANT TO THIS AGREEMENT,
THE EXERCISE OF ANY RIGHT OR REMEDY BY THE ADMINISTRATIVE AGENT AND LENDERS HEREUNDER, ALL OTHER RIGHTS AND BENEFITS AFFORDED HEREUNDER TO THE ADMINISTRATIVE AGENT AND THE LENDERS AND ALL OBLIGATIONS OF THE GRANTORS HEREUNDER) ARE SUBJECT IN ALL
RESPECTS TO THE TERMS, CONDITIONS AND PROVISIONS OF THE PREPETITION INTERCREDITOR AGREEMENT (AS SUPPLEMENTED BY THE PREPETITION INTERCREDITOR AGREEMENT JOINDER). IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE PREPETITION INTERCREDITOR
AGREEMENT (AS SUPPLEMENTED BY THE PREPETITION INTERCREDITOR AGREEMENT JOINDER) AND THE TERMS OF THIS AGREEMENT, THE TERMS OF THE PREPETITION INTERCREDITOR AGREEMENT (AS SUPPLEMENTED BY THE PREPETITION INTERCREDITOR AGREEMENT JOINDER) SHALL GOVERN
AND CONTROL. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective
extensions of credit to the Borrower thereunder, each Grantor hereby represents and warrants to the Administrative Agent and each Lender that: 

4.1 Representations in Credit Agreement. In the case of each Guarantor, the representations and warranties set forth in Article V of
the Credit Agreement as they relate to such Guarantor or to the Loan Documents to which such Guarantor is a party, each of which is hereby incorporated herein by reference, are true and correct, in all material respects (other than any
representation or warranty that is qualified by materiality or makes reference to Material Adverse Effect, which representations and warranties shall be true and correct in all respects), and the Administrative Agent and each Lender shall be
entitled to rely on each of them as if they were fully set forth herein, provided that each reference in each such representation and warranty to the Borrower’s knowledge shall, for the purposes of this Section 4.1, be deemed
to be a reference to such Guarantor’s knowledge. 
 4.2 Title; No Other Liens. Except for the security interest granted to the
Administrative Agent for the ratable benefit of the Secured Parties pursuant to this Agreement and the other Liens permitted to exist on the Collateral by the Credit Agreement, such Grantor owns its Collateral in all material respects free and clear
of any and all Liens or claims of others. For the avoidance of doubt, it is understood and agreed that any Grantor may, as part of its business, grant licenses to third parties to use Intellectual Property owned or developed by a Grantor. For
purposes of this Agreement and the other Loan Documents, such licensing activity shall not constitute a “Lien” or a “claim” on such Intellectual Property. Each of the Administrative Agent, each Lender and each other Secured Party
understands that any such licenses may be exclusive to the applicable licensees, and such exclusivity provisions may limit the ability of the Administrative Agent to utilize, sell, Lease or transfer the related Intellectual Property or otherwise
realize value from such Intellectual Property pursuant hereto. 

  
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 4.3 Perfected First Priority Liens. The security interests granted pursuant to this
Agreement (a) upon completion of the filings and other actions specified on Schedule 3 (including obtaining “control” (within the meaning of the STA) of Securities Accounts (other than Permitted Unperfected Accounts) and Investment
Property will constitute valid perfected security interests (to the extent perfection of security interests therein may be perfected by filing of a financing statement under the PPSA and/or filings with the Canadian Intellectual Property Office or
Canadian Industrial Design Office, as applicable, possession by the Administrative Agent of the respective Investment Property or “control” of Securities Accounts) in all of the Collateral in favour of the Administrative Agent, for the
ratable benefit of the Secured Parties, as collateral security for such Grantor’s Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase any Collateral from such
Grantor, other than purchasers in the ordinary course of business, and other than purchasers under transactions permitted under the Credit Agreement, and (b) are prior to all other Liens on the Collateral in existence on the date hereof except
for Liens permitted by the Credit Agreement and other Liens which have priority over the Liens granted hereunder on the Collateral by operation of law. 

4.4 Jurisdiction of Organization; Chief Executive Office. On the date hereof, such Grantor’s jurisdiction of organization,
identification number from the jurisdiction of organization (if any), and the location of such Grantor’s chief executive office or sole place of business or principal residence, as the case may be, are specified on Schedule 4. 

4.5 Inventory and Equipment. On the date hereof, all of the Grantors’ Inventory and Equipment is kept at the locations listed on
Schedule 5, except with respect to (i) Inventory and Equipment in transit to or from a location listed on Schedule 5, (ii) locations inside the United States and Canada where the value of such Inventory (other than consigned
Inventory, which is the subject of clause (iii) below) and Equipment does not exceed in the aggregate for the Grantors and all other Guarantors (including U.S. Grantors) combined (x) $250,000 at any one such location, and
(y) $1,000,000 at all such locations, (iii) locations inside the United States and Canada where the value of Inventory on consignment for the Grantors and all other Guarantors (including U.S. Grantors) combined does not exceed
(x) $300,000 at any one such location and (y) $2,000,000 at all such locations, and (iv) locations in a jurisdiction outside the United States and Canada (or any constituent jurisdiction thereof), provided that the value of all
such Inventory and Equipment located in such jurisdictions does not exceed $8,500,000. 
 4.6 [Reserved.] 

4.7 Investment Property. 

(a) The shares of Pledged Stock pledged by such Grantor hereunder constitute all the issued and outstanding shares of all classes of the
Capital Stock of each Issuer owned by such Grantor. 
 (b) On the date hereof, all the shares of the Pledged Stock have been duly and
validly issued and are fully paid and nonassessable. 

  
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 (c) Each of the Pledged Notes issued by a Loan Party constitutes the legal, valid and binding
obligation of the obligor with respect thereto, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws relating to or affecting
creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

(d) Such Grantor is the record and beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder,
free of any and all Liens in favour of, or claims of, any other Person, except the security interest created by this Agreement and as otherwise would not violate the applicable requirements of the Credit Agreement. 

4.8 Receivables. 
 (a)
Except to the extent that such amounts so payable to Grantors and the other Guarantors (including U.S. Grantors) combined do not exceed $50,000 in aggregate, no amount payable to such Grantor under or in connection with any Receivable is evidenced
by any Instrument or Chattel Paper that has not been delivered to the Administrative Agent. 
 (b) As of the date hereof, not more than ten
percent (10%) of the Receivables have a Governmental Authority as an obligor. 
 4.9 Intellectual Property. 

(a) Schedule 6 lists all registered and applied for Patents, Trademarks and Copyrights in Canada and the United States that are owned
by such Grantor in its own name on the date hereof. To each Grantor’s knowledge, as of the date hereof, all Intellectual Property owned by such Grantor and set forth on Schedule 6 is valid, in full force and effect, subsisting, unexpired
and enforceable, and has not been abandoned. To each Grantor’s knowledge, the business of such Grantor and the use of any Intellectual Property in connection therewith, does not infringe, misappropriate, dilute or violate the intellectual
property rights of any third Person. There are no pending or, to such Grantor’s knowledge, threatened claims of infringement, misappropriation, dilution or violation by Grantor of any third Person’s intellectual property rights, and none
of the Grantors is aware of any facts or circumstances that such Grantor reasonably believes are likely to form the basis for any such claim, and such Grantor has not received written notice of any such claim. 

(b) Except as set forth in Schedule 6, on the date hereof none of the material Intellectual Property is the subject of any licensing or
franchise agreement pursuant to which such Grantor is the licensor or franchisor. 
 SECTION 5. COVENANTS. 

Each Grantor covenants and agrees with the Administrative Agent and the Lenders that, from and after the date of this Agreement until the
Obligations shall have been paid in full in cash (other than contingent or indemnification obligations for which no claim has been made) and the Commitments shall have terminated: 

5.1 Covenants in Credit Agreement. In the case of each Guarantor, to the extent applicable, such Guarantor shall take, or shall refrain
from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action or to refrain from taking such action by such Guarantor
or any of its Subsidiaries. 

  
 14 

 5.2 Delivery of Instruments, Certificated Securities and Chattel Paper. Except to the
extent that such amounts so payable to Grantors and the other Guarantors (including U.S. Grantors) combined do not exceed $250,000 in aggregate, if any amount payable under or in connection with any of the Collateral shall be or become evidenced by
any Instrument, Certificated Security or Chattel Paper, such Instrument, Certificated Security or Chattel Paper shall be promptly delivered to the Administrative Agent, duly endorsed in a manner reasonably satisfactory to the Administrative Agent,
to be held as Collateral pursuant to this Agreement. 
 5.3 Maintenance of Insurance. 

(a) Such Grantor will maintain, with financially sound and reputable companies, insurance policies, in accordance with the terms of the Credit
Agreement, (i) insuring the Inventory and Equipment against loss by fire, explosion, theft and such other casualties in accordance with the terms of the Credit Agreement and (ii) insuring such Grantor against liability for personal injury
and property damage relating to such Inventory and Equipment. 
 (b) All such insurance shall (i) provide for not less than 30
days’ prior notice to the Administrative Agent of termination, lapse or cancellation of such insurance (to the extent such provision is obtainable using commercially reasonably efforts) and (ii) name the Administrative Agent as an
additional insured and/or loss payee, as applicable. 
 5.4 Maintenance of Perfected Security Interest; Further Documentation. 

(a) Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest (but only to the extent that
such security interest can be perfected by the filing of a financing statement under the PPSA (or other similar Laws) or obtaining “control” (within the meaning of the STA) of Deposit Accounts (other than Permitted Unperfected Accounts) or
Investment Property) having at least the priority described in Section 4.3 and shall defend such security interest against the claims and demands of all Persons whomsoever (other than Persons with prior Liens permitted under clause
(b) of Section 4.3), subject to the rights of such Grantor under the Loan Documents to dispose of the Collateral. 
 (b)
Such Grantor will furnish to the Administrative Agent from time to time statements and schedules further identifying and describing the assets and property of such Grantor and such other reports in connection with the Collateral as the
Administrative Agent may reasonably request, all in reasonable detail. 
 (c) At any time and from time to time, upon the reasonable written
request of the Administrative Agent, and at the sole expense of such Grantor, such Grantor will promptly and duly execute and deliver, and shall record or cause to be recorded, such further instruments and documents and take such further actions as
the Administrative Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and 

  
 15 

 
powers herein granted, including, without limitation, (i) filing any financing statements or financing change statements under the PPSA (or other similar Laws) in effect in any jurisdiction
with respect to the security interests created hereby, (ii) in the case of Investment Property and Securities Accounts (other than Permitted Unperfected Accounts) and any other relevant Collateral, taking any actions necessary to enable the
Administrative Agent to obtain “control” (within the meaning of the STA) with respect thereto and (iii) in the case of Intellectual Property, filings to the Canadian Intellectual Property Office or Canadian Industrial Design Office,
as applicable, or other similar authority. 
 5.5 Changes in Locations, Name, etc. Such Grantor will not, except upon 15 days’
prior written notice to the Administrative Agent and delivery to the Administrative Agent of all additional financing statements and other documents necessary to maintain the validity, perfection and priority of the security interests provided for
herein: 
 (i) change its jurisdiction of organization from that referred to in Section 4.4; or 

(ii) change its name. 

5.6 Notices. Such Grantor will advise the Administrative Agent and the Lenders promptly, in reasonable detail, of the occurrence of any
event which could reasonably be expected to have a material adverse effect on the aggregate value of the Credit Agreement Collateral or on the security interests created hereby. 

5.7 Investment Property. 

(a) If such Grantor shall become entitled to receive or shall receive any certificate (including, without limitation, any certificate
representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in respect of the Capital Stock of any Issuer,
whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof, such Grantor shall accept the same as the agent of the Administrative Agent, the Lenders and the
other Secured Parties, hold the same in trust for such Persons and deliver the same forthwith to the Administrative Agent in the exact form received, duly endorsed by such Grantor to the Administrative Agent, if required, together with an undated
stock power covering such certificate duly executed in blank by such Grantor to be held by the Administrative Agent, subject to the terms hereof, as additional collateral security for the Obligations. If an Event of Default has occurred and is
continuing, any sums paid upon or in respect of the Investment Property upon the liquidation or dissolution of, or as a distribution of capital by, any Issuer shall be paid over to the Administrative Agent to be held by it hereunder as additional
collateral security for the Obligations, and in case any property (if an Event of Default has occurred and is continuing) or any Investment Property shall be distributed upon or with respect to the Investment Property pursuant to the
recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security interest in favour of the Administrative Agent, be
delivered to the Administrative Agent to be held by it hereunder as additional collateral security for the Obligations. If any sums of money or property so paid or 

  
 16 

 
distributed in respect of the Investment Property shall be received by such Grantor (when otherwise required to be paid or delivered over to the Administrative Agent as set forth above), such
Grantor shall, until such money or property is paid or delivered to the Administrative Agent, hold such money or property in trust for the Administrative Agent, the Lenders and the other Secured Parties, segregated from other funds of such Grantor,
as additional collateral security for the Obligations. 
 (b) Without the prior written consent of the Administrative Agent (acting at the
direction of the Required Lenders), such Grantor will not (i) if an Event of Default has occurred and is continuing, vote to enable, or take any other action to permit, any Issuer to issue any Capital Stock of any nature or to issue any other
securities convertible into or granting the right to purchase or exchange for any Capital Stock of any nature of any Issuer, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Investment
Property or Proceeds thereof (except pursuant to a transaction permitted by the Credit Agreement), (iii) create, incur or permit to exist any Lien or option in favour of, or any claim of any Person with respect to, any of the Investment
Property or Proceeds thereof, or any interest therein, except for the security interests created by this Agreement or otherwise permitted in the Credit Agreement or (iv) enter into any agreement or undertaking, other than as permitted under the
Credit Agreement, restricting the right or ability of such Grantor or the Administrative Agent to sell, assign or transfer any of the Investment Property or Proceeds thereof. 

(c) In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by the terms of this Agreement relating
to the Investment Property issued by it and will comply with such terms insofar as such terms are applicable to it and (ii) the terms of Section 6.3(c) shall apply to it, mutatis mutandis, with respect to all actions that may be
required of it pursuant to Section 6.3(c) with respect to the Investment Property issued by it. 
 5.8 Receivables. 

(a) Other than in the ordinary course of business, such Grantor will not, with respect to any material portion of the Receivables,
(i) grant any extension of the time of payment of any Receivable, (ii) compromise or settle any Receivable for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any Receivable,
(iv) allow any credit or discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable in any manner that could materially adversely affect the value thereof. 

(b) Such Grantor will deliver to the Administrative Agent a copy of each material demand, notice or document received by it that challenges
the validity or enforceability of more than five percent (5%) of the aggregate amount of the then outstanding Receivables. 
 (c) If,
as of any fiscal quarter end occurring after the Closing Date, the Grantors determine that more than ten percent (10%) of Receivables (in the aggregate for all Grantors) have a Governmental Authority as an obligor, then the Grantors shall so
notify the Administrative Agent (such notice to be given substantially concurrently with the delivery of the quarterly financial statements required pursuant to Section 6.01(b) of the Credit Agreement) and, shall promptly take such steps
as may be necessary to comply with any applicable assignment of claims Laws and other comparable Laws. 

  
 17 

 5.9 Intellectual Property. 

(a) Except as would not have a material adverse effect on the aggregate value of the Credit Agreement Collateral, such Grantor will
(i) continue to use each Trademark on each and every trademark class of goods applicable to its current line as reflected in its current catalogs, brochures and price lists in order to maintain such Trademark in full force free from any claim
of abandonment for non-use, (ii) maintain as in the past the quality of products and services offered under such Trademark, (iii) use such Trademark with the appropriate notice of registration and all other notices and legends required by
applicable Requirements of Law, (iv) not adopt or use any new mark which is confusingly similar or a colorable imitation of such Trademark unless the Administrative Agent, for the ratable benefit of the Administrative Agent, the Lenders and the
other Secured Parties, shall obtain a perfected security interest in such new mark pursuant to this Agreement, and (v) not do any act or knowingly omit to do any act whereby such Trademark may become invalidated or impaired in any way. 

(b) Except as would not have a material adverse effect on the aggregate value of the Credit Agreement Collateral, such Grantor will not do any
act, or omit to do any act, whereby any Patent may become forfeited, abandoned or dedicated to the public. 
 (c) Except as would not have a
material adverse effect on the aggregate value of the Credit Agreement Collateral, such Grantor will not do any act or knowingly omit to do any act whereby any Copyright may become invalidated or otherwise impaired. Such Grantor will not do any act
whereby any Copyright may fall into the public domain, to the extent such Copyright is material to the aggregate value of the Credit Agreement Collateral. 

(d) Except as would not have a material adverse effect on the aggregate value of the Credit Agreement Collateral, such Grantor will not do any
act that knowingly uses any Intellectual Property to infringe the intellectual property rights of any other Person. 
 (e) Such Grantor will
promptly notify the Administrative Agent and the Lenders if it knows, or has reason to know, that any application or registration relating to any Intellectual Property may become forfeited, abandoned or dedicated to the public, or of any adverse
determination or development (including, without limitation, the institution of, or any such determination or development in, any cancellation or invalidation proceeding in the Canadian Intellectual Property Office, the Canadian Industrial Design
Office or any court or tribunal in any country, but specifically excluding any official actions or search reports issued by any intellectual property office around the world during the normal course of prosecution of any applications for
Intellectual Property) regarding such Grantor’s ownership of, or the validity of, any Intellectual Property or such Grantor’s right to register the same or to own and maintain the same, in each case to the extent such Intellectual Property
is material to the aggregate value of the Credit Agreement Collateral. 
 (f) Whenever such Grantor, either by itself or through the
Administrative Agent, employee, licensee or designee, shall file an application for the registration of any Intellectual Property with the Canadian Intellectual Property Office, the Canadian Industrial Design Office or any similar office or agency
in any other country or any political subdivision thereof, such Grantor shall report such filing to the Administrative Agent in accordance with 

  
 18 

 
Section 6.02(a)(iii)(y) of the Credit Agreement. Upon reasonable request of the Administrative Agent, such Grantor shall execute and deliver, and have recorded, any and all
agreements, instruments, documents, and papers as the Administrative Agent may request to evidence the Administrative Agent’s security interest in any Copyright, Patent or Trademark and the goodwill and intangibles of such Grantor relating
thereto or represented thereby. 
 (g) Except as otherwise determined in the exercise of such Grantor’s reasonable business judgment,
Grantor will take all reasonable and necessary steps, including, without limitation, in any proceeding before the Canadian Intellectual Property Office, the Canadian Industrial Design Office or any similar office or agency in any other country or
any political subdivision thereof, to maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of Intellectual Property, including, without limitation, filing of applications for renewal,
affidavits of use and affidavits of incontestability, in each case to the extent such Intellectual Property is material to the aggregate value of the Credit Agreement Collateral. 

(h) In the event that any Intellectual Property is infringed, misappropriated or diluted by a third party, such Grantor shall (i) take
such actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual Property and (ii) notify the Administrative Agent after it learns thereof, in each case to the extent such Intellectual Property
is material to the aggregate value of the Credit Agreement Collateral. 
 (i) Upon the occurrence and during the continuance of an Event of
Default, each Grantor shall use its best efforts to obtain all requisite consents or approvals from the licensor of each Copyright License, Patent License, Trade Secret License or Trademark License to effect the assignment or sublicense of all of
such Grantor’s right, title and interest thereunder to the Administrative Agent or its designee for the benefit of the Secured Parties in accordance with this Agreement or the Credit Agreement. 

(j) For the avoidance of doubt, no Grantor shall be required to take any steps to perfect the Administrative Agent’s security interest in
any Intellectual Property in any jurisdiction outside of the United States or Canada unless and until the Administrative Agent (at the direction of the Required Lenders) shall have requested such Grantor to do so in writing. 

5.10 [Reserved]. 
 5.11
Cash Management Systems. 
 (a) Each Deposit Account or Securities Account of any Grantor that is not a Permitted Unperfected Account
(each such Deposit Account, a “Controlled Deposit Account,” and each such Securities Account, a “Controlled Securities Account,” Controlled Securities Accounts together with Controlled Deposit Accounts may sometimes
be referred to herein individually as a “Controlled Account” and, collectively, as “Controlled Accounts”) shall be maintained with the Administrative Agent or such other Lender as shall be reasonably acceptable to
the Required Lenders (each, a “Depositary Account Bank”). 
 (b) Within the time period prescribed under
Section 6.15 of the Credit Agreement, each Grantor shall have entered into a deposit account control agreement or 

  
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securities account control agreement in form and substance satisfactory to the Administrative Agent and the Required Lenders with respect to each Controlled Account with the respective Depositary
Account Bank and in favour of the Administrative Agent (each an “Account Control Agreement”), which, in the case of Account Control Agreements with respect to Controlled Deposit Accounts, shall provide that, among other things, upon
the occurrence and during the continuance of an Event of Default, at the instruction of the Administrative Agent, all available amounts held in each Controlled Deposit Account maintained at such Depositary Account Bank shall be wired on each
Business Day into an account (the “Administrative Agent Account”) maintained by the Administrative Agent; provided, that the Administrative Agent hereby agrees that it will not give any instructions under any Account Control
Agreement unless and until an Event of Default shall have occurred and be continuing. 
 (c) The closing of any Controlled Deposit Account
and the termination of any Account Control Agreement, except in connection with a release of Liens under Section 8.15 hereof or Section 9.12 of the Credit Agreement, shall require in each case the prior written consent of the
Administrative Agent (at the direction of the Required Lenders). 
 SECTION 6. REMEDIAL PROVISIONS 

6.1 Certain Matters Relating to Receivables. 

(a) If an Event of Default shall have occurred and be continuing, (x) the Administrative Agent shall have the right to make test
verifications of the Receivables in any reasonable manner and through any medium that it reasonably considers advisable, and each Grantor shall furnish all such assistance and information as the Administrative Agent may require in connection with
such test verifications and (y) upon the Administrative Agent’s reasonable request (at the direction of the Required Lenders) and at the sole expense of the relevant Grantor, such Grantor shall cause independent public accountants or
others satisfactory to the Administrative Agent and the Required Lenders to furnish to the Administrative Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Receivables. 

(b) The Administrative Agent hereby authorizes each Grantor to collect such Grantor’s Receivables and the Administrative Agent may
curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, any
payments of Receivables, when collected by any Grantor, (i) shall be forthwith (and, in any event, within two Business Days) deposited by such Grantor in the exact form received, duly endorsed by such Grantor to the Administrative Agent if
required, in a Collateral Account maintained under the sole dominion and control of the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Lenders only as provided in Section 6.5, and
(ii) until so turned over, shall be held by such Grantor in trust for the Secured Parties segregated from other funds of such Grantor. 

(c) If an Event of Default shall have occurred and be continuing, at the Administrative Agent’s reasonable request, (i) each Grantor
shall deliver to the Administrative Agent all original (to the extent such Grantor has original copies) and other documents 

  
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evidencing, and relating to, the agreements and transactions which gave rise to the Receivables, including, without limitation, all original (to the extent such Grantor has original copies)
orders, invoices and shipping receipts and (ii) at the reasonable request of the Administrative Agent the applicable Grantor shall use its commercially reasonable efforts to take such steps as may be necessary to comply with any applicable
assignment of claims Laws and other comparable Laws. Notwithstanding anything to the contrary in this Agreement, no Grantor will be required to disclose any document, information or other matter that (i) constitutes non-financial trade secrets
or non-financial proprietary information with respect to any account debtors related to any Receivables, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is
prohibited by Law or (iii) is subject to attorney-client or similar privilege or constitutes attorney work product. 
 6.2
Communications with Obligors; Grantors Remain Liable. 
 (a) The Administrative Agent in its own name or in the name of others may at
any time after the occurrence and during the continuance of an Event of Default communicate with obligors under the Receivables and parties to the Contracts to verify with them to the Administrative Agent’s satisfaction the existence, amount
and terms of any Receivables or Contracts. 
 (b) Upon the request of the Administrative Agent at any time after the occurrence and during
the continuance of an Event of Default, each Grantor shall notify obligors on the Receivables and parties to the Contracts that the Receivables and the Contracts have been assigned to the Administrative Agent for the ratable benefit of the Secured
Parties and that payments in respect thereof shall be made directly to the Administrative Agent. 
 (c) Anything herein to the contrary
notwithstanding, each Grantor shall remain liable under each of the Receivables and Contracts to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement
giving rise thereto. Neither the Administrative Agent nor any Lender shall have any obligation or liability under any Receivable (or any agreement giving rise thereto) or Contract by reason of or arising out of this Agreement or the receipt by the
Administrative Agent, any Lender or any other Secured Party of any payment relating thereto, nor shall the Administrative Agent, any Lender or any other Secured Party be obligated in any manner to perform any of the obligations of any Grantor under
or pursuant to any Receivable (or any agreement giving rise thereto) or Contract, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party
thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

6.3 Pledged Stock. 
 (a)
Unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall have given notice to the relevant Grantor of the Administrative Agent’s intent to exercise its corresponding rights pursuant to
Section 6.3(b), each Grantor shall be permitted to receive all dividends paid in respect of the Pledged Stock and all payments made 

  
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in respect of the Pledged Notes and to exercise all voting and corporate or other organizational rights with respect to the Investment Property; provided, however, that no vote shall be cast or
corporate or other organizational right exercised or other action taken which would materially impair the Collateral in a manner not expressly permitted by the Credit Agreement, this Agreement or any other Loan Document or which would be
inconsistent with or result in any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document. 
 (b) If
an Event of Default shall occur and be continuing and the Administrative Agent shall give notice of its intent to exercise such rights to the relevant Grantor, (i) the Administrative Agent shall have the right to receive any and all cash
dividends, payments or other Proceeds paid in respect of the Investment Property and make application thereof to the Obligations in the order set forth in Section 6.5, and (ii) any or all of the Investment Property shall be
registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may thereafter, during the continuance of such Event of Default, exercise (x) all voting, corporate and other rights pertaining to
such Investment Property at any meeting of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to such Investment
Property as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Investment Property upon the merger, consolidation, reorganization, recapitalization or other fundamental
change in the corporate or other organizational structure of any Issuer, or upon the exercise by any Grantor or the Administrative Agent of any right, privilege or option pertaining to such Investment Property, and in connection therewith, the right
to deposit and deliver any and all of the Investment Property with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability
(except liabilities resulting from the gross negligence or willful misconduct of the Administrative Agent (as determined by a court of competent jurisdiction in a final, non-appealable judgment)) except to
account for property actually received by it, but the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. 

(c) Each Grantor hereby authorizes and instructs each Issuer of any Investment Property pledged by such Grantor hereunder to (i) comply
with any instruction received by it from the Administrative Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other or
further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay any dividends or other payments with respect to the Investment
Property directly to the Administrative Agent. 
 6.4 Proceeds to be Turned Over to Administrative Agent. In addition to the rights
of the Secured Parties specified in Section 6.1 with respect to payments of Receivables, if an Event of Default shall occur and be continuing, upon receipt by such Grantor of notice from the Administrative Agent, all Proceeds received by
any Grantor consisting of cash, cheques and other similar near-cash items shall be held by such Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Grantor, and shall, upon the request of the

  
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Administrative Agent (at the direction of the Required Lenders), be turned over to the Administrative Agent forthwith upon receipt by such Grantor in the exact form received by such Grantor (duly
endorsed by such Grantor to the Administrative Agent, if required). All Proceeds received by the Administrative Agent hereunder shall be held by the Administrative Agent in a Collateral Account maintained under its sole dominion and control. All
Proceeds while held by the Administrative Agent in a Collateral Account (or by such Grantor in trust for the Administrative Agent, the Lenders and the other Secured Parties) shall continue to be held as collateral security for all the Obligations
and shall not constitute payment thereof until applied as provided in Section 6.5. 
 6.5 Application of Proceeds. If an
Event of Default shall have occurred and be continuing, (but the Obligations shall not have been accelerated pursuant to Section 8.01 of the Credit Agreement, the Administrative Agent may apply all or any part of Proceeds constituting
Collateral, whether or not held in any Collateral Account, and any proceeds of the guarantee set forth in Section 2, in payment of the Obligations in the order set forth in Section 8.02(b) of the Credit Agreement. 

6.6 Other Remedies. 
 (a)
PPSA Remedies. If an Event of Default shall occur and be continuing, the Administrative Agent, on behalf of the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other
instrument or agreement securing, evidencing or relating to the Obligations, all rights and remedies of a secured party under the PPSA or any other applicable Law. Without limiting the generality of the foregoing, the Administrative Agent, without
demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by Law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses,
advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, have assigned to it, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, license, sublicense,
assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s
board or office of the Administrative Agent or any Lender or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit
risk. The Administrative Agent shall incur no liability as a result of the sale of the Collateral, or any part thereof, at any private sale conducted in a commercially reasonable manner. Upon written demand from the Administrative Agent, each
Grantor shall grant, assign, convey or otherwise transfer to the Administrative Agent an absolute assignment of all of such Grantor’s right, title and interest in and to the Intellectual Property and shall execute and deliver to the
Administrative Agent such documents as are necessary or appropriate to carry out the intent and purposes of this Agreement. The Administrative Agent or any Lender shall have the right upon any such public sale or sales, and, to the extent permitted
by Law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and released to the extent permitted by Law.
Each Grantor further agrees, at the Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably

  
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select, whether at such Grantor’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Section 6.6, after
deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative Agent, the
Lenders and the other Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations, in the order set forth in Section 6.5 hereof, and
only after such application and after the payment by the Administrative Agent of any other amount required by any provision of Law need the Administrative Agent account for the surplus, if any, to any Grantor. To the extent permitted by applicable
Law, each Grantor waives all claims, damages and demands it may acquire against the Administrative Agent, any Lender or any other Secured Party arising out of the exercise by them of any rights hereunder, except for gross negligence or willful
misconduct on the part of any such Person. If any notice of a proposed sale or other disposition of Collateral shall be required by Law, such notice shall be deemed reasonable and proper if given at least 20 days before such sale or other
disposition. 
 (b) Appointment of Receiver. Upon the occurrence and during the continuance of any Event of Default, the
Administrative Agent (at the direction of the Required Lenders) may appoint or reappoint by instrument in writing, any Person or Persons, whether an officer or officers or an employee or employees of the Administrative Agent or not, to be an interim
receiver, receiver or receivers (hereinafter called a “Receiver,” which term when used herein shall include a receiver and manager) of Collateral (including any interest, income or profits therefrom) and may remove any Receiver so
appointed and appoint another in his/her/its stead. Any such Receiver shall, so far as concerns responsibility for his/her/its acts, be deemed the agent of the applicable Grantor and not the Administrative Agent or any other Secured Party, and none
of the Administrative Agent or any other Secured Party shall be in any way responsible for any misconduct, negligence or nonfeasance on the part of any such Receiver or his/her/its servants, agents or employees. Subject to the provisions of the
instrument appointing him/her/it and the provisions of applicable law, any such Receiver shall have power to take possession of Collateral, to preserve Collateral or its value, to carry on or concur in carrying on all or any part of the business of
the applicable Grantor and to sell, lease, license or otherwise dispose of or concur in selling, leasing, licensing or otherwise disposing of Collateral. To facilitate the foregoing powers, any such Receiver may, to the exclusion of all others,
including the applicable Grantor, enter upon, use and occupy all premises owned or occupied by the applicable Grantor wherein Collateral may be situated, maintain Collateral upon such premises, borrow money on a secured or unsecured basis and use
Collateral directly in carrying on the applicable Grantor’s business or as security for loans or advances to enable the Receiver to carry on the applicable Grantor’s business or otherwise, as such Receiver shall, in its discretion,
determine. Except as may be otherwise directed by the Agent, all Money received from time to time by such Receiver in carrying out his/her/its appointment shall be received in trust for and be paid over to the Administrative Agent. Every such
Receiver may, in the discretion of the Administrative Agent, be vested with all or any of the rights and powers of the Administrative Agent. 

(i) The Administrative Agent may, either directly or through its agents or nominees, exercise any or all of the powers and
rights given to a Receiver by virtue of this Section 6.6(b). 

  
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 6.7 Private Sales. 

(a) Each Grantor recognizes that the Administrative Agent may be unable to effect a public sale of any or all the Pledged Stock, by reason of
certain prohibitions contained in the Securities Laws, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their
own account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favourable than if such sale were a public sale and,
notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged Stock for the
period of time necessary to permit the Issuer thereof to register such securities for public sale under the Securities Laws, even if such Issuer would agree to do so. 

(b) Each Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales
of all or any portion of the Pledged Stock pursuant to this Section 6.7 valid and binding and in compliance with any and all other applicable Requirements of Law. Each Grantor further agrees that a breach of any of the covenants
contained in this Section 6.7 will cause irreparable injury to the Administrative Agent, the Lenders and each of the other Secured Parties, that the Administrative Agent, the Lenders and each of 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 6.7 shall be specifically enforceable against such Grantor, and such Grantor hereby waives, to the extent permitted by
applicable Law, 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 under the Credit Agreement. 

6.8 Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral
are insufficient to pay its Obligations and the reasonable fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency. 

6.9 Intellectual Property License. The Grantors hereby grant the Administrative Agent a non-exclusive, transferable, sublicensable,
worldwide license and right, effective solely during an Event of Default, to the maximum extent permitted by applicable Law and to the extent of the Grantors’ interest therein, exercisable without payment of royalty or other compensation, under
and to any and all of the Intellectual Property now or hereafter owned by, licensed to, or otherwise used by the Grantors to purchase, use, market, repossess, possess, store, assemble, manufacture, process, sell, transfer, distribute, lease, license
and otherwise exploit and dispose of any asset included in the Collateral to the extent the Administrative Agent takes possession of such in accordance with the terms and conditions of this Agreement and the Credit Agreement. For the avoidance of
doubt, in the event that any such Event of Default is cured in accordance with the terms and conditions of this Agreement and the Credit Agreement, the foregoing license shall automatically be suspended. 

  
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 SECTION 7. THE ADMINISTRATIVE AGENT 

7.1 Administrative Agent’s Appointment as Attorney-in-Fact, etc. 

(a) Each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement,
to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby
gives the Administrative Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following: 

(i) in the name of such Grantor or its own name, or otherwise, take possession of and endorse and collect any cheques, drafts,
notes, acceptances or other instruments for the payment of moneys due under any Receivable or Contract or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise
deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due under any Receivable or Contract or with respect to any other Collateral whenever payable; 

(ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments,
documents and papers as the Administrative Agent may reasonably request to evidence the Administrative Agent’s security interest in such Intellectual Property and the goodwill and intangibles of such Grantor relating thereto or represented
thereby; 
 (iii) pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any
repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 

(iv) execute, in connection with any sale provided for in Section 6.6, any endorsements, assignments or other instruments
of conveyance or transfer with respect to the Collateral; and 
 (v) (1) direct any party liable for any payment under
any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (2) ask or demand for, collect, and receive payment of and receipt
for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (3) sign and endorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts,
drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to
collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor 

  
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with respect to any Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Administrative
Agent may deem appropriate; and (7) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof
for all purposes, and do, at the Administrative Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the Administrative Agent deems necessary to protect, preserve or realize upon the
Collateral and the Administrative Agent’s security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 

Anything in this Section 7.1 to the contrary notwithstanding, the Administrative Agent agrees that it will not exercise any rights
under the power of attorney provided for in this Section 7.1 unless an Event of Default shall have occurred and be continuing. 

(b) If any Grantor fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but
without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 
 (c) The
expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section 7.1, together with interest thereon (which shall accrue only from the time upon which written demand therefor is made by the
Administrative Agent) at a rate per annum equal to the rate per annum at which interest would then be payable on NM Term Loans that are Base Rate Loans (which rate shall increase to the rate applicable to such Loans that are past due for periods
after the date that is 10 days after written demand for payment has been made upon the Borrower by the Administrative Agent) under the Credit Agreement, from the date of payment by the Administrative Agent to the date reimbursed by the relevant
Grantor, shall be payable by such Grantor to the Administrative Agent on demand. 
 (d) Each Grantor hereby ratifies all that said attorneys
shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby
are released. 
 7.2 Duty of Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping
and physical preservation of the Collateral in its possession, under the PPSA, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. None of the Administrative Agent, any Lender, any
other Secured Party or any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or
otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent and the Lenders
hereunder are solely to protect the Administrative Agent’s, the Lenders’ and each other Secured Party’s interests in the Collateral and shall not impose any duty upon any of such Persons to exercise any such powers. The Administrative
Agent, the Lenders and the other Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be
responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

  
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 7.3 Filing of Financing Statements. Pursuant to any applicable Law, each Grantor
authorizes the Administrative Agent (or its designees) to file or record financing statements and other filing or recording documents or instruments with respect to the Collateral without the signature of such Grantor in such form and in such
offices as the Administrative Agent determines appropriate to perfect or maintain the perfection of the security interests of the Administrative Agent under this Agreement. Each Grantor authorizes the Administrative Agent to use the collateral
description “all personal property” or similar language containing an equally effective description in any such financing statements. Each Grantor hereby ratifies and authorizes the filing by the Administrative Agent (or its designees) of
any financing statement with respect to the Collateral made prior to the date hereof. 
 7.4 Authority of Administrative Agent. Each
Grantor acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting
right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other agreements with
respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority
so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 

SECTION 8. MISCELLANEOUS 
 8.1
Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 11.01 of the Credit Agreement. 

8.2 Notices. All notices, requests and demands to or upon the Administrative Agent or any Grantor hereunder shall be effected in the
manner provided for in Section 11.02 of the Credit Agreement; provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 1. 

8.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Administrative Agent nor any Lender shall by any act (except by a
written instrument pursuant to Section 8.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay
in exercising, on the part of the Administrative Agent or any Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent, any Lender or any other Secured Party of any right or remedy hereunder on any one occasion shall not be construed

  
 28 

 
as a bar to any right or remedy which the Administrative Agent or such Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised
singly or concurrently and are not exclusive of any other rights or remedies provided by Law. 
 8.4 Enforcement Expenses;
Indemnification. 
 (a) To the same extent that the Loan Parties are required under such circumstances to do so pursuant to
Section 11.04(a) of the Credit Agreement, each Guarantor jointly and severally agrees to pay or reimburse each of the Secured Parties for all reasonable invoiced, out-of-pocket costs and expenses (including the reasonable and documented
fees, charges and expenses of PJT Partners LP under the PJT Letter Agreement, O’Melveny & Myers LLP, Richards Layton & Finger, P.A., and Covington & Burling LLP) incurred in collecting against such Guarantor under the
guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents to which such Guarantor is a party. 

(b) Each Grantor jointly and severally agrees to pay, and to hold each of the Secured Parties harmless from, any and all liabilities with
respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by
this Agreement. 
 (c) To the same extent that the Loan Parties are required to do so under such circumstances pursuant to
Section 11.04(b) of the Credit Agreement, each Guarantor jointly and severally agrees to pay, and to hold each Indemnitee harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement and each of the other Loan Documents. 

(d) Any amounts received by the Secured Parties as a consequence of the exercise of the Administrative Agent’s rights provided for
herein, including in respect of an Event of Default shall be applied pursuant to the terms of this Agreement. Where applicable, such amounts will be converted into U.S. Dollars at the reasonable market rates in force on the day of such conversion
and then remitted (minus any commission or other amounts charged in connection with such conversion, if applicable) to the Administrative Agent for the benefit of the Lenders or directly to the Lenders, provided that if such conversion or remittance
is not legally permitted or possible for any reason outside the Administrative Agent’s control at the time, such amounts may, at the sole discretion of each of the Secured Parties, and if so permitted under applicable law and regulations, be
received in Canadian Dollars by each of the Secured Parties. 
 (e) The agreements in this Section 8.4 shall survive repayment
of the Obligations and all other amounts payable under the Credit Agreement and the other Loan Documents. 
 8.5 Successors and
Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of the Administrative Agent, the Lenders and each of the other Secured Parties, and their successors and assigns; provided
that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent. 

  
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 8.6 Set-Off. Each Grantor hereby irrevocably authorizes the Administrative Agent and each
Lender at any time after the Loans and other amounts payable under the Credit Agreement shall have become due and payable pursuant to Article VIII of the Credit Agreement, without notice to such Grantor or any other Grantor, any such notice being
expressly waived by each Grantor, to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case
whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Administrative Agent or such Lender to or for the credit or the account of such Grantor, or any part thereof in such amounts as the
Administrative Agent or such Lender may elect, against and on account of the obligations and liabilities of such Grantor to the Administrative Agent or such Lender hereunder and claims of every nature and description of the Administrative Agent or
such Lender against such Grantor, in any currency, whether arising hereunder, under the Credit Agreement, any other Loan Document or otherwise, as the Administrative Agent or such Lender may elect, whether or not the Administrative Agent, any Lender
or any other Secured Party has made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. Each Administrative Agent and each Lender shall notify such Grantor promptly of any such set-off and the
application made by the Administrative Agent or such Lender of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Administrative Agent and each Lender
under this Section 8.6 are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Administrative Agent or such Lender may have. 

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

8.8 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 8.9 Section Headings. The Section headings used in this Agreement are for convenience of
reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 8.10
Integration. This Agreement and the other Loan Documents represent the agreement of the Grantors, the Administrative Agent, the Lenders and each of the other Secured Parties with respect to the subject matter hereof and thereof, and there are
no promises, undertakings, representations or warranties by the Administrative Agent, any Lender or any other Secured Party relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Loan Documents.

  
 30 

 8.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE PROVINCE OF ONTARIO AND THE FEDERAL LAWS OF CANADA APPLICABLE THEREIN. 
 8.12 Submission To
Jurisdiction; Waivers. Each Grantor hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal
action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the Province of
Ontario; 
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to such Grantor at its address referred to in Section 8.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by Law or shall limit the
right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited by Law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 
 8.13
Acknowledgements. Each Grantor hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and
delivery of this Agreement and the other Loan Documents to which it is a party; 
 (b) Neither the Administrative Agent nor any Lender has
any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Grantors, on the one hand, and the Administrative Agent, Lenders and the
other Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint
venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Grantors and the Lenders. 

  
 31 

 8.14 Additional Grantors. Each Subsidiary of the Borrower that is required to become a
party to this Agreement pursuant to Section 6.09 of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto.

 8.15 Releases. 
 (a)
At such time as the Loans and the other Obligations (other than Secured Hedge Agreement Obligations and Secured Cash Management Obligations to the extent (x) such Obligations have been secured or backstopped to the satisfaction of the Lender
holding such Obligations or (y) the Lender holding such Obligations has otherwise consented to such exclusion) shall have been paid in full in cash and the NM Commitments have been terminated, the Collateral shall be released from the Liens
created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of
any act by any party, and all rights to the Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Administrative Agent shall deliver to such Grantor any Collateral held by the
Administrative Agent hereunder, and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination and to authorize the filing by Grantors of any necessary PPSA financing change statements
evidencing the termination of the Liens so released or other terminations or releases. 
 (b) If any of the Collateral shall be sold,
transferred or otherwise disposed of by any Grantor in a transaction permitted by the Credit Agreement, then the security interests in such Collateral shall be automatically released without further action by any party and the Administrative Agent,
at the request and sole expense of such Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral. For the avoidance of doubt,
the Administrative Agent shall promptly (and the Lenders hereby authorize the Administrative Agent to) take such action and execute any such documents as may be reasonably requested by the Borrower (at the Borrower’s expense) to evidence the
release of any Liens created by any Loan Document. At the request and sole expense of the Borrower, a Subsidiary Guarantor shall be released from its obligations hereunder in the event that all the Capital Stock of such Subsidiary Guarantor shall be
sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement; provided that the Borrower shall have delivered to the Administrative Agent a certification by the Borrower stating that such transaction is in compliance
with the Credit Agreement and the other Loan Documents. 
 8.16 WAIVER OF JURY TRIAL. EACH GRANTOR HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

  
 32 

 8.17 Amalgamation. Each Grantor acknowledges and agrees that, in the event it amalgamates
with any other corporation or corporations, it is the intention of the parties hereto that the term “Grantor,” when used herein, shall apply to each of the amalgamating corporations and to the amalgamated corporation, such that the
security interest granted hereby: 
 (a) Shall extend to the Collateral owned by each of the amalgamating corporations and the amalgamated
corporation at the time of amalgamation and to any Collateral thereafter owned or acquired by the amalgamated corporation, and 
 (b) Shall
secure all Obligations of each of the amalgamating corporations and the amalgamated corporation to Administrative Agent and Secured Parties thereafter arising. The security interest shall attach to all Collateral owned by each corporation
amalgamating with any debtor and by the amalgamated company, at the time of the amalgamation, and shall attach to all Collateral thereafter owned or acquired by the amalgamated corporation when such becomes owned or is acquired. 

8.18 Judgment Currency. 

(a) Each of the Grantors’ obligations hereunder, and the obligations of the Loan Parties under the other Loan Documents, to make payments
in Dollars (pursuant to such obligation, the “Obligation Currency”) shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation
Currency, except to the extent that such tender or recovery results in the effective receipt by the Secured Parties of the full amount of the Obligation Currency expressed to be payable to the Secured Parties under this Agreement or the other Loan
Documents. If, for the purpose of obtaining or enforcing judgment against any Grantor or any other Loan Party in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency (such
other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made at the Dollar Equivalent thereof, determined as of the Business Day immediately
preceding the day on which the judgment is given (such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”). For the purposes of this Section 8.18, “Dollar Equivalent”
means, as to any amount denominated in a currency other than Dollars as of any date of determination, the amount of Dollars that would be required to purchase the amount of such other currency based upon the customary rate used by the Administrative
Agent for commercial loans administered by it or at such other rate as may have been agreed in writing between the Borrower and Administrative Agent. 

(b) If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of
the amount due, each Grantor covenants and agrees to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser amount) as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the
rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange
prevailing on the Judgment Currency Conversion Date. 

  
 33 

 8.19 Interest Act (Canada). 

For purposes of disclosure pursuant to the Interest Act (Canada), for the purposes of this Agreement and the other Loan Documents, whenever
interest to be paid hereunder is to be calculated on the basis of 360 days or any other period of time that is less than a calendar year, the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate
so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 or such other number of days in such period, as the case may be. 

[Signature Pages Follow] 

  
 34EX-4.1

 Exhibit 4.1 

 
  

ZQ|CERT#|COY|CLS|RGSTRY|ACCT#|TRANSTYPE|RUN#|TRANS# COMMON STOCK COMMON STOCK PAR VALUE $0.00001 Certificate Number
ZQ00000000 Shares * * 000000 ****************** * * * 000000 ***************** **** 000000 **************** ***** 000000 *************** ****** 000000 ************** AQUANTIA CORP. INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE **
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David THIS CERTIFIES THAT Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
**** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. MR. Alexander David SAMPLE Sample **** Mr. Alexander David &Sample MRS. **** Mr. Alexander SAMPLE David Sample ****
Mr. Alexander & David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr Mr. Sample SEE REVERSE FOR CERTAIN DEFINITIONS CUSIP XXXXXX XX X is the owner of
THIS CERTIFICATE IS TRANSFERABLE IN CITIES DESIGNATED BY THE TRANSFER AGENT, AVAILABLE ONLINE AT www.computershare.com FULLY-PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF Aquantia Corp. (hereinafter called
the “Company”), transferable on the books of the Company in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby, are issued and shall be held
subject to all of the provisions of the Articles of Incorporation, as amended, and the By-Laws, as amended, of the Company (copies of which are on file with the Company and with the Transfer Agent), to all of
which each holder, by acceptance hereof, assents. This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar. Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized
officers. Chief Executive Officer DATED DD-MMM-YYYY COUNTERSIGNED AND REGISTERED: COMPUTERSHARE TRUST COMPANY, N.A. TRANSFER AGENT AND REGISTRAR, Secretary By AUTHORIZED
SIGNATURE PO BOX 43004, Providence, RI 02940-3004 MR A SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 CUSIP XXXXXX XX X Holder ID XXXXXXXXXX Insurance Value 00.1,000,000 Number of Shares 123456 DTC 12345678901234512345678 Certificate Numbers
Num/No Denom. Total. 1234567890/1234567890 111 1234567890/1234567890 222 1234567890/1234567890 333 1234567890/1234567890 444 1234567890/1234567890 555 1234567890/1234567890 666 Total Transaction 7 

 

 
  
 . AQUANTIA
CORP. THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE
QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE ARTICLES OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE
RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD
OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT
OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or
regulations: TEN COM—as tenants in common UNIF GIFT MIN ACT -............................................Custodian (Cust) (Minor) TEN ENT—as tenants by the entireties under Uniform Gifts to Minors Act (State) JT TEN—as joint tenants
with right of survivorship UNIF TRF MIN ACT -............................................Custodian (until age ................................) and not as tenants in common (Cust) .............................under Uniform Transfers to Minors Act
(Minor) (State) Additional abbreviations may also be used though not in the above list. PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE For value received, sell, assign and transfer unto (PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) Shares of the common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint Attorney to transfer the said stock on the books of the within-named Company with
full power of substitution in the premises. Dated: 20 Signature(s) Guaranteed: Medallion Guarantee Stamp THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks, Stockbrokers, Savings and Loan Associations and Credit
Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15. Signature: Signature: Notice: The signature to this assignment must correspond with the name as
written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whatever. The IRS requires that the named transfer agent (“we”) report the cost basis of certain shares or units acquired after
January 1, 2011. If your shares or units are covered by the legislation, and you requested to sell or transfer the shares or units using a specific cost basis calculation method, then we have processed as you requested. If you did not specify a
cost basis calculation method, then we have defaulted to the first in, first out (FIFO) method. Please consult your tax advisor if you need additional information about cost basis. If you do not keep in contact with the issuer or do not have any
activity in your account for the time period specified by state law, your property may become subject to state unclaimed property laws and transferred to the appropriate state.

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