Document:

Amended and Restated Guarantee and Collateral Agreement

 Exhibit 10.10 

EXECUTION VERSION 
 AMENDED
AND RESTATED 
 GUARANTEE AND COLLATERAL AGREEMENT 

Dated as of August 12, 2016, 

Effective as of September 20, 2016, 

among 
 CLAIRE’S INC., 

CLAIRE’S STORES, INC., 
 as
Borrower, 
 each Subsidiary Loan Party, 

and 
 CREDIT SUISSE AG, CAYMAN
ISLANDS BRANCH, 
 as Administrative Agent 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS	  
			
	 Section 1.01.
	 	 Credit Agreement
	  	 	1	  
	 Section 1.02.
	 	 Other Defined Terms
	  	 	1	  
	
	ARTICLE II	  
	GUARANTEE	  
			
	 Section 2.01.
	 	 Guarantee
	  	 	4	  
	 Section 2.02.
	 	 Guarantee of Payment
	  	 	5	  
	 Section 2.03.
	 	 No Limitations, Etc
	  	 	5	  
	 Section 2.04.
	 	 Reinstatement
	  	 	6	  
	 Section 2.05.
	 	 Agreement To Pay; Contribution; Subrogation
	  	 	6	  
	 Section 2.06.
	 	 Information
	  	 	7	  
	 Section 2.07.
	 	 Maximum Liability
	  	 	7	  
	 Section 2.08.
	 	 Payment Free and Clear of Taxes
	  	 	7	  
	
	ARTICLE III	  
	PLEDGE OF SECURITIES	  
			
	 Section 3.01.
	 	 Pledge
	  	 	8	  
	 Section 3.02.
	 	 Delivery of the Pledged Collateral
	  	 	8	  
	 Section 3.03.
	 	 Representations, Warranties and Covenants
	  	 	10	  
	 Section 3.04.
	 	 Registration in Nominee Name; Denominations
	  	 	11	  
	 Section 3.05.
	 	 Voting Rights; Dividends and Interest, Etc
	  	 	12	  
	
	ARTICLE IV	  
	SECURITY INTERESTS IN OTHER PERSONAL PROPERTY	  
			
	 Section 4.01.
	 	 Security Interest
	  	 	13	  
	 Section 4.02.
	 	 Representations and Warranties
	  	 	15	  
	 Section 4.03.
	 	 Covenants
	  	 	18	  
	 Section 4.04.
	 	 Other Actions
	  	 	21	  
	 Section 4.05.
	 	 Covenants Regarding Patent, Trademark and Copyright Collateral
	  	 	21	  
	
	ARTICLE V	  
	REMEDIES	  
			
	 Section 5.01.
	 	 Remedies Upon Default
	  	 	23	  
	 Section 5.02.
	 	 Application of Proceeds
	  	 	24	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 5.03.
	 	 Securities Act, Etc
	  	 	25	  
	
	ARTICLE VI	  
	INDEMNITY, SUBROGATION AND SUBORDINATION	  
			
	 Section 6.01.
	 	 Indemnity
	  	 	26	  
	 Section 6.02.
	 	 Contribution and Subrogation
	  	 	26	  
	 Section 6.03.
	 	 Subordination; Subrogation
	  	 	27	  
	
	ARTICLE VII	  
	MISCELLANEOUS	  
			
	 Section 7.01.
	 	 Notices
	  	 	29	  
	 Section 7.02.
	 	 Security Interest Absolute
	  	 	29	  
	 Section 7.03.
	 	 Limitation By Law
	  	 	29	  
	 Section 7.04.
	 	 Binding Effect; Several Agreement
	  	 	29	  
	 Section 7.05.
	 	 Successors and Assigns
	  	 	30	  
	 Section 7.06.
	 	 Administrative Agent’s Fees and Expenses; Indemnification
	  	 	30	  
	 Section 7.07.
	 	 Administrative Agent Appointed Attorney-in-Fact
	  	 	31	  
	 Section 7.08.
	 	 GOVERNING LAW
	  	 	31	  
	 Section 7.09.
	 	 Waivers; Amendment
	  	 	31	  
	 Section 7.10.
	 	 WAIVER OF JURY TRIAL
	  	 	32	  
	 Section 7.11.
	 	 Severability
	  	 	32	  
	 Section 7.12.
	 	 Counterparts
	  	 	32	  
	 Section 7.13.
	 	 Headings
	  	 	32	  
	 Section 7.14.
	 	 Jurisdiction; Consent to Service of Process
	  	 	32	  
	 Section 7.15.
	 	 Termination or Release
	  	 	33	  
	 Section 7.16.
	 	 Additional Subsidiaries
	  	 	34	  
	 Section 7.17.
	 	 Right of Set-off
	  	 	34	  
	 Section 7.18.
	 	Intercreditor Agreements	  	 	34	  

  

  
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 AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT dated as of August 12, 2016, and
effective as of September 20, 2016 (this “Agreement”), among CLAIRE’S INC., a Delaware corporation (“Holdings”), CLAIRE’S STORES, INC., a Florida corporation (the “Borrower”), each
Subsidiary Loan Party and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as administrative agent and collateral agent (in such capacities, the “Administrative Agent”) for the Secured Parties (as defined below). 

Reference is made to the Second Amended and Restated Credit Agreement dated as of August 12, 2016, and effective as of September 20,
2016 (as amended, restated, amended and restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”), among Holdings, the Borrower, the Lenders party thereto from time to time and the
Administrative Agent. 
 The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the
Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. Holdings and the Subsidiary Loan Parties are affiliates of the Borrower, will
derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. Accordingly, the parties
hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section
1.01.    Credit Agreement. (a) Capitalized terms used in this Agreement and not otherwise defined herein have the respective meanings assigned thereto in the Credit Agreement. All capitalized terms defined in the
New York UCC (as defined herein) and not defined in this Agreement have the meanings specified therein. The term “instrument” shall have the meaning specified in Article 9 of the New York UCC. 

(b)    The rules of construction specified in Section 1.02 of the Credit Agreement also apply to this Agreement. 

Section 1.02.    Other Defined Terms. As used in this Agreement, the following terms have the meanings
specified below: 
 “ABL Intercreditor Agreement” has the meaning assigned to such term in the Credit Agreement.

“Account Debtor” means any person who is or who may become obligated to any Pledgor under, with respect to or on account of
an Account, Chattel Paper, General Intangibles, Instruments or Investment Property. 
 “Article 9 Collateral” has the
meaning assigned to such term in Section 4.01. 
 “Collateral” means the collective reference to Article 9 Collateral and
Pledged Collateral. 

 “Copyright License” means any written agreement, now or hereafter in effect, any
right granting any right to any Pledgor under any Copyright now or hereafter owned by any third party, and all rights of any Pledgor under any such agreement (including, without limitation, any such rights that such Pledgor has the right to
license). 
 “Copyrights” means all of the following now owned or hereafter acquired by any Pledgor: (a) all copyright
rights in any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise, (b) all registrations and applications for registration of any such Copyright in the United States or
any other country, including registrations, supplemental registrations and pending applications for registration in the United States Copyright Office and the right to obtain all renewals thereof, including those listed on Schedule II, (c)
all claims for, and rights to sue for, past or future infringements of any of the foregoing and (d) all income, royalties, damages and payments now or hereafter due and payable with respect to any of the foregoing, including damages and payments for
past or future infringement thereof. 
 “Credit Agreement” has the meaning assigned to such term in the preliminary
statement of this Agreement. 
 “Federal Securities Laws” has the meaning assigned to such term in Section 5.03. 

“General Intangibles” means all “General Intangibles” as defined in the New York UCC, including all choses in
action and causes of action and all other intangible personal property of any Pledgor of every kind and nature (other than Accounts) now owned or hereafter acquired by any Pledgor, including corporate or other business records, indemnification
claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Swap Agreements and other agreements), Intellectual Property (but excluding “intent-to-use” applications for trademark or service mark
registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(e) and 1(d) of the Lanham Act has been filed, to the extent that, and solely
during the period for which, any assignment of an “intent-to-use” application prior to such filing would violate the Lanham Act), goodwill, registrations, franchises, tax refund claims and any guarantee, claim, security interest or other
security held by or granted to any Pledgor to secure payment by an Account Debtor of any of the Accounts. 
 “Guarantors”
means Holdings (prior to a Borrower Qualified IPO), and the Subsidiary Loan Parties. 
 “Intellectual Property” means all
intellectual property of every kind and nature now owned or hereafter acquired by any Pledgor, including inventions, designs, Patents, Copyrights, Trademarks, Patent Licenses, Copyright Licenses, Trademark Licenses, trade secrets, domain names,
confidential or proprietary technical and business information, know-how, show-how or other data or information and all related documentation. 

“Intellectual Property Security Agreement” means a security agreement in the form hereof or a short form hereof, in each
case, which form shall be reasonably acceptable to the Administrative Agent. 

  
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 “IP Agreements” means all material Copyright Licenses, Patent Licenses,
Trademark Licenses, and all other agreements, permits, consents, orders and franchises relating to the license, development, use or disclosure of any material Intellectual Property to which a Pledgor, now or hereafter, is a party or a beneficiary,
including, without limitation, the agreements set forth on Schedule II hereto. 
 “Loan Document Obligations” has
the meaning assigned to such term in the Credit Agreement. 
 “New York UCC” means the Uniform Commercial Code as from time
to time in effect in the State of New York. 
 “Obligations” has the meaning assigned to such term in the Credit Agreement.

 “Patent License” means any written agreement, now or hereafter in effect, granting to any Pledgor any right to make, use
or sell any invention covered by a Patent, now or hereafter owned by any third party (including, without limitation, any such rights that such Pledgor has the right to license). 

“Patents” means all of the following now owned or hereafter acquired by any Pledgor: (a) all letters patent of the
United States or the equivalent thereof in any other country or jurisdiction, including those listed on Schedule II, and all applications for letters patent of the United States or the equivalent thereof in any other country or jurisdiction,
including those listed on Schedule II, (b) all provisionals, reissues, extensions, continuations, divisions, continuations-in- part, reexaminations or revisions thereof, and the inventions disclosed or
claimed therein, including the right to make, use, import and/or sell the inventions disclosed or claimed therein, (c) all claims for, and rights to sue for, past or future infringements of any of the foregoing and (d) all income,
royalties, damages and payments now or hereafter due and payable with respect to any of the foregoing, including damages and payments for past or future infringement thereof. 

“Permitted Liens” means any Lien permitted by Section 6.02 of the Credit Agreement. 

“Pledged Collateral” has the meaning assigned to such term in Section 3.01. 

“Pledged Debt Securities” has the meaning assigned to such term in Section 3.01. 

“Pledged Securities” means any promissory notes, stock certificates or other certificated securities now or hereafter
included in the Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 

“Pledged Stock” has the meaning assigned to such term in Section 3.01. 

“Pledgor” shall mean the Borrower and each Guarantor. 

  
 3 

 “Secured Parties” means (a) the Lenders (and any Affiliate of a Lender
designated by the Borrower as a provider of cash management services to which any obligation referred to in clause (c) of the definition of the term Obligations is owed), (b) the Administrative Agent, (c) each Issuing Bank, (d) each
counterparty to any Swap Agreement entered into with a Loan Party or any Affiliate of a Loan Party, the obligations under which constitute Obligations, (e) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any
Loan Document and (f) the successors and permitted assigns of each of the foregoing. 
 “Security Interest” has the meaning
assigned to such term in Section 4.01. 
 “Subsidiary Loan Party” means any Subsidiary that is a party hereto or any
Subsidiary that becomes a party hereto pursuant to Section 7.16. 
 “Trademark License” means any written agreement, now or
hereafter in effect, granting to any Pledgor any right to use any Trademark now or hereafter owned by any third party (including, without limitation, any such rights that such Pledgor has the right to license). 

“Trademarks” means all of the following now owned or hereafter acquired by any Pledgor: (a) all trademarks, service
marks, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired,
all registrations thereof (if any), and all registration and recording applications filed in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office or any similar offices in any
State of the United States or any other country or any political subdivision thereof (except for “intent-to-use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. §
1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of the Lanham Act has been filed, to the extent that any assignment of an “intent-to-use” application prior to such filing would violate
the Lanham Act), and all renewals thereof, including those listed on Schedule II, (b) all goodwill associated therewith or symbolized thereby, (c) all claims for, and rights to sue for, past or future infringements of any of the foregoing and
(d) all income, royalties damages and payments now or hereafter due and payable with respect to any of the foregoing, including damages and payments for past or future infringement thereof. 

ARTICLE II 
 GUARANTEE 

Section 2.01.    Guarantee. Each Guarantor unconditionally guarantees, jointly with the other Guarantors and
severally, to the Administrative Agent, for the ratable benefit of the Secured Parties, as a primary obligor and not merely as a surety, the due and punctual payment and performance of the Obligations. Each Guarantor further agrees that the
Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation. Each Guarantor waives
presentment to, demand or payment from and protest to the Borrower or any other Loan Party of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. 

  
 4 

 Section 2.02.    Guarantee of Payment. Each Guarantor further
agrees that its guarantee hereunder constitutes a guarantee of payment when due (whether at the stated maturity, by acceleration or otherwise) and not of collection, and waives any right to require that any resort be had by the Administrative Agent
or any other Secured Party to any security held for the payment of the Obligations or to any balance of any deposit account or credit on the books of the Administrative Agent or any other Secured Party in favor of the Borrower or any other person.

 Section 2.03.    No Limitations, Etc. (a) Except for termination of a Guarantor’s obligations
hereunder as expressly provided for in Section 7.15 and except as provided in Section 2.07, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim
of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations or
otherwise (other than defense of payment or performance). Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder, to the fullest extent permitted by applicable law, shall not be discharged or impaired or
otherwise affected by, and each Guarantor hereby waives any defense to the enforcement hereof by reason of: 

(i)    the failure of the Administrative Agent or any other Secured Party to assert any claim or demand or
to exercise or enforce any right or remedy under the provisions of any Loan Document or otherwise; 

(ii)    any rescission, waiver, amendment or modification of, increase in the Obligations with respect to,
or any release from any of the terms or provisions of, any Loan Document or any other agreement, including with respect to any other Guarantor under this Agreement; 

(iii)    the failure to perfect any security interest in, or the exchange, substitution, release or any
impairment of, any security held by the Administrative Agent or any other Secured Party for the Obligations; 

(iv)    any default, failure or delay, willful or otherwise, in the performance of the Obligations; 

(v)    any other act or omission that may or might in any manner or to any extent vary the risk of any
Guarantor or otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the payment in full in cash or immediately available funds of all the Obligations); 

(vi)    any illegality, lack of validity or enforceability of any Obligation; 

(vii)    any change in the corporate existence, structure or ownership of any Loan Party, or any
insolvency, bankruptcy, reorganization or other similar proceeding affecting any Loan Party or its assets or any resulting release or discharge of any Obligation; 

  
 5 

 (viii)    the existence of any claim, set-off or other rights
that the Guarantors may have at any time against the Borrower, the Administrative Agent, any other Secured Party or any other person, whether in connection herewith or any unrelated transactions; provided that nothing herein will prevent the
assertion of any such claim by separate suit or compulsory counterclaim; 
 (ix)    any action permitted
or authorized hereunder; or 
 (x)    any other circumstance (including without limitation, any statute
of limitations) or any existence of or reliance on any representation by the Administrative Agent or any other Secured Party that might otherwise constitute a defense to, or a legal or equitable discharge of, the Borrower or any Guarantor or any
other guarantor or surety. 
 Each Guarantor expressly authorizes the Secured Parties to take and hold security for the payment and performance of the
Obligations, to exchange, waive or release any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof in their sole discretion or to release or substitute any one
or more other guarantors or obligors upon or in respect of the Obligations, all without affecting the obligations of any Guarantor hereunder. 

(b)    To the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any
defense of any other Loan Party or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any other Loan Party, other than the payment in full in cash or immediately available
funds of all the Obligations (other than contingent or unliquidated obligations or liabilities). The Administrative Agent and the other Secured Parties may, at their election, foreclose on any security held by one or more of them by one or more
judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with any other Loan Party or exercise any other right or remedy available
to them against any other Loan Party, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Obligations (other than contingent or unliquidated obligations or liabilities) have been paid in full
in cash or immediately available funds. To the fullest extent permitted by applicable law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to
extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against any other Loan Party, as the case may be, or any security. 

Section 2.04.    Reinstatement. Each Guarantor agrees that its guarantee hereunder shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Administrative Agent or any other Secured Party upon the bankruptcy or reorganization of
the Borrower or any other Loan Party or otherwise. 
 Section 2.05.    Agreement To Pay; Contribution;
Subrogation. In furtherance of the foregoing and not in limitation of any other right that the Administrative Agent or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of

  
 6 

 
the Borrower to pay any Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will
forthwith pay, or cause to be paid, to the Administrative Agent for distribution to the applicable Secured Parties in cash or immediately available funds the amount of such unpaid Obligation. Each Guarantor hereby unconditionally and
irrevocably agrees that in the event any payment shall be required to be made to any Secured Party under this guarantee or any other guarantee, such Guarantor will contribute, to the maximum extent permitted by law, such amounts to each other
Guarantor and each other guarantor so as to maximize the aggregate amount paid to the Secured Parties under or in respect of the Loan Documents. Upon payment by any Guarantor of any sums to the Administrative Agent as provided above, all rights
of such Guarantor against the Borrower, or other Loan Party or any other Guarantor arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article VI. 

Section 2.06.    Information. Each Guarantor assumes all responsibility for being and keeping itself informed
of the financial condition and assets of the Borrower and each other, Loan Party, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Guarantor assumes and
incurs hereunder, and agrees that none of the Administrative Agent or the other Secured Parties will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks. 

Section 2.07.    Maximum Liability. Each Guarantor, and by its acceptance of this guarantee, the
Administrative Agent and each Secured Party hereby confirms that it is the intention of all such Persons that this guarantee and the Obligations of each Guarantor hereunder not constitute a fraudulent transfer or conveyance for purposes of the U.S.
Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent
applicable to this guarantee and the Obligations of each Guarantor hereunder. To effectuate the foregoing intention, the Administrative Agent, the Secured Parties and the Guarantors hereby irrevocably agree that the Obligations of each
Guarantor under this guarantee at any time shall be limited to the maximum amount as will result in the Obligations of such Guarantor under this guarantee not constituting a fraudulent transfer or conveyance. 

Section 2.08.    Payment Free and Clear of Taxes. Any and all payments by or on account of any obligation of
any Guarantor hereunder or under any other Loan Document shall be made free and clear of, and without deduction for, any Indemnified Taxes or Other Taxes on the same terms and to the same extent that payments by any Loan Party are required to be
made pursuant to the terms of Section 2.17 of the Credit Agreement. The provisions of Section 2.17 of the Credit Agreement shall apply to each Guarantor mutatis mutandis. 

  
 7 

 ARTICLE III 

PLEDGE OF SECURITIES 
 Section
3.01.    Pledge. As security for the payment or performance, as the case may be, in full of its Obligations, each Pledgor hereby assigns and pledges to the Administrative Agent, its successors and permitted assigns,
for the ratable benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and permitted assigns, for the ratable benefit of the Secured Parties, a security interest in all of such Pledgor’s right, title and
interest in, to and under (a) the Equity Interests directly owned by it (including those listed on Schedule I) and any other Equity Interests obtained in the future by such Pledgor and any certificates representing all such Equity Interests (the
“Pledged Stock”); provided that the Pledged Stock shall not include (i)(A) more than 65% of the issued and outstanding voting Equity Interests of any “first tier” Foreign Subsidiary directly owned by such Pledgor, (B) more
than 65% of the issued and outstanding voting Equity Interests of any “first tier” Qualified CFC Holding Company directly owned by such Pledgor, (C) any issued and outstanding Equity Interest of any Foreign Subsidiary that is not a first
tier Foreign Subsidiary, or (D) any issued and outstanding Equity Interests of any Qualified CFC Holding Company that is not a “first tier” Qualified CFC Holding Company, (ii) to the extent applicable law requires that a Subsidiary of such
Pledgor issue directors’ qualifying shares or similar shares, such shares or nominee or other similar shares, (iii) any Equity Interests with respect to which a grant of security is not required by reason of Section 5.10(g) of the Credit
Agreement, or (iv) any Equity Interests of a Subsidiary (which Subsidiary is set forth on Schedule 1.01A to the Credit Agreement) to the extent that, as of the Second Restatement Effective Date, and for so long as, such a pledge of such Equity
Interests would violate applicable law or an enforceable contractual obligation binding on or relating to such Equity Interests; (b)(i) the debt obligations listed opposite the name of such Pledgor on Schedule I, (ii) any debt securities in the
future issued to such Pledgor and (iii) the certificates, promissory notes and any other instruments, if any, evidencing such debt securities (the “Pledged Debt Securities”); (c) subject to Section 3.05 hereof, all payments of
principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other proceeds received in respect of, the
property referred to in clauses (a) and (b) above; (d) subject to Section 3.05 hereof, all rights and privileges of such Pledgor with respect to the securities and other property referred to in clauses (a), (b) and (c) above; and (e) all proceeds of
any of the foregoing (the items referred to in clauses (a) through (e) above being collectively referred to as the “Pledged Collateral”). 

TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or
incidental thereto, unto the Administrative Agent, its successors and permitted assigns, for the ratable benefit of the Secured Parties, forever; subject, however, to the terms, covenants and conditions hereinafter set forth. 

Section 3.02.    Delivery of the Pledged Collateral. (a) Each Pledger agrees promptly to deliver or cause to
be delivered to the Administrative Agent, for the ratable benefit of the Secured Parties, any and all Pledged Securities to the extent such Pledged Securities are either (i) Equity Interests or (ii) promissory notes or other instruments evidencing
Indebtedness required to be delivered pursuant to paragraph (b) of this Section 3.02. If any Pledged Stock that 

  
 8 

 
is uncertificated on the Second Restatement Effective shall hereafter become certificated, the applicable Pledgor shall promptly cause the certificate or certificates representing Pledged Stock
to be delivered to the Administrative Agent, as agent for the Secured Parties, together with the accompanying stock powers or other documentation required by Section 3.02(c). None of the Pledgors shall permit any other party to
“control” (for purposes of Section 8-106 of the New York UCC (or any analogous provision of the Uniform Commercial Code in effect in the jurisdiction whose law applies)) any uncertificated securities that constitute Pledged Collateral
other than the Administrative Agent, as agent for the Secured Parties. 
 (b)    Each Pledgor will cause any
Indebtedness for borrowed money having an aggregate principal amount in excess of $5.0 million (other than (i) intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of
Holdings, the Borrower and its Subsidiaries or (ii) to the extent that a pledge of such promissory note or instrument would violate applicable law) owed to such Pledgor by any person to be evidenced by a duly executed promissory note that is pledged
and delivered to the Administrative Agent, for the ratable benefit of the Secured Parties, pursuant to the terms hereof. To the extent any such promissory note is a demand note, each Pledgor party thereto agrees, if requested by the Administrative
Agent, to immediately demand payment thereunder upon an Event of Default specified under Section 7.01(b), (c), (f), (h) or (i) of the Credit Agreement unless such demand would not be commercially reasonable or would otherwise expose such Pledgor to
liability to the maker. 
 (c)    Upon delivery to the Administrative Agent, (i) any Pledged Securities required to be
delivered pursuant to the foregoing paragraphs (a) and (b) of this Section 3.02 shall be accompanied by stock powers or note powers, as applicable, duly executed in blank or other instruments of transfer reasonably satisfactory to the Administrative
Agent and by such other instruments and documents as the Administrative Agent may reasonably request and (ii) all other property comprising part of the Pledged Collateral delivered pursuant to the terms of this Agreement shall be accompanied to the
extent necessary to perfect the security interest in or allow realization on the Pledged Collateral by proper instruments of assignment duly executed by the applicable Pledgor and such other instruments or documents (including issuer acknowledgments
in respect of uncertificated securities) as the Administrative Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the securities, which schedule shall be attached hereto as
Schedule I (or a supplement to Schedule I, as applicable) and made a part hereof; provided that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so
delivered shall supplement any prior schedules so delivered. 
 (d)    In the event any Pledged Securities constitute
uncertificated securities and the issuer thereof is not a party hereto, the applicable Pledgor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent, either (i) cause such issuer to agree to comply
with instructions from the Administrative Agent without further consent of any Pledgor or (ii) cause such issuer to register the Administrative Agent as the registered owner of such uncertificated security. 

  
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 Section 3.03.    Representations, Warranties and Covenants. The
Pledgors, jointly and severally, represent, warrant and covenant to and with the Administrative Agent, for the ratable benefit of the Secured Parties, that: 

(a)    Schedule I correctly sets forth the percentage of the issued and outstanding shares of each class of the
Equity Interests of the issuer thereof represented by such Pledged Stock and includes all Equity Interests, debt securities and promissory notes or instruments evidencing Indebtedness required to be (i) pledged in order to satisfy the Collateral and
Guarantee Requirement, or (ii) delivered pursuant to Section 3.02(b); 
 (b)    the Pledged Stock and Pledged Debt
Securities (solely with respect to Pledged Debt Securities issued by a person that is not a Subsidiary of Holdings or an Affiliate of any such subsidiary, to the best of each Pledgor’s knowledge) have been duly and validly authorized and issued
by the issuers thereof and (i) in the case of Pledged Stock, are fully paid and nonassessable (other than with respect to Pledged Stock consisting of membership interests of limited liability companies to the extent provided in Sections 18-502 and
18-607 of the Delaware Limited Liability Company Act) and (ii) in the case of Pledged Debt Securities (solely with respect to Pledged Debt Securities issued by a person that is not a Subsidiary of Holdings or an Affiliate of any such subsidiary, to
the best of each Pledgor’s knowledge) are legal, valid and binding obligations of the issuers thereof, 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 at law or in equity) and an implied covenant of good faith and fair dealing; 

(c)    except for the security interests granted hereunder, each Pledgor (i) is and, subject to any transfers made in
compliance with the Credit Agreement, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule I as owned by such Pledgor, (ii) holds the same free and clear of all Liens, other than
Permitted Liens, (iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged Collateral, other than pursuant to a transaction permitted by the Credit
Agreement and other than Permitted Liens and (iv) subject to the rights of such Pledgor under the Loan Documents to dispose of Pledged Collateral, will use commercially reasonable efforts to defend its title or interest hereto or therein against any
and all Liens (other than Permitted Liens), however arising, of all persons; 
 (d)    other than as set forth in the
Credit Agreement or the schedules thereto, and except for restrictions and limitations imposed by the Loan Documents or securities laws generally or otherwise permitted to exist pursuant to the terms of the Credit Agreement, the Pledged Stock (other
than partnership interests) is and will continue to be freely transferable and assignable, and none of the Pledged Stock is or will be subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual
restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Stock hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Administrative Agent of rights and remedies
hereunder; 
 (e)    each Pledgor has the power and authority to pledge the Pledged Collateral pledged by it hereunder
in the manner hereby done or contemplated; 

  
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 (f)    other than as set forth in the Credit Agreement or the schedules
thereto, no consent or approval of any Governmental Authority, any securities exchange or any other person was or is necessary to the validity of the pledge effected hereby (other than such as have been obtained and are in full force and effect);

 (g)    by virtue of the execution and delivery by the Pledgors of this Agreement, when any Pledged Securities
(including Pledged Stock of any Domestic Subsidiary, or any Qualified CFC Holding Company) are delivered to the Administrative Agent, for the ratable benefit of the Secured Parties, in accordance with this Agreement and a financing statement
covering such Pledged Securities is filed in the appropriate filing office, the Administrative Agent will obtain, for the ratable benefit of the Secured Parties, a legal, valid and perfected lien upon and security interest in such Pledged Securities
under the New York UCC, subject only to Permitted Liens, as security for the payment and performance of the Obligations; 

(h)    each Pledgor that is an issuer of the Pledged Collateral confirms that it has received notice of the security
interest granted hereunder and consents to such security interest and agrees to transfer record ownership of the securities issued by it in connection with any request by the Administrative Agent; and 

(i)    the Pledgors shall not amend, or permit to be amended, the limited liability company agreement (or operating
agreement or similar agreement) or partnership agreement of any Subsidiary of any Loan Party whose Equity Interests are, or are required to be, Collateral in a manner to cause such Equity Interests to not constitute a security under Section 8-103 of
the New York UCC or the corresponding code or statute of any other applicable jurisdiction unless such Loan Party shall have first delivered 30 days written notice to the Administrative Agent and shall have taken all actions contemplated hereby and
as otherwise reasonably required by the Administrative Agent to maintain the security interest of the Administrative Agent therein as a valid, perfected, first priority security interest (subject to Permitted Liens). 

Section 3.04.    Registration in Nominee Name; Denominations. The Administrative Agent, on behalf of the
Secured Parties, shall have the right (in its sole and absolute discretion) to hold the Pledged Securities in the name of the applicable Pledgor, endorsed or assigned in blank or in favor of the Administrative Agent or, if an Event of Default shall
have occurred and be continuing, in its own name as pledgee or the name of its nominee (as pledgee or as sub-agent). Each Pledgor will promptly give to the Administrative Agent copies of any notices or other communications received by it with
respect to Pledged Securities registered in the name of such Pledgor. If an Event of Default shall have occurred and be continuing, the Administrative Agent shall have the right to exchange the certificates representing Pledged Securities for
certificates of smaller or larger denominations for any purpose consistent with this Agreement. Each Pledgor shall use its commercially reasonable efforts to cause any Loan Party that is not a party to this Agreement to comply with a request by
the Administrative Agent, pursuant to this Section 3.04, to exchange certificates representing Pledged Securities of such Loan Party for certificates of smaller or larger denominations. 

  
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 Section 3.05.    Voting Rights; Dividends and Interest, Etc. (a)
Unless and until an Event of Default shall have occurred and be continuing and the Administrative Agent shall have given notice to the relevant Pledgors of the Administrative Agent’s intention to exercise its rights hereunder: 

(i)    Each Pledgor shall be entitled to exercise any and all voting and/or other consensual rights and
powers inuring to an owner of Pledged Collateral or any part thereof for any purpose consistent with the terms of this Agreement, the Credit Agreement and the other Loan Documents; provided that, except as permitted under the Credit
Agreement, such rights and powers shall not be exercised in any manner that could materially and adversely affect the rights inuring to a holder of any Pledged Collateral, the rights and remedies of any of the Administrative Agent or the other
Secured Parties under this Agreement, the Credit Agreement or any other Loan Document or the ability of the Secured Parties to exercise the same. 

(ii)    The Administrative Agent shall promptly execute and deliver to each Pledgor, or cause to be
executed and delivered to such Pledgor, all such proxies, powers of attorney and other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and/or consensual rights and powers it is
entitled to exercise pursuant to subparagraph (i) above. 
 (iii)    Each Pledgor shall be entitled to
receive and retain any and all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions
are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable laws; provided that (A) any noncash dividends, interest, principal or other
distributions, payments or other consideration in respect thereof, including any rights to receive the same to the extent not so distributed or paid, that would constitute Pledged Securities, whether resulting from a subdivision, combination or
reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities, received in exchange for Pledged Securities or any part thereof, or in redemption thereof, as a result of any merger, consolidation, acquisition or other
exchange of assets to which such issuer may be a party or otherwise and (B) any non-cash dividends and other distributions paid or payable in respect of any Pledged Securities that would constitute Pledged Securities in .connection with a partial or
total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid in surplus, shall be and become part of the Pledged Collateral, and, if received by any Pledgor, shall not be commingled by such Pledgor with any
of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Administrative Agent, for the ratable benefit of the Secured Parties, and shall be forthwith delivered to the Administrative
Agent, for the ratable benefit of the Secured Parties, in the same form as so received (endorsed in a manner reasonably satisfactory to the Administrative Agent). 

(b)    Upon the occurrence and during the continuance of an Event of Default and after notice by the Administrative Agent
to the Borrower of the Administrative Agent’s intention to exercise its rights hereunder, all rights of any Pledgor to dividends, interest, principal or other distributions that such Pledgor is authorized to receive pursuant to paragraph
(a)(iii) of this Section 3.05 shall cease, and all such rights shall thereupon become vested, for the ratable 

  
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benefit of the Secured Parties, in the Administrative Agent which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other
distributions; provided, however, that even after the occurrence of an Event of Default, any Pledgor may continue to exercise dividend and distribution rights solely to the extent permitted under subclause (i), subclause (iii) and
subclause (v) of Section 6.06(b) of the Credit Agreement. All dividends, interest, principal or other distributions received by any Pledgor contrary to the provisions of this Section 3.05 shall not be commingled by such Pledgor with any of its
other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Administrative Agent, for the ratable benefit of the Secured Parties, and shall be forthwith delivered to the Administrative Agent,
for the ratable benefit of the Secured Parties in the same form as so received (endorsed in a manner reasonably satisfactory to the Administrative Agent). Any and all money and other property paid over to or received by the Administrative Agent
pursuant to the provisions of this paragraph (b) shall be retained by the Administrative Agent in an account to be established by the Administrative Agent upon receipt of such money or other property and shall be applied in accordance with the
provisions of Section 5.02 hereof. After all Events of Default have been cured or waived and the Borrower has delivered to the Administrative Agent a certificate to that effect, the Administrative Agent shall promptly repay to each Pledgor
(without interest) all dividends, interest, principal or other distributions that such Pledgor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 3.05 and that remain in such account. 

(c)    Upon the occurrence and during the continuance of an Event of Default and after notice by the Administrative Agent
to the Borrower of the Administrative Agent’s intention to exercise its rights hereunder, all rights of any Pledgor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this
Section 3.05, and the obligations of the Administrative Agent under paragraph (a)(ii) of this Section 3.05, shall cease, and all such rights shall thereupon become vested in the Administrative Agent, for the ratable benefit of the Secured Parties,
which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Administrative Agent shall have the right from time to
time following and during the continuance of an Event of Default to permit the Pledgors to exercise such rights. After all Events of Default have been cured or waived and the Borrower has delivered to the Administrative Agent a certificate to
that effect, each Pledgor shall have the right to exercise the voting and/or consensual rights and powers that such Pledgor would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above. 

ARTICLE IV 
 SECURITY INTERESTS IN
OTHER PERSONAL PROPERTY 
 Section 4.01.    Security Interest. (a) As security for the payment or
performance when due (whether at the stated maturity, by acceleration or otherwise), as the case may be, in full of the Obligations, each Pledgor hereby assigns and pledges to the Administrative Agent, its successors and permitted assigns, for the
ratable benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and permitted assigns, for the ratable benefit of the Secured Parties, a security interest (the “Security Interest”) in all right,
title and interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired 

  
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by such Pledgor or in which such Pledgor now has or at any time in the future may acquire any right, title or interest (collectively, the “Article 9 Collateral”): 

(i)    all Accounts; 

(ii)    all Chattel Paper; 

(iii)    all cash and Deposit Accounts; 

(iv)    all Documents; 

(v)    all Equipment; 

(vi)    all General Intangibles; 

(vii)    all Instruments; 

(viii)    all Inventory; 

(ix)    all Investment Property; 

(x)    all Letter of Credit Rights; 

(xi)    all Commercial Tort Claims; 

(xii)    all other personal property not otherwise described above (except for property specifically
excluded from any defined term used in any of the foregoing clauses); 
 (xiii)    all books and records
pertaining to the Article 9 Collateral; and 
 (xiv)    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. 

Notwithstanding anything to the contrary in this Agreement, this Agreement shall not constitute a grant of a security interest in, and the definitions of
“Security Interest” and “Article 9 Collateral” shall not include, (a) any vehicle covered by a certificate of title or ownership, whether now owned or hereafter acquired, (b) any assets (including Equity Interests), whether now
owned or hereafter acquired, with respect to which the Collateral and Guarantee Requirement or the other paragraphs of Section 5.10 of the Credit Agreement would not be required to be satisfied by reason of Section 5.10(g) of the Credit Agreement if
hereafter acquired, (c) any property excluded from the definition of Pledged Collateral by virtue of the proviso to Section 3.01 hereof, (d) any Letter of Credit Rights to the extent any Pledgor is required by applicable law to apply the proceeds of
a drawing of such Letter of Credit for a specified purpose, (e) any Pledgor’s right, title or interest in any license, contract or agreement to which such Pledgor is a party or any of its right, title or interest thereunder to the extent, but
only to the extent, that such a grant would, under the terms of such license, contract or agreement, 

  
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result in a breach of the terms of, or constitute a default under, or result in the abandonment, invalidation or unenforceability of, any license, contract or agreement to which such Pledgor is a
party (other than to the extent that any such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the New York UCC or any other applicable law (including, without limitation, Title 11 of the United States Code) or
principles of equity); provided that immediately upon the ineffectiveness, lapse or termination of any such provision, the Collateral shall include, and such Pledgor shall be deemed to have granted a security interest in, all such rights and
interests as if such provision had never been in effect, or (f) any Equipment owned by any Pledgor that is subject to a purchase money lien or a Capital Lease Obligation if the contract or other agreement in which such Lien is granted (or the
documentation providing for such Capital Lease Obligation) prohibits or requires the consent of any person other than the Pledgors as a condition to the creation of any other security interest on such Equipment. 

(b)    Each Pledgor hereby irrevocably authorizes the Administrative Agent at any time and from time to time to file in
any relevant jurisdiction any initial financing statements (including fixture filings) with respect to the Article 9 Collateral or any part thereof and amendments thereto that contain the information required by Article 9 of the Uniform Commercial
Code of each applicable jurisdiction for the filing of any financing statement or amendment, including (i) whether such Pledger is an organization, the type of organization and any organizational identification number issued to such Pledgor, (ii) in
the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such Article 9 Collateral relates and (iii) a description of collateral that describes such property in any other manner as the
Administrative Agent may reasonably determine is necessary or advisable to ensure the perfection of the security interest in the Article 9 Collateral granted under this Agreement, including describing such property as “all assets” or
“all property”. Each Pledgor agrees to provide such information to the Administrative Agent promptly upon request. 
 The
Administrative Agent is further authorized to file with the United States Patent and Trademark Office or United States Copyright Office (or any successor office) such documents as may be reasonably necessary or advisable for the purpose of
perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by each Pledgor’ without the signature of such Pledgor, and naming such Pledgor or the Pledgors as debtors and the Administrative Agent as secured
party. Notwithstanding anything to the contrary herein, no Pledgor shall be required to take any action under the laws of any jurisdiction other than the United States (or any political subdivision thereof) and its territories and possessions
for the purpose of perfecting the Security Interest in any Article 9 Collateral of such Pledgor constituting Patents, Trademarks or Copyrights unless required by the Administrative Agent, in its reasonable discretion. 

(c)    The Security Interest is granted as security only and shall not subject the Administrative Agent or any other
Secured Party to, or in any way alter or modify, any obligation or liability of any Pledgor with respect to or arising out of the Article 9 Collateral. 

Section 4.02.    Representations and Warranties. The Pledgors jointly and severally represent and warrant to
the Administrative Agent and the Secured Parties that: 

  
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 (a)    Each Pledgor has good and valid rights in and title to the Article 9
Collateral with respect to which it has purported to grant a Security Interest hereunder and has full power and authority to grant to the Administrative Agent the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver
and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other person other than any consent or approval that has been obtained and is in full force and effect or has otherwise been disclosed
herein or in the Credit Agreement. 
 (b)    The information set forth in the schedules attached hereto is correct and
complete, in all material respects, as of the Second Restatement Effective Date. The Uniform Commercial Code financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations containing a
description of the Article 9 Collateral that have been prepared by the Administrative Agent for filing in each governmental, municipal or other office specified in Schedule III (or specified by notice from the Borrower to the Administrative
Agent after the Second Restatement Effective Date in the case of filings, recordings or registrations required by Section 5.10 of the Credit Agreement) constitute all the filings, recordings and registrations (except to the extent that filings are
required to be made in the United States Patent and Trademark Office and the United States Copyright Office, or any similar office in any other jurisdiction, in order to perfect the Security Interest in Article 9 Collateral consisting of United
States Patents, United States registered Trademarks and United States registered Copyrights) that are necessary to publish notice of and protect the validity of and to establish a legal, valid and perfected security interest in favor of the
Administrative Agent (for the ratable benefit of the Secured Parties) in respect of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision
thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as provided under applicable law with respect to the
filing of continuation statements or amendments. Each Pledgor represents and warrants that a fully executed Intellectual Property Security Agreement containing a description of all Article 9 Collateral consisting of Intellectual Property with
respect to United States Patents (and Patents for which United States applications are pending), United States registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered
Copyrights (and Copyrights for which United States registration applications are pending) has been delivered to the Administrative Agent for recording with the United States Patent and Trademark Office and the United States Copyright Office pursuant
to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, and reasonably requested by the Administrative Agent, to protect the validity of and to establish a legal, valid and perfected
security interest in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, in respect of all Article 9 Collateral consisting of such Intellectual Property in which a security interest may be perfected by recording with
the United States Patent and Trademark Office and the United States Copyright Office, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary (other than the Uniform Commercial Code
financings statements referred to above, and other than such actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of United States Patents, Trademarks and Copyrights (or registration or
application for registration thereof) acquired or developed after the Second Restatement Effective Date). 

  
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 (c)    The Security Interest constitutes (i) a legal and valid security
interest in all the Article 9 Collateral securing the payment and performance of the Obligations, (ii) subject to the filings described in Section 4.02(b), a perfected security interest in all Article 9 Collateral in which a security interest may be
perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial Code or other applicable law
in such jurisdictions and (iii) a security interest that shall be perfected in all Article 9 Collateral in which a security interest may be perfected upon the receipt and recording of the Intellectual Property Security Agreement with the United
States Patent and Trademark Office and the United States Copyright Office, as applicable. The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral other than Permitted Liens. 

(d)    The Article 9 Collateral is owned by the Pledgors free and clear of any Lien, other than Permitted Liens. None
of the Pledgors has filed or consented to the filing of (i) any financing statement or analogous document under the Uniform Commercial Code or any other applicable laws covering any Article 9 Collateral, (ii) any assignment in which any Pledgor
assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with the United States Patent and Trademark Office or the United States Copyright Office or (iii) any assignment in which any Pledgor
assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security
agreement or similar instrument is still in effect, except, in each case, for Permitted Liens. 
 (e)    None of the
Pledgors holds any Commercial Tort Claim individually in excess of $5.0 million as of the Second Restatement Effective Date except as indicated on Schedule IV. 

(f)    Except as set forth in Schedule V, as of the Second Restatement Effective Date, all Accounts have been
originated by the Pledgors and all Inventory has been produced or acquired by the Pledgors in the ordinary course of business. 

(g)    As to itself and its Article 9 Collateral consisting of Intellectual Property (the “Intellectual Property
Collateral”), to the best of each Pledgor’s knowledge: 
 (i)    The Intellectual Property
Collateral set forth on Schedule II includes all of the material Patents (and Patents for which United States applications are pending), domain names, registered Trademarks, (and Trademarks for which United States registration applications
are pending), registered Copyrights (and Copyrights for which United States registration applications are pending) and material IP Agreements owned by such Pledgor as of the Second Restatement Effective Date. 

(ii)    The Intellectual Property Collateral is subsisting and has not been adjudged invalid or
unenforceable in whole or part (except for office actions issued in the ordinary course by the United States Patent and Trademark Office or any similar office in any foreign jurisdiction), and, to the best of such Pledgor’s knowledge, is valid
and enforceable, except as would not reasonably be expected to have a Material Adverse Effect.

  
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 (iii)    Such Pledgor has made or performed all commercially
reasonable acts, including without limitation filings, recordings and payment of all required fees and taxes, required to maintain and protect its interest in each and every item of Intellectual Property Collateral in full force and effect in the
United States and such Pledgor has used proper statutory notice in connection with its use of each Patent, Trademark and Copyright in the Intellectual Property Collateral, in each case, except to the extent that the failure to do so would not
reasonably be expected to have a Material Adverse Effect. 
 (iv)    With respect to each IP Agreement,
the absence, termination or violation of which would reasonably be expected to have a Material Adverse Effect: (A) such Pledgor has not received any notice of termination or cancellation under such IP Agreement; (B) such Pledgor has not
received any notice of a breach or default under such IP Agreement, which breach or default has not been cured or waived; and (C) neither such Pledgor nor any other party to such IP Agreement is in breach or default thereof in any material respect,
and no event has occurred that, with notice or lapse of time or both, would constitute such a breach or default or permit termination, modification or acceleration under such IP Agreement. 

(v)    Except as would not reasonably be expected to have a Material Adverse Effect, no Pledgor or
Intellectual Property Collateral is subject to any outstanding consent, settlement, decree, order, injunction, judgment or ruling restricting the use of any Intellectual Property Collateral or that would impair the validity or enforceability of such
Intellectual Property Collateral. 
 Section 4.03.    Covenants. (a) Each Pledgor agrees to provide at least
10 days’ prior written notice to the Administrative Agent of any change (i) in its corporate or organization name, (ii) in its identity or type of organization or corporate structure, (iii) in its Federal Taxpayer Identification Number or
organizational identification number or (iv) in its “location” (determined as provided in UCC Section 9-307). Each Pledgor agrees promptly to provide the Administrative Agent with certified organizational documents reflecting any of
the changes described in the immediately preceding sentence. Each Pledgor agrees not to effect or permit any change referred to in the first sentence of this paragraph (a) unless all filings have been made, or will have been made within any
applicable statutory period, under the Uniform Commercial Code or otherwise that are required in order for the Administrative Agent to continue at all times following such change to have a valid, legal and perfected first priority security interest
in all the Article 9 Collateral (subject only to Permitted Liens), for the ratable benefit of the Secured Parties. Each Pledgor agrees promptly to notify the Administrative Agent if any material portion of the Article 9 Collateral owned or held
by such Pledgor is damaged or destroyed. 
 (b)    Subject to the rights of such Pledgor under the Loan Documents to
dispose of Collateral, each Pledgor shall, at its own expense, use commercially reasonable efforts to defend title to the Article 9 Collateral against all persons and to defend the Security Interest of the Administrative Agent, for the ratable
benefit of the Secured Parties, in the Article 9 Collateral and the priority thereof against any Lien that is not a Permitted Lien. 

  
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 (c)    Each Pledgor agrees, at its own expense, to execute, acknowledge,
deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Administrative Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security Interest and
the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement and the granting of the Security Interest and the filing of any financing statements
(including fixture filings) or other documents in connection herewith or therewith. If any amount payable under or in connection with any of the Article 9 Collateral that is in excess of $5.0 million shall be or become evidenced by any
promissory note or other instrument, such note or instrument shall be promptly pledged and delivered to the Administrative Agent, for the ratable benefit of the Secured Parties, duly endorsed in a manner reasonably satisfactory to the Administrative
Agent. 
 Without limiting the generality of the foregoing, each Pledgor hereby authorizes the Administrative Agent, with prompt notice
thereof to the Pledgors, to supplement this Agreement by supplementing Schedule II or adding additional schedules hereto to specifically identify any asset or item that may constitute material Copyrights, Patents, Trademarks, or IP
Agreements; provided that any Pledgor shall have the right, exercisable within 30 days after the Borrower has been notified by the Administrative Agent of the specific identification of such Article 9 Collateral, to advise the Administrative
Agent in writing of any inaccuracy of the representations and warranties made by such Pledgor hereunder with respect to such Article 9 Collateral. Each Pledgor agrees that it will use its commercially reasonable efforts to take such action as
shall be necessary in order that all representations and warranties hereunder shall be true and correct with respect to such Article 9 Collateral within 30 days after the date it has been notified by the Administrative Agent of the specific
identification of such Article 9 Collateral. 
 (d)    After the occurrence of an Event of Default and during the
continuance thereof, the Administrative Agent shall have the right to verify under reasonable procedures the validity, amount, quality, quantity, value, condition and status of, or any other matter relating to, the Article 9 Collateral, including,
in the case of Accounts or Article 9 Collateral in the possession of any third person, by contacting Account Debtors or the third person possessing such Article 9 Collateral for the purpose of making such a verification. The Administrative
Agent shall have the right to share any information it gains from such inspection or verification with any Secured Party. 

(e)    At its option, the Administrative Agent may discharge past due taxes, assessments, charges, fees, Liens, security
interests or other encumbrances at any time levied or placed on the Article 9 Collateral and not a Permitted Lien, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Pledgor fails to do so as required by
the Credit Agreement or this Agreement, and each Pledgor jointly and severally agrees to reimburse the Administrative Agent on demand for any reasonable payment made or any reasonable expense incurred by the Administrative Agent pursuant to the
foregoing authorization; provided, however, that nothing in this Section 4.03(e) shall be interpreted as excusing any Pledgor from the performance of, or imposing any obligation on the Administrative Agent or any Secured

  
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Party to cure or perform, any covenants or other promises of any Pledgor with respect to taxes, assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set
forth herein or in the other Loan Documents. 
 (f)    Each Pledgor (rather than the Administrative Agent or any Secured
Party) shall remain liable for the observance and performance of all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Article 9 Collateral and each Pledgor jointly and
severally agrees to indemnify and hold harmless the Administrative Agent and the Secured Parties from and against any and all liability for such performance. 

(g)    None of the Pledgors shall make or permit to be made an assignment, pledge or hypothecation of the Article 9
Collateral or shall grant any other Lien in respect of the Article 9 Collateral, except as permitted by the Credit Agreement and the other provisions hereof. None of the Pledgors shall make or permit to be made any transfer of the Article 9
Collateral and each Pledgor shall remain at all times in possession of the Article 9 Collateral owned by it, except as permitted by the Credit Agreement and the other provisions hereof. 

(h)    None of the Pledgors will, without the Administrative Agent’s prior written consent (which consent shall not
be unreasonably withheld), grant any extension of the time of payment of any Accounts included in the Article 9 Collateral, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any person liable
for the payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with prudent business practices or as
otherwise permitted under the Credit Agreement. 
 (i)    Each Pledgor irrevocably makes, constitutes and appoints the
Administrative Agent (and all officers, employees or agents designated by the Administrative Agent) as such Pledgor’s true and lawful agent (and attorney-in-fact) for the purpose, during the continuance of an Event of Default, of making,
settling and adjusting claims in respect of Article 9 Collateral under policies of insurance, endorsing the name of such Pledgor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making
all determinations and decisions with respect thereto. In the event that any Pledgor at any time or times shall fail to obtain or maintain any of the policies of insurance required hereby or under the Credit Agreement or to pay any premium in
whole or part relating thereto, the Administrative Agent may, without waiving or releasing any obligation or liability of the Pledgors hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay
such premium and take any other actions with respect thereto as the Administrative Agent reasonably deems advisable. All sums disbursed by the Administrative Agent in connection with this Section 4.03(i), including reasonable attorneys’
fees, court costs, expenses and other charges relating thereto, shall be payable, upon demand, by the Pledgors to the Administrative Agent and shall be additional Obligations secured hereby. 

  
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 Section 4.04.    Other Actions. In order to further ensure the
attachment, perfection and priority of, and the ability of the Administrative Agent to enforce, for the ratable benefit of the Secured Parties, the Administrative Agent’s security interest in the Article 9 Collateral, each Pledgor agrees, in
each case at such Pledgor’s own expense, to take the following actions with respect to the following Article 9 Collateral: 

(a)    Instruments and Tangible Chattel Paper. If any Pledgor shall at any time hold or acquire any
Instruments (other than checks received and processed in the ordinary course of business) or Tangible Chattel Paper evidencing an amount in excess of $5.0 million, such Pledgor shall forthwith endorse, assign and deliver the same to the
Administrative Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Administrative Agent may from time to time reasonably request. 

(b)    Investment Property. Except to the extent otherwise provided in Article III, if any Pledgor
shall at any time hold or acquire any Certificated Security, such Pledgor shall forthwith endorse, assign and deliver the same to the Administrative Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the
Administrative Agent may from time to time reasonably specify. If any security of a domestic issuer now owned or hereafter acquired by any Pledgor is uncertificated and is issued to such Pledgor or its nominee directly by the issuer thereof,
such Pledgor shall promptly notify the Administrative Agent of such uncertificated securities and (i) upon the Administrative Agent’s reasonable request or (ii) upon the occurrence and during the continuance of an Event of Default, such Pledgor
shall pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent, either (x) cause the issuer to agree to comply with instructions from the Administrative Agent as to such security, without further consent of
any Pledgor or such nominee, or (y) cause the issuer to register the Administrative Agent as the registered owner of such security. 

(c)    Commercial Tort Claims. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim in an
amount reasonably estimated to exceed $5.0 million, such Pledgor shall promptly notify the Administrative Agent thereof in a writing signed by such. Pledgor, including a summary description of such claim, and grant to the Administrative Agent
in writing a security interest therein and in the proceeds thereof, all under the terms and provisions of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Administrative Agent. 

Section 4.05.    Covenants Regarding Patent, Trademark and Copyright Collateral. Except as permitted by the
Credit Agreement: (a) Each Pledgor agrees that it will not knowingly do any act or omit to do any act (and will exercise commercially reasonable efforts to prevent its licensees from doing any act or omitting to do any act) whereby any Patent
that is material to the normal conduct of such Pledgor’s business may become prematurely invalidated, abandoned, lapsed or dedicated to the public, and agrees that it shall take commercially reasonable steps with respect to any material
products covered by any such Patent as necessary and sufficient to establish and preserve its rights under applicable patent laws. 

(b)    Each Pledgor will, and will use its commercially reasonable efforts to cause its licensees or its sublicensees to,
for each material Trademark necessary to the normal conduct of such Pledgor’s business, (i) maintain such Trademark in full force free from any adjudication of abandonment or invalidity for non-use, (ii) maintain the quality of products and
services offered under such Trademark and (iii) not knowingly use or knowingly permit its licensees’ use of such Trademark in violation of any third-party rights. 

  
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 (c)    Each Pledgor will, and will use its commercially reasonable efforts to
cause its licensees or its sublicensees to, for each work covered by a material Copyright necessary to the normal conduct of such Pledgor’s business that it publishes, displays and distributes, use a copyright notice as necessary and sufficient
to establish and preserve its rights under applicable copyright laws. 
 (d)    Each Pledgor shall notify the
Administrative Agent promptly if it knows that any Patent, Trademark or Copyright material to the normal conduct of such Pledgor’s business may imminently become abandoned, lapsed or dedicated to the public, or of any materially adverse
determination or development, excluding office actions and similar determinations or developments in the United States Patent and Trademark Office, United States Copyright Office, any court or any similar office of any country, regarding such
Pledgor’s ownership of any such material Patent, Trademark or Copyright or its right to register or to maintain the same. 

(e)    Each Pledgor, either itself or through any agent, employee, licensee or designee, shall (i) inform the
Administrative Agent on an annual basis of each application filed by itself, or through any agent, affiliate, employee, licensee or designee, for any Patent with the United States Patent and Trademark Office and each application filed by itself, or
through any agent, employee, affiliate, licensee or designee, for registration of any Trademark or Copyright with the United States Patent and Trademark Office, the United States Copyright Office or any comparable office or agency in any other
country filed during the preceding twelve-month period, and (ii) upon the reasonable request of the Administrative Agent, execute and deliver 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 Patent, Trademark or Copyright. 

(f)    Each Pledgor shall exercise its reasonable business judgment consistent with past practice in any proceeding before
the United States Patent and Trademark Office, the United States Copyright Office or any comparable office or agency in any other country with respect to maintaining and pursuing each application relating to any Patent, Trademark and/or Copyright
(and obtaining the relevant grant or registration) material to the normal conduct of such Pledgor’s business and to maintain (i) each issued Patent and (ii) the registrations of each Trademark and each Copyright that is material to the normal
conduct of such Pledgor’s business, including, when applicable and necessary in such Pledgor’s reasonable business judgment, timely filings of applications for renewal, affidavits of use, affidavits of incontestability and payment of
maintenance fees, and, if any Pledgor believes necessary in its reasonable business judgment, to initiate opposition, interference and cancellation proceedings against third parties. 

(g)    In the event that any Pledgor knows or has reason to know that any Article 9 Collateral consisting of a Patent,
Trademark or Copyright material to the normal conduct of its business has been or is about to be materially infringed, misappropriated or diluted by a third party, such Pledgor shall promptly notify the Administrative Agent and shall, if such
Pledgor deems it necessary in its reasonable business judgment, promptly sue and recover any and all damages, and take such other actions as are reasonably appropriate under the circumstances. 

  
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 ARTICLE V 

REMEDIES 
 Section
5.01.    Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, each Pledgor agrees to deliver each item of Collateral to the Administrative Agent on demand, and it is agreed
that the Administrative Agent shall have the right to take any of or all the following actions at the same or different times: (a) with respect to any Article 9 Collateral consisting of Intellectual Property, on demand, to cause the Security
Interest to become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by the applicable Pledgors to the Administrative Agent or to license or sublicense, whether general, special or otherwise, and whether on an
exclusive or a nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in such manner as the Administrative Agent shall determine (other than in violation of any then-existing licensing arrangements to
the extent that waivers thereunder cannot be obtained with the use of commercially reasonable efforts, which each Pledgor hereby agrees to use) and (b) with or without legal process and with or without prior notice or demand for performance, to take
possession of the Article 9 Collateral and without liability for trespass to the applicable Pledgor to enter any premises where the Article 9 Collateral may be located for the purpose of taking possession of or removing the Article 9 Collateral and,
generally, to exercise any and all rights afforded to a secured party under the applicable Uniform Commercial Code or other applicable law. Without limiting the generality of the foregoing, each Pledgor agrees that the Administrative Agent
shall have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon
credit or for future delivery as the Administrative Agent shall deem appropriate. The Administrative Agent shall be authorized in connection with any sale of a security (if it deems it advisable to do so) pursuant to the foregoing to restrict
the prospective bidders or purchasers to persons who represent and agree that they are purchasing such security for their own account, for investment, and not with a view to the distribution or sale thereof upon consummation of any such sale of
Collateral pursuant to this Section 5.01, the Administrative Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any such sale shall hold the property
sold absolutely, free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives and releases (to the extent permitted by law) all rights of redemption, stay, valuation and appraisal that such Pledgor now has or may at any
time in the future have under any rule of law or statute now existing or hereafter enacted. 
 The Administrative Agent shall give the
applicable Pledgors 10 Business Days’ written notice (which each Pledgor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of
the Administrative Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange,
shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times
within ordinary business hours and at such place or places as the Administrative Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or the portion thereof, to be sold may be sold

  
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in one lot as an entirety or in separate parcels, as the Administrative Agent may (in its sole and absolute discretion) determine. The Administrative Agent shall not be obligated to make any
sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Administrative Agent may, without notice or publication, adjourn any public or private sale or
cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In the case of any sale of all
or any part of the Collateral made on credit or for future delivery, the Collateral so sold may be retained by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but the Administrative Agent shall not incur
any liability in the event that any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in the case of any such failure, such Collateral may be sold again upon notice given in accordance with provisions
above. At any public (or, to the extent permitted by law, private) sale made pursuant to this Section 5.01, any Secured Party may bid for or purchase in cash, free (to the extent permitted by law) from any right of redemption, stay, valuation
or appraisal on the part of any Pledgor (all such rights being also hereby waived and released to the extent permitted by law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due
and payable to such Secured Party from any Pledgor as a credit against the purchase price, and may make payment on account thereof by using any claim then due and payable to such Secured Party from any Pledgor as a credit against the purchase price,
and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property in accordance with Section 5.02 hereof without further accountability to any Pledgor therefor. For purposes hereof, a written
agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Administrative Agent shall be free to carry out such sale pursuant to such agreement and no Pledgor shall be entitled to the return of the Collateral
or any portion thereof subject thereto, notwithstanding the fact that after the Administrative Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Obligations paid in full. As an alternative to
exercising the power of sale herein conferred upon it, the Administrative Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a
court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 5.01 shall be deemed to conform to the commercially reasonable standards as provided in
Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 
 Section 5.02.    Application of
Proceeds. The Administrative Agent shall promptly apply the proceeds, moneys or balances of any collection or sale of Collateral, as well as any Collateral consisting of cash, as follows: FIRST, to the payment of all costs and expenses
incurred by the Administrative Agent in connection with such collection or sale or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including without limitation all court costs and the fees and expenses
of its agents and legal counsel, the repayment of all advances made by the Administrative Agent hereunder or under any other Loan Document on behalf of any Pledgor, any other costs or expenses incurred in connection with the exercise of any right or
remedy hereunder or under any other Loan Document, and all other fees, indemnities and other amounts owing or reimbursable to the Administrative Agent under any Loan Document in its capacity as such; SECOND, to payment of all fees, indemnities and
other amounts (other than principal and interest) payable to the Issuing Bank in capacity as such and of 

  
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any amount required to be paid to the Issuing Bank by any Revolving Facility Lender pursuant to Section 2.05(e) and (h) of the Credit Agreement and not paid by such Revolving Facility Lender
(which shall be payable to the Administrative Agent if the Administrative Agent advanced such payment to the Issuing Bank in anticipation of such payment by such Revolving Facility Lender and otherwise, to the Issuing Bank); THIRD, to the payment in
full of the Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the respective amounts of the Obligations owed to them on the date of any such distribution, which in the case of Letters of
Credit, shall be paid by deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Issuing Bank and the Lenders, an amount in cash in U.S. Dollars equal to the aggregate Revolving L/C
Exposure as of such date plus any accrued and unpaid interest thereon); and FOURTH, to the Borrower, its successors or assigns, or as a court of competent jurisdiction may otherwise direct. 

The Administrative Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance
with this Agreement. Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Administrative Agent or of the
officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the
Administrative Agent or such officer or be answerable in any way for the misapplication thereof. 
 If, after receipt of any payment which
is applied to the payment of all or any part of any Obligations, the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any person because such payment or application of proceeds is invalidated,
declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible set-off, or a diversion of trust funds, or for any other reason, then the Obligations or part thereof intended to be satisfied shall be revived and
continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender and the Borrower shall be liable to pay to the Administrative Agent and the Lenders, and shall
indemnify the Administrative Agent and the Lenders and holds the Administrative Agent and the Lenders harmless for the amount of such payment or proceeds surrendered. The provisions of this paragraph shall be and remain effective
notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds, and any such contrary action so taken shall be without prejudice to the Administrative
Agent’s and the Lenders’ rights under this Agreement and shall be deemed to have been conditioned upon such payment or application of proceeds having become final and irrevocable. The provisions of this paragraph shall survive the
termination of this Agreement. 
 Section 5.03.    Securities Act, Etc. In view of the position of the
Pledgors in relation to the Pledged Collateral, or because of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar federal statute hereafter enacted analogous in
purpose or effect (such Act and any such similar statute as from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. Each Pledgor
understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct of 

  
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the Administrative Agent if the Administrative Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might also limit the extent to which or the manner in which any
subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Administrative Agent in any attempt to dispose of all or part of the Pledged Collateral
under applicable Blue Sky or other state securities laws or similar laws analogous in purpose or effect. Each Pledgor acknowledges and agrees that in light of such restrictions and limitations, the Administrative Agent, in its sole and absolute
discretion, (a) may proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws or, to the extent applicable, Blue
Sky or other state securities laws and (b) may approach and negotiate with a single potential purchaser to effect such sale. Each Pledgor acknowledges and agrees that any such sale might result in prices and other terms less favorable to the
seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Administrative Agent shall incur no responsibility or liability for selling all or any part of the Pledged Collateral at a price that the
Administrative Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after
registration as aforesaid or if more than a single purchaser were approached. The provisions of this Section 5.03 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may exceed
substantially the price at which the Administrative Agent sells. 
 Section 5.04.    License. For the
purpose of enabling the Administrative Agent to exercise its rights and remedies under this Article V or otherwise in connection with this Agreement, each Grantor hereby grants to the Administrative Agent an irrevocable, non-exclusive and assignable
license (exercisable without payment or royalty or other compensation to any Grantor) to use, license or sublicense any Intellectual Property Collateral. 

ARTICLE VI 
 INDEMNITY,
SUBROGATION AND SUBORDINATION 
 Section 6.01.    Indemnity. In addition to all such rights of indemnity and
subrogation as the Guarantors may have under applicable law (but subject to Section 6.03 hereof), the Borrower agrees that (a) in the event a payment shall be made by any Guarantor under this Agreement in respect of any Obligation of the Borrower,
the Borrower shall indemnify such Guarantor for the full amount of such payment and such Guarantor shall be subrogated to the rights of the person to whom such payment shall have been made to the extent of such payment and (b) in the event any
assets of any Guarantor shall be sold pursuant to this Agreement or any other Security Document to satisfy in whole or in part an Obligation of the Borrower, the Borrower shall indemnify such Guarantor in an amount equal to the greater of the book
value or the fair market value of the assets so sold. 
 Section 6.02.    Contribution and Subrogation. Each
Guarantor (other than Holdings) (a “Contributing Guarantor”) agrees (subject to Section 6.03 hereof) that, in the event a payment shall be made by any other Guarantor (other than Holdings) hereunder in respect of any Obligation or
assets of any other Guarantor (other than Holdings and the Borrower) shall be 

  
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sold pursuant to any Security Document to satisfy any Obligation owed to any Secured Party and such other Guarantor (the “Claiming Guarantor”) shall not have been fully
indemnified by the Borrower as provided in Section 6.01 hereof, the Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such
assets, as applicable, in each case multiplied by a fraction of which the numerator shall be the net worth of such Contributing Guarantor on the Second Restatement Effective Date and the denominator shall be the aggregate net worth of all the
Guarantors on the Second Restatement Effective Date (or in the case of any Guarantor becoming a party hereto pursuant to Section 7.16 hereof, the date of the supplement hereto executed and delivered by such Guarantor). Any Contributing
Guarantor making any payment to a Claiming Guarantor pursuant to this Section 6.02 shall be subrogated to the rights of such Claiming Guarantor under Section 6.01 hereof to the extent of such payment. 

Section 6.03.    Subordination; Subrogation. (a) Each Guarantor hereby subordinates any and all debts,
liabilities, receivables, advances and other Obligations owed to such Guarantor by each other Loan Party of whatever nature at any time outstanding (the “Subordinated Obligations”) to the Obligations to the extent and in the manner
hereinafter set forth in this Section 6.03: 
 (i)    Prohibited Payments, Etc. Except during
the continuance of an Event of Default, each Guarantor may receive payments, receivables or advances from any other Loan Party on account of the Subordinated Obligations. After the occurrence and during the continuance of any Event of Default,
however, unless the Required Lenders otherwise agree, no Guarantor shall demand, accept or take any action to collect any payment on account of the Subordinated Obligations until the Obligations have been paid in full in cash or immediately
available funds. 
 (ii)    Prior Payment of Guaranteed Obligations. In any proceeding under
the U.S. Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law relating to any other Loan Party, each Guarantor agrees that the Secured Parties shall be entitled to receive payment in full in cash
or immediately available funds of all Obligations (including all interest and expenses accruing after the commencement of a proceeding under any U.S. Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership or
similar law, whether or not constituting an allowed claim in such proceeding (Post-Petition Interest)) before such Guarantor receives payment of any Subordinated Obligations. 

(iii)    Turn-Over. After the occurrence and during the continuance of any Event of Default,
each Guarantor shall, if the Administrative Agent so requests, collect, enforce and receive payments on account of the Subordinated Obligations as trustee for the Secured Parties and deliver such payments to the Administrative Agent on account of
the Obligations (including all Post-Petition Interest), together with any necessary endorsements or other instruments of transfer, but without reducing or affecting in any manner the liability of such Guarantor under the other provisions of this
Agreement. 

  
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 (iv)    Administrative Agent Authorization. After
the occurrence and during the continuance of any Event of Default, the Administrative Agent is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and enforce, and to
submit claims in respect of, the Subordinated Obligations and to apply any amounts received thereon to the Obligations (including any and all Post-Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce, and to submit
claims in respect of, the Subordinated Obligations and (B) to pay any amounts received on such obligations to the Administrative Agent for application to the Guaranteed Obligations (including any and all Post-Petition Interest). 

(b)    Each Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or
hereafter acquire against the Borrower, any other Loan Party or any other insider guarantor that arise from the existence, payment, performance or enforcement of such Guarantor’s Obligations under or in respect of the guarantee set forth in
Article II or any other Loan Document, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of any Secured Party against the
Borrower, any other Loan Party or any other insider guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from
the Borrower, any other Loan Party or any other insider guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until all of the
Obligations and all other amounts payable under the guarantee set forth in Article II shall have been paid in full in cash or immediately available funds, all Letters of Credit and all Swap Agreements secured hereunder shall have expired or been
terminated or cash collateralized (pursuant to arrangements reasonably satisfactory to the Administrative Agent and the Issuing Bank) and the Commitments shall have expired, terminated or shall have been cash collateralized (pursuant to arrangements
reasonably satisfactory to the Administrative Agent and the Issuing Bank). If any amount shall be paid to any Guarantor in violation of the immediately preceding sentence at any time prior to the latest of (a) the payment in full in cash or
immediately available funds of the Obligations and all other amounts payable under the guarantee set forth in Article II and (b) the latest date of expiration or termination or cash collateralization of all Letters of Credit and all Swap Agreements
secured hereunder and termination or expiration of all Commitments, such amount shall be received and held in trust for the ratable benefit of the Secured Parties, shall be segregated from other property and funds of such Guarantor and shall
forthwith be paid or delivered to the Administrative Agent in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Obligations and all other amounts payable under the guarantee set forth in
Article II, whether matured or unmatured, in accordance with the terms of the Loan Documents, or to be held as Collateral for any Obligations or other amounts payable under such guarantee thereafter arising. If (i) any Guarantor shall make
payment to any Secured Party of all or any part of the Obligations, (ii) all of the Obligations and all other amounts payable under the guarantee set forth in Article II shall have been paid in full in cash or immediately available funds, (iii) the
Revolving Facility Maturity Date shall have occurred and (iv) all Letters of Credit and all Swap Agreements secured hereunder shall have expired or been terminated, the Administrative Agent will, at such Guarantor’s request and expense, execute
and deliver to such Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Obligations resulting from such payment made by
such Guarantor pursuant to such guarantee. 

  
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 ARTICLE VII 

MISCELLANEOUS 
 Section
7.01.    Notices. All communications and notices hereunder shall (except as otherwise permitted herein) be in writing and given as provided in Section 9.01 of the Credit Agreement. All communications and notices
hereunder to any Subsidiary Loan Party shall be given to it in care of the Borrower, with such notice to be given as provided in Section 9.01 of the Credit Agreement. 

Section 7.02.    Security Interest Absolute. All rights of the Administrative Agent hereunder, the Security
Interest in the Article 9 Collateral, the security interest in the Pledged Collateral and all obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit
Agreement, any other Loan Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all
or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other
collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a
discharge of, any Pledgor in respect of the Obligations or this Agreement (other than a defense of payment or performance). 
 Section
7.03.    Limitation By Law. All rights, remedies and powers provided in this Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the
provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary so that they shall not render this Agreement invalid, unenforceable, in whole or
in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law. 
 Section
7.04.    Binding Effect; Several Agreement. This Agreement shall become effective as to any party to this Agreement when a counterpart hereof executed on behalf of such party shall have been delivered to the
Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such party and the Administrative Agent and their respective permitted successors and assigns, and
shall inure to the benefit of such party, the Administrative Agent and the other Secured Parties and their respective permitted successors and assigns, except that no party shall have the right to assign or transfer its rights or obligations
hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Credit Agreement. This Agreement shall be construed as a separate agreement with
respect to each party and may be amended, modified, supplemented, waived or released with respect to any party without the approval of any other party and without affecting the obligations of any other party hereunder. 

  
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 Section 7.05.    Successors and Assigns. Whenever in this
Agreement any of the .parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Pledgor or the Administrative Agent
that are contained in this Agreement shall bind and inure to the benefit of their respective permitted successors and assigns; provided that no Pledgor may assign, transfer or delegate any of its rights or obligations under this Agreement
without the prior written consent of the Administrative Agent. The Administrative Agent hereunder shall at all times be the same person that is the Administrative Agent under the Credit Agreement. Written notice of resignation by the
Administrative Agent pursuant to the Credit Agreement shall also constitute notice of resignation as the Administrative Agent under this Agreement. Upon the acceptance of any appointment as the Administrative Agent under the Credit Agreement by
a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent pursuant hereto. 

Section 7.06.    Administrative Agent’s Fees and Expenses; Indemnification. (a) The
parties hereto agree that the Administrative Agent shall be entitled to reimbursement of its expenses incurred hereunder as provided in Section 9.05 of the Credit Agreement. 

(b)    Without limitation of its indemnification obligations under the other Loan Documents, each Pledgor jointly and
severally agrees to indemnify the Administrative Agent and the other Indemnitees (as defined in Section 9.05 of the Credit Agreement) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related
expenses, including reasonable counsel fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of, (i) the execution, delivery or performance of this Agreement or any other
Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and thereto of their respective obligations thereunder or the consummation of the Transactions and other transactions contemplated
hereby, (ii) the use of proceeds of the Loans or the use of any Letter of Credit or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, or to the Collateral, whether or not any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
 (c)    Any such amounts
payable as provided hereunder shall be additional Obligations secured hereby and by the other Security Documents. The provisions of this Section 7.06 shall remain operative and in full force and effect regardless of the termination of this
Agreement or any other Loan Document, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any
investigation made by or on behalf of the Administrative Agent or any other Secured Party. All amounts due under this Section 7.06 shall be payable on written demand therefor. 

  
 30 

 Section 7.07.    Administrative Agent Appointed
Attorney-in-Fact. Each Pledgor hereby appoints the Administrative Agent the attorney-in-fact of such Pledgor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the
Administrative Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest. The Administrative Agent shall have the right, upon the occurrence and during the continuance
of an Event of Default, with full power of substitution either in the Administrative Agent’s name or in the name of such Pledgor, (a) to receive, endorse, assign or deliver any and all notes, acceptances, checks, drafts, money orders or other
evidences of payment relating to the Collateral or any part thereof, (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral, (c) to ask for, demand, sue for, collect, receive and
give acquittance for any and all moneys due or to become due under and by virtue of any Collateral, (d) to sign the name of any Pledgor on any invoice or bill of lading relating to any of the Collateral, (e) to send verifications of Accounts to any
Account Debtor, (f) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in
respect of any Collateral, (g) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral and (h) to-use, sell, assign, transfer, pledge, make any agreement with respect to or
otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Administrative Agent were the absolute owner of the Collateral for all
purposes; provided that nothing herein contained shall be construed as requiring or obligating the Administrative Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the
Administrative Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Administrative
Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to
any Pledgor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 
 Section
7.08.    GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

Section 7.09.    Waivers; Amendment. (a) No failure or delay by the Administrative Agent, any Issuing Bank or
any Lender in exercising any right, power or remedy hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy, or any abandonment or discontinuance of
steps to enforce such a right, power or remedy, preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights, powers and remedies of the Administrative Agent, any Issuing Bank and the Lenders
hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights, powers or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Loan Party
therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 7.09, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without

  
 31 

 
limiting the generality of the foregoing, the making of a Loan or the issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether
the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default or Event of Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan Party to any other or further
notice or demand in similar or other circumstances. 
 (b)    Neither this Agreement nor any provision hereof may be
waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply, subject to any
consent required in accordance with Section 9.08 of the Credit Agreement. 
 Section 7.10.    WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.10. 

Section 7.11.    Severability. In the event any one or more of the provisions contained in this Agreement or
in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired
thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions. 
 Section 7.12.    Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 7.04 hereof. Delivery of an executed counterpart to this
Agreement by facsimile transmission or electronic transmission shall be as effective as delivery of a manually signed original. 
 Section
7.13.    Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken
into consideration in interpreting, this Agreement. 
 Section 7.14.    Jurisdiction; Consent to Service of
Process. (a) Each party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of

  
 32 

 
America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Documents, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent
permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against
any Pledgor, or its properties, in the courts of any jurisdiction. 
 (b)    Each party to this Agreement hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or any other Loan Document in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
 Section 7.15.    Termination or Release. (a) This Agreement, the guarantees
made herein, the pledges made herein, the Security Interest and all other security interests granted hereby shall terminate when all the Loan Document Obligations (other than contingent or unliquidated obligations or liabilities not then due) have
been paid in full in cash or immediately available funds and the Lenders have no further commitment to lend under the Credit Agreement, the Revolving L/C Exposure has been reduced to zero (or cash collateralized or supported by back-to-back letter
of credit in form and substance and from an issuing bank satisfactory to the Administrative Agent and the Issuing Bank) and each Issuing Bank has no further obligations to issue Letters of Credit under the Credit Agreement. 

(b)    A Subsidiary Loan Party shall automatically be released from its obligations hereunder and the security interests
in the Collateral of such Subsidiary Loan Party shall be automatically released upon the consummation of any transaction permitted by the Credit Agreement as a result of which such Subsidiary Loan Party ceases to be a Subsidiary of the Borrower or
otherwise ceases to be a Guarantor; provided that such portion of the Lenders as shall be required by the terms of the Credit Agreement to have consented to such transaction (to the extent such consent is required by the Credit Agreement)
shall have consented thereto and the terms of such consent did not provide otherwise. 
 (c)    Upon any sale or other
transfer by any Pledgor of any Collateral that is permitted under the Credit Agreement to any person that is not a Pledgor, or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral
pursuant to Section 9.08 of the Credit Agreement, the security interest in such Collateral shall be automatically released. 

(d)    Upon the transfer by any Loan Party of Equity Interests in a “first tier Foreign Subsidiary or “first
tier” Qualified CFC Holding Company to a “first tier” Foreign Subsidiary or “first tier” Qualified CFC Holding Company in accordance with Section 6.05(d) of the Credit Agreement, the pledge of Equity Interests so transferred
shall be automatically released. 

  
 33 

 (e)    In connection with any termination or release pursuant to paragraph
(a), (b), (c) and (d) of this Section 7.15, the Administrative Agent shall execute and deliver to any Pledgor, at such Pledgor’s expense, all documents that such Pledgor shall reasonably request to evidence such termination or release
(including, without limitation, UCC termination statements) and will duly assign and transfer to such Pledgor such of the Pledged Collateral that may be in the possession of the Administrative Agent and has not theretofore been sold or otherwise
applied or released pursuant to this Agreement; provided that the Administrative Agent shall not be required to take any action under this Section 7.15(e) unless such Pledgor shall have delivered to the Administrative Agent together with such
request, which may be incorporated into such request, (i) a reasonably detailed description of the Collateral, which in any event shall be sufficient to effect the appropriate termination or release without affecting any other Collateral, and (ii) a
certificate of a Responsible Officer of the Borrower or such Pledgor certifying that the transaction giving rise to such termination or release is permitted by the Credit Agreement and was consummated in compliance with the Loan Documents. Any
execution and delivery of documents pursuant to this Section 7.15 shall be without recourse to or warranty by the Administrative Agent. 

Section 7.16.    Additional Subsidiaries. Upon execution and delivery by the Administrative Agent and any
Subsidiary that is required to become a party hereto by Section 5.10 of the Credit Agreement of an instrument in the form of Exhibit I hereto, such Subsidiary shall become a Subsidiary Loan Party hereunder with the same force and effect as if
originally named as a Subsidiary Loan Party herein. The execution and delivery of any such instrument shall not require the consent of any other party to this Agreement. The rights and obligations of each party to this Agreement shall
remain in full force and effect notwithstanding the addition of any new party to this Agreement. 
 Section
7.17.    Right of Set-off. If an Event of Default shall have occurred and be continuing, each Lender and each Issuing Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by
law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or such Issuing Bank to or for the credit or the account of any party
to this Agreement against any of and all the obligations of such party now or hereafter existing under this Agreement owed to such Lender or such Issuing Bank, irrespective of whether or not such Lender or such Issuing Bank shall have made any
demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section 7.17 are in addition to other rights and remedies (including other rights of set-off) that such Lender or such issuing Bank
may have. 
 Section 7.18.    Intercreditor Agreements. 

(a)    Anything herein to the contrary notwithstanding, the Liens and Security Interest granted to the Administrative Agent
pursuant to this Agreement and the exercise of any right or remedy by the Administrative Agent hereunder, are subject to the provisions of the Intercreditor Agreement and the ABL Intercreditor Agreement. In the event of any conflict

  
 34 

 
between the terms of the Intercreditor Agreement or the ABL Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement or the ABL Intercreditor Agreement, as applicable,
shall govern and control and no right, power, or remedy granted to the Administrative Agent hereunder or under any other Loan Document shall be exercised by the Administrative Agent, and no direction shall be given by the Administrative Agent, in
each case in contravention of the Intercreditor Agreement or the ABL Intercreditor Agreement. 
 (b)    So long as the
Collateral Agent under the Credit Agreement is acting as bailee and as agent for perfection on behalf of the Administrative Agent pursuant to the terms of the Intercreditor Agreement or the ABL Intercreditor Agreement, any obligation of any Loan
Party in this Agreement that requires delivery of Collateral to, or the possession or control of Collateral by, the Administrative Agent shall be deemed to be complied with and satisfied if such delivery of Collateral is made to, or such possession
or control of Collateral is by, the Collateral Agent under the Credit Agreement. 
 (c)    Any reference in this
Agreement or any other Loan Document to a “first priority security interest” or words of similar effect in describing the Liens created hereunder or under any other Loan Document shall be understood to refer to such priority as set forth
in the Intercreditor Agreement and the ABL Intercreditor Agreement. 
 [Signature Page Follows] 

  
 35 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	CLAIRE’S INC.
		
	By:	 	 /s/ Stephen Sernett

	Name:	 	Stephen Sernett
	Title:	 	Secretary
	
	CLAIRE’S STORES, INC.
		
	By:	 	 /s/ Stephen Sernett

	Name:	 	Stephen Sernett
	Title:	 	Secretary
	
	CLAIRE’S PUERTO RICO CORP.
		
	By:	 	 /s/ Stephen Sernett

	Name:	 	Stephen Sernett
	Title:	 	Secretary
	
	CBI DISTRIBUTING CORP.
		
	By:	 	 /s/ Stephen Sernett

	Name:	 	Stephen Sernett
	Title:	 	Secretary

 [Amended and Restated Guarantee and Collateral Agreement] 

 
			
	CSI CANADA LLC
		
	By:	 	 /s/ Stephen Sernett

	Name:	 	Stephen Sernett
	Title:	 	Secretary
	
	CLAIRE’S BOUTIQUES, INC.
		
	By:	 	 /s/ Stephen Sernett

	Name:	 	Stephen Sernett
	Title:	 	Secretary
	
	CLAIRE’S CANADA CORP.
		
	By:	 	 /s/ Stephen Sernett

	Name:	 	Stephen Sernett
	Title:	 	Secretary
	
	BMS DISTRIBUTING CORP.
		
	By:	 	 /s/ Stephen Sernett

	Name:	 	Stephen Sernett
	Title:	 	Secretary

 [Amended and Restated Guarantee and Collateral Agreement] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
	as Administrative Agent
		
	By:	 	 /s/ Bryan J. Matthews

	Name:	 	Bryan J. Matthews
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Jeremy Roberts Stern

	Name:	 	Jeremy Roberts Stern
	Title:	 	Authorized Signatory

 [Amended and Restated Guarantee and Collateral Agreement] 

 EXHIBIT I 

FORM OF JOINDER AGREEMENT 

THIS JOINDER AGREEMENT (this “Agreement”), dated as of [    ], 2016 is entered into among
                    , a                      (the
“New Subsidiary”), and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, in its capacity as administrative agent (the “Administrative Agent”) under that certain Second Amended and Restated Credit Agreement dated as of August
12, 2016, and effective as of September 20, 2016 (as the same may be amended, modified, extended, restated or amended and restated from time to time, the “Credit Agreement”) among Claire’s Stores, Inc., a Florida
corporation, Claire’s Inc., a Delaware corporation, the Lenders party thereto, and the Administrative Agent. 
 Reference is also made
to the Amended and Restated Guarantee and Collateral Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement ”), dated as of August 12,
2016, and effective as of September 20, 2016, by and among Claire’s Inc., Claire’s Stores, Inc., the Administrative Agent and each Subsidiary Loan Party which becomes a party to the Guarantee and Collateral Agreement from time to time,
including, without limitation, those that become party thereto by executing a Joinder Agreement in substantially the form hereof in favor of the Administrative Agent for the Secured Parties under the Credit Agreement. All capitalized terms used
herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement and the Guarantee and Collateral Agreement, as applicable. 

The New Subsidiary and the Administrative Agent, for the benefit of the Secured Parties, hereby agree as follows: 

1.    The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, such New
Subsidiary will be deemed to be a Subsidiary Loan Party under the Credit Agreement for all purposes of the Credit Agreement and shall have all of the obligations of a Loan Party as if it had executed the Credit Agreement. The New Subsidiary
hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Credit Agreement, including without limitation (a) all of the representations and warranties of the Loan Parties set
forth in Article III of the Credit Agreement, (b) all of the covenants set forth in Articles V and VI of the Credit Agreement and (c) all of the guaranty obligations set forth in Article II of the Guarantee and Collateral
Agreement. Without limiting the generality of the foregoing terms of this paragraph 1, the New Subsidiary, subject to the limitations set forth in Sections 2.07 of the Guarantee and Collateral Agreement, hereby unconditionally guarantees,
jointly and severally with the other Guarantors, to the Administrative Agent and the Lenders, as provided in Article II of the Guarantee and Collateral Agreement, the prompt payment and performance of the Obligations in full when due (whether at
stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with the terms thereof and agrees that if any of the Obligations are not paid or performed in full when due (whether at stated maturity, as a mandatory
prepayment, by acceleration or otherwise), such New Subsidiary will, jointly and severally together with the other Guarantors, promptly pay and perform the same, without any demand or notice whatsoever, and that in the case of any extension of time
of payment or renewal of any of the Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration or otherwise) in accordance with the terms of such extension or renewal. 

2.    The New Subsidiary agrees to become, and does hereby become, a Subsidiary Loan Party and Guarantor under the
Guarantee and Collateral Agreement and agrees to have all of the obligations of a Subsidiary Loan Party and Guarantor and be bound by such Guarantee and Collateral Agreement as if originally a party thereto. The New Subsidiary hereby pledges,
assigns and grants to the Administrative 

 
Agent, its successors and assigns, on behalf of and for the ratable benefit of the Secured Parties, a security interest in all of the New Subsidiary’s right, title and interest in and to the
Collateral, whether now owned or hereafter acquired, to secure the prompt and complete payment and performance of the Obligations. 

3.    By its execution below, the New Subsidiary represents and warrants as to itself that all of the representations and
warranties contained in the Guarantee and Collateral Agreement are true and correct in all respects as of the date hereof. The New Subsidiary represents and warrants that the supplements to the Schedules to the Guarantee and Collateral
Agreement attached hereto are, as to the New Subsidiary, true and correct in all respects and such supplements set forth all information required to be scheduled under the Guarantee and Collateral Agreement as to the New Subsidiary. The New
Subsidiary shall, subject to the provisions of the Guarantee and Collateral Agreement, take all steps necessary to perfect, in favor of the Administrative Agent, a first priority security interest in and lien against the New Subsidiary’s
Collateral, including, without limitation, delivering all certificated Pledged Collateral to the Administrative Agent (and all other Collateral required to be delivered under the Guarantee and Collateral Agreement), and taking all steps necessary to
properly perfect the Administrative Agent’s interest in any uncertificated Pledged Collateral. 
 4.    If
required, the New Subsidiary is, simultaneously with the execution of this Agreement, executing and delivering such Security Documents (and such other documents and instruments) as requested by the Administrative Agent in accordance with the Credit
Agreement. 
 5.    The address of the New Subsidiary for purposes of Section 9.01 of the Credit Agreement is as
follows: 
 [    ] 

Attention: 
 Email:

6.    The New Subsidiary hereby waives acceptance by the Administrative Agent and the Lenders of the guaranty by the New
Subsidiary upon the execution of this Agreement by the New Subsidiary. 
 7.    This Agreement may be executed in any
number of counterparts, each of which when so executed and delivered shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart to this Agreement by facsimile transmission
(or other electronic transmission pursuant to procedures approved by the Administrative Agent) shall be as effective as delivery of a manually signed original. 

8.    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the New Subsidiary has caused this Agreement to be
duly executed by its authorized officer, and the Administrative Agent, for the ratable benefit of the Secured Parties, has caused the same to be accepted by its authorized officer, as of the day and year first above written. 

[Signatures on following page.] 

 
			
	[INSERT NEW SUBSIDIARY ENTITY NAME]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Acknowledged and accepted:     

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent     

 

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature Page to Joinder Agreement 

 SCHEDULE I 

 

	A.	Equity Interests 

  

									
	 Name of Owner
	  	 Name of Issuer
	  	 Certificate
Number
	  	 Class of

Stock
	  	 Number
of
Shares or Other
Interests

	Claire’s Stores, Inc.	  	Claire’s Puerto Rico Corp.	  	001	  	Common	  	10
	Claire’s Stores, Inc.	  	CBI Distributing Corp.	  	1	  	Common	  	100
	Claire’s Boutiques, Inc.	  	CBI Distributing Corp.	  	2	  	Common	  	80
	Claire’s Stores, Inc.	  	Claire’s Boutiques, Inc.	  	1	  	Common	  	100
	Claire’s Stores, Inc.	  	Claire’s Canada Corp.	  	R-1	  	Common	  	100
	Claire’s Stores, Inc.	  	Claire’s Canada Corp.	  	R-2	  	Common	  	1
	Claire’s Canada Corp.	  	Claire’s Stores Canada Corp.	  	C-4	  	Common	  	6,500,065
	Claire’s Canada Corp.	  	Claire’s Stores Canada Corp.	  	C-6	  	Common	  	3,250,000
	CBI Distributing Corp.	  	BMS Distributing Corp.	  	01	  	Common	  	1,000
	Claire’s Canada Corp.	  	CSI Canada LLC	  	1	  	Membership Interests	  	1 Membership Unit
	Claire’s Stores, Inc.	  	Claire’s Swiss Holdings LLC	  	1	  	Membership Interests	  	65 Membership Interests
	Claire’s Inc.	  	Claire’s Stores, Inc.	  	1	  	Common	  	100

  

	A.	Debt Obligations 

 Name of Issuer - Claire’s Stores Canada Corp. 

Principal Amount - $63,000,000 CAD 

Date of Note - January 31, 2010 

Maturity Date - January 31, 2020 

 SCHEDULE II 

Intellectual Property Collateral 
  

	A.	Patents 

 None. 

 

	B.	Domain Names 

 arbeitenmitclaires.de 

bijouxone.ch 
 clair.es 

clair.eu 
 claires.ae 

claires.at 
 claires.be 

claires.bg 
 claires.ch 

claires.cl 
 claires.cn 

claires.co.id 
 claires.co.nz 

claires.co.uk 
 claires.com.ar 

claires.com.au 
 claires.com.br 

claires.com.cn 
 claires.com.gr 

claires.com.gt 
 claires.com.mt 

claires.com.my 
 claires.com.ph 

claires.com.pt 
 claires.com.sg 

claires.com.tr 
 claires.com.ua 

claires.com.vn 
 claires.de 

claires.dk 
 claires.es 

claires.au 
 claires.fi 

claires.fr 
 claires.hk 

claires.ie 
 claires.in 

  
 2 

 claires.it 

claires.jp 
 claires.kr 

claires.lu 
 claires.ly 

claires.ma 
 claires.my 

claires.nl 
 claires.pe 

claires.ph 
 claires.pr 

claires.pt 
 claires.quebec 

claires.ro 
 claires.se 

claires.sg 
 claires.tw 

claires.ua 
 claires.vn 

clairesaccessories.be 
 clairesaccessories.bg 

clairesaccessories.cn 
 clairesaccessories.com.cn 

clairesaccessories.com.pt 
 clairesaccessories.es 

clairesaccessories.eu 
 clairesaccessories.it 

clairesaccessories.nl 
 clairesaccessories.pt 

clairesaccessoriesuk.co.uk 
 clairesaccessoriesuk.org.uk 

clairesboutique.cn 
 claires.boutique.com.cn 

clairesboutique.it 
 clairesboutiques.be 

clairesboutiques.cn 
 clairesboutiques.com.cn 

clairesboutiques.com.pt 
 clairesboutiques.es 

clairesboutiques.eu 
 clairesboutiques.it 

clairesboutiques.nl 
 clairesboutiques.pt 

clairescanada.ca 
 clairescareers.co.uk 

clairescareers.eu 

  
 3 

 clairesclub.at 

clairesclub.be 
 clairesclub.ch 

clairesclub.co.uk 
 clairesclub.com.pt 

clairesclub.cz 
 clairesclub.de 

clairesclub.es 
 clairesclub.eu 

clairesclub.fr 
 clairesclub.hu 

clairesclub.ie 
 clairesclub.it 

clairesclub.lu 
 clairesclub.nl 

clairesclub.pl 
 clairesclub.pt 

clairesoffers.co.uk 
 clairesonline.co.uk 

clairesonline.eu 
 clairessa.co.za 

clairesstores.ae 
 clairesstores.cl 

clairesstores.cn 
 clairesstores.co.id 

clairesstores.co.nz 
 clairesstores.co.za 

clairesstores.com.ar 
 clairesstores.com.au 

clairesstores.com.br 
 clairesstores.com.gr 

clairesstores.com.gt 
 clairesstores.com.mt 

clairesstores.com.mx 
 clairesstores.com.ph 

clairesstores.com.pl 
 clairesstores.com.sg 

clairesstores.com.ua 
 clairesstores.com.vn 

clairesstores.cz 
 clairesstores.dk 

clairesstores.eu 
 clairesstores.gr 

clairesstores.hu 
 clairesstores.ly 

clairesstores.ma 

  
 4 

 clairesstores.mx 

clairesstores.ph 
 clairesstores.pt 

clairesstores.ru 
 clairesstores.sg 

clairesstores.sk 
 clairesstores.vn 

icing.cn 
 icing.com.mx 

icing.com.pt 
 icing.es 

icing.eu 
 icing.hu 

icing.ie 
 icing.lu 

icing.mx 
 icing.pt 

icing.quebec 
 icingbyclaires.be 

icingbyclaires.com.pt 
 icingbyclaires.es 

icingbyclaires.eu 
 icingbyclaires.nl 

icingbyclaires.pt 
 icingcanada.ca 

icingcosmetics.co.uk 
 icingice.co.uk 

icings.at 
 icings.be 

icings.ch 
 icings.com.pt 

icings.cz 
 icings.de 

icings.es 
 icings.eu 

icings.fr 
 icings.hu 

icings.ie 
 icings.lu 

icings.nl 
 icings.pl 

icings.pt 
 rsi.com.hk 

theicing.com.pt 
 trabajarenclaires.es 

werkenbijclaires.nl 

  
 5 

	C.	Trademarks 

  

	 	1.	US Claire’s Marks 

  

													
	 Country
	  	
Owners1
	  	Ownership
Percentage	 	Mark	  	 Classes
	  	Status	  	Reg. No.
	 United States of America
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	IT’S AT
CLAIRE’S	  	35	  	Registered	  	3817929
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	14	  	Registered	  	1925359
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	3	  	Registered	  	3319826
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	9	  	Registered	  	2908857
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	16	  	Registered	  	2908859
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	25	  	Registered	  	1891172
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	42	  	Registered	  	1890335
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	20	  	Registered	  	2967212
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	35	  	Registered	  	2974652
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	5	  	Registered	  	1929317
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	16	  	Registered	  	2978984
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	35	  	Registered	  	3190839
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	24	  	Registered	  	2900024
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	14	  	Registered	  	2996103
	  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	25	  	Registered	  	2925470

  

	1 	 The US Claire’s Marks, including the federal registrations set forth on Schedule III, are jointly owned by
CBI Distributing Corp. and CLSIP LLC, with CBI Distributing Corp. owning undivided 82.50% ownership interest in and to the US Claire’s Marks as the majority and controlling owner of the US Claire’s Marks, and CLSIP LLC owning an undivided
17.50% ownership interest in and to the US Claire’s Marks as the minority owner of the US Claire’s Marks. CBI Distributing Corp. is pledging its undivided 82.50% ownership interest in and to the US Claire’s Marks, including the
federal registrations set forth on Schedule III. Nothing in the Agreement acts to grant the Collateral Agent or the Secured Parties a security interest in and to the undivided 17.50% ownership interest in and to the US Claire’s Marks owned by
CLSIP LLC. 

  
 6 

													
	 Country
	  	
Owners1
	  	Ownership
Percentage	 	Mark	  	 Classes
	  	Status	  	Reg. No.
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	26	  	Registered	  	2908861
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S	  	3	  	Registered	  	2951866
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
ACCESSORIES	  	42	  	Registered	  	1956047
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
ACCESSORIES	  	42	  	Registered	  	1946557
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
ACCESSORIES
and design	  	35	  	Registered	  	2294937
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
BOUTIQUES
and design	  	42	  	Registered	  	1514045
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
CLUB	  	35	  	Registered	  	3343775
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
CLUB	  	25	  	Registered	  	2908868
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
CLUB	  	14	  	Registered	  	2908865
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
CLUB	  	26	  	Registered	  	2908191
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
CLUB	  	3	  	Registered	  	2908862
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
CLUB	  	18	  	Registered	  	2908866
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
CLUB	  	9	  	Registered	  	2908863
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S ETC.	  	42	  	Registered	  	2065959
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S ETC.	  	42	  	Registered	  	2064149
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S Logo	  	35	  	Registered	  	3602239
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
 Stylizedwith @ logo
	  	35	  	Registered	  	2623039

  
 7 

													
	 Country
	  	
Owners1
	  	Ownership
Percentage	 	Mark	  	 Classes
	  	Status	  	Reg. No.
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	SECRET
SANTA
CIRCLE	  	35	  	Registered	  	4005371
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	SENSITIVE
SOLUTIONS	  	14	  	Registered	  	1951435
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
 17.50%
	 	CLAIRE’S
OUTLET	  	35	  	Registered	  	4610591
		  	 CBI Distributing Corp.

CLSIP LLC
	  	82.50%
17.50%	 	ICING BY
CLAIRE’S	  	35	  	Registered	  	3050863

  

	 	2.	Non-US Claire’s Marks  

  

													
	 Argentina
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	14	  	Registered	  	2672763
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	18	  	Registered	  	2780180
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	25	  	Registered	  	2780181
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	26	  	Registered	  	2672764
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	35	  	Registered	  	2780182
	Armenia	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750
	Australia	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750
	Bahrain	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	35	  	Registered	  	45255
	Belarus	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750
	Belize	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	35	  	Registered	  	4849.07
	Botswana	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	26	  	Pending	  	
	Brazil	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	35	  	Registered	  	819044059
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	14	  	Registered	  	840527373
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	25	  	Registered	  	840527403
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	26	  	Registered	  	840527438
	Bulgaria	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750

  
 8 

													
	Canada	  	CBI Distributing Corp.	  	100%	 	BEE WHO
 YOUWANNA BE
	  		  	Registered	  	TMA657373
	  	CBI Distributing Corp.	  	100%	 	C SWIRL	  		  	Registered	  	TMA765561
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  		  	Registered	  	TMA446820
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  		  	Registered	  	TMA481401
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S
ACCESSORIES	  		  	Registered	  	TMA450271
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S
ACCESSORIES	  		  	Registered	  	TMA537106
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S
ACCESSORIES	  		  	Registered	  	TMA552904
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S
BOUTIQUES
& DESIGN	  		  	Registered	  	TMA432178
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S
CLUB	  		  	Registered	  	TMA667768
	  	CBI Distributing Corp.	  	100%	 	ICING	  		  	Registered	  	TMA711637
	  	CBI Distributing Corp.	  	100%	 	ICING BY
CLAIRE’S	  		  	Registered	  	TMA678667
	  	CBI Distributing Corp.	  	100%	 	PRINCIE	  		  	Registered	  	TMA574732
	  	CBI Distributing Corp.	  	100%	 	REFLEXIONS	  		  	Registered	  	TMA332968
	  	CBI Distributing Corp.	  	100%	 	THE ICING	  		  	Registered	  	TMA404349
	Chile	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	35	  	Registered	  	947879
	China (People’s Republic)	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	16	  	Registered	  	10608651
	  		  		 		  		  		  	
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	14, 26	  	Registered	  	872750
	  		  		 		  		  		  	
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	35	  	Registered	  	6711303
	  		  		 		  		  		  	
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	35	  	Registered	  	8662114
	  		  		 		  		  		  	
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	3	  	Registered	  	10608653
	  		  		 		  		  		  	
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	9	  	Pending	  	
	  		  		 		  		  		  	
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	18	  	Registered	  	10608650
	  		  		 		  		  		  	
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	21	  	Registered	  	10608649
	  		  		 		  		  		  	
	  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	25	  	Published	  	

  
 9 

													
		  	CBI Distributing Corp.	  	100%	 	CLAIRE’S	  	28	  	Registered	  	10608647
		  	CBI Distributing Corp.	  	100%	 	ICING	  	14	  	Registered	  	6538116
		  	CBI Distributing Corp.	  	100%	 	ICING	  	35	  	Registered	  	6538117
		  	CBI Distributing Corp.	  	100%	 	ICING	  	18	  	Registered	  	11358777
		  	CBI Distributing Corp.	  	100%	 	ICING	  	3	  	Registered	  	11358778
		  	CBI Distributing Corp.	  	100%	 	ICING	  	25	  	Registered	  	5278540
		  	CBI Distributing Corp.	  	100%	 	ICING	  	26	  	Registered	  	10715963
		  	CBI Distributing Corp.	  	100%	 	KE LAI ER SI (CLAIRE’S in Chinese)	  	3	  	Registered	  	11231746
		  	CBI Distributing Corp.	  	100%	 	KE LAI ER SI (CLAIRE’S in Chinese)	  	9	  	Registered	  	11231745
		  	CBI Distributing Corp.	  	100%	 	KE LAI ER SI (CLAIRE’S in Chinese)	  	14	  	Registered	  	11231744
		  	CBI Distributing Corp.	  	100%	 	KE LAI ER SI (CLAIRE’S in Chinese)	  	16	  	Registered	  	11231743
		  	CBI Distributing Corp.	  	100%	 	KE LAI ER SI (CLAIRE’S in Chinese)	  	18	  	Registered	  	11231742
		  	CBI Distributing Corp.	  	100%	 	KE LAI ER SI (CLAIRE’S in Chinese)	  	21	  	Registered	  	11231741
		  	CBI Distributing Corp.	  	100%	 	KE LAI ER SI (CLAIRE’S in Chinese)	  	25	  	Registered	  	11231740
		  	CBI Distributing Corp.	  	100%	 	KE LAI ER SI (CLAIRE’S in Chinese)	  	26	  	Registered	  	11231739
		  	CBI Distributing Corp.	  	100%	 	KE LAI ER SI (CLAIRE’S in Chinese)	  	28	  	Registered	  	11231738
		  	CBI Distributing Corp.	  	100%	 	KE LAI ER SI (CLAIRE’S in Chinese)	  	35	  	Registered	  	11231737

  
 10 

															
	 Colombia
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	42	  	Registered	  	192406
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  		  	Registered	  	330360
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	26	  	Registered	  	459364
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	462741
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	25	  	Registered	  	461450
	 Costa Rica
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	178034
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	223.014
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	25	  	Registered	  	223.016
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	26	  	Registered	  	223.017
	 Dominican Republic
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	25	  	Registered	  	211884
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26	  	Registered	  	203520
	 Ecuador
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	282311
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	6714-12
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	18	  	Registered	  	5292-12
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	25	  	Registered	  	5294-12
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	26	  	Registered	  	5295-12
	 Egypt
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	198659
	  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	14, 25, 26, 35	  	Pending	  	
	 El Salvador
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	207Book101
	 EU (CTM)
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 18, 26	  	Registered	  	6584221
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	3, 4, 9, 12, 21, 35	  	Registered	  	2846087
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25	  	Registered	  	76265
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35, 42	  	Registered	  	1862200

  
 11 

															
		  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
BOUTIQUES	  	14, 25, 35, 42	  	Registered	  	235333
		  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
ACCESSORIES	  	14, 25, 35, 42	  	Registered	  	235374
		  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
ACCESSORIES	  	14, 25, 35	  	Registered	  	428417
		  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
CLUB	  	3, 4, 9, 11, 14, 16, 20, 21, 22, 24, 25, 26	  	Registered	  	3140878
		  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
COLLECTION	  	3, 14, 25, 26	  	Registered	  	76166
		  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
ETC.	  	14, 25, 35, 42	  	Registered	  	235291
		  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	3, 42	  	Registered	  	2789154
		  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	3, 9, 14, 16, 18, 21, 25, 26, 28, 35	  	Registered	  	012599891
		  	CBI Distributing Corp.	  	 	100	% 	 	ICING BY
CLAIRE’S	  	35	  	Registered	  	6282859
		  	CBI Distributing Corp.	  	 	100	% 	 	ICINGS	  	14, 25, 35	  	Registered	  	426312
		  	CBI Distributing Corp.	  	 	100	% 	 	THE ICING
ACCESSORIES
& DESIGN	  	14, 25, 35	  	Registered	  	426270
	 Georgia
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750
	 Ghana
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Pending	  	
	 Guatemala
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	156393
	 Honduras
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  		  	Registered	  	11492
	 Hong Kong
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	9, 14, 18, 20, 21, 24, 25, 26, 28	  	Registered	  	301369701
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	300246276

  
 12 

															
	 Iceland
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750
	 India
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	1579528
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	1375799
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	26	  	Registered	  	2273273
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	28	  	Registered	  	2273274
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	21	  	Registered	  	2273271
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	3, 18, 25	  	Pending	  	
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	18, 26	  	Published	  	
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	9	  	Registered	  	2273269
	 Indonesia
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 26	  	Registered	  	IDM000269734
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	IDM000403561
	 Int’l – Madrid Protocol
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	1263860
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 42	  	Registered	  	872750
	 Israel
	  	Claire’s Boutiques, Inc.	  	 	100	% 	 	Claire’s &
@ logo	  	35	  	Registered	  	142605
	 Jamaica
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  		  	Registered	  	57734
	 Japan
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	4173259
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	25	  	Registered	  	4225283
	  	CBI Distributing Corp.	  	 	100	% 	 	Claire’s &
@ logo	  	14	  	Registered	  	4316622
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
&
Japanese
characters	  	18	  	Registered	  	4173261
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
&
Japanese
characters	  	26	  	Registered	  	4227498
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
&
Japanese
characters	  	14	  	Registered	  	4173260
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
&
Japanese
characters	  	35	  	Registered	  	4068474

  
 13 

															
		  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S &
Japanese
characters	  	35	  	Registered	  	5254831
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
ACCESSORIES	  	9, 14, 18, 25	  	Registered	  	4384017
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S in
Japanese
characters	  	6, 8, 14, 18, 21, 25, 26	  	Registered	  	2661230
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
stylized	  	35	  	Registered	  	5255217
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S
stylized	  	3, 8, 10, 14, 18, 21, 25, 26	  	Registered	  	4077459
	  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	35	  	Registered	  	140055
	 Lebanon
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	95458
	 Lesotho
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Pending	  	
	 Liechtenstein
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750
	 Malaysia
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	09000349
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	26	  	Registered	  	09000350
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	09000351
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	25	  	Registered	  	20122014317
	 Mexico
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	970492
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	42	  	Registered	  	521186
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	1457103
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	25	  	Registered	  	1349996
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	26	  	Registered	  	1295890
	 Monaco
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750
	 Namibia
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Pending	  	
	 New Zealand
	  	CBI Distributing Corp.	  	 	100	% 	 	Claire’s & “@”
logo	  	14, 35	  	Registered	  	806327
	 Nicaragua
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	0802817

  
 14 

															
	 Nigeria
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Pending	  	
	 Norway
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	233273
	 Oman
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Pending	  	
	 Pakistan
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Pending	  	
	 Panama
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	165604
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	211198
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	25	  	Registered	  	211197
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	26	  	Registered	  	211200
	 Paraguay
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	375410
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	385020
	 Peru
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	66528
	 Philippines
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 26, 35	  	Registered	  	4-2012-008328
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	25	  	Registered	  	4-2012-210172
	 Poland
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	204878
	 Qatar
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	48479
	  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	14, 25, 26, 35	  	Pending	  	
	 Romania
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750
	 Russian Federation
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 26	  	Registered	  	872750
	  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	14	  	Registered	  	1436016141
	  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	26	  	Registered	  	1436016143
	  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	35	  	Registered	  	1436016144
	 Serbia
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	67601
	 Singapore
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750

  
 15 

															
	 South Africa
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	2009/05885
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	26	  	Registered	  	2009/08556
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	2004/09338
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	25	  	Published	  	
	 Swaziland
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Published	  	
	 Switzerland
	  	CBI Distributing Corp.	  	 	100	% 	 	Claire’s @ logo	  		  	Registered	  	517937
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	3, 14, 25, 35	  	Registered	  	507253
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S & @ logo	  	3, 14, 25, 35	  	Registered	  	507888
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S ACCESSORIES	  	3, 14, 25, 35	  	Registered	  	507908
	 Taiwan
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 26, 35	  	Registered	  	1383039
	  	CBI Distributing Corp.	  				 	CLAIRE’S	  	3, 9, 14, 16, 18, 21, 25, 26, 28, 35	  	Registered	  	1636275
	 Thailand
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	TM319893
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	26	  	Registered	  	TM320726
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	SM68822
	 Turkey
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	3, 14, 16, 25, 26, 35	  	Registered	  	200331890
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Pending	  	
	 Ukraine
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Registered	  	872750
	  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	14	  	Registered	  	191737
	  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	25	  	Registered	  	191738
	  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	26	  	Registered	  	191739
	  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	35	  	Registered	  	191740
	 United Kingdom
	  	CBI Distributing Corp.	  	 	100	% 	 	ICING	  	3, 8, 21	  	Registered	  	2284683
	 Uruguay
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 35	  	Registered	  	432942

  
 16 

															
	 Venezuela
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14	  	Registered	  	P-347986
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	18	  	Published	  	
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	26	  	Published	  	
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	35	  	Registered	  	S-061612
	 Vietnam
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	3, 14, 26, 35	  	Registered	  	163209
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	25	  	Registered	  	216702
	 Zambia
	  	CBI Distributing Corp.	  	 	100	% 	 	CLAIRE’S	  	14, 25, 26, 35	  	Pending	  	

  

	D.	Copyrights 

  
  

							
	 Country
	  	 Claimant
	  	 Title
	  	Reg No.
	United States of America	  	CBI Distributing Corporation	  	Claire’s product development: Jan. 2003	  	VAu000584057
	  	CBI Distributing Corporation	  	Claire’s gifts to go : 2003 accessory product	  	VAu000581995
	  	CBI Distributing Corporation	  	Claire’s Club (aka Kids Club gifts to go program 2003)	  	VAu000593275
	  	CBI Distributing Corporation	  	Slam book & Sports slam book	  	VAu000592144
	  	CBI Distributing Corporation	  	Claire’s product development 2004	  	VAu000616999
	  	CBI Distributing Corporation	  	Claire’s Club : gifts to go 2004 (aka Claire’s product development 2004)	  	VAu000634258

  

	E.	IP Licenses 

 Intellectual Property Agreement, dated as of the date hereof, by and
among CLSIP LLC and CBI Distributing Corp. 

  
 17 

 SCHEDULE III 

Filing Jurisdictions 
  

			
	 GRANTOR
	  	 JURISDICTION

	Claire’s Stores, Inc.	  	Florida
	Claire’s Inc.	  	Delaware
	Claire’s Puerto Rico Corp.	  	Delaware
	CBI Distributing Corp.	  	Delaware
	Claire’s Boutiques, Inc.	  	Colorado
	Claire’s Canada Corp.	  	Delaware
	BMS Distributing Corp.	  	Delaware
	CSI Canada LLC	  	Delaware

  
 18 

 SCHEDULE IV 

Commercial Tort Claims 
 None.

  
 19 

 SCHEDULE V 

Accounts and Inventory Not in the Ordinary Course of Business 

None. 

  
 20Credit Facility

 Exhibit 10.11 

EXECUTION VERSION 
  

 
  

$40,000,000 
 CREDIT AGREEMENT

 Dated as of August 12, 2016 

and 
 Effective as of
September 20, 2016 
 Among 

CLAIRE’S (GIBRALTAR) HOLDINGS LIMITED 

as Borrower, 
 THE LENDERS PARTY
HERETO, 
 and 
 CREDIT SUISSE
AG, CAYMAN ISLANDS BRANCH 
 as Administrative Agent 
  

 
  

 TABLE OF CONTENTS 

 

											
	 	  	Page	 
		
	ARTICLE I. Definitions	  	 	5	  
					
		 	SECTION 1.01	 		 	Defined Terms	  	 	5	  
		 	SECTION 1.02	 		 	Terms Generally	  	 	31	  
		
	ARTICLE II. The Credits	  	 	32	  
					
		 	SECTION 2.01	 		 	Commitments	  	 	32	  
		 	SECTION 2.02	 		 	Term Loans	  	 	32	  
		 	SECTION 2.03	 		 	[Reserved]	  	 	32	  
		 	SECTION 2.04	 		 	Procedure for Borrowing	  	 	32	  
		 	SECTION 2.05	 		 	[Reserved]	  	 	32	  
		 	SECTION 2.06	 		 	[Reserved]	  	 	32	  
		 	SECTION 2.07	 		 	[Reserved]	  	 	32	  
		 	SECTION 2.08	 		 	Interest Elections	  	 	32	  
		 	SECTION 2.09	 		 	[Reserved]	  	 	33	  
		 	SECTION 2.10	 		 	Repayment of Loans; Evidence of Debt	  	 	33	  
		 	SECTION 2.11	 		 	[Reserved]	  	 	34	  
		 	SECTION 2.12	 		 	Prepayment of Loans	  	 	34	  
		 	SECTION 2.13	 		 	[Reserved]	  	 	35	  
		 	SECTION 2.14	 		 	Interest	  	 	35	  
		 	SECTION 2.15	 		 	Alternate Rate of Interest	  	 	35	  
		 	SECTION 2.16	 		 	Increased Costs	  	 	36	  
		 	SECTION 2.17	 		 	Break Funding Payments	  	 	37	  
		 	SECTION 2.18	 		 	Taxes	  	 	37	  
		 	SECTION 2.19	 		 	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	  	 	39	  
		 	SECTION 2.20	 		 	Mitigation Obligations; Replacement of Lenders	  	 	41	  
		 	SECTION 2.21	 		 	Illegality	  	 	42	  
		
	ARTICLE III. Representations and Warranties	  	 	42	  
					
		 	SECTION 3.01	 		 	Organization; Powers	  	 	42	  
		 	SECTION 3.02	 		 	Authorization	  	 	43	  
		 	SECTION 3.03	 		 	Enforceability	  	 	43	  
		 	SECTION 3.04	 		 	Governmental Approvals	  	 	43	  
		 	SECTION 3.05	 		 	Financial Statements	  	 	43	  
		 	SECTION 3.06	 		 	Subsidiaries	  	 	44	  
		 	SECTION 3.07	 		 	Litigation; Compliance with Laws	  	 	44	  
		 	SECTION 3.08	 		 	Investment Company Act	  	 	44	  
		 	SECTION 3.09	 		 	Use of Proceeds	  	 	44	  
		 	SECTION 3.10	 		 	Tax Returns	  	 	44	  
		 	SECTION 3.11	 		 	Employee Benefit Plans	  	 	45	  
		 	SECTION 3.12	 		 	Labor Matters	  	 	45	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

											
	 	  	Page	 
					
		 	SECTION 3.13	 		 	Insurance	  	 	45	  
		 	SECTION 3.14	 		 	No Default	  	 	45	  
		 	SECTION 3.15	 		 	Intellectual Property; Licenses, Etc.	  	 	45	  
		 	SECTION 3.16	 		 	Anti-Money Laundering and Economic Sanctions Laws	  	 	46	  
		 	SECTION 3.17	 		 	Anti-corruption Laws	  	 	47	  
		 	SECTION 3.18	 		 	Federal Reserve Regulations	  	 	47	  
		 	SECTION 3.19	 		 	Solvency	  	 	47	  
		
	ARTICLE IV. Conditions of Lending	  	 	48	  
					
		 	SECTION 4.01	 		 	Closing Date	  	 	48	  
		
	ARTICLE V. Affirmative Covenants	  	 	48	  
					
		 	SECTION 5.01	 		 	Existence; Businesses and Properties	  	 	48	  
		 	SECTION 5.02	 		 	Insurance	  	 	48	  
		 	SECTION 5.03	 		 	Taxes	  	 	49	  
		 	SECTION 5.04	 		 	Financial Statements, Reports, etc.	  	 	49	  
		 	SECTION 5.05	 		 	Litigation and Other Notices	  	 	50	  
		 	SECTION 5.06	 		 	Compliance with Laws	  	 	51	  
		 	SECTION 5.07	 		 	Maintaining Records; Access to Properties and Inspections	  	 	51	  
		 	SECTION 5.08	 		 	Use of Proceeds	  	 	51	  
		 	SECTION 5.09	 		 	Fiscal Year; Accounting	  	 	51	  
		
	ARTICLE VI. Negative Covenants	  	 	51	  
					
		 	SECTION 6.01	 		 	Indebtedness	  	 	51	  
		 	SECTION 6.02	 		 	Liens	  	 	55	  
		 	SECTION 6.03	 		 	Sale and Lease Back Transactions	  	 	59	  
		 	SECTION 6.04	 		 	Investments, Loans and Advances	  	 	59	  
		 	SECTION 6.05	 		 	Mergers, Consolidations, Sales of Assets and Acquisitions	  	 	62	  
		 	SECTION 6.06	 		 	Restricted Payments	  	 	64	  
		 	SECTION 6.07	 		 	Transactions with Affiliates	  	 	65	  
		 	SECTION 6.08	 		 	Business of the Borrower and the Subsidiaries	  	 	67	  
		 	SECTION 6.09	 		 	Limitation on Payments and Modifications of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc.	  	 	67	  
		 	SECTION 6.10	 		 	[Reserved]	  	 	70	  
		
	ARTICLE VII. Events of Default	  	 	70	  
					
		 	SECTION 7.01	 		 	Events of Default	  	 	70	  
		 	SECTION 7.02	 		 	Exclusion of Immaterial Subsidiaries	  	 	72	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

											
	 	  	Page	 
		
	ARTICLE VIII. The Administrative Agent	  	 	72	  
					
		 	SECTION 8.01	 		 	Appointment	  	 	72	  
		 	SECTION 8.02	 		 	Delegation of Duties	  	 	73	  
		 	SECTION 8.03	 		 	Exculpatory Provisions	  	 	73	  
		 	SECTION 8.04	 		 	Reliance by Administrative Agent	  	 	74	  
		 	SECTION 8.05	 		 	Notice of Default	  	 	75	  
		 	SECTION 8.06	 		 	Non-Reliance on Administrative Agent and Other Lenders	  	 	75	  
		 	SECTION 8.07	 		 	Indemnification	  	 	76	  
		 	SECTION 8.08	 		 	Agent in Its Individual Capacity	  	 	76	  
		 	SECTION 8.09	 		 	Successor Administrative Agent	  	 	76	  
		 	SECTION 8.10	 		 	[Reserved]	  	 	77	  
		 	SECTION 8.11	 		 	Withholding Taxes	  	 	77	  
		
	ARTICLE IX. Miscellaneous	  	 	77	  
					
		 	SECTION 9.01	 		 	Notices; Communications	  	 	77	  
		 	SECTION 9.02	 		 	Survival of Agreement	  	 	78	  
		 	SECTION 9.03	 		 	Binding Effect	  	 	79	  
		 	SECTION 9.04	 		 	Successors and Assigns	  	 	79	  
		 	SECTION 9.05	 		 	Expenses; Indemnity	  	 	83	  
		 	SECTION 9.06	 		 	Right of Setoff	  	 	84	  
		 	SECTION 9.07	 		 	Applicable Law	  	 	85	  
		 	SECTION 9.08	 		 	Waivers; Amendment	  	 	85	  
		 	SECTION 9.09	 		 	Interest Rate Limitation	  	 	86	  
		 	SECTION 9.10	 		 	Entire Agreement	  	 	86	  
		 	SECTION 9.11	 		 	WAIVER OF JURY TRIAL	  	 	86	  
		 	SECTION 9.12	 		 	Severability	  	 	86	  
		 	SECTION 9.13	 		 	Counterparts	  	 	87	  
		 	SECTION 9.14	 		 	Headings	  	 	87	  
		 	SECTION 9.15	 		 	Jurisdiction; Consent to Service of Process	  	 	87	  
		 	SECTION 9.16	 		 	Confidentiality	  	 	88	  
		 	SECTION 9.17	 		 	Platform; Borrower Materials	  	 	89	  
		 	SECTION 9.18	 		 	[Reserved]	  	 	89	  
		 	SECTION 9.19	 		 	Judgment Currency	  	 	89	  
		 	SECTION 9.20	 		 	USA PATRIOT Act Notice	  	 	90	  
		 	SECTION 9.21	 		 	[Reserved]	  	 	90	  
		 	SECTION 9.22	 		 	No Advisory or Fiduciary Responsibility	  	 	90	  
		 	SECTION 9.23	 		 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	90	  

  
 iii 

 Exhibits and Schedules 
  

			
	Exhibit A	  	Form of Assignment and Acceptance
		
	Exhibit B	  	Form of Interest Election Request
		
	Schedule 1.01A	  	Immaterial Subsidiaries
		
	Schedule 2.01	  	Commitments
		
	Schedule 3.01	  	Organization and Good Standing
		
	Schedule 3.04	  	Governmental Approvals
		
	Schedule 3.07(a)	  	Subsidiaries
		
	Schedule 3.07(b)	  	Subscriptions
		
	Schedule 3.10	  	Taxes
		
	Schedule 3.15	  	Intellectual Property
		
	Schedule 3.16	  	Anti-Money Laundering Laws
		
	Schedule 6.01	  	Indebtedness
		
	Schedule 6.02(a)	  	Liens
		
	Schedule 6.04	  	Investments
		
	Schedule 6.07	  	Transactions with Affiliates
		
	Schedule 9.01	  	Notice Information

  
 iv 

 CREDIT AGREEMENT, dated as of August 12, 2016 and effective as of September 20, 2016
(this “Agreement”), among CLAIRE’S (GIBRALTAR) HOLDINGS LIMITED, a Gibraltar private company limited by shares (the “Borrower”), the LENDERS party hereto from time to time, and CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders. 
 WHEREAS, the Borrower is
a wholly-owned subsidiary of Claire’s Stores, Inc., a Florida corporation (“Claire’s Stores”); and 
 WHEREAS, in
connection with the Exchange Offer (as defined below) by Claire’s Stores, the Borrower and the Lenders have agreed to enter into this Agreement providing for, among other things, a $40 million term loan (the “Term Loan”) to be
funded by the Lenders on the Closing Date (as defined below) by rolling over outstanding Revolving Facility Loans (as defined in the Senior Credit Agreement) in connection with the Exchange Transactions (as defined below). 

NOW, THEREFORE, subject to the conditions set forth herein, the parties hereto hereby agree as follows: 

ARTICLE I. 
 Definitions

 SECTION 1.01 Defined Terms. As used in this Agreement (including the recitals hereto), the following terms shall have the meanings
specified below: 
 “ABL Credit Agreement” shall mean that certain ABL Credit Agreement, dated as of August 12, 2016
and effective as of September 20, 2016, among Holdings, Claire’s Stores, as borrower, the lenders party thereto from time to time, and Credit Suisse AG, Cayman Islands Branch, as administrative agent. 

“ABR” shall mean, for any day, a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 1/2
of 1.00%, (b) the rate of interest in effect for such day as designated from time to time by the Administrative Agent as its “prime rate” at its principal office in New York, New York, (c) the Adjusted LIBO Rate for a one month
Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.00%, and (d) zero; provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate
determined on such day at approximately 11 a.m. (London time) by reference to the ICE Benchmark Administration Limited Interest Settlement Rates for deposits in Dollars (as set forth by any service selected by the Administrative Agent that has been
nominated by the British Bankers’ Association as an authorized vendor for the purpose of displaying such rates). Any change in such rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be
effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, as the case may be. 

“ABR Loan” shall mean any portion of the Term Loan bearing interest at a rate determined by reference to the ABR in
accordance with the provisions of Article II. 

 “Additional Term Loan Facility” shall mean additional credit facility entered
into on or after the Closing Date consisting of term loans to the Borrower in an aggregate principal amount not to exceed $60 million; provided, that (i) the Additional Term Loan Facility shall be pari passu with the Loans
hereunder and (ii) to the extent the terms of the Additional Term Loan Facility are not consistent with this Agreement, the covenants and events of default of such Additional Term Loan Facility shall not be more restrictive to the Borrower,
when taken as a whole, than the terms of this Agreement, unless the Borrower offers to amend this Agreement in a manner that includes such more restrictive terms. 

“Adjusted LIBO Rate” shall mean, with respect to any Eurocurrency Loan for any Interest Period, an interest rate per annum
equal to (a) the LIBO Rate in effect for such Interest Period divided by (b) one minus the Statutory Reserves applicable to such Eurocurrency Loan, if any. 

“Administrative Agent” shall have the meaning assigned to such term in the introductory paragraph of this Agreement. 

“Administrative Questionnaire” shall mean an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Affiliate” shall mean, when used with respect to a specified person, another person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified. 

“Agent” shall mean the Administrative Agent. 

“Agreement” shall have the meaning assigned to such term in the introductory paragraph of this Agreement. 

“Anti-Money Laundering Laws” means any and all laws, judgments, orders, executive orders, decrees, ordinances, rules,
regulations, statutes, case law or treaties applicable to the Borrower, its Subsidiaries or its Affiliates related to terrorism financing or money laundering, including any applicable provision of Title III of the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001 (Title III of Pub. L. 107-56) and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”,
31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959). 
 “Applicable Margin” shall
mean 4.50% per annum in the case of any Eurocurrency Loan and 3.50% per annum in the case of any ABR Loan. 
 “Approved
Fund” shall have the meaning assigned to such term in Section 9.04(b). 
 “Asset Sale” shall mean any loss,
damage, destruction or condemnation of, or any sale, transfer or other disposition (including any sale and leaseback of assets and any mortgage or lease of Real Property) to any person of any asset or assets of the Borrower or any Subsidiary. 

  
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 “Assignee” shall have the meaning assigned to such term in Section 9.04(b).

 “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an Assignee, and
accepted by the Administrative Agent and the Borrower (if required by Section 9.04), in the form of Exhibit A to this Agreement or such other form as shall be approved by the Administrative Agent and reasonably satisfactory to the
Borrower. 
 “Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable EEA
Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” shall mean, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule. 
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United
States of America. 
 “Board of Directors” shall mean, as to any person, the board of directors or other governing body of
such person, or if such person is owned or managed by a single entity, the board of directors or other governing body of such entity. 

“Borrower” shall have the meaning assigned to such term in the introductory paragraph of this Agreement. 

“Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; provided, that when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in the
applicable currency in the London interbank market. 
 “Capital Lease Obligations” of any person shall mean the obligations
of such person to pay rent or other amounts under any lease of (or other similar arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as
capital leases on a balance sheet of such person under GAAP and, for purposes hereof, the amount of such obligations at any time shall be the capitalized amount thereof accounted for as a liability at such time determined in accordance with GAAP.

 A “Change in Control” shall be deemed to occur if: 

(a) at any time, (i) Claire’s Stores shall fail to own, directly or indirectly, beneficially and of record, 100% of
the issued and outstanding Equity Interests of the Borrower, (ii) a majority of the seats (other than vacant seats) on the Board of Directors of the Borrower shall at any time be occupied by persons who were neither (A) nominated or
approved by the Board of Directors of Claire’s Stores or the Borrower or a Permitted Holder, (B) appointed by directors so nominated or approved nor (C) appointed 

  
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by a Permitted Holder or (iii) a “change of control” (or similar event) shall occur under any Material Indebtedness or any Permitted Refinancing Indebtedness in respect of any of
the foregoing or any Disqualified Stock (to the extent the aggregate amount of the applicable Disqualified Stock exceeds $35 million); or 

(b) any combination of Permitted Holders shall fail to own beneficially (within the meaning of Rule 13d-5 of the Exchange Act
as in effect on the Closing Date), directly or indirectly, in the aggregate Equity Interests representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower. 

“Change in Law” shall mean (a) the adoption of any law, rule or regulation after the Closing Date, (b) any change
in law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for purposes of Section 2.15(b), by any lending office of such Lender or
by such Lender’s holding company, if any) with any written request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date; provided that notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or
directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, shall
in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 
 “Closing
Date” shall have the meaning set forth in Article IV. 
 “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time and the regulations promulgated and rulings issued thereunder. 
 “Commitment” shall mean, with
respect to each Lender, the commitment of such Lender to make a Loan on the Closing Date pursuant to Section 2.01. The amount of each Lender’s Commitment is set forth on Schedule 2.01. The aggregate amount of the Lenders’ Commitments
is $40 million. 
 “Conduit Lender” shall mean any special purpose corporation organized and administered by any Lender for
the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided, that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any
of its obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents
and waivers required or requested under this Agreement with respect to its Conduit Lender; provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 2.15, 2.16, 2.17 or
9.05 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment. 

  
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 “Consolidated Debt” at any date shall mean the sum of (without duplication) the
principal or face amount, regardless of whether GAAP would require a different amount to be recited on the balance sheet of the Borrower, of all Indebtedness (other than letters of credit or bank guarantees, to the extent undrawn) consisting of
Capital Lease Obligations, Indebtedness for borrowed money, Disqualified Stock and Indebtedness in respect of the deferred purchase price of property or services of the Borrower and the Subsidiaries, in each case, as determined on a consolidated
basis on such date. 
 “Consolidated Net Income” shall mean, with respect to any person for any period, the aggregate of
the Net Income of such person and its subsidiaries for such period, on a consolidated basis; provided, however, that, without duplication, 

(i) any net after tax extraordinary gains or losses or income or expense or charge (less all fees and expenses relating
thereto) including, without limitation, any severance, relocation or other restructuring expenses, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, fees, expenses
or charges relating to new product lines, plant shutdown costs, curtailments or modifications to pension and post-retirement employee benefit plans, excess pension charges, acquisition integration costs, facilities opening costs, and expenses or
charges related to any offering of Equity Interests or debt securities of Claire’s Stores or any Parent Entity, any Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing, amendment or modification of
Indebtedness (in each case, whether or not successful), in each case, shall be excluded, 
 (ii) any net after tax income or
loss from abandoned, closed or discontinued operations and any net after tax gain or loss on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded, 

(iii) any net after tax gain or loss (less all fees and expenses or charges relating thereto) attributable to business
dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by the Borrower) shall be excluded, 

(iv) any net after tax income or loss (less all fees and expenses or charges relating thereto) attributable to the early
extinguishment of indebtedness, Swap Agreements or other derivative instruments resulting from fair-value accounting required by the applicable standards under GAAP shall be excluded, 

(v) (A) the equity interest in the Net Income for such period of any person that is not a subsidiary of such person or that is
accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent converted into cash) to the referent person or a subsidiary thereof
in respect of such period and (B) the Net Income for such period shall include any ordinary course dividend, distribution or other payment in cash received from any person in excess of the amounts included in clause (A), 

  
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 (vi) Consolidated Net Income for such period shall not include the cumulative
effect of a change in accounting principles during such period, 
 (vii) effects of purchase accounting adjustments
(including the effects of such adjustments pushed down to such person and its subsidiaries) in component amounts required or permitted by GAAP, resulting from the application of purchase accounting in relation to any acquisition consummated after
the Closing Date or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded, 
 (viii) any
non-cash impairment charges or asset write-offs, in each case pursuant to GAAP, and the amortization of intangibles, including key money amortization, arising pursuant to GAAP shall be excluded; 

(ix) any non-cash expenses realized or resulting from stock option plans, employee benefit plans or post-employment benefit
plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights shall be excluded, 

(x) expenses associated with additional accruals and reserves that were established or adjusted within twelve months after
February 28, 2012 and that are so required to be established or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded, 

(xi) non-cash gains, losses, income and expenses resulting from fair value accounting required by the applicable standards
under GAAP and related interpretations shall be excluded, 
 (xii) to the extent otherwise included in Consolidated Net
Income any currency translation gains and losses related to currency remeasurements of Indebtedness, and any net loss or gain resulting from Swap Agreements for currency exchange risk, shall be excluded, 

(xiii) (i) the non-cash portion of “straight-line” rent expense shall be excluded, (ii) the cash portion of
“straight-line” rent expense which exceeds the amount expensed in respect of such rent expense shall be included, (iii) the non-cash amortization of tenant allowances shall be excluded and (iv) cash received from landlords for
tenant allowances shall be included, 
 (xiv) an amount equal to the amount of any Restricted Payments actually made to any
parent or equity holder of such person in respect of such period shall be included as though such amounts had been paid as income taxes directly by such person for such period, and 

(xv) any (a) one-time non-cash compensation charges, (b) costs and expenses after February 28, 2012 related to
employment of terminated employees (including but not limited to change of control payments, “gross up” payments under Code Sections 280G and 4999 and the acceleration of options) or (c) costs or expenses realized in connection with
or resulting from stock appreciation or similar rights, stock options or other rights existing on February 28, 2012 of officers, directors and employees, in each case of such person or any of its Subsidiaries, shall be excluded. 

  
 10 

 “Consolidated Total Assets” shall mean, as of any date, the total assets of the
Borrower and the consolidated Subsidiaries, determined in accordance with GAAP, as set forth on the consolidated balance sheet of the Borrower as of such date. 

“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and “Controlling” and “Controlled” shall have meanings correlative thereto. 

“Cumulative Pro Forma Cash Interest Savings” means for any fiscal quarter after the Closing Date, the excess of (a) the
product of (i) Net Cash Interest Expense for the twelve month period ending on the Closing Date (determined on a pro forma basis as if the $174.4 million principal amount of Claire’s Stores’ 10.50% Senior Subordinated Notes due 2017
had been exchanged for $174.4 million principal amount of its newly-issued 10.50% PIK Senior Subordinated Notes due 2017 at the beginning of such twelve month period) and (ii) a fraction the numerator of which is the number of full fiscal
quarters that have elapsed since the Closing Date and the denominator of which is four; over (b) the sum of (x) Net Cash Interest Expense plus (y) license fee payments for the intellectual property license securing the New
Unrestricted Subsidiary Term Loan Facility plus (z) amortization payments made pursuant to this paragraph, in each case for the period beginning on the first day of the first full fiscal quarter after the Closing Date and ending on the last day
of the fiscal quarter for which Cumulative Pro Forma Cash Interest Savings is being determined. 
 “Debtor Relief Laws”
shall mean the U.S. Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect. 
 “Default” shall mean any event or condition which,
but for the giving of notice, lapse of time or both would constitute an Event of Default. 
 “Disinterested Director” shall
mean, with respect to any person and transaction, a member of the Board of Directors of such person who does not have any material direct or indirect financial interest in or with respect to such transaction. 

“Disqualified Stock” shall mean, with respect to any person, any Equity Interests of such person that, by its terms (or by
the terms of any security or other Equity Interests into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for
Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event
shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part,
(c) provides 

  
 11 

 
for the scheduled payments of dividends in cash or (d) either mandatorily or at the option of the holders thereof, is or becomes convertible into or exchangeable for Indebtedness or any
other Equity Interests that would constitute Disqualified Stock, in each case, prior to the date that is ninety-one (91) days after the earlier of (x) the Final Maturity Date and (y) the date on which the Loans and all other
Obligations that are accrued and payable are repaid in full; provided, however, that only the portion of the Equity Interests that so mature or are mandatorily redeemable, are so convertible or exchangeable or are so redeemable at the
option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided further, however, that if such Equity Interests are issued to any employee or to any plan for the benefit of employees of the
Borrower or the Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Stock solely because they may be required to be repurchased by the Borrower in order to satisfy applicable statutory or
regulatory obligations or as a result of such employee’s termination, death or disability; provided further, however, that any class of Equity Interests of such person that by its terms authorizes such person to satisfy its
obligations thereunder by delivery of Equity Interests that are not Disqualified Stock shall not be deemed to be Disqualified Stock. 

“Dollars” or “$” shall mean lawful money of the United States of America. 

“EBITDA” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, the
Consolidated Net Income of the Borrower and the Subsidiaries for such period plus (a) the sum of (in each case without duplication and to the extent the respective amounts described in subclauses (i) through (xiii) of this clause
(a) reduced such Consolidated Net Income (and were not excluded therefrom) for the respective period for which EBITDA is being determined): 

(i) provision for Taxes based on income, profits or capital of the Borrower and the Subsidiaries for such period, including,
without limitation, state, franchise and similar Taxes and foreign withholding Taxes (including any penalties and interest related to such Taxes or arising from Tax examinations), 

(ii) Interest Expense (and to the extent not included in Interest Expense, (x) all cash dividend payments (excluding items
eliminated in consolidation) on any series of preferred stock or Disqualified Stock and (y) costs of surety bonds in connection with financing activities) of the Borrower and the Subsidiaries for such period (net of interest income of the
Borrower and the Subsidiaries for such period), 
 (iii) depreciation and amortization expenses of the Borrower and the
Subsidiaries for such period including the amortization of intangible assets, key money expense, deferred financing fees and capitalized software expenditures and amortization of unrecognized prior service costs and actuarial gains and losses
related to pensions and other post-employment benefits, 
 (iv) any expenses or charges (other than depreciation or
amortization expense as described in the preceding clause (iii)) related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or the incurrence, modification or repayment of Indebtedness permitted to be
incurred by this Agreement (including a 

  
 12 

 
refinancing thereof) (whether or not successful), including (x) such fees, expenses or charges related to the Obligations and (y) any amendment or other modification of the Obligations
or other Indebtedness, 
 (v) commissions, discounts, yield and other fees and charges (including any interest expense)
related to any Permitted Receivables Financing, 
 (vi) restructuring charges or reserves, 

(vii) any other non-cash charges; provided, that, for purposes of this subclause (vii) of this clause (a), any
non-cash charges or losses shall be treated as cash charges or losses in any subsequent period during which cash disbursements attributable thereto are made (but excluding, for the avoidance of doubt, amortization of a prepaid cash item that was
paid in a prior period and any other item specifically identified in the definition of “Consolidated Net Income” or in this definition of “EBITDA”), 

(viii) the amount of loss on sale of receivables and related assets to a Special Purpose Receivables Subsidiary in connection
with a Permitted Receivables Financing, 
 (ix) any costs or expense incurred pursuant to any management equity plan or stock
option plan or any other management or employee benefit plan or agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Borrower, 

(x) the amount of management, consulting, monitoring, transaction and advisory fees and related expenses paid to the Fund or
any Fund Affiliate (or any accruals related to such fees and related expenses) during such period; provided, that such amount shall not exceed in any four quarter period the sum of (i) the greater of $6 million and 2.0% of EBITDA for
such four quarter period, plus any reasonable out of pocket costs and expenses in connection therewith and unpaid amounts accrued for prior periods, plus (ii) the amount of deferred fees (to the extent such fees would otherwise
have been permitted to be included in clause (i) if paid, but were not included in such clause (i)), plus (iii) 2.0% of the value of transactions permitted hereunder and entered into by Holdings and its subsidiaries with respect to
which the Fund or any Fund Affiliate provides any of the aforementioned types of services, plus (iv) the payment of the present value of all amounts payable pursuant to any agreement described in this subclause (x) of this clause
(a) in connection with the termination of such agreement, 
 (xi) non-cash stock compensation expense including GAAP
charges associated with any long-term incentive plan now in effect or later established, 
 (xii) any non-cash charges
associated with any income or loss from disposed, abandoned, discontinued operations or store closures to the extent not already captured in (a)(ii) of the definition of “Consolidated Net Income”, and 

(xiii) Exchange Transaction Expenses, 

  
 13 

 minus (b) the sum of (without duplication and to the extent the amounts described in this clause
(b) increased such Consolidated Net Income for the respective period for which EBITDA is being determined) non-cash items increasing Consolidated Net Income of the Borrower and the Subsidiaries for such period (but excluding any such items
(A) in respect of which cash was received in a prior period or will be received in a future period or (B) which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior
period). 
 “EEA Financial Institution” shall mean (a) any credit institution or investment firm established in any
EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” shall mean any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Embargoed Person” shall mean (i) any country or territory that is the subject of a sanctions program administered by
the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or (ii) any party that (w) is publicly identified on the most current list of “Specially Designated Nationals and Blocked Persons”
published by OFAC, (x) is a “designated national” pursuant to OFAC’s Cuban Assets Control Regulations (31 C.F.R. 515.305), (y) resides, is organized or chartered, or has a place of business in a country or territory that is
the subject of a sanctions program administered by OFAC or (z) is publicly identified as prohibited from doing business with the United States under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or any other
requirement of law. 
 “environment” shall mean ambient and indoor air, surface water and groundwater (including potable
water, navigable water and wetlands), the land surface or subsurface strata, natural resources such as flora and fauna, the workplace or as otherwise defined in any applicable law (including common law), rules, regulations, codes, ordinances,
orders, decrees or judgments, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the generation, management, release or threatened release of, or
exposure to, any hazardous material or to occupational health and safety matters (to the extent relating to the environment or hazardous materials). 

“Equity Interests” of any person shall mean any and all shares, interests, rights to purchase or otherwise acquire, warrants,
options, participations or other equivalents of or interests in (however designated) equity or ownership of such person, including any preferred stock, any limited or general partnership interest and any limited liability company membership
interest, and any securities or other rights or interests convertible into or exchangeable for any of the foregoing. 

  
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 “EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule
published by the Loan Market Association (or any successor person), as in effect from time to time. 
 “Eurocurrency Loan”
shall mean any portion of the Term Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance with the provisions of Article II. 

“Event of Default” shall have the meaning assigned to such term in Section 7.01. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Exchange Offer” shall mean the proposed exchange of at least $400 million in the aggregate of some combination of Senior
Secured Second Lien Notes and Senior Unsecured Notes (and, to the extent necessary to meet the minimum amount required for the exchange, Senior Subordinated Notes) for some combination of (i) new unsecured debt of the Borrower, (ii) up to
$125 million of new term debt of a subsidiary of Claire’s Stores, which subsidiary shall be an Unrestricted Subsidiary (as defined in the Senior Credit Agreement) and (iii) up to $40 million of new first lien debt of Claire’s Stores.

 “Exchange Transactions” shall mean, collectively, the transactions that have or will occur pursuant to the Transaction
Documents, including the execution and delivery of the Loan Documents and the refinancing of outstanding Revolving Facility Loans (as defined in the Senior Credit Agreement) by rolling over such loans into the Term Loan. 

“Exchange Transaction Expenses” shall mean any fees or expenses incurred or paid by the Borrower (or any direct or indirect
parent of the Borrower) directly or indirectly in connection with the Exchange Transactions, this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby including, without limitation, payments which are
accelerated or increased by reason of the consummation of the transactions. 
 “Excluded Taxes” shall mean, with respect to
the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower under any Loan Document, (a) any income Taxes imposed on (or measured by) its net income (however
denominated or franchise Taxes imposed in lieu of net income Taxes) by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending
office is located or any other jurisdiction as a result of such recipient engaging in a trade or business in such jurisdiction for tax purposes, (b) any branch profits Tax or any similar Tax that is imposed by any jurisdiction described in
clause (a) above, (c) in the case of a Lender making a Loan, (x) except in the case of a Lender that is an assignee pursuant to a request by the Borrower under Section 2.19, any withholding Tax that is in effect and would apply
to amounts payable hereunder to such Lender at the time such Lender becomes a party to such Loan (or designates a new lending office) except to the extent that such Lender (or its assignor, if any) was entitled, immediately before the designation of
a new lending office (or assignment), to receive additional amounts from the Borrower with respect to any withholding Tax pursuant to Section 2.17(a) or Section 2.17(c) or (y) any withholding Tax that is attributable to such
Lender’s failure to comply with Section 2.17(e) or Section 2.17(f) with respect to such Loan, and (d) any Taxes imposed under FATCA. 

  
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 “Fair Market Value” means, with respect to any asset or property, the price
which could be negotiated in an arms’-length transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. 

“FATCA” shall mean Sections 1471 through 1474 of the Code (including, for the avoidance of doubt, any agreements entered into
pursuant to Section 1471(b)(1) of the Code) as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the
implementation of such Sections of the Code. 
 “FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and the
rules and regulations thereunder. 
 “Federal Funds Rate” shall mean, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day. 

“Financial Officer” of any person shall mean the Chief Financial Officer, principal accounting officer, Treasurer, Assistant
Treasurer or Controller (or the equivalents in the relevant jurisdictions) of such person. 
 “Final Maturity Date” shall
mean February 4, 2019. 
 “Foreign Lender” shall mean any Lender that is not formed under the laws of Gibraltar. 

“Fund” shall mean Apollo Management VI, L.P. and other affiliated co-investment partnerships. 

“Fund Affiliate” shall mean (i) each Affiliate of the Fund and (ii) any individual who is a partner or employee of
Apollo Management, L.P. or the Fund. 
 “GAAP” shall mean generally accepted accounting principles in effect from time to
time in the United States, applied on a consistent basis, subject to the provisions of Section 1.02; provided that any reference to the application of GAAP in Sections 3.18(b), 5.03, 5.07 and 6.02(e) to a Subsidiary (and not as a
consolidated Subsidiary of the Borrower) shall mean generally accepted accounting principles in effect from time to time in the jurisdiction of organization of such Subsidiary. 

“Gibraltar Closing Date” shall have the meaning assigned to such term in the Third Amendment. 

  
 16 

 “Governmental Authority” shall mean any federal, state, local or foreign court
or governmental agency, authority, instrumentality or regulatory or legislative body. 
 “Guarantee” of or by any person
(the “guarantor”) shall mean (a) any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another person
(the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take or pay or otherwise) or to purchase (or to advance or supply funds for the
purchase of) any security for the payment of such Indebtedness or other obligations, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment
thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (iv) entered into
for the purpose of assuring in any other manner the holders of such Indebtedness or other obligation of the payment thereof or to protect such holders against loss in respect thereof (in whole or in part) or (v) as an account party in respect
of any letter of credit, bank guarantee or other letter of guaranty issued to support such Indebtedness or other obligation, or (b) any Lien on any assets of the guarantor securing any Indebtedness (or any existing right, contingent or
otherwise, of the holder of Indebtedness to be secured by such a Lien) of any other person, whether or not such Indebtedness or other obligation is assumed by the guarantor; provided, however, the term “Guarantee” shall not
include endorsements for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted
by this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such Guarantee is made or,
if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined by such person in good faith. 

“guarantor” shall have the meaning assigned to such term in the definition of the term “Guarantee.” 

“Holdings” shall mean Claire’s Inc., a Delaware corporation. 

“Immaterial Subsidiary” shall mean any Subsidiary that (a) did not, as of the last day of the fiscal quarter of the
Borrower most recently ended, have assets with a value in excess of 5.0% of the Consolidated Total Assets or revenues representing in excess of 5.0% of total revenues of the Borrower and the Subsidiaries on a consolidated basis for the applicable
Test Period, and (b) taken together with all Immaterial Subsidiaries as of the last day of the fiscal quarter of the Borrower most recently ended, did not have assets with a value in excess of 10.0% of Consolidated Total Assets or revenues
representing in excess of 10.0% of total revenues of the Borrower and the Subsidiaries on a consolidated basis for the applicable Test Period. Each Immaterial Subsidiary as of the Closing Date shall be set forth in Schedule 1.01A. 

  
 17 

 “Indebtedness” of any person shall mean, without duplication, (a) all
obligations of such person for borrowed money, (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such person under conditional sale or title retention agreements
relating to property or assets purchased by such person, (d) all obligations of such person issued or assumed as the deferred purchase price of property or services, to the extent the same would be required to be shown as a long-term liability
on a balance sheet prepared in accordance with GAAP, (e) all Capital Lease Obligations of such person, (f) all net payments that such person would have to make in the event of an early termination, on the date Indebtedness of such person
is being determined, in respect of outstanding Swap Agreements, (g) the principal component of all obligations, contingent or otherwise, of such person as an account party in respect of letters of credit and bank guarantees, (h) the
principal component of all obligations of such person in respect of bankers’ acceptances, (i) all Guarantees by such person of Indebtedness described in clauses (a) to (h) above) and (j) the amount of all obligations of such
person with respect to the redemption, repayment or other repurchase of any Disqualified Stock (excluding accrued dividends that have not increased the liquidation preference of such Disqualified Stock); provided, that Indebtedness shall not
include (A) trade payables, accrued expenses and intercompany liabilities arising in the ordinary course of business, (B) prepaid or deferred revenue arising in the ordinary course of business, (C) purchase price holdbacks arising in
the ordinary course of business in respect of a portion of the purchase prices of an asset to satisfy unperformed obligations of the seller of such asset or (D) earn-out obligations until such obligations become a liability on the balance sheet
of such person in accordance with GAAP. The Indebtedness of any person shall include the Indebtedness of any partnership in which such person is a general partner, other than to the extent that the instrument or agreement evidencing such
Indebtedness expressly limits the liability of such person in respect thereof. To the extent not otherwise included, Indebtedness shall include the amount of any Receivables Net Investment. 

“Indemnified Taxes” shall mean all Taxes other than Excluded Taxes and Other Taxes. 

“Indemnitee” shall have the meaning assigned to such term in Section 9.05(b). 

“Ineligible Institution” shall mean the persons identified in writing to the Administrative Agent by the Borrower on the
Closing Date, and as may be identified in writing to the Administrative Agent by the Borrower from time to time thereafter in order to update such list with bona fide competitors of the Borrower and its Subsidiaries, with the written consent of the
Administrative Agent, by delivery of a notice thereof to the Administrative Agent setting forth such person or persons (or the person or persons previously identified to the Administrative Agent that are to be no longer considered “Ineligible
Institutions”). 
 “Interest Election Request” shall mean a request by the Borrower to convert or continue all or a
portion of the Term Loan in accordance with Section 2.07. 
 “Interest Expense” shall mean, with respect to any person
for any period, the sum of (a) gross interest expense of such person for such period on a consolidated basis, including (i) the amortization of debt discounts, (ii) the amortization of all fees (including fees with respect to Swap
Agreements) payable in connection with the incurrence of Indebtedness to the extent 

  
 18 

 
included in interest expense and (iii) the portion of any payments or accruals with respect to Capital Lease Obligations allocable to interest expense, (b) capitalized interest of such
person, and (c) commissions, discounts, yield and other fees and charges incurred in connection with any Permitted Receivables Financing which are payable to any person other than the Borrower. For purposes of the foregoing, gross interest
expense shall be determined after giving effect to any net payments made or received and costs incurred by the Borrower and the Subsidiaries with respect to Swap Agreements, and interest on a Capitalized Lease Obligation shall be deemed to accrue at
an interest rate reasonably determined by the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 

“Interest Payment Date” shall mean, (a) with respect to any Eurocurrency Loan, the last day of the Interest Period
applicable to the Loan and, in the case of a Eurocurrency Loan with an Interest Period of more than three months’ duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration
been applicable to such Loan and (b) with respect to any ABR Loan, the last Business Day of each March, June, September and December. 

“Interest Period” shall mean, as to any Eurocurrency Loan, the period commencing on the date of the borrowing of such Loan or
on the last day of the immediately preceding Interest Period applicable to such Loan, as applicable, and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 1,
2, 3 or 6 months thereafter (or 12 months, if at the time of the relevant borrowing date, all Lenders make interest periods of such length available), as the Borrower may elect, or the date any Eurocurrency Loan is converted to an ABR Loan in
accordance with Section 2.07 or repaid or prepaid in accordance with Section 2.09 or 2.11; provided, however, that if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day. Interest shall accrue from and including the first day of an
Interest Period to but excluding the last day of such Interest Period. 
 “Interpolated Rate” shall mean, in relation to
the LIBO Rate Loans for any Loan, the rate which results from interpolating on a linear basis between: (a) the rate appearing on Reuters Screen LIBOR01 Page (or otherwise on the Reuters screen) for the longest period (for which that rate is
available) which is less than the Interest Period and (b) the rate appearing on Reuters Screen LIBOR01 Page (or otherwise on the Reuters screen) for the shortest period (for which that rate is available) which exceeds the Interest Period, each
as of approximately 11:00 A.M., London time, two Business Days prior to the commencement of such Interest Period. 

“Investment” shall have the meaning assigned to such term in Section 6.04. 

“Junior Financing” shall have the meaning assigned to such term in Section 6.09(b). 

“Lender” shall mean each financial institution listed on Schedule 2.01 (other than any such person that has ceased to
be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 9.04), as well as any person that becomes a “Lender” hereunder pursuant to Section 9.04. 

  
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 “lending office” shall mean, as to any Lender, the applicable branch, office or
Affiliate of such Lender designated by such Lender to make Loans. 
 “LIBO Rate” shall mean, with respect to any
Eurocurrency Loan for any Interest Period, the greater of (a) zero, and (b) the rate per annum equal to the London interbank offered rate as administered by ICE Benchmark Administration Limited (“ICE LIBOR”), as published
by Bloomberg (or other commercially available source providing quotations of ICE LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; provided, that if such rate is not available at such time for any reason, then the “LIBO
Rate” for such Interest Period shall be the Interpolated Rate. 
 “Lien” shall mean, with respect to any asset,
(a) any mortgage, deed of trust, lien, hypothecation, pledge, charge, security interest or similar encumbrance in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset; provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a
Lien. 
 “Loan Documents” shall mean this Agreement and any Note issued under Section 2.09(d). 

“Loans” shall mean, collectively, the Term Loans made by the Lenders pursuant to Section 2.01. 

“Local Time” shall mean New York City time. 

“Management Group” shall mean the group consisting of the directors, executive officers and other management personnel of
Claire’s Stores, the Borrower and the Subsidiaries, as the case may be, on the Closing Date together with (x) any new directors whose election by such boards of directors or whose nomination for election by the shareholders of the Borrower
or Claire’s Stores, as the case may be, was approved by a vote of a majority of the directors of the Borrower or Claire’s Stores, as the case may be, then still in office who were either directors on the Closing Date or whose election or
nomination was previously so approved and (y) executive officers and other management personnel of Claire’s Stores, the Borrower and the Subsidiaries, as the case may be, hired at a time when the directors on the Closing Date together with
the directors so approved constituted a majority of the directors of the Borrower or Claire’s Stores, as the case may be. 

“Margin Stock” shall have the meaning assigned to such term in Regulation U. 

“Material Adverse Effect” shall mean a material adverse effect on the business, property, operations or condition of the
Borrower and the Subsidiaries, taken as a whole, or the validity or enforceability of any of the material Loan Documents or the rights and remedies of the Administrative Agent and the Lenders thereunder. 

  
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 “Material Indebtedness” shall mean Indebtedness (other than Loans) of the
Borrower or any Subsidiary in an aggregate principal amount exceeding $5 million. 
 “Material Subsidiary” shall mean any
Subsidiary other than Immaterial Subsidiaries. 
 “Maturity Date” shall mean the earliest of (a) the date on which the
outstanding Loans and accrued and unpaid Obligations with respect thereto become due and payable pursuant to Section 7.01 or any other provision of this Agreement, (b) April 1, 2017, if the Senior Subordinated Notes have not been
repaid or refinanced in full on or before March 31, 2017 and (c) the Final Maturity Date. For purposes of this definition, the extension of the term of the 10.50% PIK Senior Subordinated Notes due 2017 to June 1, 2019 shall be deemed
a refinancing. 
 “Maximum Rate” shall have the meaning assigned to such term in Section 9.09. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“Net Cash Interest Expense” shall mean, for any period, total cash interest expense, net of interest income, of Claire’s
Stores and its consolidated Subsidiaries (other than Unrestricted Subsidiaries (as defined in the Senior Credit Agreement)) for such period (including all commissions, discounts and other fees and charges owed with respect to letters of credit and
bankers’ acceptances and net costs under swap agreements in respect of interest rates to the extent such costs are paid in cash during such period), calculated on a consolidated basis. 

“Net Cash Transfer Amount” shall mean, as of any date of measurement, the aggregate amount of all Permitted Foreign Cash
Transfers made by the Borrower to Claire’s Stores from the Closing Date minus the amount of all returns of cash (whether as an Investment in the equity of or contribution of capital to the Borrower, the repayment of an intercompany loan
or the making of an intercompany loan to the Borrower or any other cash payment that is permitted under this Agreement) in respect of Permitted Foreign Cash Transfers from Claire’s Stores or its domestic subsidiaries from the Closing Date. 

“Net Income” shall mean, with respect to any person, the net income (loss) of such person, determined in accordance with GAAP
and before any reduction in respect of preferred stock dividends. 
 “New Unrestricted Subsidiary Term Loan Facility” shall
mean a facility consisting of term loans to a newly formed Unrestricted Subsidiary (as defined in the Senior Credit Agreement) in an aggregate principal amount not to exceed $130 million, which shall be secured by certain intellectual property. 

“Non-Consenting Lender” shall have the meaning assigned to such term in Section 2.19(c). 

  
 21 

 “Note” shall have the meaning assigned to such term in Section 2.09(d).

 “Notes Offering Memorandum” shall mean the Offering Memorandum, dated September 6, 2012, in respect of additional
Senior Secured First Lien Notes. 
 “Obligations” shall mean (a) the due and punctual payment by the Borrower of
(i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made
to the Borrower, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations of the Borrower to any of the Administrative Agent or Lenders under the
Credit Agreement and each of the other Loan Documents, including obligations to pay fees, expense and reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary
obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and (b) the due and punctual performance of all other obligations
of the Borrower under or pursuant to the Credit Agreement and each of the other Loan Documents. 
 “Other Taxes” shall mean
any and all present or future stamp or documentary Taxes or any other excise, transfer, sales, property, intangible, mortgage recording, or similar Taxes arising from any payment made hereunder or from the execution, delivery or enforcement of, or
otherwise with respect to, the Loan Documents, and any and all interest, penalties and additions related thereto (but not Excluded Taxes). 

“Parent Entity” shall mean any indirect parent of the Borrower. 

“Participant” shall have the meaning assigned to such term in Section 9.04(d). 

“Permitted Business Acquisition” shall mean any acquisition in the ordinary course of the Loan Parties’ business
(including the acquisitions of stores, leases for stores or other operating assets) of all or substantially all the assets of, or all the Equity Interests (other than directors’ qualifying shares) in, or merger, consolidation or amalgamation
with, a person or division or line of business of a person (or any subsequent investment made in a person, division or line of business previously acquired in a Permitted Business Acquisition), if immediately after giving effect thereto: (i) no
Event of Default shall have occurred and be continuing or would result therefrom; (ii) all transactions related thereto shall be consummated in accordance with applicable laws; (iii) any acquired or newly formed Subsidiary shall not be
liable for any Indebtedness except for Indebtedness permitted by Section 6.01; (iv) to the extent required by Section 5.10, any person acquired in such acquisition, if acquired by the Borrower or a domestic subsidiary, shall be merged
into the Borrower or a Subsidiary Loan Party or become upon consummation of such acquisition a Subsidiary Loan Party; and (v) the aggregate amount of such acquisitions and investments made for cash consideration shall not exceed $5 million.

 “Permitted Foreign Cash Transfer” shall mean a transfer of cash (whether as a cash payment, the making of an
intercompany loan or the repayment of an intercompany loan) from the Borrower to Claire’s Stores if, after giving effect to such transfer, the Net Cash Transfer 

  
 22 

 
Amount would not exceed the excess of (a)(i) $30 million minus (ii) the aggregate amount of any cash on hand at such time of Claire’s Stores and its domestic subsidiaries or
(b)(i) the amount of any interest payment in respect of Indebtedness of Claire’s Stores coming due five (5) or fewer Business Days after such transfer plus $30 million minus (ii) the aggregate amount of cash on hand at such
time of Claire’s Stores and its domestic subsidiaries. All such cash transfer calculations shall be as determined by the Borrower in its reasonable good faith discretion and using internally generated numbers. 

“Permitted Holder” shall mean each of (i) the Fund and the Fund Affiliates, and (ii) the Management Group. 

“Permitted Investments” shall mean: 

(a) direct obligations of the United States of America or any member of the European Union or any agency thereof or obligations
guaranteed by the United States of America or any member of the European Union or any agency thereof, in each case with maturities not exceeding two years; 

(b) time deposit accounts, certificates of deposit and money market deposits maturing within 180 days of the date of
acquisition thereof issued by a bank or trust company that is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of America having capital, surplus and undivided profits
in excess of $250.0 million and whose long term debt, or whose parent holding company’s long term debt, is rated A by S&P or A by Moody’s; 

(c) repurchase obligations with a term of not more than 180 days for underlying securities of the types described in clause
(a) above entered into with a bank meeting the qualifications described in clause (b) above; 
 (d) commercial
paper, maturing not more than one year after the date of acquisition, issued by a corporation (other than an Affiliate of the Borrower) organized and in existence under the laws of the United States of America or any foreign country recognized by
the United States of America with a rating at the time as of which any investment therein is made of P 1 (or higher) according to Moody’s, or A 1 (or higher) according to S&P; 

(e) securities with maturities of two years or less from the date of acquisition issued or fully guaranteed by any State,
commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least A by S&P or A by Moody’s; 

(f) shares of mutual funds whose investment guidelines restrict 95% of such funds’ investments to those satisfying the
provisions of clauses (a) through (e) above; 
 (g) money market funds that (i) comply with the criteria set
forth in Rule 2a 7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5 billion; 

  
 23 

 (h) time deposit accounts, certificates of deposit and money market deposits in
an aggregate face amount not in excess of 0.5% of the total assets of the Borrower and the Subsidiaries, on a consolidated basis, as of the end of the Borrower’s most recently completed fiscal year; and 

(i) instruments equivalent to those referred to in clauses (a) through (h) above denominated in any foreign currency
comparable in credit quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business
conducted by any Subsidiary organized in such jurisdiction. 
 “Permitted Liens” shall have the meaning assigned to such
term in Section 6.02. 
 “Permitted Receivables Documents” shall mean all documents and agreements evidencing,
relating to or otherwise governing a Permitted Receivables Financing. 
 “Permitted Receivables Financing” shall mean one
or more transactions pursuant to which (i) Receivables Assets or interests therein are sold to or financed by one or more Special Purpose Receivables Subsidiaries, and (ii) such Special Purpose Receivables Subsidiaries finance their
acquisition of such Receivables Assets or interests therein, or the financing thereof, by selling or borrowing against Receivables Assets; provided, that (A) recourse to the Borrower or any Subsidiary (other than the Special Purpose
Receivables Subsidiaries) in connection with such transactions shall be limited to the extent customary for similar transactions in the applicable jurisdictions (including, to the extent applicable, in a manner consistent with the delivery of a
“true sale”/“absolute transfer” opinion with respect to any transfer by the Borrower or any Subsidiary (other than a Special Purpose Receivables Subsidiary) and (B) the aggregate Receivables Net Investment since the Closing
Date shall not exceed $50 million at any time outstanding. 
 “Permitted Refinancing Indebtedness” shall mean any
Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof
constituting Permitted Refinancing Indebtedness); provided, that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if
applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest and premium (including tender premiums) thereon and underwriting discounts, defeasance costs, fees, commissions and expenses), (b) except with respect to
Section 6.01(i), the weighted average life to maturity of such Permitted Refinancing Indebtedness is greater than or equal to the shorter of (i) the weighted average life to maturity of the Indebtedness being Refinanced and (ii) the
weighted average life to maturity that would result if all payments of principal on the Indebtedness being Refinanced that were due on or after the date that is one year following the Final Maturity Date were instead due on the date that is one year
following the Final Maturity Date, (c) if the Indebtedness being Refinanced is subordinated in right of payment to the Obligations under this Agreement, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to such
Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced and (d) no Permitted Refinancing Indebtedness shall have

  
 24 

 
different obligors, or greater guarantees or security, than the Indebtedness being Refinanced; provided further, that with respect to a Refinancing of Indebtedness permitted
hereunder that is subordinated, such Permitted Refinancing Indebtedness shall be on terms not materially less favorable to the Lenders than those contained in the documentation governing the Indebtedness being Refinanced. 

“Permitted Senior Indebtedness” shall mean Indebtedness under the Senior Euro Revolver Agreement or otherwise designated by
the Borrower as Permitted Senior Indebtedness, not to exceed $50 million in aggregate principal amount outstanding at any one time. 

“person” shall mean any natural person, corporation, business trust, joint venture, association, company, partnership,
limited liability company or government, individual or family trusts, or any agency or political subdivision thereof. 

“Platform” shall have the meaning assigned to such term in Section 9.17(a). 

“Preferred Stock” shall mean any Equity Interest with preferential right of payment of dividends or upon liquidation,
dissolution or winding up. 
 “primary obligor” shall have the meaning given such term in the definition of the term
“Guarantee.” 
 “Pro Forma Basis” shall mean, as to any person, for any events as described below that occur
subsequent to the commencement of a period for which the financial effect of such events is being calculated, and giving effect to the events for which such calculation is being made, such calculation as will give pro forma effect to such events as
if such events occurred on the first day of the four consecutive fiscal quarter period ended on or before the occurrence of such event (the “Reference Period”): (i) in making any determination of EBITDA, effect shall be given
to any Asset Sale, any acquisition, Investment, disposition, merger, amalgamation, consolidation (or any similar transaction or transactions not otherwise permitted under Section 6.04 or 6.05 that require a waiver or consent of the Required
Lenders and such waiver or consent has been obtained), any dividend, distribution or other similar payment, and any restructurings of the business of the Borrower or any of the Subsidiaries that the Borrower or any of the Subsidiaries has determined
to make and/or made and are expected to have a continuing impact and are factually supportable, which would include cost savings resulting from head count reduction, closure of facilities and similar operational and other cost savings, which
adjustments the Borrower determines are reasonable as set forth in a certificate of a Financial Officer of the Borrower (the foregoing, together with any transactions related thereto or in connection therewith, the “relevant
transactions”), in each case that occurred during the Reference Period (or (x) in the case of restructurings determined to be made, will occur within twelve months after the date of such certificate or (y) in the case of
determinations made pursuant to the definition of the term “Permitted Business Acquisition”, occurring during the Reference Period or thereafter and through and including the date upon which the respective Permitted Business Acquisition or
incurrence of Indebtedness or Liens or other relevant transaction is consummated), (ii) in making any determination on a Pro Forma Basis, (x) all Indebtedness (including Indebtedness issued, incurred or assumed as a result of, or to
finance, any relevant transactions and for which the financial effect is being calculated, whether incurred 

  
 25 

 
under this Agreement or otherwise, but excluding normal fluctuations in revolving Indebtedness incurred for working capital purposes and amounts outstanding under any Permitted Receivables
Financing, in each case not to finance any acquisition) issued, incurred, assumed or permanently repaid during the Reference Period (or, in the case of determinations made pursuant to the definition of the term “Permitted Business
Acquisition”, occurring during the Reference Period or thereafter and through and including the date upon which the respective Permitted Business Acquisition or incurrence of Indebtedness or Liens or other relevant transaction is consummated)
shall be deemed to have been issued, incurred, assumed or permanently repaid at the beginning of such period and (y) Interest Expense of such person attributable to interest on any Indebtedness, for which pro forma effect is being given as
provided in preceding clause (x), bearing floating interest rates shall be computed on a pro forma basis as if the rates that would have been in effect during the period for which pro forma effect is being given had been actually in effect during
such periods. 
 Pro forma calculations made pursuant to the definition of the term “Pro Forma Basis” shall be
determined in good faith by a Responsible Officer of the Borrower and may include, for any fiscal period ending on or prior to the second anniversary of any relevant pro forma event, adjustments to reflect operating expense reductions and other
operating improvements, synergies or cost savings reasonably expected to result from such relevant pro forma event (including, to the extent applicable, the Exchange Transactions). The Borrower shall deliver to the Administrative Agent a certificate
of a Financial Officer of the Borrower setting forth such demonstrable or additional operating expense reductions and other operating improvements, synergies or cost savings and information and calculations supporting them in reasonable detail. 

For purposes of this definition, any amount in a currency other than Dollars will be converted to Dollars based on the average exchange rate
for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 

“Qualified Equity Interests” shall mean any Equity Interests other than Disqualified Stock. 

“Real Property” shall mean, collectively, all right, title and interest (including any leasehold estate) in and to any and
all parcels of or interests in real property owned in fee or leased by the Borrower, together with, in each case, all easements, hereditaments and appurtenances relating thereto, and all improvements and appurtenant fixtures incidental to the
ownership or lease thereof. 
 “Receivables Assets” shall mean accounts receivable (including any bills of exchange) and
related assets and property from time to time originated, acquired or otherwise owned by the Borrower or any Subsidiary. 

“Receivables Net Investment” shall mean the aggregate cash amount paid by the lenders or purchasers under any Permitted
Receivables Financing in connection with their purchase of, or the making of loans secured by, Receivables Assets or interests therein, as the same may be reduced from time to time by collections with respect to such Receivables Assets or

  
 26 

 
otherwise in accordance with the terms of the Permitted Receivables Documents (but excluding any such collections used to make payments of items included in clause (c) of the definition of
Interest Expense); provided, however, that if all or any part of such Receivables Net Investment shall have been reduced by application of any distribution and thereafter such distribution is rescinded or must otherwise be returned for
any reason, such Receivables Net Investment shall be increased by the amount of such distribution, all as though such distribution had not been made. 

“Reference Period” shall have the meaning assigned to such term in the definition of the term “Pro Forma Basis.”

 “Refinance” shall have the meaning assigned to such term in the definition of the term “Permitted Refinancing
Indebtedness,” and “Refinanced” shall have a meaning correlative thereto. 
 “Register” shall have
the meaning assigned to such term in Section 9.04(b). 
 “Regulation U” shall mean Regulation U of the Board as from
time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation X” shall mean
Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 

“Related Fund” shall mean, with respect to any Lender that is a fund that invests in bank or commercial loans and similar
extensions of credit, any other fund that invests in bank or commercial loans and similar extensions of credit and is advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity (or an Affiliate of such
entity) that administers, advises or manages such Lender. 
 “Related Parties” shall mean, with respect to any specified
person, such person’s Affiliates and the respective directors, trustees, officers, employees, agents and advisors of such person and such person’s Affiliates. 

“Remaining Present Value” shall mean, as of any date with respect to any lease, the present value as of such date of the
scheduled future lease payments with respect to such lease, determined with a discount rate equal to a market rate of interest for such lease reasonably determined at the time such lease was entered into. 

“Required Lenders” shall mean, at any time, lenders having a majority in the principal amount of outstanding Loans under this
Agreement and the Additional Term Loan Facility, voting as a single class. 
 “Responsible Officer” of any person shall
mean any executive officer or Financial Officer of such person and any other officer or similar official thereof responsible for the administration of the obligations of such person in respect of this Agreement. 

“Restricted Payment” shall have the meaning assigned to such term in Section 6.06. 

  
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 “S&P” shall mean Standard & Poor’s Ratings Group, Inc. 

“Sale and Lease Back Transaction” shall have the meaning assigned to such term in Section 6.03. 

“SEC” shall mean the Securities and Exchange Commission or any successor thereto. 

“Senior Credit Agreement” shall mean that certain Second Amended and Restated Credit Agreement, dated as of August 12,
2016 and effective as of September 20, 2016, by and among Claire’s Stores and Holdings, as Borrower, the lenders party thereto, Credit Suisse AG, Cayman Island Branch, as Administrative Agent, and the other joint bookrunners and lead
arrangers party thereto (as amended, supplemented or otherwise modified on the date hereof, including without limitation by the Third Amendment, and as may be further amended, supplemented or otherwise modified). 

“Senior Euro Revolver Agreement” shall mean that certain Multicurrency Revolving Facility Agreement, dated as of
October 2, 2014, by and among the Borrower, the Guarantors party thereto and HSBC Bank PLC, as Lender (as amended, supplemented or otherwise modified on the date hereof). 

“Senior Secured Debt” at any date shall mean (i) the aggregate principal amount of Consolidated Debt of the Borrower and
the Subsidiaries outstanding at such date that consists of, without duplication, (A) Indebtedness that in each case is then secured by a Lien and (B) Indebtedness of the Subsidiaries, less (ii) without duplication, the sum of
(x) Unrestricted Cash and Permitted Investments of the Borrower on such date plus (y) the lesser of (A) the Unrestricted Cash and Permitted Investments that would appear on an unconsolidated balance sheet of the Borrower on such date
and (B) 25% of EBITDA for the relevant four quarter period used in calculating the Total Net Secured Leverage Ratio. 
 “Senior
Secured First Lien Note Documents” shall mean the Senior Secured First Lien Notes and the Senior Secured First Lien Notes Indenture. 

“Senior Secured First Lien Notes” shall mean up to $1,125 million aggregate principal amount of Claire’s Stores’
9.00% Senior Secured First Lien Notes due 2019 issued pursuant to the Senior Secured First Lien Notes Indenture and outstanding on the Gibraltar Closing Date. 

“Senior Secured First Lien Notes Indenture” shall mean the Indenture dated as of February 28, 2012 under which the
Senior Secured First Lien Notes were issued, among Claire’s Stores and certain of its subsidiaries party thereto and the trustee named therein from time to time, as amended, restated, supplemented or otherwise modified from time to time in
accordance with the requirements thereof. 
 “Senior Secured Second Lien Note Documents” shall mean the Senior Secured
Second Lien Notes and the Senior Secured Second Lien Notes Indenture. 
 “Senior Secured Second Lien Notes” shall mean up
to $450 million aggregate principal amount of Claire’s Stores’ 8.875% Senior Secured Second Lien Notes due 2019 issued pursuant to the Senior Secured Second Lien Notes Indenture and outstanding on the Gibraltar Closing Date. 

  
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 “Senior Secured Second Lien Notes Indenture” shall mean the Indenture dated as
of March 4, 2011 under which the Senior Secured Second Lien Notes were issued, among Claire’s Stores and certain of its subsidiaries party thereto and the trustee named therein from time to time, as amended, restated, supplemented or
otherwise modified from time to time in accordance with the requirements thereof. 
 “Senior Subordinated Notes” shall mean
up to $85.2 million aggregate principal amount of Claire’s Stores’ 10.5% Senior Subordinated Notes due 2017 and up to $183.55 million 10.5% PIK Senior Subordinated Notes issued pursuant to the Senior Subordinated Notes Indenture and
outstanding on the Closing Date. 
 “Senior Subordinated Notes Indenture” shall mean the Indenture dated as of May 14,
2013 under which the Senior Subordinated Notes were issued, among Claire’s Stores and certain of its subsidiaries party thereto and the trustee named therein from time to time, as amended, restated, supplemented or otherwise modified from time
to time in accordance with the requirements thereof. 
 “Senior Unsecured Notes” shall mean up to $320 million aggregate
principal amount of Claire’s Stores’ 7.75% Senior Notes due 2020, issued pursuant to the Senior Unsecured Notes Indenture and outstanding on the Gibraltar Closing Date. 

“Senior Unsecured Notes Indenture” shall mean the Indenture dated as of May 14, 2013 under which the Senior Unsecured
Notes were issued, among Claire’s Stores and certain of its subsidiaries party thereto and the trustee named therein from time to time, as amended, restated, supplemented or otherwise modified from time to time in accordance with the
requirements thereof. 
 “Special Purpose Receivables Subsidiary” shall mean a direct or indirect Subsidiary of the
Borrower established in connection with a Permitted Receivables Financing for the acquisition of Receivables Assets or interests therein, and which is organized in a manner intended to reduce the likelihood that it would be substantively
consolidated with the Borrower or any of the Subsidiaries (other than Special Purpose Receivables Subsidiaries) in the event the Borrower or any such Subsidiary becomes subject to a proceeding under the U.S. Bankruptcy Code (or other insolvency
law). 
 “Statutory Reserves” shall mean, with respect to any currency, any reserve, liquid asset or similar requirements
established by any Governmental Authority of the United States of America or of the jurisdiction of such currency or any jurisdiction in which Loans in such currency are made to which banks in such jurisdiction are subject for any category of
deposits or liabilities customarily used to fund loans in such currency or by reference to which interest rates applicable to Loans in such currency are determined. 

“Subordinated Intercompany Debt” shall have the meaning assigned to such term in Section 6.01(e). 

  
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 “subsidiary” shall mean, with respect to any person (herein referred to as the
“parent”), any corporation, partnership, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50%
of the general partnership interests are, at the time any determination is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more
subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” shall mean, unless
the context otherwise requires, a subsidiary of the Borrower. 
 “Swap Agreement” shall mean any agreement with respect to
any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices
or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided, that no phantom stock or similar plan providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of Claire’s Stores, the Borrower or any of the Subsidiaries shall be a Swap Agreement. 

“Synthetic Lease Obligations” shall mean obligations of the Borrower as lessee/borrower under any transaction which is
classified as an operating lease under GAAP but as a financing for tax purposes. 
 “Taxes” shall mean any and all present
or future taxes, levies, imposts, duties (including stamp duties), deductions, withholdings or similar charges (including ad valorem charges) imposed by any Governmental Authority and any and all interest, penalties and additions
related thereto. 
 “Test Period” shall mean, on any date of determination, the period of four consecutive fiscal quarters
of the Borrower then most recently ended (taken as one accounting period). 
 “Third Amendment” shall mean that certain
Amendment No. 3 to the Senior Credit Agreement dated as of August 12, 2016. 
 “Total Net Secured Leverage Ratio”
shall mean, on any date, the ratio of (a) Senior Secured Debt as of such date to (b) EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended as of such date, all determined on a consolidated basis in
accordance with GAAP; provided, that EBITDA shall be determined for the relevant Test Period on a Pro Forma Basis. 

“Type” shall mean, when used in respect of any portion of the Term Loan, the Rate by reference to which interest on such
portion of the Term Loan is determined. For purposes hereof, “Rate” shall include the Adjusted LIBO Rate and the ABR. 

  
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 “Uniform Commercial Code” shall mean the Uniform Commercial Code as the same may
from time to time be in effect in the State of New York or the Uniform Commercial Code. 
 “Unrestricted Cash” shall mean
cash or cash equivalents of the Borrower or any of the Subsidiaries that would not appear as “restricted” on a consolidated balance sheet of the Borrower or any of the Subsidiaries; provided, that, solely for purposes of
clause (ii)(y)(A) of the definition of “Senior Secured Debt”, “Unrestricted Cash” shall mean cash or cash equivalents of Claire’s Stores or any of the Subsidiaries (other than the Borrower and its Subsidiaries) that would
not appear as “restricted” on a consolidated balance sheet of Claire’s Stores or any of the Subsidiaries. 
 “U.S.
Bankruptcy Code” shall mean Title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors. 

“USA PATRIOT Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 
 “Wholly Owned
Subsidiary” of any person shall mean a subsidiary of such person, all of the Equity Interests of which (other than directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such
person or another Wholly Owned Subsidiary of such person. 
 “Write-Down and Conversion Powers” shall mean, with respect to
any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU
Bail-In Legislation Schedule. 
 SECTION 1.02 Terms Generally. The definitions set forth or referred to in Section 1.01 shall
apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules
to, this Agreement unless the context shall otherwise require. Except as otherwise expressly provided herein, any reference in this Agreement to any Loan Document shall mean such document as amended, restated, supplemented or otherwise modified from
time to time in accordance with the requirements hereof and thereof. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time;
provided, that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on
the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such
change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such
provision amended in accordance herewith. 

  
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 ARTICLE II. 

The Credits 
 SECTION 2.01
Commitments. Upon the terms and subject to the conditions set forth herein, each Lender agrees to make a Loan to the Borrower on the Closing Date in an amount equal to such Lender’s Commitment. Once repaid, the Term Loan may not be
reborrowed. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided, that the Commitments of the Lenders are several and no Lender shall be responsible for
any other Lender’s failure to make Loans as required. 
 SECTION 2.02 Term Loans. 

(a) Subject to Section 2.14, the Term Loan shall initially be comprised of Eurocurrency Loans with an Interest Period of three
(3) months. 
 (b) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to elect to convert or
continue any portion of the Term Loan if the Interest Period with respect thereto would end after the Final Maturity Date. 
 SECTION 2.03
[Reserved]. 
 SECTION 2.04 Procedure for Borrowing. On the Closing Date, each Lender shall make available to the account of
the Administrative Agent, no later than 12:00 p.m., Local Time, an amount in immediately available funds equal to its Commitment by rolling over outstanding Revolving Facility Loans (as defined in the Senior Credit Agreement) with such Revolving
Facility Loans automatically deemed to be Term Loans hereunder. Upon receipt of the funds to be made available by the Lenders, the Administrative Agent shall disburse such funds by depositing the requested amounts into the account(s) specified by
the Borrower to the Administrative Agent. 
 SECTION 2.05 [Reserved]. 

SECTION 2.06 [Reserved]. 

SECTION 2.07 [Reserved]. 

SECTION 2.08 Interest Elections. 

(a) The Term Loan initially shall be comprised of a Eurocurrency Borrowing with an initial Interest Period of three (3) months.
Thereafter, the Borrower may elect to convert a portion of the Term Loan to a different Type or to continue the Term Loan and, in the case of a Eurocurrency Loan, may elect Interest Periods therefor, all as provided in this Section. 

  
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 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative
Agent of such election by telephone (i) in the case of conversion to a Eurocurrency Loan, not later than 12:00 p.m., Local Time, three Business Days before the date of the proposed conversion or (ii) in the case of an ABR Loan, not later
than 12:00 p.m., Local Time, one Business Day before the date of the proposed conversion. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of
a written Interest Election Request in the form of Exhibit B and signed by the Borrower. 
 (c) Each telephonic and written Interest
Election Request shall be irrevocable and shall specify the following information in compliance with Section 2.02: 

(i) the portion of the Term Loan which such Interest Election Request applies; 

(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

(iii) whether the resulting Loan is to be an ABR Loan or a Eurocurrency Loan; and 

(iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect
to such election, which shall be a period contemplated by the definition of the term “Interest Period.” 
 If any such Interest Election Request
requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. With respect to outstanding Eurocurrency Borrowings, at no time shall
there be more than six (6) Interest Periods applicable at any time. 
 (d) Promptly following receipt of an Interest Election Request,
the Administrative Agent shall advise each Lender to which such Interest Election Request relates of the details thereof and of such Lender’s portion of each resulting Loan. 

(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Loan prior to the end of the Interest
Period applicable thereto, then, unless such Loan is repaid as provided herein, at the end of such Interest Period such Loan shall be converted to an ABR Loan. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is
continuing and the Administrative Agent, at the written request (including a request through electronic means) of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Loans may be
converted to or continued as Eurocurrency Loans and (ii) unless repaid, all Eurocurrency Loans shall be converted to ABR Loans at the end of the Interest Period applicable thereto. 

SECTION 2.09 [Reserved]. 

SECTION 2.10 Repayment of Loans; Evidence of Debt. 

  
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 (a) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(b) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, (ii) the
Type thereof and the Interest Period (if any) applicable thereto, (iii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iv) any amount received by the
Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (c) The entries made in the accounts
maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided, that the failure of any Lender or the Administrative Agent to
maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

(d) Any Lender may request that Loans made by it be evidenced by a promissory note (a “Note”). In such event, the Borrower
shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent and reasonably
acceptable to the Borrower. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form
payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

(e) The outstanding principal amount of the Term Loans shall be repayable in consecutive quarterly installments, on each date when the
Borrower is required to deliver a certificate pursuant to Section 5.04(c), commencing with the delivery of such certificate for the fourth full fiscal quarter beginning after the Closing Date, in an amount equal to the Cumulative Pro Forma Cash
Interest Savings determined for the applicable quarter in excess of $20 million; provided that the amount required to be repaid pursuant to this Section 2.09(e) shall in no event exceed $3 million in any one fiscal quarter. 

SECTION 2.11 [Reserved]. 

SECTION 2.12 Prepayment of Loans. 

(a) The Borrower shall have the right at any time and from time to time to prepay the Loans in whole or in part, without premium or penalty in
an aggregate principal amount that is an integral multiple of $500,000 and not less than $1 million. Prior to any prepayment of the Loans, the Borrower shall notify the Administrative Agent in writing not later than 2:00 p.m., Local Time, one
(1) Business Day before the scheduled date of such prepayment, which notice shall be irrevocable except to the extent conditioned on a refinancing of all or any portion of the Loans. Each prepayment of Loans shall be applied to the Loans such
that each Lender receives its ratable share of such prepayment (based upon the respective Loans held by the Lenders at the time of such prepayment). Prepayments of Loans shall be accompanied by accrued interest on the amount repaid. 

  
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 SECTION 2.13 [Reserved]. 

SECTION 2.14 Interest. 

(a) The Loans shall bear interest at a rate per annum equal to (a) if the relevant Loan is an ABR Loan, the ABR plus the Applicable
Margin and (b) if the relevant Loan is a Eurocurrency Loan, the Adjusted LIBO Rate for the Interest Period in effect for such Loan plus the Applicable Margin. Accrued interest on the Loans shall be payable in arrears on each Interest Payment
Date and upon the Maturity Date; provided, that (x) interest accrued pursuant to paragraph (b) of this Section shall be payable on demand and (y) in the event of any repayment or prepayment of any Loan, accrued interest on the
principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. 
 (b) Automatically and for so long as any
Event of Default shall have occurred and be continuing under Section 7.01(b), (c), (h) or (i) (or at the election, after notice, of the Administrative Agent or Required Lenders for so long as any other Event of Default shall have
occurred and be continuing) (i) any Loan shall bear interest at a rate per annum equal to 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraph of this Section or (ii) in the case of any other amount
(including, but not limited to, fees to be paid under the Loan Documents), such amount shall bear interest at a rate per annum equal to 2% plus the rate applicable to Loans as provided in paragraph (a) of this Section. 

(c) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the ABR shall
be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable ABR, Adjusted LIBO Rate or LIBO
Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
 SECTION 2.15
Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurocurrency Borrowing: 
 (a)
the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or

 (b) the Administrative Agent is advised by the Required Lenders under the Revolving Facility that the Adjusted LIBO Rate
or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in the Term Loan for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable
thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances 

  
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giving rise to such notice no longer exist, any Interest Election Request that requests the conversion of any portion of the Term Loan to, or continuation of any portion of the Term Loan as, a
Eurocurrency Loan denominated in such currency shall be ineffective and such portion shall be converted to or continued as on the last day of the Interest Period applicable thereto an ABR Loan. 

SECTION 2.16 Increased Costs. 

(a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or
for the account of, or credit extended by, any Lender (except any reserve requirement reflected in the Adjusted LIBO Rate); 

(ii) subject any Lender to any additional Taxes (other than (A) Indemnified Taxes and Other Taxes indemnified under
Section 2.09 and (B) Excluded Taxes); or 
 (iii) impose on any Lender or the London interbank market any other
condition affecting this Agreement or Eurocurrency Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to
such Lender or making or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise),
then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

(b) If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or such Lender’s holding
company, if any, regarding capital and liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or
the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s
holding company with respect to capital adequacy and liquidity), then from time to time the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such
reduction suffered. 
 (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding
company, as applicable, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such
certificate within 10 days after receipt thereof. 
 (d) Promptly after any Lender or has determined that it will make a request for
increased compensation pursuant to this Section 2.15, such Lender shall notify the Borrower thereof. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s
right to demand such compensation; 

  
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provided, that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that
such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided, further, that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the 180 day period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.17 Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the
last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of a
request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurocurrency Loan, such loss, cost or expense to
any Lender shall be deemed to be the amount determined by such Lender (it being understood that the deemed amount shall not exceed the actual amount) to be the excess, if any, of (i) the amount of interest which would have accrued on the
principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the
case of a failure to borrow, convert or continue a Eurocurrency Loan, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the
interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in dollars of a comparable amount and period from other banks in the Eurocurrency market. A certificate of any Lender setting forth any amount
or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within
10 days after receipt thereof. 
 SECTION 2.18 Taxes. 

(a) Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made free and clear of and
without deduction for any Taxes, except where required by applicable law. If any applicable withholding agent shall be required by applicable law to deduct any Taxes from such payments, then (i) to the extent the deduction is an account of
Indemnified Taxes or Other Taxes, the sum payable by the Borrower shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.09) the
Administrative Agent or any Lender, as applicable, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable
withholding agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b)
In addition, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

  
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 (c) The Borrower shall indemnify the Administrative Agent and each Lender within 10 days after
written demand therefor, for the full amount of any Indemnified Taxes payable by the Administrative Agent or such Lender, as applicable, on or with respect to any payment by or on account of any obligation of the Borrower under any Loan Document and
any Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.09) and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent
on its own behalf, on behalf of another Agent or on behalf of a Lender shall be conclusive absent manifest error. 
 (d) As soon as
practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e) Any Lender that is entitled to an exemption from or reduction of withholding Tax or backup withholding Tax with respect to payments under
any Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), to the extent such Lender is legally eligible to do so, at the time or times prescribed by applicable law, such properly completed and executed documentation
prescribed by applicable law, or as may reasonably be requested by the Borrower or the Administrative Agent to permit such payments to be made without such withholding tax or at a reduced rate. In addition, each Lender shall deliver such forms, if
legally eligible to deliver such forms, promptly upon the obsolescence, expiration or invalidity of any form previously delivered by such Foreign Lender. Each Foreign Lender shall promptly notify the Borrower and the Administrative Agent at any time
it determines that it is no longer in a position to provide any previously delivered certificate (or any other form of certification adopted by the United States of America or other taxing authorities for such purpose). 

(f) Without limiting the generality of Section 2.17(e) above: 

(A) If a payment made to a Lender under any Loan Document would be subject withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.17(f), “FATCA” shall include any amendments made to FATCA after the date of
this Agreement. 

  
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 (B) Each Lender that is a United States Person shall deliver to the Borrower and
the Administrative Agent two executed originals of Internal Revenue Service Form W 9 (or any subsequent versions thereof or successors thereto) on or before the date such Lender becomes a party and upon the expiration of any form previously
delivered by such Lender. 
 (C) Notwithstanding any other provision of this Section 2.17, a Lender shall not be
required to deliver any form pursuant to this paragraph that such Lender is not legally eligible to deliver. 
 (g) If the Administrative
Agent or Lender has received a refund (in cash or as an offset against other Taxes payable) of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this Section 2.17, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.17 with respect to the Indemnified Taxes or
Other Taxes giving rise to such refund), net of all out of pocket expenses of the Administrative Agent, such Lender (including any Taxes imposed with respect to such refund) as is determined by the Administrative Agent, such Lender in good faith and
in its sole discretion, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of the Administrative Agent, such Lender, agrees to
repay as soon as reasonably practicable the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender in the event the Administrative
Agent, such Lender is required to repay such refund to such Governmental Authority. This Section 2.17 shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating
to its Taxes which it deems in good faith to be confidential) to the Borrower or any other person. 
 SECTION 2.19 Payments Generally;
Pro Rata Treatment; Sharing of Setoffs. 
 (a) Unless otherwise specified, the Borrower shall make each payment required to be made by
it hereunder (whether of principal, interest, fees, or of amounts payable under Section 2.15, 2.16, 2.17, or otherwise) prior to 2:00 p.m., Local Time. The Borrower shall make each such payment on the date when due, in immediately available
funds, without condition or deduction for any defense, recoupment, set off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding
Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to the applicable account designated to the Borrower by the Administrative Agent, except that payments pursuant to Sections 2.15,
2.16, 2.17 and 9.05 shall be made directly to the persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other person to the appropriate recipient promptly following receipt
thereof. If any payment hereunder shall be due on a day that is not a Business Day, then unless otherwise provided with 

  
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respect to such payment, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the
period of such extension. All payments under the Loan Documents shall be made in Dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall,
at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment. 

(b) If at any time insufficient funds are received by and available to the Administrative Agent from the Borrower to pay fully all amounts of
principal, interest and fees then due from the Borrower hereunder, such funds shall be applied first, to all fees and expenses then due and payable to the Administrative Agent and Lenders, second, to accrued and unpaid interest on the Loans until
paid in full, third, to the aggregate outstanding principal amount of the Loans until paid in full, fourth, to all other outstanding Obligations until paid in full, and fifth, to the Borrower or otherwise in accordance with applicable law. 

(c) If any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such
greater proportion shall purchase (for cash at face value) participations in Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of
principal of and accrued interest on their respective Loans; provided, that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and
the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph (c) shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express
terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as
to which the provisions of this paragraph (c) shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of set off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

(d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. 

  
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 (e) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.18(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such
Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.20 Mitigation
Obligations; Replacement of Lenders. 
 (a) If any Lender requests compensation under Section 2.15, or if the Borrower is required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender with respect to Indemnified Taxes pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as applicable, in the future and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender in any material respect. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender with respect to Indemnified Taxes pursuant to Section 2.17, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided, that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld,
(ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made
with respect to Indemnified Taxes pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. 

(c) If any Lender (such Lender, a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge
or termination which pursuant to the terms of Section 9.08 requires the consent of all of the Lenders affected and with respect to which the Required Lenders shall have granted their consent, then the Borrower shall have the right (unless such
Non-Consenting Lender grants such consent) at its sole expense (including with respect to the processing and recordation fee referred to in Section 9.04(b)(ii)(B)) to replace such Non-Consenting Lender by deeming such Non-Consenting Lender to
have assigned its Loans to one 

  
 41 

 
or more assignees reasonably acceptable to the Administrative Agent; provided, that: (a) all Obligations of the Borrower owing to such Non-Consenting Lender being replaced shall be
paid in full to such Non-Consenting Lender concurrently with such assignment and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and
unpaid interest thereon. No action by or consent of the Non-Consenting Lender shall be necessary in connection with such assignment, which shall be immediately and automatically effective upon payment of such
purchase price. In connection with any such assignment the Borrower, Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 9.04; provided, that if such Non-Consenting Lender does not comply with Section 9.04 within three Business Days after Borrower’s request, compliance with Section 9.04 shall not be required to effect such assignment. 

SECTION 2.21 Illegality. If any Lender reasonably determines that any change in law has made it unlawful, or that any Governmental
Authority has asserted after the Closing Date that it is unlawful, for any Lender or its applicable lending office to make or maintain any Eurocurrency Loans, then, on notice thereof by such Lender to the Borrower through the Administrative Agent,
any obligations of such Lender to make or continue Eurocurrency Loans or to convert ABR Loans to Eurocurrency Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, the Borrower shall upon demand from such Lender (with a copy to the Administrative Agent), either convert all Eurocurrency Loans of such Lender to ABR Loans (without reference to clause
(c) of the ABR definition), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 
 ARTICLE
III. 
 Representations and Warranties 

On the Closing Date, immediately after giving effect to the Exchange Transactions, the Borrower represents and warrants to each of the Lenders
that: 
 SECTION 3.01 Organization; Powers. Except as set forth on Schedule 3.01, the Borrower and each of the Material
Subsidiaries (a) is a partnership, limited liability company or corporation duly organized, validly existing and in good standing (or in any foreign jurisdiction where an equivalent status exists, enjoys the equivalent status under the laws of
such foreign jurisdiction of organization outside of the United States) under the laws of the jurisdiction of its organization, (b) has all requisite power and authority to own its property and assets and to carry on its business as now
conducted, (c) is qualified to do business in each jurisdiction where such qualification is required, except where the failure so to qualify would not reasonably be expected to have a Material Adverse Effect, and (d) in the case of the
Borrower, has the power and authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which it is or will be a party and to borrow and otherwise obtain
credit hereunder. 

  
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 SECTION 3.02 Authorization. The execution, delivery and performance by the Borrower of
each of the Loan Documents to which it is a party, and the borrowings hereunder and the transactions forming a part of the Exchange Transactions (a) have been duly authorized by all corporate, stockholder, partnership or limited liability
company action required to be obtained by the Borrower and (b) will not (i) violate (A) any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents (including
any partnership, limited liability company or operating agreements) or by laws of the Borrower, (B) any applicable order of any court or any rule, regulation or order of any Governmental Authority or (C) any provision of any indenture,
certificate of designation for preferred stock, agreement or other instrument to which the Borrower is a party or by which it or any of its property is or may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or
with notice or lapse of time or both) a default under, give rise to a right of or result in any cancellation or acceleration of any right or obligation (including any payment) or to a loss of a material benefit under any such indenture, certificate
of designation for preferred stock, agreement or other instrument, where any such conflict, violation, breach or default referred to in clause (i) or (ii) of this Section 3.02(b), would reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by the Borrower, other than Permitted Liens. 

SECTION 3.03 Enforceability. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan
Document when executed and delivered by the Borrower will constitute, a legal, valid and binding obligation of the Borrower enforceable against it in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium,
reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and
(iii) implied covenants of good faith and fair dealing. 
 SECTION 3.04 Governmental Approvals. No action, consent or approval
of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the Exchange Transactions, except for (a) such as have been made or obtained and are in full force and effect,
(b) such actions, consents and approvals the failure of which to be obtained or made would not reasonably be expected to have a Material Adverse Effect and (c) filings or other actions listed on Schedule 3.04. 

SECTION 3.05 Financial Statements. The summary condensed consolidated financial information of the Borrower (a) as of and for the
fiscal year ended, January 31, 2016, and (b) as of and for the three months ended April 30, 2016, which in each case has been derived from consolidating schedules to Claire’s Stores’ consolidated financial statements as of
the same date and for the same period, copies of which have heretofore been furnished to each Lender, were prepared in accordance with GAAP consistently applied throughout the period covered thereby and present fairly in all material respects the
consolidated financial position of the Borrower as at such date and the consolidated results of operations and cash flows of the Borrower for the fiscal period then ended. 

  
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 SECTION 3.06 Subsidiaries. 

(a) Schedule 3.07(a) sets forth as of the Closing Date the name and jurisdiction of incorporation, formation or organization of each
subsidiary of the Borrower other than Immaterial Subsidiaries and, as to each such subsidiary, the percentage of each class of Equity Interests owned by the Borrower or by any such subsidiary. 

(b) As of the Closing Date, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other
than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Equity Interests of the Borrower or any of the Subsidiaries, except rights of employees to purchase Equity Interests of the
Borrower or as set forth on Schedule 3.07(b). 
 SECTION 3.07 Litigation; Compliance with Laws. 

(a) There are no actions, suits or proceedings at law or in equity or by or on behalf of any Governmental Authority or in arbitration now
pending, or, to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any of the Subsidiaries or any business, property or rights of any such person which would reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect. 
 (b) None of the Borrower, the Subsidiaries and their respective properties or assets is in
violation of (nor will the continued operation of their material properties and assets as currently conducted violate), any law, rule or regulation (including any zoning, building, ordinance, code or approval, or any building permit) or any
restriction of record or agreement affecting any mortgaged property, or is in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where such violation or default would reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. 
 SECTION 3.08 Investment Company Act. None of the Borrower and the
Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 

SECTION 3.09 Use of Proceeds. The Borrower will use the proceeds of the Loans to refinance outstanding Revolving Facility Loans (as
defined in the Senior Credit Agreement). 
 SECTION 3.10 Tax Returns. Except as set forth on Schedule 3.10: 

(a) Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each
of the Borrower and the Subsidiaries has filed or caused to be filed all Tax returns required to have been filed by it and each such Tax return is true and correct; 

(b) Each of the Borrower and the Subsidiaries has timely paid or caused to be timely paid all Taxes shown to be due and payable
by it on the returns referred to in clause (a) and all other Taxes or assessments (or made adequate provision (in accordance with GAAP) for the payment of all Taxes due) with respect to all periods or portions

  
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thereof ending on or before the Closing Date (except Taxes or assessments that are being contested in good faith by appropriate proceedings in accordance with Section 5.03 and for which the
Borrower or any of the Subsidiaries (as the case may be) has set aside on its books adequate reserves in accordance with GAAP), except for Taxes, which if not paid or adequately provided for, would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect; and 
 (c) Other than as would not be, individually or in the aggregate,
reasonably expected to have a Material Adverse Effect: as of the Closing Date, with respect to each of the Borrower and the Subsidiaries, there are no claims being asserted in writing with respect to any Taxes. 

SECTION 3.11 Employee Benefit Plans. The Borrower and the Subsidiaries are in compliance with (i) all applicable provisions of law
and all applicable regulations and published interpretations thereunder with respect to any employee pension benefit plan or other employee benefit plan governed by the laws of the jurisdiction of such entity and (ii) with the terms of any such
plan, except, in each case, for such noncompliance that would not reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.12
Labor Matters. Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes pending or threatened against the Borrower or any of the
Subsidiaries; (b) the hours worked and payments made to employees of the Borrower and the Subsidiaries have not been in violation of applicable labor law dealing with fair labor standards; and (c) all payments due from the Borrower or any
of the Subsidiaries or for which any claim may be made against the Borrower or any of the Subsidiaries on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the books of the
Borrower or such Subsidiary to the extent required by GAAP. Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, the consummation of the Exchange Transactions will not give rise to a right
of termination or right of renegotiation on the part of any union under any material collective bargaining agreement to which the Borrower or any of the Subsidiaries (or any predecessor) is a party or by which the Borrower or any of the Subsidiaries
is bound. 
 SECTION 3.13 Insurance. As of the Closing Date, all material insurance maintained by or on behalf of the Borrower and
the Subsidiaries is in full force and effect. 
 SECTION 3.14 No Default. No Default or Event of Default has occurred and is
continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 
 SECTION
3.15 Intellectual Property; Licenses, Etc. Except as would not reasonably be expected to have a Material Adverse Effect and as set forth in Schedule 3.15, (a) the Borrower and each of the Subsidiaries owns, or possesses the right
to use, all of the patents, registered trademarks, registered service marks or trade names, registered copyrights or mask works, domain names, applications and registrations for any of the foregoing that are reasonably necessary for the operation of
their respective businesses, without conflict with the rights of any other person. 

  
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 SECTION 3.16 Anti-Money Laundering and Economic Sanctions Laws. None of the Borrower or
any of its Subsidiaries or its Affiliates and none of the respective officers, directors or agents of the Borrower or such Subsidiary or Affiliate has violated or is in violation of any applicable Anti-Money
Laundering Laws. None of the Borrower or any of its Subsidiaries or its Affiliates or any director, officer, employee, agent, Affiliate or representative of the Borrower or such Subsidiary or Affiliate (each, a “Specified Person”)
is an individual or entity currently the subject of any sanctions administered or enforced by OFAC, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively,
“Sanctions”), nor is the Borrower or any of its Subsidiaries or its Affiliates located, organized or resident in a country or territory that is the subject of Sanctions. 

No Specified Person will use any proceeds of the Loans or lend, contribute or otherwise make available such proceeds to any Person for the
purpose of financing the activities of or with any Person or in any country or territory that, at the time of funding, is an Embargoed Person. 

Except to the extent conducted in accordance with applicable Law, neither Borrower nor any of its Subsidiaries and Affiliates and none of the
respective officers, directors, brokers or agents of the Borrower, such Subsidiary or such Affiliate acting or benefiting in any capacity in connection with the Loans (i) conducts any business or engages in making or receiving any contribution
of funds, goods or services to or for the benefit of any Embargoed Person, (ii) deals in, or otherwise engages in any transaction related to, any property or interests in property blocked pursuant to any Sanctions or (iii) engages in or
conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the applicable prohibitions set forth in any Economic Sanctions Laws. 

Except as otherwise disclosed in Schedule 3.16, to the Borrower’s knowledge, within the past five years, each of the Borrower and
its Subsidiaries is in compliance in all respects with and has not committed any violation of applicable law or regulation, permit, order or other decision or requirement having the force or effect of law or regulation of any governmental entity
concerning the importation of products, the exportation or re-exportation of products (including technology and services), the terms and conduct of international transactions and the making or receiving of international payments, including, as
applicable, the Tariff Act of 1930, as amended, and other laws, regulations and programs administered or enforced by U.S. Customs and Border Protection and U.S. Immigration and Customs Enforcement, and their predecessor agencies, the Export
Administration Act of 1979, as amended, the Export Administration Regulations, the International Emergency Economic Powers Act, as amended, the Trading With the Enemy Act, as amended, the Arms Export Control Act, as amended, the International
Traffic in Arms Regulations, Executive Orders of the President regarding embargoes and restrictions on transactions with designated entities, the embargoes and restrictions administered by the U.S. Office of Foreign Assets Control, the anti-boycott laws administered by the U.S. Department of Commerce and the anti-boycott laws administered by the U.S. Department of the Treasury. 

  
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 SECTION 3.17 Anti-corruption Laws. None of the Borrower and its Subsidiaries nor any
director, officer, agent, employee or Affiliate of the Borrower or such Subsidiary is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the FCPA or any other applicable anti-corruption
laws, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization or approval of the payment of any money, or other
property, gift, promise to give or authorization of the giving of anything of value, directly or indirectly, to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any
candidate for foreign political office in contravention of the FCPA or any other applicable anti-corruption laws. The Borrower and its Subsidiaries and their respective Affiliates have conducted their businesses in compliance with applicable
anti-corruption laws and the FCPA and will maintain policies and procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained herein. 

SECTION 3.18 Federal Reserve Regulations. 

(a) Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying Margin Stock. 
 (b) No part of the proceeds of any Loan will be used, whether
directly or indirectly, and whether immediately, incidentally or ultimately, (i) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock or to refund indebtedness originally
incurred for such purpose, or (ii) for any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulation U or Regulation X. 

SECTION 3.19 Solvency. 

(a) Immediately after giving effect to the Exchange Transactions on the Closing Date, (i) the fair value of the assets of the Borrower
and the Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of the Borrower and the Subsidiaries on a consolidated basis, respectively, (ii) the
present fair saleable value of the property of the Borrower and the Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability of the Borrower and the Subsidiaries on a consolidated
basis, respectively, on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (iii) the Borrower and the Subsidiaries on a consolidated basis will be
able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured, and (iv) the Borrower and the Subsidiaries on a consolidated basis will not have unreasonably
small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following the Closing Date. 

(b) Borrower does not intend to, nor does the Borrower believe that it or any of the Subsidiaries will, incur debts beyond its ability to pay
such debts as they mature, taking 

  
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into account the timing and amounts of cash to be received by it or any such subsidiary and the timing and amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness
of any such subsidiary. 
 ARTICLE IV. 

Conditions of Lending 

SECTION 4.01 Closing Date. The obligations of the Lenders to make Loans shall become effective on the Gibraltar Closing Date
(hereunder, the “Closing Date”). 
 ARTICLE V. 

Affirmative Covenants 

The Borrower covenants and agrees with each Lender that so long as this Agreement shall remain in effect (other than in respect of contingent
indemnification and expense reimbursement obligations for which no claim has been made) and until the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full,
unless the Required Lenders shall otherwise consent in writing, the Borrower will, and will cause each of its Material Subsidiaries to: 

SECTION 5.01 Existence; Businesses and Properties. 

(a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except, in the case
of a Subsidiary, where the failure to do so would not reasonably be expected to have a Material Adverse Effect and except as otherwise expressly permitted under Section 6.05; provided that the Borrower may liquidate or dissolve one or
more Subsidiaries if the assets of such Subsidiaries to the extent they exceed estimated liabilities are acquired by the Borrower or a Wholly Owned Subsidiary of the Borrower in such liquidation or dissolution. 

(b) Except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, do or cause to be done all things
necessary to (i) lawfully obtain, preserve, renew, extend and keep in full force and effect the permits, franchises, authorizations, patents, trademarks, service marks, trade names, copyrights, licenses and rights with respect thereto necessary
to the normal conduct of its business, and (ii) at all times maintain and preserve all property necessary to the normal conduct of its business and keep such property in good repair, working order and condition and from time to time make, or
cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith, if any, may be properly conducted at all times (in each case except
as expressly permitted by this Agreement). 
 SECTION 5.02 Insurance. 

(a) Maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily
maintained by similarly situated companies engaged in the same or similar businesses operating in the same or similar locations. 

  
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 SECTION 5.03 Taxes. Pay and discharge promptly when due all material Taxes imposed upon it
or upon its income or profits or in respect of its property, before the same shall become delinquent or in default, as well as all lawful claims which, if unpaid, might give rise to a Lien (other than a Permitted Lien) upon such properties or any
part thereof; provided, however, that such payment and discharge shall not be required with respect to any such Tax so long as (a) the validity or amount thereof shall be contested in good faith by appropriate proceedings and
(b) the Borrower or the affected Subsidiary, as applicable, shall have set aside on its books reserves in accordance with GAAP with respect thereto. 

SECTION 5.04 Financial Statements, Reports, etc. Furnish to the Administrative Agent (which will promptly furnish such information to
the Lenders): 
 (a) Within 90 days (or such other time period as specified in the SEC’s rules and regulations with
respect to non-accelerated filers for the filing of annual reports on Form 10-K), for each fiscal year (commencing with the fiscal year ending January 31, 2017), a condensed consolidated balance sheet and related statements of operations,
comprehensive income and stockholder’s equity which in each case has been derived from consolidating schedules to Claire’s Stores’ consolidated financial statements as of the same date and for the same fiscal year showing the
financial position of the Borrower and the Subsidiaries as of the close of such fiscal year and the condensed consolidated results of their operations during such year, which condensed consolidated balance sheet and related statements of operations,
comprehensive income and stockholder’s equity shall be, as derived from consolidating schedules to Claire’s Stores’ consolidated financial statements as of the same date and for the same fiscal year, audited by independent public
accountants of recognized national standing and accompanied by an opinion of such accountants (which shall not be qualified as to scope of audit or as to the status of the Borrower or any Material Subsidiary as a going concern) to the effect that
such condensed consolidated financial statements fairly present, in all material respects, the financial position and results of operations of the Borrower and the Subsidiaries on a condensed consolidated basis in accordance with GAAP, subject to
exceptions consistent with the presentation of financial information contained in the Notes Offering Memorandum (it being understood that the filing with the SEC of annual reports on Form 10-K of Claire’s Stores and its consolidated
subsidiaries, or delivery by Claire’s Stores of such reports, shall satisfy the requirements of this Section 5.04(a) to the extent such annual reports include the information specified herein); 

(b) Within 45 days (or such other time period as specified in the SEC’s rules and regulations with respect to
non-accelerated filers for the filing of annual reports on Form 10-Q), for each of the first three fiscal quarters of each fiscal year, a condensed consolidated balance sheet and related statements of operations and comprehensive income showing the
financial position of the Borrower and the Subsidiaries as of the close of such fiscal quarter and the condensed consolidated results of their operations during such fiscal quarter and the then-elapsed portion of the fiscal year, all of which shall
be in reasonable detail and which condensed consolidated balance sheet and related 

  
 49 

 
statements of operations and comprehensive income shall be certified by a Financial Officer of the Borrower on behalf of the Borrower as fairly presenting, in all material respects, the financial
position and results of operations of the Borrower and the Subsidiaries on a condensed consolidated basis in accordance with GAAP (subject to normal year-end audit adjustments and the absence of footnotes), and to exceptions consistent with the
presentation of financial information contained in the Notes Offering Memorandum (it being understood that the filing with the SEC of quarterly reports on Form 10-Q of Claire’s Stores and its subsidiaries, or the delivery by Claire’s
Stores of such reports, shall satisfy the requirements of this Section 5.04(b) to the extent such quarterly reports include the information specified herein); 

(c) (x) concurrently with any delivery of financial statements under paragraphs (a) or (b) above, a certificate of a
Financial Officer of the Borrower (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to
be taken with respect thereto and (ii) certifying a list of names of all Immaterial Subsidiaries, that each Subsidiary set forth on such list individually qualifies as an Immaterial Subsidiary and that all such Subsidiaries in the aggregate do
not exceed the limitation set forth in clause (b) of the definition of the term “Immaterial Subsidiary” and (y) concurrently with any delivery of financial statements under paragraph (a) above, if the accounting firm is not
restricted from providing such a certificate by its policies, a certificate of the accounting firm opining on or certifying such statements stating whether they obtained knowledge during the course of their examination of such statements of any
Default or Event of Default (which certificate may be limited to accounting matters and disclaim responsibility for legal interpretations); and 

(d) promptly, from time to time, such other information regarding the operations, business affairs and financial condition of
the Borrower or any of the Subsidiaries, or compliance with the terms of any Loan Document, as in each case the Administrative Agent may reasonably request (for itself or on behalf of any Lender). 

SECTION 5.05 Litigation and Other Notices. Furnish to the Administrative Agent (which will promptly thereafter furnish to the Lenders)
written notice of the following promptly after any Responsible Officer of the Borrower obtains actual knowledge thereof: 
 (a) any Event of
Default or Default, specifying the nature and extent thereof and the corrective action (if any) proposed to be taken with respect thereto; 

(b) the filing or commencement of, or any written threat or notice of intention of any person to file or commence, any action, suit or
proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against the Borrower or any of the Subsidiaries as to which an adverse determination is reasonably probable and which, if adversely determined,
would reasonably be expected to have a Material Adverse Effect; and 

  
 50 

 (c) any other development specific to the Borrower or any of the Subsidiaries that is not a
matter of general public knowledge and that has had, or would reasonably be expected to have, a Material Adverse Effect. 
 SECTION 5.06
Compliance with Laws. Comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to
result in a Material Adverse Effect; provided, that this Section 5.06 shall not apply to laws related to Taxes, which are the subject of Section 5.03. 

SECTION 5.07 Maintaining Records; Access to Properties and Inspections. Maintain all financial records in accordance with GAAP and
permit any persons designated by the Administrative Agent or, upon the occurrence and during the continuance of an Event of Default, any Lender to visit and inspect the financial records and the properties of the Borrower at reasonable times, upon
reasonable prior notice to the Borrower, and as often as reasonably requested and to make extracts from and copies of such financial records, and permit any persons designated by the Administrative Agent or, upon the occurrence and during the
continuance of an Event of Default, any Lender upon reasonable prior notice to the Borrower to discuss the affairs, finances and condition of the Borrower with the officers thereof and independent accountants therefor (subject to reasonable
requirements of confidentiality, including requirements imposed by law or by contract). 
 SECTION 5.08 Use of Proceeds. Use the
proceeds of the Loans to refinance outstanding Revolving Facility Loans (as defined in the Senior Credit Agreement). 
 SECTION 5.09
Fiscal Year; Accounting. Cause its fiscal year to end on the Saturday closest to January 31, unless prior written notice of a change is given to the Administrative Agent. 

ARTICLE VI. 
 Negative
Covenants 
 The Borrower covenants and agrees with each Lender that, so long as this Agreement shall remain in effect (other than in
respect of contingent indemnification and expense reimbursement obligations for which no claim has been made) and until the principal of and interest on each Loan, all fees and all other expenses or amounts payable under any Loan Document have been
paid in full, unless the Required Lenders shall otherwise consent in writing, the Borrower will not, and will not permit any of the Subsidiaries to: 

SECTION 6.01 Indebtedness. Incur, create, assume or permit to exist any Indebtedness, except: 

(a) Indebtedness existing on the Closing Date and set forth on Schedule 6.01 (other than Capital Lease Obligations) and
any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness (other than intercompany indebtedness Refinanced with Indebtedness owed to a person not affiliated with the Borrower or any Subsidiary); 

  
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 (b) Indebtedness created hereunder and under the other Loan Documents and any
Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness; 
 (c) Permitted Senior Indebtedness; 

(d) Indebtedness owed to (including obligations in respect of letters of credit or bank guarantees or similar instruments for
the benefit of) any person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance to the Borrower or any Subsidiary, pursuant to reimbursement or indemnification obligations
to such person, in each case in the ordinary course of business; provided, that upon the incurrence of Indebtedness with respect to reimbursement obligations regarding workers’ compensation claims, such obligations are reimbursed not
later than 30 days following such incurrence; 
 (e) Indebtedness of the Borrower or Holdings to any Subsidiary and of any
Subsidiary to the Borrower or Holdings; provided, that (i) Indebtedness of any Subsidiary owing to the Borrower shall be subject to Section 6.04(b) and (ii) Indebtedness of the Borrower owing to any Subsidiary (the
“Subordinated Intercompany Debt”) to the greatest extent permitted by applicable law (with the Borrower to advise the Administrative Agent in reasonable detail of any limitations under applicable law), (A) shall be subordinated
to the Obligations on terms reasonably satisfactory to the Administrative Agent, and (B) such Indebtedness (and all interest thereon and all fees, expenses, and other amounts payable in respect thereof) shall only be payable in kind; 

(f) Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar
obligations, in each case provided in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of business; 

(g) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business; provided, that (x) such Indebtedness (other than credit or purchase cards) is extinguished within
ten Business Days of notification to the Borrower of its incurrence and (y) such Indebtedness in respect of credit or purchase cards is extinguished within 60 days from its incurrence; 

(h) Capital Lease Obligations or other obligations incurred by the Borrower or any Subsidiary in respect of any Sale and Lease
Back Transaction that is permitted under Section 6.03, and any Permitted Refinancing Indebtedness in respect thereof; provided that, the amount of Indebtedness incurred pursuant to this Section 6.01(h), when combined with the
aggregate principal amount of Indebtedness incurred pursuant to (i) Section 6.01(i) and Sections 6.01(i) and 6.01(j) of the ABL Credit Agreement, and (ii) the Remaining Present Value of outstanding leases permitted under
Section 6.03 and Section 6.03(b) of the ABL Credit Agreement, shall not exceed an aggregate principal amount equal to $37 million at any time outstanding; and provided, further, that any lease arrangements that are not (or,
if entered into after the Closing Date, would not have been) 

  
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Capital Lease Obligations as of the Closing Date but subsequently become Capital Lease Obligations whether as a result of (x) any changes in GAAP or (y) any changes in the terms of such
arrangements required in connection with the ordinary course renewal or extension thereof, shall not constitute Capital Lease Obligations hereunder or for any other provision of this Agreement; 

(i) Capital Lease Obligations, mortgage financings and purchase money Indebtedness incurred by the Borrower prior to or within
270 days after the acquisition, lease or improvement of the respective property (real or personal, and whether through the direct purchase of property or the Equity Interests of any person owning such property) permitted under this Agreement in
order to finance such acquisition, lease or improvement, and any Permitted Refinancing Indebtedness in respect thereof; provided that, the amount of Indebtedness incurred pursuant to this Section 6.01(i), when combined with the aggregate
principal amount of Indebtedness incurred pursuant to (i) Section 6.01(h) and Sections 6.01(i) and 6.01(j) of the ABL Credit Agreement, and (ii) the Remaining Present Value of outstanding leases permitted under Section 6.03 and
Section 6.03(b) of the ABL Credit Agreement, shall not exceed an aggregate principal amount equal to $37 million at any time outstanding; and provided, further, that any lease arrangements that are not (or, if entered into after
the Closing Date, would not have been) Capital Lease Obligations as of the Closing Date but subsequently become Capital Lease Obligations whether as a result of (x) any changes in GAAP or (y) any changes in the terms of such arrangements
required in connection with the ordinary course renewal or extension thereof, shall not constitute Capital Lease Obligations hereunder or for any other provision of this Agreement; 

(j) the Additional Term Loan Facility and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness; 

(k) funded intercompany loans and advances from Claire’s Stores or its Subsidiaries to the Borrower; provided, that
such Indebtedness to the greatest extent permitted by applicable law (with the Borrower to advise the Administrative Agent in reasonable detail of any limitations under applicable law), (i) shall be subordinated to the Obligations on terms
reasonably satisfactory to the Administrative Agent, and (ii) such Indebtedness (and all interest thereon and all fees, expenses, and other amounts payable in respect thereof) shall, in any event, only be payable in kind, except that the terms
of such subordination shall permit the making of Permitted Foreign Cash Transfers; 
 (l) Guarantees (i) by the Borrower
of any indebtedness or obligations of the Borrower permitted to be incurred under this Agreement, (ii) by the Borrower of Indebtedness otherwise permitted hereunder of any Subsidiary to the extent such Guarantees are permitted by
Section 6.04 (other than Section 6.04(v), (iii) by any Subsidiary of Indebtedness of another Subsidiary and (iv) by the Borrower of Indebtedness of Subsidiaries incurred for working capital purposes in the ordinary course of
business on ordinary business terms so long as such Indebtedness is permitted to be incurred under Section 6.01(r) to the extent such Guarantees are permitted by Section 6.04 (other than Section 6.04(v)); provided, that
Guarantees by the Borrower under this Section 6.01(l) of any other Indebtedness of a person that is subordinated to other Indebtedness of such person shall be expressly subordinated to the Obligations; 

  
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 (m) Indebtedness arising from agreements of the Borrower or any Subsidiary
providing for indemnification, adjustment of purchase or acquisition price or similar obligations, in each case, incurred or assumed in connection with any Permitted Business Acquisition or the disposition of any business, assets or a Subsidiary not
prohibited by this Agreement, other than Guarantees of Indebtedness incurred by any person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; provided, that the aggregate
amount at any time outstanding under this Section 6.01(m) shall not exceed $5 million; 
 (n) Indebtedness in respect of
letters of credit, bank guarantees, warehouse receipts or similar instruments issued to support performance obligations and trade letters of credit (other than obligations in respect of other Indebtedness) in the ordinary course of business; 

(o) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take or pay obligations contained in
supply arrangements, in each case, in the ordinary course of business; 
 (p) unsecured Indebtedness in respect of
obligations of the Borrower or any Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided, that such obligations are incurred in connection with open
accounts extended by suppliers on customary trade terms (which require that all such payments be made within 60 days after the incurrence of the related obligations) in the ordinary course of business and not in connection with the borrowing of
money or any Swap Agreements; 
 (q) Indebtedness representing deferred compensation to employees of the Borrower or any
Subsidiary incurred in the ordinary course of business; 
 (r) Indebtedness in connection with (i) Permitted Receivables
Financings, (ii) the Senior Euro Revolver Agreement and (iii) Permitted Refinancing Indebtedness of any of the foregoing clauses (i) and (ii); provided that the combined aggregate amounts under any such Indebtedness shall not
exceed $50 million at any one time outstanding; 
 (s) [reserved]; 

(t) Indebtedness incurred on behalf of, or representing Guarantees of Indebtedness of, joint ventures in an amount not in
excess at any one time outstanding, when combined with the total amount of any Investments in joint ventures made pursuant to Section 6.04(bb) and Indebtedness incurred and Investments made pursuant to Sections 6.01(w) and 6.04(cc) of the ABL
Credit Agreement, of the greater of $10 million or 1.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements have been delivered pursuant to
Section 5.04; 

  
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 (u) Indebtedness issued by the Borrower or any Subsidiary to current or former
officers, directors and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of any Parent Entity; 

(v) Indebtedness consisting of obligations of the Borrower or any Subsidiary under deferred compensation or other similar
arrangements incurred by such person in connection with Permitted Business Acquisitions or any other Investment permitted hereunder; 

(w) [reserved]; 

(x) [reserved]; and 

(y) all premium (if any, including tender premiums), defeasance costs, interest (including post-petition interest), fees,
expenses, charges and additional or contingent interest on obligations described in paragraphs (a) through (x) above. 

For purposes of determining compliance with this Section 6.01: 

(i) in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the
criteria of one or more of the categories of permitted Indebtedness described in clauses (a) through (y) above, the Borrower shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such item of
Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in any manner and at any time that complies with this Section 6.01; and 

(ii) the amount of any Indebtedness denominated in any currency other than Dollars shall be calculated based on customary
currency exchange rates in effect, in the case of such Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness) on or prior to the Closing Date, on the Closing Date and, in the case of such
Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness) after the Closing Date, on the date that such Indebtedness was incurred (in respect of term Indebtedness) or committed (in respect of
revolving Indebtedness); provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a currency other than Dollars (or in a different currency from the Indebtedness being refinanced), and such refinancing
would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so
long as the principal amount of such refinancing Indebtedness does not exceed (i) the outstanding or committed principal amount, as applicable, of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting
discounts, premiums (including tender premiums), defeasance costs and other costs and expenses incurred in connection with such refinancing. 

SECTION 6.02 Liens. Create, incur, assume or permit to exist any Lien (other than a Permitted Lien (as defined below)) on any property
or assets (including stock or other securities of any person, including the Borrower and any Subsidiary) at the time owned by 

  
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it or on any income or revenues or rights in respect of any thereof unless the Loans are equally and ratably secured with (or on a senior basis, in the case of obligations subordinated in right
of payment to the Loans) the obligations secured until such time as such obligations are no longer secured by a Lien; provided, however, that the provisions of this Section 6.02 shall not apply to the following (collectively,
“Permitted Liens”): 
 (a) Liens on property or assets of the Borrower and the Subsidiaries existing on the
Closing Date (including, without limitation, as set forth on Schedule 6.02(a)) and any modifications, replacements, renewals or extensions thereof; provided, that such Liens shall secure only those obligations that they secure on the Closing
Date (and any Permitted Refinancing Indebtedness in respect of such obligations permitted by Section 6.01(a)) and shall not subsequently apply to any other property or assets of the Borrower or any Subsidiary other than (A) after-acquired
property that is affixed or incorporated into the property covered by such Lien, and (B) proceeds and products thereof; 

(b) [reserved]; 

(c) any Lien on any property or asset of the Borrower or any Subsidiary securing Indebtedness or Permitted Refinancing
Indebtedness permitted by Section 6.01(h); provided, that such Lien (i) does not apply to any other property or assets of the Borrower or any of the Subsidiaries not securing such Indebtedness at the date of the acquisition of such
property or asset (other than after acquired property subjected to a Lien securing Indebtedness and other obligations incurred prior to such date and which Indebtedness and other obligations are permitted hereunder that require a pledge of after
acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), (ii) such Lien is not created in contemplation of or in
connection with such acquisition and (iii) in the case of a Lien securing Permitted Refinancing Indebtedness, any such Lien is permitted, subject to compliance with clause (d) of the definition of the term “Permitted Refinancing
Indebtedness”; 
 (d) Liens for Taxes, assessments or other governmental charges or levies not yet delinquent or that
are being contested in compliance with Section 5.03; 
 (e) Liens imposed by law, including landlord’s,
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens arising in the ordinary course of business, securing obligations that are not overdue by more than 30 days or that are being
contested in good faith by appropriate proceedings and in respect of which, if applicable, the Borrower or any Subsidiary shall have set aside on its books reserves in accordance with GAAP; 

(f) (i) pledges and deposits and other Liens made in the ordinary course of business in compliance with any workers’
compensation, unemployment insurance and other social security laws or regulations and deposits securing liability to insurance carriers under insurance or self-insurance arrangements in respect of such obligations and (ii) pledges and deposits
and other Liens securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability
insurance to the Borrower or any Subsidiary; 

  
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 (g) deposits and other Liens to secure the performance of bids, trade contracts
(other than for Indebtedness), leases (other than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade contracts, agreements with utilities, and
other obligations of a like nature (including letters of credit in lieu of any such bonds or to support the issuance thereof) incurred by the Borrower or any Subsidiary in the ordinary course of business, including those incurred to secure health,
safety and environmental obligations in the ordinary course of business; 
 (h) restrictions, survey exceptions and such
matters as an accurate survey would disclose, easements, trackage rights, leases (other than Capital Lease Obligations), licenses, special assessments, rights of way, covenants, conditions, restrictions and declarations on or with respect to the use
of Real Property, servicing agreements, development agreements, site plan agreements and other similar encumbrances incurred in the ordinary course of business and title defects or irregularities that are of a minor nature and that, in the
aggregate, do not interfere in any material respect with the ordinary conduct of the business of the Borrower or any Subsidiary; 

(i) Liens securing Indebtedness permitted by Section 6.01(i) (limited to the assets subject to such Indebtedness); 

(j) Liens arising out of capitalized lease transactions permitted under Section 6.03, so long as such Liens attach only to
the property sold and being leased in such transaction and any accessions thereto or proceeds thereof and related property; 

(k) Liens securing judgments that do not constitute an Event of Default under Section 7.01(i); 

(l) [reserved]; 

(m) any interest or title of a lessor or sublessor under any leases or subleases entered into by the Borrower or any Subsidiary
in the ordinary course of business; 
 (n) Liens that are contractual rights of set off (i) relating to the
establishment of depository relations with banks not given in connection with the issuance of Indebtedness or (ii) relating to purchase orders and other agreements entered into with customers of the Borrower or any Subsidiary in the ordinary
course of business; 
 (o) Liens arising solely by virtue of any statutory or common law provision relating to banker’s
liens, rights of set off or similar rights; 
 (p) Liens securing obligations in respect of trade related letters of credit,
bank guarantees or similar obligations permitted under Section 6.01(f), (i) or (k) and covering the property (or the documents of title in respect of such property) financed by such letters of credit, bank guarantees or similar
obligations and the proceeds and products thereof; 

  
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 (q) leases or subleases, licenses or sublicenses (including with respect to
intellectual property and software) granted to others in the ordinary course of business not interfering in any material respect with the business of the Borrower and the Subsidiaries, taken as a whole; 

(r) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods; 
 (s) Liens solely on any cash earnest money deposits made by the Borrower or any
of the Subsidiaries in connection with any letter of intent or purchase agreement in respect of any Investment permitted hereunder; 

(t) Liens with respect to property or assets of any Subsidiary securing Indebtedness of a Subsidiary permitted under
Section 6.01; 
 (u) [reserved]; 

(v) the prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of
business; 
 (w) Liens arising from precautionary Uniform Commercial Code financing statements or consignments entered into
in connection with any transaction otherwise permitted under this Agreement; 
 (x) Liens on Equity Interests in joint
ventures securing obligations of such joint venture; 
 (y) Liens on securities that are the subject of repurchase agreements
constituting Permitted Investments under clause (c) of the definition thereof; 
 (z) Liens in respect of Permitted
Receivables Financings that extend only to the receivables subject thereto; 
 (aa) Liens on goods or inventory the purchase,
shipment or storage price of which is financed by a documentary letter of credit, bank guarantee or bankers’ acceptance issued or created for the account of the Borrower or any Subsidiary in the ordinary course of business; provided,
that such Lien secures only the obligations of the Borrower or such Subsidiaries in respect of such letter of credit, bank guarantee or banker’s acceptance to the extent permitted under Section 6.01; 

(bb) Liens securing insurance premiums financing arrangements, provided, that such Liens are limited to the applicable
unearned insurance premiums; 
 (cc) Liens in favor of the Borrower; 

  
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 (dd) Liens securing Permitted Senior Indebtedness; and 

(ee) [reserved]. 

SECTION 6.03 Sale and Lease Back Transactions. Enter into any arrangement, directly or indirectly, with any person whereby it shall
sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or
purposes as the property being sold or transferred, in each case, whether or not treated as a “sale-leaseback” under GAAP (a “Sale and Lease Back Transaction”); provided, that a Sale and Lease Back Transaction shall
be permitted (a) with respect to property owned by the Borrower or any Subsidiary that is acquired after the Closing Date so long as such Sale and Lease Back Transaction is consummated within 270 days of the acquisition of such property, and
(b) with respect to any property owned by the Borrower or any Subsidiary, if at the time the lease in connection therewith is entered into, and after giving effect to the entering into of such lease, the Remaining Present Value of such lease,
together with Indebtedness outstanding pursuant to (i) Sections 6.01(h) and 6.01(i) and Sections 6.01(i) and 6.01(j) of the ABL Credit Agreement, and (ii) the Remaining Present Value of outstanding leases previously entered into under this
Section 6.03(b) and Section 6.03(b) of the ABL Credit Agreement, would not exceed an aggregate principal amount equal to $37 million at any time outstanding. 

SECTION 6.04 Investments, Loans and Advances. Purchase, hold or acquire (including pursuant to any merger, consolidation or
amalgamation with a person that is not a Wholly Owned Subsidiary immediately prior to such merger, consolidation or amalgamation) any Equity Interests, evidences of Indebtedness or other securities of, make or permit to exist any loans or advances
to or Guarantees of the obligations of, or make or permit to exist any investment or any other interest in (each, an “Investment”), any other person, except: 

(a) intercompany loans and advances from the Borrower to Claire’s Stores constituting Permitted Foreign Cash Transfers;

 (b) (i) Investments by the Borrower, Holdings or any Subsidiary in the Equity Interests of the Borrower, Holdings or any
Subsidiary; (ii) intercompany loans from the Borrower, Holdings or any Subsidiary to the Borrower, Holdings or any Subsidiary; and (iii) Guarantees by the Borrower of Indebtedness otherwise expressly permitted hereunder of the Borrower or
any Subsidiary; provided, that the sum of (A) Investments (valued at the time of the making thereof and without giving effect to any write downs or write offs thereof) made after the Closing Date by the Borrower pursuant to clause
(i) in Subsidiaries plus (B) net intercompany loans made after the Closing Date to Subsidiaries pursuant to clause (ii), plus (C) Guarantees of Indebtedness after the Closing Date of Subsidiaries pursuant to clause
(iii), shall not exceed an aggregate net amount equal to $8 million (plus any return of capital actually received by the respective investors in respect of Investments theretofore made by them pursuant to this Section 6.04(b)) at any
time outstanding; provided, further, that (x) intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of the Borrower and the Subsidiaries and
(y) intercompany loans, advances or Indebtedness among the Borrower and its Subsidiaries having a term not exceeding 364 days (inclusive 

  
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of any roll-overs or extensions of terms) and made in the ordinary course of business consistent with past practice shall not be included in calculating
the limitation in this paragraph at any time; 
 (c) Permitted Investments and Investments that were Permitted Investments
when made; 
 (d) Investments arising out of the receipt by the Borrower or any Subsidiary of noncash consideration for the
sale of assets permitted under Section 6.05; 
 (e) loans and advances to officers, directors, employees or consultants
of the Borrower or any Subsidiary (i) in the ordinary course of business not to exceed the greater of $5 million and 0.25% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such loan or advance
for which financial statements have been delivered pursuant to Section 5.04 in the aggregate at any time outstanding (calculated without regard to write downs or write offs thereof) and (ii) in respect of payroll payments and expenses in
the ordinary course of business; 
 (f) accounts receivable, security deposits and prepayments arising and trade credit
granted in the ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any
prepayments and other credits to suppliers made in the ordinary course of business; 
 (g) [reserved]; 

(h) Investments existing on, or contractually committed as of, the Closing Date and set forth on Schedule 6.04 and any
extensions, renewals or reinvestments thereof, so long as the aggregate amount of all Investments pursuant to this clause (h) is not increased at any time above the amount of such Investment existing or committed on the Closing Date (other than
pursuant to an increase as required by the terms of any such Investment as in existence on the Closing Date); 
 (i)
Investments resulting from pledges and deposits under Sections 6.02(f), (g), (k), (r), (s) and (dd); 
 (j) other
Investments by the Borrower or any Subsidiary in an aggregate amount (valued at the time of the making thereof, and without giving effect to any write downs or write offs thereof) not to exceed $5 million (plus any returns of capital actually
received by the respective investor in respect of Investments theretofore made by it pursuant to this Section 6.04(j)); provided that if any Investment pursuant to this Section 6.04(j) is made in any person that is not a Subsidiary
of the Borrower at the date of the making of such Investment and such person becomes a Subsidiary of the Borrower after such date pursuant to another Investment the amount of which, when taken together with the amount of the prior Investment, would
be permitted under another provision of this Section 6.04, any Investment in such person outstanding under this Section 6.04(j) shall thereafter be deemed to have been made pursuant to such other provision and shall cease to have been made
pursuant to this Section 6.04(j) for so long as such person continues to 

  
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be a Subsidiary of the Borrower; provided, that, any expenditures by the Borrower or any of its Subsidiaries in the form of key money or other expenditures in relation to new store openings in
the ordinary course of business are not restricted hereunder; 
 (k) Investments constituting Permitted Business
Acquisitions; 
 (l) [reserved]; 

(m) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and
disputes with or judgments against, customers and suppliers, in each case in the ordinary course of business or Investments acquired by the Borrower or any of the Subsidiaries as a result of a foreclosure by the Borrower or any of the Subsidiaries
with respect to any secured Investments or other transfer of title with respect to any secured Investment in default; 
 (n)
Investments of a Subsidiary acquired after the Closing Date or of an entity merged into, or consolidated or amalgamated with, the Borrower or merged into or consolidated or amalgamated with a Subsidiary after the Closing Date, in each case,
(i) to the extent permitted under this Section 6.04 and, (ii) in the case of any acquisition, merger, consolidation or amalgamation, in accordance with Section 6.05 and (iii) to the extent that such Investments were not made
in contemplation of or in connection with such acquisition, merger, consolidation or amalgamation and were in existence on the date of such acquisition, merger, consolidation or amalgamation; 

(o) acquisitions by the Borrower of obligations of one or more officers or other employees of Claire’s Stores, any Parent
Entity, the Borrower or the Subsidiaries in connection with such officer’s or employee’s acquisition of Equity Interests of Claire’s Stores or any Parent Entity, so long as no cash is actually advanced by the Borrower or any of the
Subsidiaries to such officers or employees in connection with the acquisition of any such obligations; 
 (p) Guarantees by
the Borrower or any Subsidiary of operating leases (other than Capital Lease Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by the Borrower or any Subsidiary in the ordinary course of business;

 (q) Investments to the extent that payment for such Investments is made with Equity Interests of Claire’s Stores (or
any Parent Entity); 
 (r) [reserved]; 

(s) [reserved]; 

(t) Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection
or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices; 

  
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 (u) [reserved]; 

(v) Guarantees permitted under Section 6.01 (except to the extent such Guarantee is expressly subject to
Section 6.04); 
 (w) advances in the form of a prepayment of expenses, so long as such expenses are being paid in
accordance with customary trade terms of the Borrower or such Subsidiary; 
 (x) [reserved]; 

(y) Investments arising as a result of Permitted Receivables Financings; 

(z) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements
with other persons; 
 (aa) purchases and acquisitions of inventory, supplies, materials and equipment or purchases of
contract rights or licenses or leases of intellectual property in each case in the ordinary course of business, to the extent such purchases and acquisitions constitute Investments; 

(bb) Investments in joint ventures in an amount, not in excess at any one time outstanding, when combined with the total amount
of Indebtedness incurred in connection with joint ventures pursuant to Section 6.01(t) and Indebtedness incurred and Investments made pursuant to Sections 6.01(w) and 6.04(cc) of the ABL Credit Agreement, of the greater of $10 million or 1.0%
of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence or Investment for which financial statements have been delivered pursuant to Section 5.04; provided that if any Investment
pursuant to this clause (bb) is made in any person that is not a Subsidiary of the Borrower at the date of the making of such Investment and such person becomes a Subsidiary of the Borrower after such date pursuant to another Investment the amount
of which, when taken together with the amount of the prior Investment, would be permitted under another provision of this Section 6.04, any Investment in such person outstanding under this Section 6.04(bb) shall thereafter be deemed to
have been made pursuant to such other provision and shall cease to have been made pursuant to this clause (bb) for so long as such person continues to be a Subsidiary of the Borrower. 

The amount of Investments that may be made at any time pursuant to Section 6.04(b) or 6.04(j) (such Sections, the “Related Sections”)
may, at the election of the Borrower, be increased by the amount of Investments that could be made at such time under the other Related Section; provided that the amount of each such increase in respect of one Related Section shall be treated
as having been used under the other Related Section. 
 SECTION 6.05 Mergers, Consolidations, Sales of Assets and Acquisitions. Merge
into, or consolidate or amalgamate with any other person, or permit any other person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or any part of its
assets (whether now owned or hereafter acquired), or issue, sell, transfer or otherwise dispose of any Equity Interests of the 

  
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Borrower or any Subsidiary, or purchase, lease or otherwise acquire (in one transaction or a series of transactions) all or any substantial part of the assets of any other person or any division
or business unit of any other person unless (i) the Borrower or any of its Subsidiaries, as the case may be, receives consideration at the time of the Asset Sale at least equal to the Fair Market Value (as determined in good faith by the
Borrower) of the assets sold or otherwise disposed of, and (ii) at least 75% of the consideration therefor received by the Borrower or such Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that this
Section 6.05 shall not prohibit: 
 (a) (i) the purchase and sale of inventory in the ordinary course of business by the
Borrower or any Subsidiary, (ii) the acquisition or lease (pursuant to an operating lease) of any other asset in the ordinary course of business by the Borrower or any Subsidiary, (iii) the sale of surplus, obsolete, damaged or worn out
equipment or other property in the ordinary course of business by the Borrower or any Subsidiary or (iv) the sale of Permitted Investments in the ordinary course of business; 

(b) if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be
continuing or would result therefrom, (i) the merger, consolidation or amalgamation of any Subsidiary of the Borrower into or with the Borrower in a transaction in which the Borrower is the survivor and no person other than the Borrower
receives any consideration, (ii) the merger, consolidation or amalgamation of any Subsidiary into or with any other Subsidiary, (iii) the liquidation or dissolution or change in form of entity of any Subsidiary if the Borrower determines
in good faith that such liquidation, dissolution or change in form is in the best interests of the Borrower and is not materially disadvantageous to the Lenders or (iv) any Subsidiary may merge, consolidate or amalgamate into or with any other
person in order to effect an Investment permitted pursuant to Section 6.04 so long as the continuing or surviving person shall be a Subsidiary; 

(c) sales, transfers, leases or other dispositions to the Borrower or a Subsidiary (upon voluntary liquidation or otherwise);
provided, that any sales, transfers, leases or other dispositions by a Loan Party to a Subsidiary in reliance on this paragraph (c) shall be made in compliance with Section 6.07; 

(d) [reserved]; 

(e) Sale and Lease Back Transactions permitted by Section 6.03; 

(f) Investments permitted by Section 6.04, Permitted Liens and Restricted Payments permitted by Section 6.06; 

(g) the sale of defaulted receivables in the ordinary course of business and not as part of an accounts receivables financing
transaction; 
 (h) sales, transfers, leases, licenses or other dispositions of assets not otherwise permitted by this
Section 6.05 (or required to be included in this Section 6.05(h) pursuant to Section 6.05(c)); provided, that (i) the aggregate gross proceeds (including noncash proceeds) of any or all assets, sold, transferred, leased or
otherwise 

  
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disposed of in reliance under this Section 6.05(h) shall not exceed, in any fiscal year of the Borrower, when combined with the total amount of gross proceeds of any asset sales made
pursuant to Section 6.05(h) of the ABL Credit Agreement, $10 million and (ii) no Default or Event of Default exists or would result therefrom; 

(i) Permitted Business Acquisitions (including any merger, consolidation or amalgamation in order to effect a Permitted
Business Acquisition); provided, that following any such merger, consolidation or amalgamation (i) involving the Borrower, the Borrower is the surviving corporation and (ii) involving a Subsidiary, the surviving or resulting entity
shall be a Wholly Owned Subsidiary; 
 (j) leases, licenses, or subleases or sublicenses of any real or personal property in
the ordinary course of business; 
 (k) sales, leases or other dispositions of inventory of the Borrower and the Subsidiaries
determined by the management of the Borrower to be no longer useful or necessary in the operation of the business of the Borrower or any of the Subsidiaries; 

(l) Permitted Business Acquisitions and purchases of assets useful in the business of the Borrower and its Subsidiaries made
within 18 months following any Asset Sale in an amount not to exceed the proceeds from such Asset Sale; 
 (m) the purchase
and sale or other transfer (including by capital contribution) of Receivables Assets pursuant to Permitted Receivables Financings; 

(n) [reserved]; and 

(o) any disposition of Equity Interests of a Subsidiary pursuant to an agreement or other obligation with or to a person (other
than the Borrower and the Subsidiaries) from whom such Subsidiary was acquired or from whom such Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition and in each
case comprising all or a portion of the consideration in respect of such sale or acquisition; provided, that the net investment in the Equity Interests of the Subsidiary would be permitted by Section 6.04 if made on the date of such
disposition. 
 SECTION 6.06 Restricted Payments. Declare or pay any dividend or make any other distribution (by reduction of capital
or otherwise), whether in cash, property, securities or a combination thereof, with respect to any of its Equity Interests (other than dividends and distributions on Equity Interests payable solely by the issuance of additional Equity Interests
(other than Disqualified Stock) of the person paying such dividends or distributions) or directly or indirectly redeem, purchase, retire or otherwise acquire for value (or permit any Subsidiary to purchase or acquire) any of its Equity Interests or
set aside any amount for any such purpose (other than through the issuance of additional Equity Interests (other than Disqualified Stock) of the person redeeming, purchasing, retiring or acquiring such shares) (the foregoing, “Restricted
Payments”); provided, however, that: 

  
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 (a) any Subsidiary of the Borrower may make Restricted Payments to the Borrower or to any Wholly
Owned Subsidiary of the Borrower (or, in the case of non-Wholly Owned Subsidiaries, to the Borrower or any Subsidiary that is a direct or indirect parent of such Subsidiary and to each other owner of Equity Interests of such Subsidiary on a pro rata
basis (or more favorable basis from the perspective of the Borrower or such Subsidiary) based on their relative ownership interests so long as any repurchase of its Equity Interests from a person that is not the Borrower or a Subsidiary is permitted
under Section 6.04); and 
 (b) the Borrower may make Restricted Payments constituting Permitted Foreign Cash Transfers. 

SECTION 6.07 Transactions with Affiliates. 

(a) Sell or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage in any other
transaction with, any of its Affiliates or any known direct or indirect holder of 10% or more of any class of Equity Interests of the Borrower in a transaction involving aggregate consideration in excess of $5 million, unless such transaction is
(i) otherwise permitted (or required) under this Agreement, (ii) upon terms no less favorable to the Borrower or such Subsidiary, as applicable, than would be obtained in a comparable arm’s length transaction with a person that is not
an Affiliate and (iii) with respect to any Affiliate transaction or series of related Affiliate transactions involving aggregate consideration in excess of $25 million, the Borrower delivers to the Administrative Agent a resolution adopted in
good faith by the majority of the Board of Directors of the Borrower, approving such Affiliate transaction and set forth in a certificate of a Responsible Officer certifying that such Affiliate transaction complies with clause (i) of this
Section 6.07(a). 
 (b) The foregoing paragraph (a) shall not prohibit, to the extent otherwise permitted under this Agreement:

 (i) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the
funding of, employment arrangements, equity purchase agreements, stock options and stock ownership plans approved by the Board of Directors of Claire’s Stores or of the Borrower, 

(ii) loans or advances to employees or consultants of the Borrower or any of the Subsidiaries in accordance with
Section 6.04(e), 
 (iii) transactions among the Borrower or any Subsidiary or any entity that becomes a Subsidiary as a
result of such transaction (including via merger, consolidation or amalgamation in which a Subsidiary is the surviving entity), 

(iv) the payment of fees, reasonable out-of-pocket costs and indemnities to directors, officers, consultants and employees of
the Borrower and the Subsidiaries in the ordinary course of business, 
 (v) (A) transactions pursuant to the Transaction
Documents and (B) permitted transactions, agreements and arrangements in existence on or following the Closing Date and set forth on Schedule 6.07 or any amendment thereto (to the extent such amendment is not adverse to the Lenders in
any material respect, as determined in good faith by the Borrower) or transaction contemplated thereby, 

  
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 (vi) (A) any employment agreements entered into by the Borrower or any of the
Subsidiaries in the ordinary course of business, (B) any subscription agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with employees, officers or directors, and
(C) any employee compensation, benefit plan or arrangement, any health, disability or similar insurance plan which covers employees, and any reasonable employment contract and transactions pursuant thereto, 

(vii) payments to Claire’s Stores, 

(viii) any purchase by the Borrower of the Equity Interests of the Subsidiaries, 

(ix) payments by the Borrower or any of the Subsidiaries to the Fund or any Fund Affiliate made for any financial advisory,
financing, underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments are approved by the majority of the Board of Directors of the Borrower, or
a majority of the Disinterested Directors of the Borrower, in good faith, 
 (x) transactions with Claire’s Stores,
subsidiaries of Claire’s Stores or Wholly Owned Subsidiaries for the purchase or sale of goods, products, parts and services entered into in the ordinary course of business in a manner consistent with past practice, 

(xi) any transaction in respect of which the Borrower delivers to the Administrative Agent (for delivery to the Lenders) a
letter addressed to the Board of Directors of the Borrower from an accounting, appraisal or investment banking firm, in each case of nationally recognized standing that is (A) in the good faith determination of the Borrower qualified to render
such letter and (B) reasonably satisfactory to the Administrative Agent, which letter states that such transaction is on terms that are no less favorable to the Borrower or such Subsidiary, as applicable, than would be obtained in a comparable
arm’s length transaction with a person that is not an Affiliate, 
 (xii) [reserved], 

(xiii) transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary
course of business and in a manner consistent with past practice, 
 (xiv) [reserved], 

(xv) the issuance, sale, transfer of Equity Interests of the Borrower to Claire’s Stores, 

(xvi) payments by Claire’s Stores (and any Parent Entity), the Borrower and the Subsidiaries pursuant to tax sharing
agreements among Claire’s Stores (and any such 

  
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Parent Entity), the Borrower and the Subsidiaries on customary terms that require each party to make payments when such taxes are due or refunds received of amounts equal to the income tax
liabilities and refunds generated by each such party calculated on a separate return basis and payments to the party generating tax benefits and credits of amounts equal to the value of such tax benefits and credits made available to the group by
such party, 
 (xvii) transactions pursuant to any Permitted Receivables Financing, 

(xviii) payments or loans (or cancellation of loans) to employees or consultants that are (i) approved by a majority of
the Disinterested Directors of the Board of Directors of Claire’s Stores or the Borrower in good faith, (ii) made in compliance with applicable law and (iii) otherwise permitted under this Agreement, 

(xix) transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the
ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Borrower or the Subsidiaries, 

(xx) transactions between the Borrower or any of the Subsidiaries and any person, a director of which is also a director of the
Borrower or any direct or indirect parent company of the Borrower; provided, however, that (A) such director abstains from voting as a director of the Borrower or such direct or indirect parent company, as the case may be, on any
matter involving such other person and (B) such person is not an Affiliate of the Borrower for any reason other than such director’s acting in such capacity, and 

(xxi) intercompany transactions undertaken in good faith (as certified by a Responsible Officer of the Borrower) for the
purpose of improving the consolidated tax efficiency of the Borrower and the Subsidiaries and not for the purpose of circumventing any covenant set forth herein. 

SECTION 6.08 Business of the Borrower and the Subsidiaries. Notwithstanding any other provisions hereof, engage at any time in any
business or business activity other than any business or business activity conducted by any of them on the Closing Date and any business or business activities incidental or related thereto, or any business or activity that is reasonably similar or
complementary thereto or a reasonable extension, development or expansion thereof or ancillary thereto, and in the case of a Special Purpose Receivables Subsidiary, Permitted Receivables Financings. 

SECTION 6.09 Limitation on Payments and Modifications of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain
Other Agreements; etc. (a) Amend or modify in any manner materially adverse to the Lenders, or grant any waiver or release under or terminate in any manner (if such granting or termination shall be materially adverse to the Lenders), the
articles or certificate of incorporation, by laws, limited liability company operating agreement, partnership agreement or other organizational documents of the Borrower or any of the Subsidiaries. 

  
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 (b) (i) Make, or agree or offer to pay or make, directly or indirectly, any payment or other
distribution (whether in cash, securities or other property) of or in respect of principal or interest of any Indebtedness which is contractually subordinated to the Loans or any Permitted Refinancing Indebtedness in respect of the foregoing or any
Preferred Stock or any Disqualified Stock (“Junior Financing”), or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination in respect of any Junior Financing except for (A) payments of regularly scheduled interest, and, to the extent this Agreement is then in effect, principal on the scheduled
maturity date of any Junior Financing, (B) payments or distributions in respect of all or any portion of the Junior Financing with the proceeds contributed to the Borrower by Claire’s Stores from the issuance, sale or exchange by
Claire’s Stores (or any direct or indirect parent of Claire’s Stores) of Equity Interests made within eighteen months prior thereto, (D) the conversion of any Junior Financing to Equity Interests of Claire’s Stores or any of its
direct or indirect parents, (E) payments in respect of Indebtedness of Claire’s Stores; or 
 (ii) Amend or modify,
or permit the amendment or modification of, any provision of Junior Financing, any Permitted Receivables Document, or any agreement, document or instrument evidencing or relating thereto, other than amendments or modifications that (A) are not
in any manner materially adverse to Lenders and that do not affect the subordination or payment provisions thereof (if any) in a manner adverse to the Lenders or (B) otherwise comply with the definition of “Permitted Refinancing
Indebtedness”. 
 (c) Permit any Subsidiary to enter into any agreement or instrument that by its terms restricts the payment of
dividends or distributions or the making of cash advances to the Borrower or any Subsidiary that is a direct or indirect parent of such Subsidiary other than those arising under any Loan Document, except restrictions existing by reason of: 

(A) restrictions imposed by applicable law; 

(B) contractual encumbrances or restrictions in effect on the Closing Date under Indebtedness existing on the Closing Date and
set forth on Schedule 6.01 or any agreements related to any Permitted Refinancing Indebtedness in respect of any such Indebtedness that does not expand the scope of any such encumbrance or restriction; 

(C) any restriction on a Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of the Equity
Interests or assets of a Subsidiary; 
 (D) customary provisions in joint venture agreements, similar agreements applicable
to joint ventures and other similar agreements entered into in the ordinary course of business; 
 (E) any restrictions
imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent that such restrictions apply only to the property or assets securing such Indebtedness; 

  
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 (F) any restrictions imposed by any agreement relating to Indebtedness incurred
pursuant to Sections 6.01(j) or 6.01(q) or Permitted Refinancing Indebtedness in respect thereof; 
 (G) customary provisions
contained in leases or licenses of intellectual property and other similar agreements entered into in the ordinary course of business; 

(H) customary provisions restricting subletting or assignment of any lease governing a leasehold interest; 

(I) customary provisions restricting assignment of any agreement entered into in the ordinary course of business; 

(J) customary restrictions and conditions contained in any agreement relating to the sale, transfer, lease or other disposition
of any asset permitted under Section 6.05 pending the consummation of such sale, transfer, lease or other disposition; 

(K) customary restrictions and conditions contained in the document relating to any Lien, so long as (1) such Lien is a
Permitted Lien and such restrictions or conditions relate only to the specific asset subject to such Lien, and (2) such restrictions and conditions are not created for the purpose of avoiding the restrictions imposed by this Section 6.09;

 (L) customary net worth provisions contained in Real Property leases entered into by Subsidiaries of the Borrower, so long
as the Borrower has determined in good faith that such net worth provisions would not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations; 

(M) any agreement in effect at the time such subsidiary becomes a Subsidiary, so long as such agreement was not entered into in
contemplation of such person becoming a Subsidiary; 
 (N) restrictions in agreements representing Indebtedness permitted
under Section 6.01 of a Subsidiary of the Borrower; 
 (O) customary restrictions on leases, subleases, licenses or
Equity Interests or asset sale agreements otherwise permitted hereby as long as such restrictions relate to the Equity Interests and assets subject thereto; 

(P) restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of
business; 
 (Q) restrictions contained in any Permitted Receivables Document with respect to any Special Purpose Receivables
Subsidiary; 
 (R) [reserved]; or 

  
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 (S) any encumbrances or restrictions of the type referred to in Sections
6.09(b)(i) and 6.09(b)(ii) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (A) through
(R) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower, no more restrictive with respect to such
dividend and other payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

SECTION 6.10 [Reserved]. 

ARTICLE VII. 
 Events of
Default 
 SECTION 7.01 Events of Default. In case of the happening of any of the following events (each, an “Event of
Default”): 
 (a) any representation or warranty made or deemed made by the Borrower herein or in any other Loan
Document or any certificate or document delivered pursuant hereto or thereto shall prove to have been false or misleading in any material respect when so made or deemed made; 

(b) default shall be made in the payment of any principal of any Loan when and as the same shall become due and payable,
whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise; 
 (c)
default shall be made in the payment of any interest on any Loan or in the payment of any Fee or any other amount (other than an amount referred to in (b) above) due under any Loan Document, when and as the same shall become due and payable,
and such default shall continue unremedied for a period of five Business Days; 
 (d) default shall be made in the due
observance or performance by the Borrower of any covenant, condition or agreement contained in Section 5.05(a) or in Article VI; 

(e) default shall be made in the due observance or performance by the Borrower of any covenant, condition or agreement
contained in any Loan Document (other than those specified in paragraphs (b), (c) and (d) above) and such default shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Borrower; 

(f) (i) any event or condition occurs that (A) results in any Material Indebtedness becoming due prior to its scheduled
maturity or (B) enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf shall cause such Material

  
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Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity as a result of an event of default thereunder or
(ii) the Borrower or any of the Subsidiaries shall fail to pay the principal of any Material Indebtedness at the stated final maturity thereof; provided, that this clause (f) shall not apply to secured Indebtedness that becomes due
as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; and provided, further, that in
the absence of an exercise of remedies this clause (f) shall not apply to a default under the Senior Euro Revolver Agreement for so long as a forbearance agreement between the Borrower and the lenders thereunder regarding such default and
prohibiting the exercise of remedies is in effect; 
 (g) there shall have occurred a Change in Control; 

(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction
seeking (i) relief in respect of the Borrower or any of the Subsidiaries, or of a substantial part of the property or assets of the Borrower or any Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended,
or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official the Borrower or any of the Subsidiaries or for a
substantial part of the property or assets of the Borrower or any of the Subsidiaries or (iii) the winding up or liquidation of the Borrower or any Subsidiary (except, in the case of any Subsidiary, in a transaction permitted by
Section 6.05); and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) The Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking relief under
Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or the filing of any petition described in paragraph (h) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the
Borrower or any of the Subsidiaries or for a substantial part of the property or assets of the Borrower or any Subsidiary, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors or (vi) become unable or admit in writing its inability or fail generally to pay its debts as they become due; 

(j) the failure by the Borrower or any Subsidiary to pay one or more final judgments aggregating in excess of $5 million (to
the extent not covered by insurance), which judgments are not discharged or effectively waived or stayed for a period of 45 consecutive days, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the
Borrower or any Subsidiary to enforce any such judgment; 

  
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 (k) any material provision of any Loan Document shall for any reason be asserted
in writing by the Borrower or any Subsidiary not to be a legal, valid and binding obligation of any party thereto; or 
 (l)
If after the Closing Date and after giving effect to any Permitted Foreign Cash Transfer, the aggregate amount of cash on hand of Claire’s Stores and its domestic subsidiaries exceeds $30 million for a period of thirty (30) consecutive
days, and Claire’s shall not have returned to the Borrower as an Investment in the equity of or contribution of capital to the Borrower, the repayment of an intercompany loan or the making of an intercompany loan to the Borrower or any other
cash payment that is permitted under this Agreement an amount equal to the lesser of (x) such excess at the end of such thirty (30) consecutive days and measured at the end of each thirty (30) consecutive day period and (y) the
Net Cash Transfer Amount at such date of measurement and is not, within three (3) Business Days of such date of measurement returned to the Borrower; provided that such excess shall not be required to be returned to the Borrower if doing
so would have a material adverse tax consequence (which consequence shall be described in reasonable detail in a written notification delivered by Claire’s Stores to the Administrative Agent) on Claire’s Stores and/or any of its domestic
subsidiaries; 
 then, and in every such event (other than an event with respect to the Borrower described in paragraph (h) or (i) above), and at
any time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice to the Borrower, take any or all of the following actions, at the same or different times: (i) declare
the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of
the Borrower accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything
contained herein or in any other Loan Document to the contrary notwithstanding; and in any event with respect to the Borrower described in paragraph (h) or (i) above, the principal of the Loans then outstanding, together with accrued
interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall automatically become due and payable, without presentment, demand, protest or any other notice of any
kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding. 

SECTION 7.02 Exclusion of Immaterial Subsidiaries. Solely for the purposes of determining whether an Event of Default has occurred
under clause (h), (i) or (k) of Section 7.01, any reference in any such clause to any Subsidiary shall be deemed not to include any Immaterial Subsidiary affected by any event or circumstance referred to in any such clause. 

ARTICLE VIII. 
 The
Administrative Agent 
 SECTION 8.01 Appointment. 

  
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 (a) Each Lender (in its capacity as a Lender) hereby irrevocably designates and appoints the
Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this
Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are
reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship
with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 

(b) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Borrower, (i) the Administrative Agent (irrespective of whether the principal of any Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise (A) to file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of any or all of the Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent, and (B) to collect and
receive any monies or other property payable or deliverable on any such claims and to distribute the same, and (ii) any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under the Loan Documents. Nothing contained herein shall be deemed to authorize
the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the
Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 
 SECTION 8.02 Delegation of Duties. The
Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all
matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

SECTION 8.03 Exculpatory Provisions. Neither any Agent or its Affiliates nor any of their respective officers, directors, employees,
agents, attorneys-in-fact or affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or such person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the
foregoing are found by a final and nonappealable decision of a court of competent 

  
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jurisdiction to have resulted from its or such person’s own gross negligence or willful misconduct) or (b) responsible in any manner to any of the Lenders for any recitals, statements,
representations or warranties made by the Borrower or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the
Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of the
Borrower to perform its obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions
of, this Agreement or any other Loan Document, or to inspect the properties, books or records of the Borrower. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents.
Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing, and (b) the
Administrative Agent shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates
that is communicated to or obtained by the person serving as the Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice
describing such Default or Event of Default is given to the Administrative Agent in writing by the Borrower, a Lender. The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent. 
 SECTION 8.04 Reliance by Administrative Agent. The Administrative Agent
shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting
or other distribution) or conversation believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to have been made by the proper person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the Closing Date, that by its terms must be fulfilled to the satisfaction of a
Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the Closing Date. The Administrative Agent may
consult with legal counsel (including counsel to the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts. The Administrative Agent may deem and treat the payee of any Note as 

  
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the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be
fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all or other Lenders)
as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent
shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all or other Lenders), and
such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 

SECTION 8.05 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any
Default or Event of Default unless the Administrative Agent has received written notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of
default.” In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as
shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all or other Lenders); provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall
not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

SECTION 8.06 Non-Reliance on Administrative Agent and Other Lenders. Each Lender expressly acknowledges that neither the Administrative
Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of the Borrower or any
affiliate of the Borrower, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon any Agent or any other
Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their
affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems
necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be furnished to
the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or
otherwise), prospects or creditworthiness of the Borrower or any affiliate of the Borrower that may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 

  
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 SECTION 8.07 Indemnification. The Lenders agree to indemnify each Agent in its capacity as
such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), in the amount of its pro rata share (based on its Loans hereunder) (determined at the time such indemnity is sought), from and against
any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by
or asserted against such Agent in any way relating to or arising out this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by such Agent under or in connection with any of the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct. The failure of any Lender to reimburse any
Agent promptly upon demand for its ratable share of any amount required to be paid by the Lenders to such Agent as provided herein shall not relieve any other Lender of its obligation hereunder to reimburse such Agent for its ratable share of such
amount, but no Lender shall be responsible for the failure of any other Lender to reimburse such Agent for such other Lender’s ratable share of such amount. The agreements in this Section shall survive the payment of the Loans and all other
amounts payable hereunder. 
 SECTION 8.08 Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept
deposits from, and generally engage in any kind of business with the Borrower as though such Agent were not an Agent. With respect to its Loans made or renewed by it, each Agent shall have the same rights and powers under this Agreement and the
other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity. 

SECTION 8.09 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 10 days’ notice to
the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which
successor agent shall (unless an Event of Default under Section 7.01(b), (c), (h) or (i) shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed),
whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former
Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the
Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless
thereupon become effective, and the retiring Administrative Agent shall, on behalf of the Lenders, appoint a 

  
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successor agent which shall (unless an Event of Default under Section 7.01(b), (c), (h) or (i) shall have occurred and be continuing) be subject to approval by the Borrower (which
approval shall not be unreasonably withheld or delayed). After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 8.09 shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was Administrative Agent under this Agreement and the other Loan Documents. 
 SECTION 8.10 [Reserved]. 

SECTION 8.11 Withholding Taxes. To the extent required by any applicable laws, the Administrative Agent may withhold from any payment
to any Lender an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 2.09, each Lender shall indemnify and hold harmless the Administrative Agent against, within 10 days after written
demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by
the Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation,
because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding Tax ineffective). A
certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts
at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 8.11. The agreements in this Section 8.11 shall survive the resignation and/or replacement
of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Obligations. 

ARTICLE IX. 
 Miscellaneous

 SECTION 9.01 Notices; Communications. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in
Section 9.01(b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all
notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to the Borrower or the Administrative Agent, to the address, telecopier number, electronic mail address or telephone
number specified for such person on Schedule 9.01; and 

  
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 (ii) if to any other Lender, to the address, telecopier number, electronic mail
address or telephone number specified in its Administrative Questionnaire. 
 (b) Notices and other communications to the Lenders hereunder
may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender
pursuant to Article II if such Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 

(c) Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when
received. Notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for
the recipient). Notices delivered through electronic communications to the extent provided in Section 9.01(b) above shall be effective as provided in such Section 9.01(b). 

(d) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties
hereto. 
 (e) Documents required to be delivered pursuant to Section 5.04 (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically (including as set forth in Section 9.17) and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a
link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 9.01, or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which
each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided, that (A) the Borrower shall deliver paper copies of such documents to the
Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender, and (B) the Borrower shall notify the
Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding
anything contained herein, in every instance the Borrower shall be required to provide paper copies of the certificates required by Section 5.04(c) to the Administrative Agent. Except for such certificates required by Section 5.04(c), the
Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery,
and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 
 SECTION 9.02
Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties herein, in the other Loan Documents 

  
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and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the
Lenders and shall survive the making by the Lenders of the Loans and the execution and delivery of the Loan Documents, regardless of any investigation made by such persons or on their behalf, and shall continue in full force and effect as long as
the principal of or any accrued interest on any Loan or any Fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid. Without prejudice to the survival of any other agreements contained herein,
indemnification and reimbursement obligations contained herein (including pursuant to Sections 2.15, 2.17 and 9.05) shall survive the payment in full of the principal and interest hereunder or the termination of this Agreement. 

SECTION 9.03 Binding Effect. This Agreement shall become effective when it shall have been executed by the Borrower and the
Administrative Agent and when the Administrative Agent shall have received copies hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
Borrower, the Administrative Agent and each Lender and their respective permitted successors and assigns. 
 SECTION 9.04 Successors and
Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void), and (ii) no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance with this Section 9.04. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants (to the extent provided in paragraph (d) of this Section 9.04), and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement or the other Loan Documents. 
 (b) (i) Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees other than the Borrower or any of its Affiliates (each, an “Assignee”) all or a portion of its rights and obligations under this
Agreement (including all or a portion of the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of: 

(A) [reserved]; and 

(B) the Administrative Agent. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender, an affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Loans, the amount of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to

  
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such assignment is delivered to the Administrative Agent) shall not be less than $5.0 million, unless the Administrative Agent otherwise consents; provided, that (such amounts shall be
aggregated in respect of each Lender and its Affiliates or Approved Funds (with simultaneous assignments to or by two or more Approved Funds shall be treated as one assignment), if any; 

(B) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance via an
electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the Administrative Agent a processing and recordation fee of $3,500 (which fee may be waived or
reduced in the sole discretion of the Administrative Agent); provided that only one such fee shall be due in respect of a simultaneous assignment to more than one Affiliate of a Lender or Approved Fund; and 

(C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and
any tax forms required to be delivered pursuant to Section 2.17. 
 For the purposes of this Section 9.04, “Approved Fund” means
any person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 (iii)
Subject to acceptance and recording thereof pursuant to paragraph (b)(v) below, from and after the effective date specified in each Assignment and Acceptance the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its
obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be
entitled to the benefits of Sections 2.15, 2.17 and 9.05). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a
sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section 9.04. 

(iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy
of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and principal amount of the Loans owing to each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders shall treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (v) Upon its receipt of a duly completed Assignment and Acceptance executed by an
assigning Lender and an Assignee, the Assignee’s completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), all applicable tax forms, the processing and recordation fee referred to in paragraph (b) of
this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent promptly shall accept such Assignment and Acceptance and record the information contained therein in the Register. No
assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph (b)(v). 

(c) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the Assignee thereunder shall be deemed to
confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that the
outstanding balances of its Loans, in each case without giving effect to assignments thereof which have not become effective, are as set forth in such Assignment and Acceptance, (ii) except as set forth in clause (i) above, such assigning
Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of the Borrower or any Subsidiary or the performance or observance by the Borrower or any
Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (iii) the Assignee represents and warrants that it is legally authorized to enter into such
Assignment and Acceptance; (iv) the Assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements referred to in Section 3.05 (or delivered pursuant to Section 5.04), and
such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (v) the Assignee will independently and without reliance upon the Administrative Agent,
such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (vi) the Assignee
appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms of this Agreement, together with such powers as
are reasonably incidental thereto; and (vii) the Assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender. 

(d) (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other
entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of the Loans owing to it); provided, that (A) such Lender’s obligations
under this 

  
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Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the
Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement and the other Loan Documents;
provided, that (x) such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby
pursuant to Section 9.04(a)(i) or clauses (i), (ii), (iii) or (iv) of the first proviso to Section 9.08(b) and (2) directly affects such Participant and (y) no other agreement with respect to amendment, modification or
waiver may exist between such Lender and such Participant. Subject to paragraph (c)(ii) of this Section 9.04, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the
requirements and limitations of such Sections) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.04. To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 9.06 as though it were a Lender, provided such Participant shall be subject to Section 2.18(c) as though it were a Lender. 

(ii) A Participant shall not be entitled to receive any greater payment under Section 2.15, 2.16 or 2.17 than the
applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent (not to be unreasonably
withheld or delayed). Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and interest
amounts) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the
Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is
necessary to establish that such loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error. 

(e) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank and in the case of any Lender that is an Approved Fund, any pledge or assignment to any holders of obligations
owed, or securities issued, by such Lender, including to any trustee for, or any other representative of, such holders, and this Section 9.04 shall not apply to any such pledge or assignment of a security interest; provided, that no such
pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. 

  
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 (f) The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes
to any Lender requiring Notes to facilitate transactions of the type described in paragraph (d) above. 
 (g) Notwithstanding the
foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender without the consent of the Borrower or the Administrative Agent. Each of the Borrower, each Lender and the Administrative Agent
hereby confirms that it will not institute against a Conduit Lender or join any other person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or
similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating any Conduit Lender hereby agrees to indemnify,
save and hold harmless each other party hereto and the Borrower for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance. 

(h) [Reserved]. 
 (i)
Notwithstanding the foregoing, no assignment may be made or participation sold to an Ineligible Institution without the prior written consent of the Borrower. Notwithstanding anything to the contrary in this Agreement, the Borrower and the Lenders
acknowledge and agree that the Administrative Agent shall have no responsibility to monitor whether assignments or participations are made to Ineligible Institutions, and that none of the Borrower or any of its Subsidiaries shall bring a claim to
such effect. 
 SECTION 9.05 Expenses; Indemnity. 

(a) The Borrower agrees to pay (i) all reasonable out of pocket expenses (including Other Taxes) incurred by the Administrative Agent in
connection with the preparation of this Agreement and the other Loan Documents, or by the Administrative Agent in connection with the syndication of the Loans or the administration of this Agreement or in connection with the administration of this
Agreement and any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the Exchange Transactions hereby contemplated shall be consummated), including the reasonable fees, charges and disbursements of Gibson,
Dunn & Crutcher LLP, counsel for the Administrative Agent and, if necessary, the reasonable fees, charges and disbursements of one local counsel per jurisdiction, and (ii) all out of pocket expenses (including Other Taxes) incurred by
the Administrative Agent or any Lender in connection with the enforcement or protection of their rights in connection with this Agreement and the other Loan Documents, in connection with the Loans made hereunder, including the fees, charges and
disbursements of counsel for the Administrative Agent (including any special and local counsel). 
 (b) The Borrower agrees to indemnify the
Administrative Agent, each Lender, each of their respective Affiliates and each of their respective directors, trustees, officers, employees, agents, trustees and advisors (each such person being called an “Indemnitee”) against, and
to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements 

  
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(except the allocated costs of in-house counsel), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of
this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and thereto of their respective obligations thereunder or the consummation of the Exchange Transactions
and the other transactions contemplated hereby, (ii) the use of the proceeds of the Loans or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto and
regardless of whether such matter is initiated by a third party or by the Borrower or any of their subsidiaries or Affiliates; provided, that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses are determined by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee (for purposes of this proviso only,
each of the Administrative Agent or any Lender shall be treated as several and separate Indemnitees, but each of them together with its respective Related Parties, shall be treated as a single Indemnitee). None of the Indemnitees (or any of their
respective affiliates) shall be responsible or liable to the Fund, the Borrower or any of their respective subsidiaries, Affiliates or stockholders or any other person or entity for any special, indirect, consequential or punitive damages. The
provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations,
the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent or any Lender. 

(c) Except as expressly provided in Section 9.05(a) with respect to Other Taxes, which shall not be duplicative with any amounts paid
pursuant to Section 2.17, this Section 9.05 shall not apply to Taxes other than Taxes that represent losses, claims, damages, liabilities and expenses with respect to a non-Tax claim. 

(d) To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby waive, any claim against any Indemnitee, on
any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials
distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 

(e) The agreements in this Section 9.05 shall survive the resignation of the Administrative Agent, the replacement of any Lender and the
repayment, satisfaction or discharge of all the other Obligations and the termination of this Agreement. 
 SECTION 9.06 Right of
Setoff. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final) at any time held and other indebtedness at any time owing by 

  
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such Lender to or for the credit or the account of the Borrower or any Subsidiary against any of and all the obligations of the Borrower now or hereafter existing under this Agreement or any
other Loan Document held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or such other Loan Document and although the obligations may be unmatured. The rights of each Lender under this
Section 9.06 are in addition to other rights and remedies (including other rights of setoff) that such Lender may have. 
 SECTION 9.07
Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

SECTION 9.08 Waivers; Amendment. 

(a) No failure or delay of the Administrative Agent or any Lender in exercising any right or power hereunder or under any Loan Document shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any
other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any
provision of this Agreement or any other Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. No notice or demand on the Borrower in any case shall entitle such person to any other or further notice or demand in similar or other circumstances. 

(b) Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except
(x) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders, and (y) in the case of any other Loan Document, pursuant to an agreement or agreements in writing
entered into by each party thereto and the Administrative Agent and consented to by the Required Lenders; provided, however, that no such agreement shall 

(i) decrease or forgive the principal amount of, or extend the final maturity of, or decrease the rate of interest on any Loan
without the prior written consent of each Lender directly affected thereby, 
 (ii) decrease the fees of any Lender or Agent
without the prior written consent of such Lender or Agent, as applicable, 
 (iii) extend any date on which payment of
interest on any Loan or any fees is due, without the prior written consent of each Lender adversely affected thereby, or 

(iv) amend or modify the provisions of this Section 9.08 or the definition of the terms “Required Lenders” or
any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the prior written consent of each Lender adversely
affected thereby; 

  
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 provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties of
the Administrative Agent hereunder without the prior written consent of the Administrative Agent acting as such at the effective date of such agreement, as applicable. Each Lender shall be bound by any waiver, amendment or modification authorized by
this Section 9.08 and any consent by any Lender pursuant to this Section 9.08 shall bind any assignee of such Lender. 
 SECTION
9.09 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the applicable interest rate, together with all fees and charges that are treated as interest under applicable law (collectively, the
“Charges”), as provided for herein or in any other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by any Lender, shall exceed the maximum lawful rate (the “Maximum
Rate”) that may be contracted for, charged, taken, received or reserved by such Lender in accordance with applicable law, the rate of interest payable hereunder, together with all Charges payable to such Lender, shall be limited to the
Maximum Rate; provided, that such excess amount shall be paid to such Lender on subsequent payment dates to the extent not exceeding the legal limitation. 

SECTION 9.10 Entire Agreement. This Agreement, the other Loan Documents and the agreements regarding certain fees referred to herein
constitute the entire contract between the parties relative to the subject matter hereof. Any previous agreement among or representations from the parties or their Affiliates with respect to the subject matter hereof is superseded by this Agreement
and the other Loan Documents. Notwithstanding the foregoing, the Fee Letter shall survive the execution and delivery of this Agreement and remain in full force and effect. Nothing in this Agreement or in the other Loan Documents, expressed or
implied, is intended to confer upon any party other than the parties hereto and thereto any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents. 

SECTION 9.11 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER
INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11. 

SECTION 9.12 Severability. In the event any one or more of the provisions contained in this Agreement or in any other Loan Document
should be held invalid, 

  
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illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby.
The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions. 
 SECTION 9.13 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute
an original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Section 9.03. Delivery of an executed counterpart to this Agreement by facsimile transmission (or other electronic
transmission pursuant to procedures approved by the Administrative Agent) shall be as effective as delivery of a manually signed original. 

SECTION 9.14 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are
not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 9.15 Jurisdiction; Consent to Service of Process. Each party hereto 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 general and exclusive jurisdiction of the Supreme Court of the State of New York for the County of New York (the “New York
Supreme Court”), and the United States District Court for the Southern District of New York (the “Federal District Court”, and together with the New York Supreme Court, the “New York Courts”), and appellate
courts from either of them; 
 (b) consents that any such action or proceeding may be brought in such courts and waives, to
the maximum extent not prohibited by law, any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient forum and agrees not to plead
or claim the same; 
 (c) agrees that the New York Courts and appellate courts from either of them shall be the exclusive
forum for any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, and that it shall not initiate (or collusively assist in the initiation or prosecution of) any such action or proceeding in any
court other than the New York Courts and appellate courts from either of them; provided that 
 (i) if all such New
York Courts decline jurisdiction over any Person, or decline (or in the case of the Federal District Court, lack) jurisdiction over the subject matter of such action or proceeding, a legal action or proceeding may be brought with respect thereto in
another court having such jurisdiction; 

  
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 (ii) in the event that a legal action or proceeding is brought against any party
hereto or involving any of its property or assets in another court (without any collusive assistance by such party or any of its Subsidiaries or Affiliates), such party shall be entitled to assert any claim or defense (including any claim or defense
that this Section 9.15(c) would otherwise require to be asserted in a legal action or proceeding in a New York Court) in any such action or proceeding; 

(iii) any party hereto may bring any legal action or proceeding in any jurisdiction for the recognition and enforcement of any
judgment; 
 (d) 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 the Borrower, the applicable Lender or the Administrative Agent, as the case may be, at the address specified in Section 9.01 or at such other address
of which the Administrative Agent, any such Lender and the Borrower shall have been notified pursuant thereto; and 
 (e)
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or (subject to the preceding clause (c)) shall limit the right to sue in any other jurisdiction. 

SECTION 9.16 Confidentiality. Each of the Lenders and the Administrative Agent agrees that it shall maintain in confidence any
information relating the Borrower and any Subsidiary furnished to it by or on behalf of the Borrower or any Subsidiary (other than information that (a) has become generally available to the public other than as a result of a disclosure by such
party in violation of this Section 9.16, (b) has been independently developed by such Lender or such Agent without violating this Section 9.16 or (c) was available to such Lender or such Agent from a third party having, to such
person’s knowledge, no obligations of confidentiality to the Borrower) and shall not reveal the same other than to its directors, trustees, officers, employees, advisors and any numbering, administration or settlement service providers with a
need to know or to any person that approves or administers the Loans on behalf of such Lender (so long as each such person shall have been instructed to keep the same confidential in accordance with this Section 9.16), except: (A) to the
extent necessary to comply with law or any legal process or the requirements of any Governmental Authority, the National Association of Insurance Commissioners or of any securities exchange on which securities of the disclosing party or any
Affiliate of the disclosing party are listed or traded, (B) as part of normal reporting or review procedures to, or examinations by, Governmental Authorities or self-regulatory authorities, including the National Association of Insurance
Commissioners or the National Association of Securities Dealers, Inc., (C) to its parent companies, Affiliates or auditors (so long as each such person shall have been instructed to keep the same confidential in accordance with this
Section 9.16), (D) in order to enforce its rights under any Loan Document in a legal proceeding, (E) to other Lenders and to any pledgee under Section 9.04(d) or any other prospective assignee of, or prospective Participant in,
any of its rights under this Agreement (so long as such person is subject to this Section 9.16 or shall have been instructed to keep the same confidential in accordance with this Section 9.16) and (F) to any direct or indirect
contractual counterparty in Swap Agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this
Section 9.16). 

  
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 SECTION 9.17 Platform; Borrower Materials. The Borrower hereby acknowledges that
(a) the Administrative Agent will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”), and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material
non-public information with respect to the Borrower or its securities) (each, a “Public Lender”). The Borrower hereby agrees that it will use commercially reasonable efforts to identify that
portion of the Borrower Materials that may be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word
“PUBLIC” shall appear prominently on the first page thereof, (ii) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower
Materials as either publicly available information or not material information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities laws,
(iii) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (iv) the Administrative Agent shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.” Notwithstanding the foregoing, the following Borrower Materials shall be deemed to be marked
“PUBLIC,” unless the Borrower notifies the Administrative Agent promptly that any such document contains material nonpublic information: (1) the Loan Documents, (2) any notification of changes in the terms of the credit
facilities and (3) all information delivered pursuant to Section 5.04. 
 SECTION 9.18 [Reserved]. 

SECTION 9.19 Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder
or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on
the Business Day preceding that on which final judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or the Lenders hereunder or under the other Loan Documents shall, notwithstanding any
judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the
extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with
the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify the Administrative Agent or the person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the
Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to the Borrower (or to any other person who may be entitled thereto under applicable law). 

  
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 SECTION 9.20 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as
hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the USA PATRIOT Act.

 SECTION 9.21 [Reserved]. 

SECTION 9.22 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges (on its own behalf and on behalf of its Affiliates) and agrees that (i) (A) the arranging and other services
regarding this Agreement provided by the Administrative Agent and the Lenders are arm’s-length commercial transactions between the Borrower and its respective Affiliates, on the one hand, and the Administrative Agent and the Lenders, on the
other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and
conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Administrative Agent and the Lenders is and has been acting solely as a principal and has not been, is not and will not be acting as
an advisor, agent or fiduciary for the Borrower, any of its Affiliates or any other Person and (B) none of the Administrative Agent or the Lenders has any obligation to the Borrower or any of its Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent or the Lenders and their respective Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of the Borrower and its Affiliates, and none of the Administrative Agent or the Lenders has any obligation to disclose any of such interests to the Borrower or any of its Affiliates. To the fullest extent
permitted by applicable law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent or the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect
of any transaction contemplated hereby. 
 SECTION 9.23 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution
arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

  
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 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any
such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and 
 (b) the effects of
any Bail-in Action on any such liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of
any such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights
with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of
such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 [Signature Pages
Follow] 

  
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 IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this
Agreement as of the date first set forth above. 
  

					
	CLAIRE’S (GIBRALTAR) HOLDINGS LIMITED
		
	By: 	 	/s/ J. Per Brodin
		 	Name: 	 	J. Per Brodin
		 	Title:	 	 Executive Vice President and
 Chief Financial
Officer

 Signature Page to Credit Agreement (Gibraltar) 

 

 
					
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as Administrative Agent and a Lender

		
	By: 	 	/s/ Bryan J. Matthews
		 	Name: 	 	Bryan J. Matthews
		 	Title:	 	Authorized Signatory
		
	By: 	 	/s/ Jeremy Roberts Stern
		 	Name:	 	Jeremy Roberts Stern
		 	Title:	 	Authorized Signatory

 Signature Page to Credit Agreement (Gibraltar) 

 
					
	GOLDMAN SACHS BANK USA, as a Lender
		
	By: 	 	/s/ Rebecca Kratz
		 	Name: 	 	Rebecca Kratz
		 	Title:	 	Authorized Signatory

 Signature Page to Credit Agreement (Gibraltar) 

 
					
	ING CAPITAL LLC, as a Lender
		
	By: 	 	/s/ Ian Nyi
		 	Name: 	 	Ian Nyi
		 	Title:	 	Vice President
		
	By:	 	/s/ Joe McAdams
		 	Name:	 	Joe McAdams
		 	Title:	 	Managing Director

 Signature Page to Credit Agreement (Gibraltar) 

 
					
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By: 	 	/s/ Neil R. Boylan
		 	Name: 	 	Neil R. Boylan
		 	Title:	 	Managing Director

 Signature Page to Credit Agreement (Gibraltar) 

 
					
	ROYAL BANK OF CANADA, as a Lender
		
	By: 	 	/s/ Leslie P. Vowell
		 	Name: 	 	Leslie P. Vowell
		 	Title:	 	Attorney-in-Fact

 Signature Page to Credit Agreement (Gibraltar) 

 EXHIBIT A 

[FORM OF] 
 ASSIGNMENT
AND ACCEPTANCE 
 This Assignment and Acceptance (the “Assignment and Acceptance”) is dated as of the Effective
Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined
herein shall have the meanings given to them in the Credit Agreement identified below (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of
which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Acceptance as if set forth herein
in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of the Assignor under the facility identified below (including any guarantees included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other
right of the Assignor (in its capacity as a Lender) against any person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned
pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse
to the Assignor and, except as expressly provided in this Assignment and Acceptance, without representation or warranty by the Assignor. 
  

							
	1.	  	Assignor:	  	                                     
                   	  	
	  

2.                
	  	  
 Assignee:
	  	  

                          
                              

[and is an Affiliate/Approved Fund of [identify Lender]1
	  	
				
	3.	  	Borrower:	  	Claire’s (Gibraltar) Holdings Limited	  	
				
	4.	  	Administrative Agent:	  	Credit Suisse AG, Cayman Islands Branch as administrative agent under the Credit Agreement.	  	

  

	1 	Select as applicable. 

							
	5.                	  	Credit Agreement:	  	Credit Agreement, dated as of August 12, 2016 and effective as of September 20, 2016 (as the same may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time), among Claire’s
(Gibraltar) Holdings Limited, a Gibraltar private limited liability company, (the “Borrower”), the Lenders party thereto from time to time and Credit Suisse AG, as Administrative Agent for the Lenders.	  	
				
	 6.
	  	Assigned Interest:	  		  	

  

							
	 Aggregate Amount of

Loans
	  	 Amount of Loans

Assigned
	  	 Percentage Assigned of

Loans2
	 
	$	  	$	  	 	%	  

 Effective Date:                 ,
20         [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR]. 

 

	2 	Set forth, to at least 9 decimals, as a percentage of the Loans of all Lenders thereunder. 

  
 2 

 The terms set forth in this Assignment and Acceptance are hereby agreed to: 

 

			
	ASSIGNOR
	
	            [NAME OF ASSIGNOR]
		
	            By:	 	  

	            Name:	 	
	            Title:	 	
		
	ASSIGNEE	 	
	
	            [NAME OF ASSIGNEE]
		
	            By:	 	  

	            Name:	 	
	            Title:	 	

  

			
	[Consented to and Accepted:]3
	
	 CREDIT SUISSE AG, Cayman Islands Branch,

as Administrative Agent

		
	By:	 	  

	       Name:
	       Title:
		
	By:	 	  

	       Name:
	       Title:

  

	3 	To be added only if the consent of the Administrative Agent is required pursuant to Section 9.04 of the Credit Agreement. 

  
 3 

			
	 [Consented
to:]4

 [CLAIRE’S (GIBRALTAR)
HOLDINGS LIMITED] 
  

			
	By:	 	  

		 	Name:
		 	Title:

  

	4 	To be added only if the consent of the Borrower is required pursuant to Section 9.04 of the Credit Agreement. 

  
 4 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ACCEPTANCE 

1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) the outstanding balances of its Loans, without giving effect to assignments thereof which have not become effective, are as set forth herein, and
(iv) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any
collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries
or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 1.2 Assignee. The
Assignee (a) represents and warrants that (i) it is an eligible Assignee and has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated
hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from
and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the
Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 3.05 thereof (or delivered pursuant to Section 5.04 thereof), as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Agent
or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Acceptance is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b)
agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Loan Documents, (ii) it appoints and authorizes each Agent to take such action on its behalf and to exercise such powers under the Credit Agreement as are delegated to such Agent, by the terms
thereof, together with such powers as are reasonably incidental thereto, and (iii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

  
 5 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have
accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and Acceptance shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Acceptance by facsimile shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be construed in accordance with
and governed by the laws of the State of New York. 

  
 6 

 EXHIBIT B 

[FORM OF] 
 INTEREST
ELECTION REQUEST 
 Credit Suisse AG, Cayman Islands Branch 

as Administrative Agent 
     for the Lenders
referred to below 
 Eleven Madison Avenue 
 New York, New York
10010 
 Attention: Agency Group 
 [DATE] 

Ladies and Gentlemen: 
 Reference is made to the
Credit Agreement, dated as of August 12, 2016 and effective as of September 20, 2016 (as the same may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Claire’s (Gibraltar) Holdings Limited, a Gibraltar private limited liability company (the “Borrower”), the Lenders from time to time party thereto (“Lenders”) and
Credit Suisse AG, Cayman Islands Branch as administrative agent for the Lenders (the “Administrative Agent”). Capitalized terms used and not defined herein have the meanings ascribed to such terms in the Credit Agreement.

 This notice constitutes a notice of conversion or notice of continuation, as applicable (an “Election”), under
Section 2.07 of the Credit Agreement, and the Borrower hereby irrevocably notifies the Administrative Agent of the following information with respect to the conversion or continuation requested hereby: 

 

					
	(i)        	  	Portion of Term Loan to which Interest Election applies:	  	
		  	Principal Amount:	  	  

		  	Type (ABR/Eurocurrency):	  	  

		  	Interest Period (if Eurocurrency):	  	  

			
	(ii)	  	Effective Date of Election:	  	  

			
	(iii)	  	Resulting Loan(s)	  	
		  	         Resulting Loan (1)	  	
		  	                   Principal Amount (or % of

                  Loan in (1))
	  	  

		  	                  Type (ABR/Eurocurrency):	  	  

		  	                  Interest Period (if Eurocurrency):	  	  

					
		  	         Resulting Loan (2)1	  	
		  	
                  Principal
Amount (or % of

                  Loan in
(i))
	  	  

		  	
                  Type
(ABAR/Eurocurrency):
	  	  

		  	
                  Interest
Period (if Eurocurrency):
	  	  

 The undersigned certifies, represents and warrants on behalf of the Borrower that the Borrower is entitled to
receive the requested continuation or conversion under the terms and conditions of the Credit Agreement. 
  

			
	 CLAIRE’S (GIBRALTAR) HOLDINGS

LIMITED

		
	By:	 	  

	          Name:
	          Title:

  
  

	1 	Add as many resulting Loans as applicable. 

 Schedules to $40MM Gibraltar Agreement 

SCHEDULE 1.01A 

Immaterial Subsidiaries 
  

			
		 	Claire’s China Services
		 	Claire’s European Distribution Limited
		 	Claire’s Netherlands B.V.
		 	Claire’s Poland Sp. Z o.o.
		 	Claire’s Hungary Kft.
		 	Claire’s Czech Republic s.r.o.
		 	WhiteClaire’s Accessorrios Portugal Unipessoal LDA
		 	RSI International Ltd.
		 	BMS Fashion Corp.
		 	Claire’s Stores (Shanghai) Limited
		 	Claire’s Stores Hong Kong Limited
		 	Claire’s European Services Limited
		 	Claire’s Luxembourg S.a.r.l.

 SCHEDULE 2.01 

Initial Lenders 
  

					
		
	 	  	Gibraltar Term Loan	 
		
	 Goldman Sachs Bank USA
	  	$	12,173,913.04	  
		
	 Royal Bank of Canada
	  	$	10,434,782.61	  
		
	 Credit Suisse AG, Cayman Islands Branch
	  	$	5,217,391.30	  
		
	 JP Morgan Chase Bank, N.A.
	  	$	8,695,652.17	  
		
	 ING Capital
	  	$	3,478,260.87	  
		
	 TOTAL
	  	$	40,000,000	  

 SCHEDULE 3.01 

Organization and Good Standing 

None. 

 SCHEDULE 3.04 

Governmental Approvals 

None. 

 SCHEDULE 3.07(a) 

Subsidiaries* 
  

					
	 Name
	  	 Jurisdiction
	  	 Owner of Equity Interests

	Claire’s Fashion Property Corp.	  	Cayman	  	100% CSI Luxembourg S.a.r.l.
	Claire’s Holding Gmbh	  	Switzerland	  	100% Claire’s Holdings S.a.r.l.
	Claire’s Accessories UK Ltd	  	United Kingdom	  	100% Claire’s Holding Gmbh
	CSI Luxembourg S.a.r.l.	  	Luxembourg	  	100% Claire’s Holding Gmbh
	Claire’s Switzerland Gmbh	  	Switzerland	  	100% Claire’s Holding Gmbh
	Claire’s Accessories Spain, S.L.	  	Spain	  	100% Claire’s Accessories UK Ltd
	Claire’s France S.A.S.	  	France	  	100% Claire’s Accessories UK Ltd
	Claire’s (Gibraltar) Intermediate Holdings Limited	  	Gibraltar	  	100% Claire’s (Gibraltar) Holdings Limited
	Claire’s Holdings S.a.r.l.	  	Luxembourg	  	100% Claire’s (Gibraltar) Intermediate Holdings Limited
	Claire’s Germany GmbH	  	Germany	  	100% Claire’s Holding Gmbh
	Claire’s Italy S.R.L.	  	Italy	  	100% Claire’s Accessories UK, Ltd.
	Claire’s Belgium B.V.B.A.	  	Austria	  	100% Claire’s Accessories UK, Ltd.
	Claire’s Austria Gmbh	  	Belgium	  	100% Claire’s Holding Gmbh

  

	*	This list excludes Immaterial Subsidiaries listed on Schedule 1.01A 

 SCHEDULE 3.07(b) 

Subscriptions 
 None. 

 SCHEDULE 3.10 

Taxes 
 None. 

 SCHEDULE 3.15 

Intellectual Property 

None. 

 SCHEDULE 3.16 

Anti-Money Laundering Laws 

None. 

 SCHEDULE 6.01 

Indebtedness 
 Subsidiaries have bank
credit facilities totaling approximately $2.3 million. These facilities have been arranged in accordance with customary lending practices in their respective countries of operation. As of April 30, 2016, Subsidiaries had a reduction of $2.1
million for outstanding bank guarantees, which reduces the borrowing availability to $0.2 million as of that date. 

 SCHEDULE 6.02(a) 

Liens 
 None. 

 SCHEDULE 6.04 

Investments 
 Key money deposits in the
amount of $53,000,000 for leases in France. 

 SCHEDULE 6.07 

Transactions with Affiliates 

None. 

 SCHEDULE 9.01 

Notice Information 
 Administrative Agent
or Collateral Agent: 
 Credit Suisse 
 Eleven Madison Avenue

 New York, NY 10010 
 Attention: Agency Group 

Fax No.: (212) 325-8304 
 Borrower: 

Claire’s (Gibraltar) Holdings Limited 
 3 SW 129th Avenue 
 Suite 400 

Attention: Stephen Sernett, Director 
 Pembroke Pines, FL 33027

 Fax No.: (954) 433-3999 
 Website:
http://www.clairestores.com/phoenix.zhtml?c=68915&p=irol-sec

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